Company registration number 01125377 (England and Wales)
TC LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
TC LIMITED
COMPANY INFORMATION
Directors
R W Taylor
J M Taylor
E J M Ross
S V Ross
Secretary
E J M Ross
Company number
01125377
Registered office
2 Leman Street
London
United Kingdom
E1W 9US
Auditor
Gravita II LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
TC LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group statement of financial position
8
Company statement of financial position
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 29
TC 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 maintained its large customer base during 2023 and TC continues grow its business worldwide being a market leader in their industry.

The TC Group has reported an operating profit of £470k, a decrease of £946k on 2022.

The level of business and the year-end financial statements were satisfactory. The directors will continue to review both existing and new activities with a view to increasing turnover and profitability.

Principal risks and uncertainties

The group's principal financial instruments comprise bank facilities together with hire purchase contracts as well as trade creditors and trade debtors that arise directly from its operations. The main purpose of these instruments is to maximise cashflow for the companies’ operations.

The foreign currency risk is limited to trade debtors in France, Germany, Italy, Spain, Holland, Hungary, Australia and USA that are invoiced in Euros, Forints, Australian Dollars and US Dollars and loans to subsidiaries issued in Romanian Lei. The company has a wide spread of business globally both inside and outside the EU as well as by industrial group which helps mitigate any exposure from potential threats to its ability to grow.

Trade debtors are managed in respect of credit and cashflow risk by policies concerning credit offered to customers and regular monitoring of outstanding amounts for both time and credit limits.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest.

The group is a lessee in respect of hire purchase lease assets. The group manages liquidity risk by ensuring that there are sufficient funds to meet these payments.

Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.

The TC Group manages competitive pressure by providing high quality products, fast response times and tight control of costs to a large number of customers.

Global economic uncertainty is a general risk. TC Group provides products to a wide range of markets, which also provides a level of protection against downturns in a particular industry.

Key performance indicators

Key performance indicators are outlined below:

 

 

2023

2022

2021

 

£’000

£’000

£’000

Turnover

28,753

26,213

21,793

Gross Profit

18,814

16,856

13,363

Profit before Tax

426

1,410

623

On behalf of the board

R W Taylor
Director
30 July 2024
TC LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -

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

Principal activities
The company and group have principally been engaged in the manufacture and supply of electrical equipment.
Directors

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

R W Taylor
J M Taylor
E J M Ross
S V Ross
Results and dividends

The results for the year are set out on page 7.

The directors do not recommend payment of a dividend.
Disabled persons

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

Employee involvement

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

 

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

Future developments

The results for the year and the financial position at the year end were considered satisfactory by the directors.

 

The company and group have continued to invest resources in research and development during the year. It is intended that this investment will provide benefits in future years.

TC LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
Statement of directors' responsibilities

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

 

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

 

 

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

Statement of disclosure to auditor

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

On behalf of the board
R W Taylor
Director
30 July 2024
TC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TC LIMITED
- 4 -
Opinion

We have audited the financial statements of T C 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 statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

TC LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TC LIMITED
- 5 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

The extent to which the audit was considered capable of detecting irregularities including fraud.

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:

 

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

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

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, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

Ian Hughes ACA (Senior Statutory Auditor)
For and on behalf of Gravita II LLP
30 July 2024
Chartered Accountants
Statutory Auditor
Aldgate Tower
2 Leman Street
London
E1 8FA
TC LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
2
28,752,801
26,213,022
Cost of sales
(9,939,192)
(9,356,964)
Gross profit
18,813,609
16,856,058
Distribution costs
(627,088)
(594,193)
Administrative expenses
(17,811,711)
(14,908,144)
Other operating income
2
95,223
62,223
Operating profit
3
470,033
1,415,944
Interest receivable and similar income
10,588
977
Interest payable and similar expenses
(55,108)
(6,828)
Profit before taxation
425,513
1,410,093
Taxation
7
(97,623)
(369,434)
Profit for the financial year
327,890
1,040,659
Other comprehensive income
Currency translation differences
29,166
161,170
Total comprehensive income for the year
357,056
1,201,829
Total comprehensive income for the year is all attributable to the owners of the parent company.

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

TC LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023
31 October 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
8
-
0
2,146
Tangible assets
9
1,621,043
1,471,789
1,621,043
1,473,935
Current assets
Stocks
12
7,119,540
7,159,071
Debtors
13
4,738,403
4,783,673
Cash at bank and in hand
2,270,099
1,776,269
14,128,042
13,719,013
Creditors: amounts falling due within one year
14
(4,457,165)
(4,371,471)
Net current assets
9,670,877
9,347,542
Total assets less current liabilities
11,291,920
10,821,477
Creditors: amounts falling due after more than one year
15
(306,885)
(185,330)
Provisions for liabilities
Deferred tax liability
18
125,669
133,837
(125,669)
(133,837)
Net assets
10,859,366
10,502,310
Capital and reserves
Called up share capital
20
130
130
Share premium account
21
35
35
Other reserves
21
2,344
2,344
Profit and loss reserves
21
10,856,857
10,499,801
Total equity
10,859,366
10,502,310
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
30 July 2024
R W Taylor
Director
Company registration number 01125377 (England and Wales)
TC LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023
31 October 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
9
508,659
252,029
Investments
10
151,749
151,749
660,408
403,778
Current assets
Stocks
12
2,296,347
2,354,395
Debtors
13
4,487,040
4,205,849
Cash at bank and in hand
633,222
853,063
7,416,609
7,413,307
Creditors: amounts falling due within one year
14
(3,458,771)
(3,059,179)
Net current assets
3,957,838
4,354,128
Total assets less current liabilities
4,618,246
4,757,906
Creditors: amounts falling due after more than one year
15
(159,155)
-
Net assets
4,459,091
4,757,906
Capital and reserves
Called up share capital
20
130
130
Share premium account
21
35
35
Profit and loss reserves
21
4,458,926
4,757,741
Total equity
4,459,091
4,757,906

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s loss for the year was £298,815 (2022: £368,528 loss).

These abbreviated accounts have been prepared in accordance with the special provisions in section 445(3) of the Companies Act 2006 relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
30 July 2024
R W Taylor
Director
Company registration number 01125377 (England and Wales)
TC LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 10 -
Share capital
Share premium account
Profit and loss reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 November 2021
130
35
2,344
9,297,972
9,300,481
Year ended 31 October 2022:
Profit for the year
-
-
-
1,040,659
1,040,659
Other comprehensive income:
Currency translation differences
-
-
-
161,170
161,170
Total comprehensive income
-
-
-
1,201,829
1,201,829
Balance at 31 October 2022
130
35
2,344
10,499,801
10,502,310
Year ended 31 October 2023:
Profit for the year
-
-
-
327,890
327,890
Other comprehensive income:
Currency translation differences
-
-
-
29,166
29,166
Total comprehensive income
-
-
-
357,056
357,056
Balance at 31 October 2023
130
35
2,344
10,856,857
10,859,366
TC LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 November 2021
130
35
5,126,269
5,126,434
Year ended 31 October 2022:
Loss and total comprehensive income for the year
-
-
(368,528)
(368,528)
Balance at 31 October 2022
130
35
4,757,741
4,757,906
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
(298,815)
(298,815)
Balance at 31 October 2023
130
35
4,458,926
4,459,091
TC LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,035,854
1,261,903
Interest paid
(55,108)
(6,828)
Income taxes paid
(283,487)
(472,054)
Net cash inflow from operating activities
697,259
783,021
Investing activities
Purchase of tangible fixed assets
(259,182)
(205,540)
Proceeds from disposal of tangible fixed assets
46,967
6,942
Interest received
10,588
977
Net cash used in investing activities
(201,627)
(197,621)
Financing activities
Repayment of bank loans
(9,908)
(5,055)
Payment of finance leases obligations
(47,091)
(22,744)
Net cash used in financing activities
(56,999)
(27,799)
Net increase in cash and cash equivalents
438,633
557,601
Cash and cash equivalents at beginning of year
1,776,269
1,093,070
Effect of foreign exchange rates
55,197
125,598
Cash and cash equivalents at end of year
2,270,099
1,776,269
TC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 13 -
1
Accounting policies
Company information

T C Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is Aldgate Tower, 2 Leman Street, London, E1W 9US.

 

The company's principal place of business is Phoenix House, Oxford Road, Gerrards Cross, SL9 7AP.

 

The group consists of TC Limited and all of its subsidiaries, as listed in note 11.

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 on a going concern basis under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of TC 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).

 

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, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

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

1.4
Turnover

Turnover represents amounts receivable for goods net of VAT and trade discounts.

 

Revenue is recognised when the significant risks and rewards of ownership of the electrical equipment (goods) are transferred to the customer, when the following criteria are met:

·    The order has been authorised by both parties

·    The goods are dispatched to the customer

·    The value can be measured reliably.

TC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 14 -
1.5
Intangible fixed assets - goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. Goodwill arising on consolidation is amortised over its estimate economic life of 20 years.

1.6
Tangible fixed assets

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

 

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

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:

Land and buildings Leasehold
Over the life of the lease
Plant and machinery
10% Reducing balance
Fixtures, fittings & equipment
15% Reducing balance or 3 years Straight Line
Motor vehicles
25% Reducing balance

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

1.7
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 entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.8
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.

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.

TC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 15 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

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

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of 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.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts.

1.11
Financial instruments

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

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

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

TC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans 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 receipts 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.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs.

1.13
Taxation

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

TC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 17 -
Current tax

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

Deferred tax

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

 

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 income statement, 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
Retirement benefits for directors and employees are funded by contributions to defined contribution pension schemes.  The assets of the schemes are held separately from those of the company in independently administered funds.  The pension cost charge represents contributions payable by the company to the funds.
1.16
Leases

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

 

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

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

TC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 18 -
1.17
Foreign exchange

Transactions in foreign currencies are recorded using the rate of exchange ruling at the end of the month following the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

 

The assets and liabilities of overseas subsidiary undertakings are translated at the closing exchange rate whilst the profit and loss accounts are translated using the average rate for the year. Gains and losses arising on these translations are taken to reserves, net of exchange differences on related foreign currency borrowings.

1.18
Research and development expenditure
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
2
Turnover and other revenue

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

2023
2022
£
£
Turnover analysed by class of business
Sale of goods
28,752,801
26,213,022
Other significant revenue

 

The directors have determined that disclosure of turnover by geographical market would be seriously prejudicial to the interests of the group and have hence elected not to disclose.

3
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
109,530
(76,462)
Depreciation of owned tangible fixed assets
242,693
312,470
Depreciation of tangible fixed assets held under hire purchase
87,852
54,439
Loss on disposal of tangible fixed assets
2,339
2,040
Amortisation of intangible assets
2,175
2,123
Cost of stocks recognised as an expense
6,359,170
6,096,306
Stocks impairment losses recognised or reversed
(30,903)
(13,878)
Operating lease charges
719,011
666,752
TC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 19 -
4
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
121,800
88,000
Audit of the financial statements of the company's subsidiaries
40,669
30,329
162,469
118,329
For other services
All other non-audit services
25,445
2,266
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
Management
18
15
4
4
Production
273
288
22
21
Sales and administration
74
72
21
23
Total
365
375
47
48

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
15,406,180
13,113,107
9,504,443
7,761,841
Social security costs
1,997,133
1,642,382
1,296,048
1,066,088
Pension costs
134,780
133,140
75,810
75,740
17,538,093
14,888,629
10,876,301
8,903,669
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
7,515,939
5,904,754
Company pension contributions to defined contribution schemes
3,504
7,504
7,519,443
5,912,258
TC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
6
Directors' remuneration
(Continued)
- 20 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
4,857,233
3,771,917
7
Taxation
2023
2022
£
£
Current tax
Foreign current tax on profits for the current period
338,086
364,210
Deferred tax
Origination and reversal of timing differences
(240,463)
5,224
Total tax charge
97,623
369,434

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
425,513
1,410,093
Expected tax charge based on the standard rate of corporation tax in the UK of 22.50% (2022: 19.00%)
95,740
267,918
Tax effect of expenses that are not deductible in determining taxable profit
126,297
22,078
Tax effect of income not taxable in determining taxable profit
-
0
(735)
Tax effect of utilisation of tax losses not previously recognised
(200,984)
(40,032)
Unutilised tax losses carried forward
-
0
34,500
Double tax relief
27,847
78,313
Permanent capital allowances in excess of depreciation
(46,807)
2,170
Foreign exchange differences
257
(2)
Deferred tax timing differences
95,273
5,224
Taxation charge
97,623
369,434
TC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 21 -
8
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2022
104,450
Exchange adjustments
29
At 31 October 2023
104,479
Amortisation and impairment
At 1 November 2022
102,304
Amortisation charged for the year
2,175
At 31 October 2023
104,479
Carrying amount
At 31 October 2023
-
0
At 31 October 2022
2,146
The company had no intangible fixed assets at 31 October 2023 or 31 October 2022.
9
Tangible fixed assets
Group
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
352,073
3,452,765
324,994
622,802
4,752,634
Additions
95,337
67,339
5,205
387,284
555,165
Disposals
(46,950)
(31,852)
-
0
(34,729)
(113,531)
Exchange adjustments
8,365
(15,133)
(2,499)
3,373
(5,894)
At 31 October 2023
408,825
3,473,119
327,700
978,730
5,188,374
Depreciation and impairment
At 1 November 2022
283,310
2,237,677
300,299
459,559
3,280,845
Depreciation charged in the year
1,656
195,369
10,332
123,188
330,545
Eliminated in respect of disposals
-
0
(29,676)
-
0
(34,549)
(64,225)
Exchange adjustments
47,531
(25,141)
(26,972)
24,748
20,166
At 31 October 2023
332,497
2,378,229
283,659
572,946
3,567,331
Carrying amount
At 31 October 2023
76,328
1,094,890
44,041
405,784
1,621,043
At 31 October 2022
68,763
1,215,088
24,695
163,243
1,471,789
TC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
9
Tangible fixed assets
(Continued)
- 22 -
Company
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
517,257
241,504
427,266
1,186,027
Additions
9,660
1,333
351,443
362,436
Disposals
(8,495)
-
0
(3,200)
(11,695)
At 31 October 2023
518,422
242,837
775,509
1,536,768
Depreciation and impairment
At 1 November 2022
364,543
223,555
345,900
933,998
Depreciation charged in the year
-
0
-
0
103,467
103,467
Eliminated in respect of disposals
(6,336)
-
0
(3,020)
(9,356)
At 31 October 2023
358,207
223,555
446,347
1,028,109
Carrying amount
At 31 October 2023
160,215
19,282
329,162
508,659
At 31 October 2022
152,714
17,949
81,366
252,029

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Motor vehicles
263,557
49,734
263,557
-
0
10
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
151,749
151,749
TC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
10
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 November 2022 and 31 October 2023
151,749
Carrying amount
At 31 October 2023
151,749
At 31 October 2022
151,749
11
Subsidiaries

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

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Spectherm Limited
Aldgate Tower, 2 Leman Street, London, E1W 9US
Dormant Company
Ordinary
100.00
Spectite Limited
Aldgate Tower, 2 Leman Street, London, E1W 9US
Dormant Company
Ordinary
100.00
TC Cable Direct Limited
Aldgate Tower, 2 Leman Street, London, E1W 9US
Dormant Company
Ordinary
100.00
TC Direct Limited
Aldgate Tower, 2 Leman Street, London, E1W 9US
Dormant Company
Ordinary
100.00
TC Measurare & Control SRL
Str. Ecaterina Teodoroiu nr. 13C, Campina, cod 105600, Jud. Prahova, Romania
Supply of electrical equipment
Ordinary
100.00
TC Measurement & Control Inc
201 North Church Road, Bensenville, Illinois, 60106, USA
Supply of electrical equipment
Ordinary
100.00
TC Measurement & Control PTY Limited
2/233 Keilor Road, Essendon, VIC 3040, Australia
Supply of electrical equipment
Ordinary
100.00
TC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
11
Subsidiaries
(Continued)
- 24 -
TC Medida Y Control De Temperatura SA
P.I. San Ildefonso, C/ Bronce 1, 28450 Collado Mediano, Madrid, Spain
Supply of electrical equipment
Ordinary
100.00
TC Meet - en Regeltechniek B.V.
Hulsenweg 2c, 6031 SP Nederweert, Holland
Supply of electrical equipment
Ordinary
100.00
TC Merestechnikai kft
Grassalkovich út 255, Budapest, 1239, Hungary
Supply of electrical equipment
Ordinary
100.00
TC Mess-und-Regeltechnik-Gmbh
Hanns-Martin-Schleyer-Straße 37, 41199 Mönchengladbach, Germany
Supply of electrical equipment
Ordinary
100.00
TC Misure E Controlli SRL
Corso Re Umberto 7, 10121 Torino, Italy
Supply of electrical equipment
Ordinary
100.00
TC SA
11 Chemin des Hirondelles, 69570, Dardilly, France
Supply of electrical equipment
Ordinary
100.00
TC Spolka ZOO
Ul. Szyby Rycerskie 4, 41-909 Bytom, Poland
Supply of electrical equipment
Ordinary
100.00
TC Wires and Cables Limited
Aldgate Tower, 2 Leman Street, London, E1W 9US
Dormant Company
Ordinary
100.00
Spectherm BV
Hulsenweg 2c, 6031 SP Nederweert, Holland
Dormant Company
Ordinary
100.00
TC Netherlands B.V.
Hulsenweg 2c, 6031 SP Nederweert, Holland
Supply of electrical equipment
Ordinary
100.00

 

TC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 25 -
12
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
4,845,323
1,990,172
1,812,241
1,988,727
Work in progress
242,857
39,429
110,226
39,429
Finished goods and goods for resale
2,031,360
5,129,470
373,880
326,239
7,119,540
7,159,071
2,296,347
2,354,395
13
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,692,023
4,124,670
3,900,805
3,463,104
Corporation tax recoverable
20,408
21,535
-
0
-
0
Amounts due from subsidiary undertakings
-
0
-
0
-
0
361,234
Other debtors
214,865
125,582
13,867
16,788
Prepayments and accrued income
387,695
324,713
194,341
195,341
4,314,991
4,596,500
4,109,013
4,036,467
Deferred tax asset (note 18)
423,412
187,173
378,027
169,382
4,738,403
4,783,673
4,487,040
4,205,849

Company

 

Included in trade debtors are amounts due from wholly owned subsidiaries totalling £2,562,683 (2022: £1,671,247).

 

The directors will only seek repayment of trade debts and loans due from subsidiaries to the extent that the subsidiaries are in a position to make repayment.

 

14
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
16
-
0
9,908
-
0
-
0
Obligations under finance leases
17
110,533
9,613
100,470
-
0
Trade creditors
1,108,052
1,005,583
1,073,185
992,840
Amounts owed to group undertakings
-
0
-
0
210,105
-
0
Corporation tax payable
60,731
3,315
4,704
-
0
Other taxation and social security
871,746
651,747
428,635
274,493
Other creditors
516,906
752,220
6,767
9,274
Accruals and deferred income
1,789,197
1,939,085
1,634,905
1,782,572
4,457,165
4,371,471
3,458,771
3,059,179
TC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
14
Creditors: amounts falling due within one year
(Continued)
- 26 -

The hire purchase contracts are secured by charges over the assets against which they relate.

15
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
17
191,285
43,313
159,155
-
0
Other creditors
115,600
142,017
-
0
-
0
306,885
185,330
159,155
-

The hire purchase contracts are secured by charges over the assets against which they relate.

16
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
-
0
9,908
-
0
-
0
Payable within one year
-
0
9,908
-
0
-
0

 

The bank loans held by the group are unsecured, interest free government support loans being repaid in monthly instalments.

17
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
110,533
9,613
100,470
-
0
In two to five years
191,285
43,313
159,155
-
0
301,818
52,926
259,625
-

Hire purchase payments represent rentals payable by the group for motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2.7 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

TC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 27 -
18
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
125,669
133,837
45,385
17,791
Tax losses
-
-
378,027
169,382
125,669
133,837
423,412
187,173
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Tax losses
-
-
378,027
169,382
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 November 2022
(53,336)
(169,382)
Credit to profit or loss
(244,407)
(208,645)
Asset at 31 October 2023
(297,743)
(378,027)
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
134,780
133,140

Defined contribution pension schemes are operated for all qualifying employees. The assets of the schemes are held separately from those of the group in independently administered funds.

20
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Issued and fully paid
130 Ordinary shares of £1 each
130
130
TC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
20
Share capital
(Continued)
- 28 -

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.

 

21
Reserves
Share premium

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the year and prior periods.

 

Other reserves

Other reserves relate to legal reserves attributable to one of the overseas subsidiaries.

22
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
617,049
601,080
214,170
199,440
Between two and five years
1,114,304
1,443,336
145,215
359,388
In over five years
32,399
217,918
-
-
1,763,752
2,262,334
359,385
558,828
23
Directors' transactions

At the year end the company owed £6,767 (2022: £9,274) to the directors of the company.

TC LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 29 -
24
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
327,890
1,040,659
Adjustments for:
Taxation charged
97,623
369,434
Finance costs
55,108
6,828
Investment income
(10,588)
(977)
Loss on disposal of tangible fixed assets
2,339
2,040
Amortisation and impairment of intangible assets
2,175
2,123
Depreciation and impairment of tangible fixed assets
330,545
366,909
Movements in working capital:
Decrease/(increase) in stocks
39,531
(1,747,097)
Decrease/(increase) in debtors
280,382
(756,186)
(Decrease)/increase in creditors
(89,151)
1,978,170
Cash generated from operations
1,035,854
1,261,903
25
Analysis of changes in net debt - group
2023
£
Opening net funds/(debt)
Cash and cash equivalents
1,776,269
Loans
(9,908)
Obligations under finance leases
(52,926)
1,713,435
Changes in net debt arising from:
Cash flows of the entity
495,632
New finance leases entered into
(295,983)
Changes in market value and exchange rates
55,197
Closing net funds/(debt) as analysed below
1,968,281
Closing net funds/(debt)
Cash and cash equivalents
2,270,099
Obligations under finance leases
(301,818)
1,968,281
2023-10-312022-11-01falseCCH SoftwareCCH Accounts Production 2024.100R W TaylorJ M TaylorS V RossS V RossE J M 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