Company registration number 06192742 (England and Wales)
BOWLAND (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
BOWLAND (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mr J H Wood
Mrs V G Wood
Secretary
Mrs V G Wood
Company number
06192742
Registered office
Richard House
9 Winckley Square
Preston
PR1 3HP
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
BOWLAND (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10 - 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 - 33
BOWLAND (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

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

Review of the business

The group continues to be principally involved in the business of wholesale meat supply, with over thirty years experience in both farming and meat wholesale. A complete range of cuts and carcasses of quality British beef, pork and lamb is sold to businesses all over the UK, the majority of which is primarily sourced locally. Our customer base has grown steadily over time and ranges from small, local butchers to wholesale meat suppliers, with the group having many long-standing customers. Many of our customers appreciate our family-business approach, with the Wood family having been involved ever since Bowland Foods was founded, which ensures a personal and efficient service for all customers. A secondary activity in the group is the running of a farm in the Ribble Valley. This is very much still in the development stage and has yet to turn a profit.

 

The group is British Retail Consortium accredited for our beef-producing operations and has also achieved accreditations to the EBLEX Quality Standard Mark for British Beef and Lamb. The factory is an EC approved cutting premises and the majority of the beef that is processed by the group is from Farm Assured premises.

Principal risks and uncertainties

The group’s operations expose it to a variety of financial risks. A significant proportion of the trade is supplying smaller sized butchers and meat retailers who face competition from the large supermarkets and changing consumer behaviour. The group has adopted a policy of supporting traders during difficult times by not automatically passing on all price increases. Additionally, the quantity of customers, and trading on other secondary markets, diversifies this risk. The group is exposed to the usual credit risk, liquidity risk and cash flow associated with selling on credit and manages this through credit control procedures and by regularly monitoring of amounts outstanding for both time and credit limits. The group does not use derivative financial instruments to manage interest costs and as such no hedge accounting is applied. The group does not trade overseas and as such has no foreign exchange risk.

 

Historical food scares such as the BSE and Foot and Mouth crises have previously caused temporary, but large scale, reductions in the size of the market for meat products as consumers switched to alternate products not supplied by the Group. Whilst such matters are outside of the group’s control, the business has built up a significant working capital buffer to ensure it can survive any short term problems. The build up of working capital buffer helps to mitigate cash flow risk with good levels of available cash held to meet the day-to-day demands of the group.

 

Given the size of the group the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the directors are implemented by the group’s finance department.

Development and performance

Whilst turnover has continued to grow, in the second half of the year input prices of UK livestock , that are the company’s primary product, began to rise significantly as farmers reduced their stock on the land. At the same time the UK market was opened up to more imported beef and lamb which brought downward pressure on selling prices. We remain committed to the UK market and as we could not pass on price increases our margin began to be squeezed in both directions. This is the reason for the reduction in gross margin in the accounts. Despite these pressures, net assets have increased from £8.6m to £9.0m.

 

We have continued with the building of our new extension during the year, but with the changes in the market as above we significantly slowed down the construction and cash outflow

 

Since the year end, this pattern has continued and the wholesale meat market remains very difficult. The full opening of our new extension has been deferred until later in the new year. At the time of this report however we are just starting to see a reversal in the trends and margins starting to improve. Once we are confident we are in a new business cycle we will fully open our new, modernized, and energy efficient production facilities, when we will have the capacity to double our turnover on previous levels.

BOWLAND (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
Key performance indicators

The group’s key performance indicators are turnover and gross profit, both of which are measured and monitored on a weekly basis. Turnover has increased to £39.1m from £33.1m whilst gross profit has decreased from £2.7m to £2.2m. Gross profit margin has decreased to 5.6% from 8.2% for the reasons outlined above. In light of the incredibly difficult trading conditions, this is a very pleasing result and the directors consider the company to be in a strong financial position.

Other information and explanations

Finally the directors would like to place on record their sincere thanks to the dedicated and talented staff employed throughout the group, without whose efforts the group would not continue to thrive.

By order of the board

Mrs V G Wood
Secretary
29 July 2024
BOWLAND (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -

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 wholesale meat supply and the operation of a farm.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £162,960. The directors do not recommend payment of a further dividend.

Directors

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

Mr J H Wood
Mrs V G Wood
Auditor

Following the merger of MHA Moore & Smalley with MHA, the company's independent auditor has now become MHA. The auditor, MHA, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

Strategic report

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

Medium-sized companies exemption

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

By order of the board
Mrs V G Wood
Secretary
29 July 2024
BOWLAND (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BOWLAND (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOWLAND (HOLDINGS) LIMITED
- 5 -
Opinion

We have audited the financial statements of Bowland (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

BOWLAND (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOWLAND (HOLDINGS) LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

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

Matters on which we are required to report by exception

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

BOWLAND (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BOWLAND (HOLDINGS) LIMITED
- 7 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Virginia Cooper FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
30 July 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
BOWLAND (HOLDINGS) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
39,147,777
33,062,310
Cost of sales
(36,967,444)
(30,351,704)
Gross profit
2,180,333
2,710,606
Distribution costs
(534,671)
(420,522)
Administrative expenses
(1,024,067)
(927,553)
Operating profit
4
621,595
1,362,531
Interest receivable and similar income
6
46,938
15,944
Interest payable and similar expenses
7
(2,122)
-
0
Profit before taxation
666,411
1,378,475
Tax on profit
8
(167,477)
(275,285)
Profit for the financial year
498,934
1,103,190
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BOWLAND (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
2023
2022
£
£
Profit for the year
498,934
1,103,190
Other comprehensive income
-
-
Total comprehensive income for the year
498,934
1,103,190
Total comprehensive income for the year is all attributable to the owners of the parent company.
BOWLAND (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
-
0
5,300
Tangible assets
11
7,143,257
4,402,473
Investment property
12
396,987
396,987
Investments
13
5,025
5,025
7,545,269
4,809,785
Current assets
Stocks
15
836,765
741,239
Debtors
16
3,014,967
2,679,472
Cash at bank and in hand
800,430
2,181,733
4,652,162
5,602,444
Creditors: amounts falling due within one year
17
(2,331,653)
(1,370,169)
Net current assets
2,320,509
4,232,275
Total assets less current liabilities
9,865,778
9,042,060
Creditors: amounts falling due after more than one year
18
(320,833)
-
Provisions for liabilities
Deferred tax liability
20
579,428
412,517
(579,428)
(412,517)
Net assets
8,965,517
8,629,543
Capital and reserves
Called up share capital
22
30,000
30,000
Revaluation reserve
1,005,560
1,037,709
Capital redemption reserve
20,000
20,000
Profit and loss reserves
7,909,957
7,541,834
Total equity
8,965,517
8,629,543

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

BOWLAND (HOLDINGS) LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 11 -
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
Mrs V G Wood
Director
Company registration number 06192742 (England and Wales)
BOWLAND (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,912,933
1,957,933
Investment property
12
396,987
396,987
Investments
13
35,125
35,125
2,345,045
2,390,045
Current assets
Debtors
16
2,950,247
2,950,247
Cash at bank and in hand
64,537
66,299
3,014,784
3,016,546
Creditors: amounts falling due within one year
17
(13,418)
(48,064)
Net current assets
3,001,366
2,968,482
Net assets
5,346,411
5,358,527
Capital and reserves
Called up share capital
22
30,000
30,000
Profit and loss reserves
5,316,411
5,328,527
Total equity
5,346,411
5,358,527

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £150,844 (2022 - £398,099 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
Mrs V G Wood
Director
Company registration number 06192742 (England and Wales)
BOWLAND (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 13 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2021
30,000
1,069,858
20,000
6,700,783
7,820,641
Year ended 31 October 2022:
Profit and total comprehensive income
-
-
-
1,103,190
1,103,190
Dividends
9
-
-
-
(294,288)
(294,288)
Transfers
-
(32,149)
-
32,149
-
Balance at 31 October 2022
30,000
1,037,709
20,000
7,541,834
8,629,543
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
-
498,934
498,934
Dividends
9
-
-
-
(162,960)
(162,960)
Transfers
-
(32,149)
-
32,149
-
Balance at 31 October 2023
30,000
1,005,560
20,000
7,909,957
8,965,517
BOWLAND (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2021
30,000
5,224,716
5,254,716
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
398,099
398,099
Dividends
9
-
(294,288)
(294,288)
Balance at 31 October 2022
30,000
5,328,527
5,358,527
Year ended 31 October 2023:
Profit and total comprehensive income
-
150,844
150,844
Dividends
9
-
(162,960)
(162,960)
Balance at 31 October 2023
30,000
5,316,411
5,346,411
BOWLAND (HOLDINGS) 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
25
1,429,109
1,301,988
Interest paid
(2,122)
-
0
Income taxes paid
(88,008)
(362,527)
Net cash inflow from operating activities
1,338,979
939,461
Investing activities
Purchase of tangible fixed assets
(2,604,260)
(238,167)
Proceeds from disposal of tangible fixed assets
-
42,000
Interest received
46,738
15,744
Other income received from investments
200
200
Net cash used in investing activities
(2,557,322)
(180,223)
Financing activities
Dividends paid to equity shareholders
(162,960)
(294,288)
Net cash used in financing activities
(162,960)
(294,288)
Net (decrease)/increase in cash and cash equivalents
(1,381,303)
464,950
Cash and cash equivalents at beginning of year
2,181,733
1,716,783
Cash and cash equivalents at end of year
800,430
2,181,733
BOWLAND (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 16 -
1
Accounting policies
Company information

Bowland (Holdings) Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is Richard House, 9 Winckley Square, Preston, PR1 3HP. The company operates from Unit 16 Roman Way Industrial Estate, Longridge Road, Ribbleton, Preston, PR2 5BB.

 

The group consists of Bowland (Holdings) 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, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

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

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated financial statements incorporate those of Bowland (Holdings) Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 31 October 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 and balances between group companies are eliminated on consolidation.

BOWLAND (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 17 -
1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. In making this assessment, the directors have made reference to budgeted future performance and post year end performance, as well as current banking facilities.

1.5
Turnover

The turnover shown in the profit and loss account represents meat sales and livestock sales invoiced during the year, exclusive of Value Added Tax.

 

Turnover in respect of meat sales is recognised on the date of dispatch. Turnover in respect of livestock sales is recognised on the date of transfer of ownership.

1.6
Intangible fixed assets - goodwill

Positive goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful economic life of up to 5 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary is circumstances emerge that indicate that the carrying value may not be recoverable.

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 of assets less their residual values over their useful lives on the following bases:

Freehold land and property
50 years straight line
Plant and machinery
3 - 10 years straight line
Fixtures, fittings & equipment
3 years straight line
Motor vehicles
25% reducing balance

Assets in the course of construction are not depreciated.

Freehold land is not depreciated.

 

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

1.8
Investment property

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.

BOWLAND (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 18 -
1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

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

 

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

1.11
Stocks

Meat 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. Cost is calculated using the first in first out method.

 

Livestock is measured at the lower of cost and estimated recoverable value. Where livestock is bred rather than purchased, cost is calculated using market values, using the best estimate of the directors, and is reassessed at each reporting date.

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

1.12
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

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

 

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

 

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

BOWLAND (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 19 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Other financial assets

All of the group's financial assets are basic financial instruments.

Impairment of financial assets

Financial assets 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, are initially recognised at transaction price. 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.

Other financial liabilities

All of the group's financial liabilities are basic financial instruments.

Derecognition of financial liabilities

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

1.14
Equity instruments

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

BOWLAND (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 20 -
1.15
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.

Deferred tax

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

1.16
Employee benefits

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

 

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

 

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

1.17
Retirement benefits

The company operates a defined contribution scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

1.18
Leases

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

 

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

BOWLAND (HOLDINGS) 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.

Critical judgements

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

Depreciation and life of tangible fixed assets

Depreciation is provided so as to write down the assets to their residual values over their estimated useful lives. The selection of these residual values and estimated lives requires the exercise of management judgement and is reviewed at each balance sheet date.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of tangible fixed assets

Tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount is equal to the expected recoverable value prepared on the basis of management's assumptions and estimates.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Attributable to the group's principal activities
39,147,777
33,062,310
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
39,147,777
33,062,310
2023
2022
£
£
Other revenue
Interest income
46,738
15,744
BOWLAND (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 22 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
2,775
2,225
Depreciation of owned tangible fixed assets
213,476
188,488
Profit on disposal of tangible fixed assets
-
(20,490)
Amortisation of intangible assets
5,300
12,721
5
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
Production staff
46
43
-
-
Administrative staff
8
8
2
2
Total
54
51
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,533,528
1,395,387
-
0
-
0
Social security costs
151,416
150,923
-
-
Pension costs
77,890
77,181
-
0
-
0
1,762,834
1,623,491
-
0
-
0
BOWLAND (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 23 -
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
46,738
15,721
Other interest income
-
23
Total interest revenue
46,738
15,744
Income from fixed asset investments
Income from other fixed asset investments
200
200
Total income
46,938
15,944
7
Interest payable and similar expenses
2023
2022
£
£
Other interest
2,122
-
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
566
248,887
Adjustments in respect of prior periods
-
0
2,964
Total current tax
566
251,851
Deferred tax
Origination and reversal of timing differences
150,339
17,810
Changes in tax rates
16,572
5,624
Total deferred tax
166,911
23,434
Total tax charge
167,477
275,285
BOWLAND (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
8
Taxation
(Continued)
- 24 -

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

2023
2022
£
£
Profit before taxation
666,411
1,378,475
Expected tax charge based on the standard rate of corporation tax in the UK of 22.52% (2022: 19.00%)
150,061
261,910
Tax effect of expenses that are not deductible in determining taxable profit
2,608
363
Change in unrecognised deferred tax assets
1,546
14
Adjustments in respect of prior years
-
0
2,964
Effect of change in corporation tax rate
16,572
5,624
Depreciation on assets not qualifying for tax allowances
11,112
9,376
Amortisation on assets not qualifying for tax allowances
1,194
2,417
Other permanent differences
(15,510)
(7,345)
Tax at marginal rate
(61)
-
0
Dividend income
(45)
(38)
Taxation charge
167,477
275,285

The Chancellor announced his intention to increase the headline rate of corporation tax to 25% from 1 April 2023, this policy was substantively enacted on 25 May 2021.

9
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
162,960
294,288
BOWLAND (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 25 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
211,104
Amortisation and impairment
At 1 November 2022
205,804
Amortisation charged for the year
5,300
At 31 October 2023
211,104
Carrying amount
At 31 October 2023
-
0
At 31 October 2022
5,300
The company had no intangible fixed assets at 31 October 2023 or 31 October 2022.
11
Tangible fixed assets
Group
Freehold land and property
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 November 2022
4,443,543
-
0
618,728
37,916
832,036
5,932,223
Additions
-
0
2,794,963
3,396
-
0
155,901
2,954,260
At 31 October 2023
4,443,543
2,794,963
622,124
37,916
987,937
8,886,483
Depreciation and impairment
At 1 November 2022
504,133
-
0
495,817
36,534
493,266
1,529,750
Depreciation charged in the year
49,567
-
0
43,750
1,382
118,777
213,476
At 31 October 2023
553,700
-
0
539,567
37,916
612,043
1,743,226
Carrying amount
At 31 October 2023
3,889,843
2,794,963
82,557
-
0
375,894
7,143,257
At 31 October 2022
3,939,410
-
0
122,911
1,382
338,770
4,402,473
BOWLAND (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
11
Tangible fixed assets
(Continued)
- 26 -
Company
Freehold land and property
£
Cost or valuation
At 1 November 2022 and 31 October 2023
2,452,933
Depreciation and impairment
At 1 November 2022
495,000
Depreciation charged in the year
45,000
At 31 October 2023
540,000
Carrying amount
At 31 October 2023
1,912,933
At 31 October 2022
1,957,933

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Assets under construction
607,212
-
-
-

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Land and buildings
2023
2022
£
£
Group
Cost
718,028
718,028
Accumulated depreciation
(250,595)
(237,744)
Carrying value
467,433
480,284
12
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 November 2022 and 31 October 2023
396,987
396,987
BOWLAND (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
12
Investment property
(Continued)
- 27 -

An investment property was purchased by the company in July 2019. It has been valued in these accounts at its purchase price plus associated costs of acquisition. It is the opinion of the directors that there has been no material change in value of this property from the purchase date to the date of these accounts.

13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
30,100
30,100
Unlisted investments
5,025
5,025
5,025
5,025
5,025
5,025
35,125
35,125
Movements in fixed asset investments
Group
Shares in
Other investments
Total
£
£
£
Cost or valuation
At 1 November 2022 and 31 October 2023
150,921
5,025
155,946
Impairment
At 1 November 2022 and 31 October 2023
150,921
-
150,921
Carrying amount
At 31 October 2023
-
5,025
5,025
At 31 October 2022
-
5,025
5,025
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 November 2022 and 31 October 2023
30,100
5,025
35,125
Carrying amount
At 31 October 2023
30,100
5,025
35,125
At 31 October 2022
30,100
5,025
35,125
BOWLAND (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 28 -
14
Subsidiaries

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

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Bowland Farms Estate Limited
1
Ordinary
100.00
-
Bowland Foods Limited
1
Ordinary
100.00
-
James Law Limited
1
Ordinary
-
100.00

Registered office addresses (all UK):

1
Richard House, 9 Winckley Square, Preston, PR1 3HP
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
836,765
741,239
-
0
-
0
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,787,717
2,378,983
-
0
-
0
Amounts owed by group undertakings
-
-
2,950,247
2,950,247
Other debtors
181,017
71,292
-
0
-
0
Prepayments and accrued income
46,233
229,197
-
0
-
0
3,014,967
2,679,472
2,950,247
2,950,247
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
19
29,167
-
0
-
0
-
0
Trade creditors
2,141,785
1,147,220
-
0
-
0
Corporation tax payable
1,445
88,887
566
35,030
Other taxation and social security
33,657
44,046
9,202
9,934
Other creditors
100,649
69,166
-
0
-
0
Accruals and deferred income
24,950
20,850
3,650
3,100
2,331,653
1,370,169
13,418
48,064
BOWLAND (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
17
Creditors: amounts falling due within one year
(Continued)
- 29 -

Obligations under finance leases of £29,167 (2022: £Nil) are secured against the assets to which they relate.

18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
19
320,833
-
0
-
0
-
0

Obligations under finance leases of £320,833 (2022: £Nil) are secured against the assets to which they relate.

Amounts included above which fall due after five years are as follows:
Payable by instalments
40,834
-
-
-
19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
55,397
-
0
-
0
-
0
In two to five years
335,860
-
0
-
0
-
0
In over five years
41,868
-
0
-
0
-
0
433,125
-
-
-
Less: future finance charges
(83,125)
-
0
-
0
-
0
350,000
-
-
0
-
0

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

BOWLAND (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 30 -
20
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
286,844
118,388
Tax losses
(19,879)
(18,334)
Revaluations
312,463
312,463
579,428
412,517
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 November 2022
412,517
-
Charge to profit or loss
150,339
-
Effect of change in tax rate - profit or loss
16,572
-
Liability at 31 October 2023
579,428
-

As the group has not finalised its capital expenditure plans for the next financial year, it is not possible to clarify the unwinding of the net deferred tax liability over the next 12 months.

21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
77,890
77,181

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.

BOWLAND (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 31 -
22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
20,400
20,400
20,400
20,400
B Ordinary of £1 each
8,400
8,400
8,400
8,400
C Ordinary of £1 each
600
600
600
600
D Ordinary of £1 each
600
600
600
600
30,000
30,000
30,000
30,000

Each class of shares has full voting rights and rank pari passu in all other respects, other than having differing rights to dividends.

23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
18,387
28,676
Transactions with related parties

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

Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Group
Entities under common control
-
-
14,987
5,000
Other related parties
884,692
273,496
13,303
-

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Key management personnel
1,464
1,464
BOWLAND (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
23
Related party transactions
(Continued)
- 32 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Other related parties
9,775
24,464
Other information

Directors of the company and their close personal family were paid dividends totalling £162,960 (2022: £294,288).

 

Rent free use of land has been provided to key management personnel during the current and previous year. Rent free use of land was provided to other related parties during the current year. During the previous year, other related parties were charged £12,000 for use of land.

24
Controlling party

The ultimate controlling party is Mr J H Wood by virtue of his majority shareholding.

25
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
498,934
1,103,190
Adjustments for:
Taxation charged
167,477
275,285
Finance costs
2,122
-
0
Investment income
(46,938)
(15,944)
Gain on disposal of tangible fixed assets
-
(20,490)
Amortisation and impairment of intangible assets
5,300
12,721
Depreciation and impairment of tangible fixed assets
213,476
188,488
Movements in working capital:
Increase in stocks
(95,526)
(191,133)
Increase in debtors
(335,495)
(181,160)
Increase in creditors
1,019,759
131,031
Cash generated from operations
1,429,109
1,301,988
BOWLAND (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 33 -
26
Analysis of changes in net funds - group
1 November 2022
Cash flows
New finance leases
31 October 2023
£
£
£
£
Cash at bank and in hand
2,181,733
(1,381,303)
-
800,430
Obligations under finance leases
-
-
(350,000)
(350,000)
2,181,733
(1,381,303)
(350,000)
450,430
2023-10-312022-11-01falseCCH SoftwareCCH Accounts Production 2024.100Mr J H WoodMrs V G WoodMrs V G 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