Company registration number 03203276 (England and Wales)
D.R.A. LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
D.R.A. LTD
COMPANY INFORMATION
Directors
Dr D Graham
Mrs R A Graham
Miss R M Graham
Mrs S J Baxendale
Secretary
Miss R M Graham
Company number
03203276
Registered office
Paragon Business Park
Chorley New Road
Horwich
Bolton
BL6 6HG
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
D.R.A. LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10 - 11
Company balance sheet
12
Group statement of changes in equity
13 - 14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 43
D.R.A. LTD
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 principal activity of Indespension Ltd is that of manufacture, distribution and retail of high quality trailers and trailer parts. Through retail branches it offers a full package of sales, servicing and hire of trailers, supply and fitting of towbars to towing vehicles and sales of a wide range of related products. The principal activity of D.R.A. Ltd is that of a holding company and property management of the Indespension business premises.

Turnover in the 12 months to October 2023 fell 6% year on year finishing at £20.1m compared to £21.3m in 2022. Increases in interest rates and the cost of living crisis during the year suppressed the retail side of the business in particular, but also impacted our B2B customer base with demand for large trailer orders being lower than in previous years. Lower new trailer sales were partially offset by strong performance around all our workshops where tow bar fittings and servicing were up year on year – this resulted in our overall gross margin % reducing by around 1% versus prior year. The group also benefitted from a £613k profit on sale of an investment property held in a subsidiary company.

An EBITDA profit for the year of £922k was generated compared to £1,154k the year before. Despite the challenging year we are pleased with this underlying level of core profitability and remain cautiously optimistic as we move in to 2024.

The group actively encourages and continues to invest in new technology and innovative designs. We are confident in the quality and uniqueness of our product designs and take the appropriate steps to protect our intellectual property should circumstances arise where it has been misappropriated. The back end of the year saw the launch of our new Tilting Flatbed range of trailers which have been well received in the market.

Moving into 2024 the order book isn’t as strong as previous years and there is a general reluctance in the market to commit to large purchases. However there remains a number of opportunities in the offing but costs are being kept to minimum until these materialise. Lower than normal trailer sales means that our workshops are busy given more people are repairing or refurbishing trailers as opposed to replacing them, which is one positive effect of the wider poor economic conditions.

Principal risks and uncertainties

Key risks include:

 

Key performance indicators

Key performance indicators remain net current assets, shareholders' funds and distributable profits. The directors consider the group to be in a strong financial position given the net current assets of £3.2m (£1.1m previous year) and shareholders' funds of £14.8m (£14.5m previous year) at 31 October 2023.

Future developments

Future investment will be aimed at continuing our production capacity improvements, investment in systems and in growing our more profitable sectors and products.

D.R.A. LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -

On behalf of the board

Miss R M Graham
Director
31 July 2024
D.R.A. LTD
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 company is that of a holding company.

 

The principal activity of the group is that of the manufacture, distribution and retail of high quality trailers and trailer parts.

Results and dividends

The results for the year are set out on page 9.

 

Ordinary dividends were paid amounting to £162,000 (2022: £115,000). 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 A E Graham
(Resigned 30 November 2022)
Dr D Graham
Mrs R A Graham
Miss R M Graham
Mrs S J Baxendale
Financial instruments
Financial risk management objectives and policies

The group finances its operations through a mixture of retained profits and where necessary to fund expansion or capital expenditure programmes through bank borrowings.

 

The management’s objectives are to:

 

 

 

 

The group’s funds are invested in bank accounts and borrowings are all obtained from standard bank loan accounts. As such, there is little price risk exposure.

 

The group’s funds are held primarily in short term variable rate accounts. The directors believe that this gives them the flexibility to release cash resources at short notice and also allows them to take advantage of changing conditions in the finance markets as they arise.

 

The group’s borrowings are in fixed or variable interest loans.

D.R.A. LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
Research and development

Development costs are capitalised within intangible assets where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on a straight line basis over the anticipated life of the benefits arising from the completed product or project.

 

Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or be in doubt, the balance of any related research and development is written off to the profit and loss account.

Auditor

Following the merger of MHA Moore and 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.

Environmental issues

The group has continued to follow policies and procedures that take account of the need to preserve and protect the environment.

Strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report certain 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 future developments.

On behalf of the board
Miss R M Graham
Director
31 July 2024
D.R.A. LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -

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.

D.R.A. LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF D.R.A. LTD
- 6 -
Opinion

We have audited the financial statements of D.R.A. Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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.

D.R.A. LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF D.R.A. LTD
- 7 -

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:

D.R.A. LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF D.R.A. LTD
- 8 -

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.

Andrew Matthews BFP ACA FCCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
31 July 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
D.R.A. LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
2023
2022
as restated
Notes
£'000
£'000
Turnover
3
20,075
21,318
Cost of sales
(10,515)
(10,955)
Gross profit
9,560
10,363
Administrative expenses
(8,648)
(9,596)
Other operating income
10
387
EBITDA
922
1,154
Depreciation, amortisation and impairment
(433)
(275)
Operating profit
9
489
879
Interest receivable and similar income
7
5
-
0
Interest payable and similar expenses
8
(197)
(141)
Profit before taxation
297
738
Tax on profit
10
(45)
(86)
Profit for the financial year
252
652
Other comprehensive income
Actuarial gain on defined benefit pension schemes
242
19
Tax relating to other comprehensive income
(54)
(4)
Total comprehensive income for the year
440
667
Transfers from revaluation reserve
57
84
Movement in profit and loss reserves excluding dividends
497
751
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
D.R.A. LTD
GROUP BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 10 -
2023
2022
as restated
Notes
£'000
£'000
£'000
£'000
Fixed assets
Intangible assets
12
90
100
Tangible assets
14
11,539
11,667
Investment properties
13
-
0
2,351
11,629
14,118
Current assets
Stocks
17
5,603
5,488
Debtors
18
1,931
3,225
Cash at bank and in hand
2,368
941
9,902
9,654
Creditors: amounts falling due within one year
19
(6,665)
(8,557)
Net current assets
3,237
1,097
Total assets less current liabilities
14,866
15,215
Creditors: amounts falling due after more than one year
20
(293)
(453)
Provisions for liabilities
23
(204)
(450)
Net assets excluding pension surplus
14,369
14,312
Defined benefit pension surplus
24
439
218
Net assets
14,808
14,530
Capital and reserves
Called up share capital
25
-
0
-
Share premium account
759
759
Revaluation reserve
7,172
7,229
Capital redemption reserve
180
180
Profit and loss reserves
6,697
6,362
Total equity
14,808
14,530
D.R.A. LTD
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 31 July 2024 and are signed on its behalf by:
31 July 2024
Miss R M Graham
Director
D.R.A. LTD
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 12 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Fixed assets
Intangible assets
12
90
100
Tangible assets
14
9,725
9,732
Investments
16
3,700
3,700
13,515
13,532
Current assets
Stocks
17
378
483
Debtors
18
45
425
Cash at bank and in hand
2,333
932
2,756
1,840
Creditors: amounts falling due within one year
19
(720)
(615)
Net current assets
2,036
1,225
Total assets less current liabilities
15,551
14,757
Provisions for liabilities
23
(204)
(246)
Net assets
15,347
14,511
Capital and reserves
Called up share capital
25
-
-
Revaluation reserve
9,399
9,399
Profit and loss reserves
5,948
5,112
Total equity
15,347
14,511

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 £190,000 (2022 - £172,000).

The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
31 July 2024
Miss R M Graham
Director
Company Registration No. 02125263
D.R.A. LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 13 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
£'000
£'000
As restated for the period ended 31 October 2022:
Balance at 1 November 2021
-
759
7,313
180
5,333
13,585
Prior year adjustment
-
-
-
-
393
393
As restated
-
0
759
7,313
180
5,726
13,978
Year ended 31 October 2022:
Profit for the year
-
-
-
-
652
652
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
-
19
19
Tax relating to other comprehensive income
-
-
-
0
-
(4)
(4)
Total comprehensive income
-
-
-
-
667
667
Dividends
11
-
-
-
-
(115)
(115)
Transfers
-
-
(84)
-
84
-
Balance at 31 October 2022
-
0
759
7,229
180
6,362
14,530
D.R.A. LTD
GROUP STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
£'000
£'000
- 14 -
Year ended 31 October 2023:
Profit for the year
-
-
-
-
252
252
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
-
242
242
Tax relating to other comprehensive income
-
-
-
0
-
(54)
(54)
Total comprehensive income
-
-
-
-
440
440
Dividends
11
-
-
-
-
(162)
(162)
Transfers
-
-
(57)
-
57
-
Balance at 31 October 2023
-
0
759
7,172
180
6,697
14,808
D.R.A. LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 15 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
Balance at 1 November 2021
-
0
9,399
4,910
14,309
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
-
317
317
Dividends
11
-
-
(115)
(115)
Balance at 31 October 2022
-
0
9,399
5,112
14,511
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
998
998
Dividends
11
-
-
(162)
(162)
Balance at 31 October 2023
-
0
9,399
5,948
15,347
D.R.A. LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 16 -
2023
2022
as restated
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash (absorbed by)/generated from operations
31
(1,147)
1,010
Interest paid
(207)
(148)
Net cash (outflow)/inflow from operating activities
(1,354)
862
Investing activities
Purchase of tangible fixed assets
(315)
(236)
Proceeds from disposal of tangible fixed assets
37
6
Proceeds from disposal of investment property
2,964
-
Movement in other loans
70
(70)
Interest received
5
-
0
Net cash generated from/(used in) investing activities
2,761
(300)
Financing activities
Proceeds from borrowings
1,501
-
Repayment of bank loans
(70)
(70)
Payment of finance leases obligations
(149)
(147)
Dividends paid to equity shareholders
(162)
(115)
Net cash generated from/(used in) financing activities
1,120
(332)
Net increase in cash and cash equivalents
2,527
230
Cash and cash equivalents at beginning of year
(159)
(389)
Cash and cash equivalents at end of year
2,368
(159)
Relating to:
Cash at bank and in hand
2,368
941
Bank overdrafts included in creditors payable within one year
-
(1,100)
D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 17 -
1
Accounting policies
Company information

D.R.A. Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Paragon Business Park, Chorley New Road, Horwich, Bolton, BL6 6HG.

 

The group consists of D.R.A. Ltd 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 £'000.

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

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

 

1.2
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. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company D.R.A. Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 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.

1.4
Going concern

Whilst the group continues to perform well, it faces future hurdles around cost pressures – primarily around impact of inflation and high interest rates, as well as salary cost rises for cost of living and challenges around labour availability.

 

The directors will continue to monitor these items closely and will make decisions to align the business with movements up or down in any of these cost areas promptly.

 

Previous actions taken enabled the group to establish a strong financial platform. This, together with the current balance sheet strength, positions the group well.

 

The directors have prepared cash flow projections for the group to cover at least the twelve months following the approval of the financial statements as well as considering obligations falling due over the next twelve months. The projections indicate that the group is expected to generate sufficient resources to meet their obligations as they fall due.

 

After considering the impact of the above, 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.

1.5
Turnover

Turnover represents the invoiced amount of goods sold and services provided less returns and allowances, excluding value added tax. Rent receivable is recognised in the period to which it relates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 19 -
1.7
Intangible fixed assets other than goodwill

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

 

Licences are stated at cost and are amortised over the period of the licence, not exceeding a period of 20 years. Cost is defined as the purchase price of the asset plus other directly attributable costs.

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

Licences
5% straight line
Research and development
10% straight line
1.8
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 buildings
see below
Leasehold improvements
over the period of the lease
Plant and equipment
10-30% straight line
Fixtures and fittings
10-30% straight line
Motor vehicles
20% straight line

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.

No depreciation has been charged on certain land and buildings as the directors consider that the depreciable amount, being the cost less the residual value, is immaterial.

1.9
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. The surplus or deficit on revaluation is recognised in profit or loss.

1.10
Fixed asset investments

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.

D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 20 -
1.11
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).

 

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.

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 is estimated to be less than its carrying amount, the carrying amount of the asset 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.

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 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 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.

1.12
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.

 

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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.

1.13
Cash and cash equivalents

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

D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 21 -
1.14
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

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

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.

D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 22 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

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

Derecognition of financial liabilities

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

1.15
Equity instruments

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

1.16
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 23 -
1.17
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.

1.18
Retirement benefits

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

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.19
Leases

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

 

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

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

D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 24 -
1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

 

The profit and loss accounts and balance sheets of overseas subsidiary undertakings are translated into sterling at the rates of exchange ruling at the balance sheet date. Exchange adjustments arising from the translation of balance sheets are taken to reserves.

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.

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.

Defined benefit pension scheme

The present value of the defined benefit pension scheme liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are disclosed in the notes to the accounts, will impact on the carrying value of the pension liability.

3
Turnover and other revenue
2023
2022
£'000
£'000
Turnover analysed by class of business
Manufacture, distribution and retail of high quality trailers and trailer parts
19,451
20,755
Rental income and property management
624
563
20,075
21,318
D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
3
Turnover and other revenue
(Continued)
- 25 -
2023
2022
£'000
£'000
Turnover analysed by geographical market
United Kingdom
18,424
18,959
Rest of Europe
1,651
2,359
20,075
21,318
2023
2022
£'000
£'000
Other revenue
Interest income
5
-
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the group and company
6
5
Audit of the financial statements of the company's subsidiaries
14
12
20
17
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
Office and management
34
35
4
5
Manufacturing
81
80
-
-
Sales and distribution
68
72
-
-
Total
183
187
4
5
D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
5
Employees
(Continued)
- 26 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£'000
£'000
£'000
£'000
Wages and salaries
5,488
5,134
221
148
Social security costs
513
483
8
9
Pension costs
151
116
14
1
6,152
5,733
243
158
6
Directors' remuneration
2023
2022
£'000
£'000
Remuneration for qualifying services
78
24
Company pension contributions to defined contribution schemes
14
-
92
24

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 0).

7
Interest receivable and similar income
2023
2022
£'000
£'000
Interest income
Interest on bank deposits
5
-
0
8
Interest payable and similar expenses
2023
2022
£'000
£'000
Interest on bank overdrafts and loans
183
124
Interest on finance leases and hire purchase contracts
24
24
Net interest on the net defined benefit liability
(10)
(7)
Total finance costs
197
141
D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 27 -
9
Operating profit
2023
2022
£'000
£'000
Operating profit for the year is stated after charging/(crediting):
Exchange losses
31
150
Depreciation of owned tangible fixed assets
315
267
Depreciation of tangible fixed assets held under finance leases
108
108
(Profit)/loss on disposal of tangible fixed assets
(17)
30
Profit on disposal of investment property
(613)
-
0
Amortisation of intangible assets
10
-
Reversal of past impairment of intangible assets
-
0
(100)
Operating lease charges
679
565
10
Taxation
2023
2022
£'000
£'000
Current tax
Foreign current tax on profits for the current period
345
-
0
Deferred tax
Origination and reversal of timing differences
(296)
86
Changes in tax rates
(4)
-
0
Total deferred tax
(300)
86
Total tax charge
45
86

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
£'000
£'000
Profit before taxation
297
738
Expected tax charge based on the standard rate of corporation tax in the UK of 22.50% (2022: 19.00%)
67
140
Tax effect of expenses that are not deductible in determining taxable profit
7
(10)
Tax effect of utilisation of tax losses not previously recognised
-
0
(89)
Unutilised tax losses carried forward
(25)
36
Effect of change in corporation tax rate
(4)
-
Other permanent differences
-
0
9
Taxation charge
45
86
D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
10
Taxation
(Continued)
- 28 -

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2023
2022
£'000
£'000
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
54
4
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£'000
£'000
Final paid
162
115
12
Intangible fixed assets
Group
Licences
Research and development
Total
£'000
£'000
£'000
Cost
At 1 November 2022 and 31 October 2023
178
1,246
1,424
Amortisation and impairment
At 1 November 2022
178
1,146
1,324
Amortisation charged for the year
-
0
10
10
At 31 October 2023
178
1,156
1,334
Carrying amount
At 31 October 2023
-
0
90
90
At 31 October 2022
-
0
100
100
Company
Licences
Research and development
Total
£'000
£'000
£'000
Cost
At 1 November 2022 and 31 October 2023
136
208
344
Amortisation and impairment
At 1 November 2022
136
108
244
Amortisation charged for the year
-
0
10
10
At 31 October 2023
136
118
254
D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
12
Intangible fixed assets
(Continued)
- 29 -
Carrying amount
At 31 October 2023
-
0
90
90
At 31 October 2022
-
0
100
100
13
Investment property
Group
Company
2023
2023
£'000
£'000
Fair value
At 1 November 2022
2,351
-
Disposals
(2,351)
-
At 31 October 2023
-
-

Investment property comprises a property held for capital appreciation. The directors have undertaken a review of the investment property and believe that the valuation as at 31 October 2022 is a fair reflection of the value as at this date, taking into account available market data regarding property prices in the area. The property was sold during the year.

D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 30 -
14
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost or deemed cost
At 1 November 2022
9,895
362
3,658
1,014
148
15,077
Additions
-
0
62
108
114
31
315
Disposals
-
0
-
0
-
0
-
0
(39)
(39)
At 31 October 2023
9,895
424
3,766
1,128
140
15,353
Depreciation and impairment
At 1 November 2022
119
118
2,707
384
82
3,410
Depreciation charged in the year
13
30
228
133
19
423
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(19)
(19)
At 31 October 2023
132
148
2,935
517
82
3,814
Carrying amount
At 31 October 2023
9,763
276
831
611
58
11,539
At 31 October 2022
9,776
244
951
630
66
11,667
D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 31 -
Company
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£'000
£'000
£'000
£'000
Cost or deemed cost
At 1 November 2022
9,663
46
92
9,801
Additions
-
0
18
20
38
Disposals
-
0
-
0
(20)
(20)
At 31 October 2023
9,663
64
92
9,819
Depreciation and impairment
At 1 November 2022
-
0
30
39
69
Depreciation charged in the year
-
0
7
18
25
At 31 October 2023
-
0
37
57
94
Carrying amount
At 31 October 2023
9,663
27
35
9,725
At 31 October 2022
9,663
16
53
9,732

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
£'000
£'000
£'000
£'000
Plant and equipment
516
624
-
0
-
0
Depreciation charge for the year in respect of leased assets
108
108
-
-

The directors elected to take the previous UK GAAP valuation of properties on the date of transition to FRS 102 as the deemed cost at that date. A revaluation reserve exists within group reserves and the directors have elected not to merge this within profit and loss reserves as undistributable profit. The directors continue to monitor property carrying values, with reference to the local market and recent transactions of similar properties and deem the current valuation to remain relevant.

 

The historic cost of the properties is £6,132,000 (2022: £6,132,000) for the group and company.

15
Subsidiaries

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

D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
15
Subsidiaries
(Continued)
- 32 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Geo. A. Parnell & Company Limited
1
Dormant
Ordinary
100.00
Indespension Ltd
2
Engineering, manufacture, sale and hire of trailers
Preference / Ordinary
100.00
Indespension Trailers Limited
3
Engineering, manufacture, sale and hire of trailers
Ordinary
100.00
Tow-A-Van Limited
2
Dormant
Ordinary
100.00
Gigondas SL
4
Investment property
Ordinary
100.00

Registered office address:

 

1. Castlemungret, Dock Road, Limerick, Ireland

 

2. Paragon Business Park, Chorley New Road, Horwich, Bolton, BL6 6HG

 

3. Unit C2, North City Business Park, North Road, Dublin 11, Ireland

 

4. Palma De Mallorca, Spain

16
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£'000
£'000
£'000
£'000
Investments in subsidiaries
15
-
0
-
0
3,700
3,700
Movements in fixed asset investments
Company
Shares in subsidiaries
£'000
Cost
At 1 November 2022 and 31 October 2023
3,700
Carrying amount
At 31 October 2023
3,700
At 31 October 2022
3,700
D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 33 -
17
Stocks
Group
Company
2023
2022
2023
2022
£'000
£'000
£'000
£'000
Raw materials and consumables
1,058
1,249
-
-
Work in progress
95
137
-
-
Finished goods and goods for resale
4,450
4,102
378
483
5,603
5,488
378
483

Group stock with a gross carrying value of £5,651,000 (2022: £5,518,000) has been written down by £48,000 (2022: £30,000).

18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£'000
£'000
£'000
£'000
Trade debtors
1,392
2,679
45
355
Other debtors
53
123
-
0
70
Prepayments and accrued income
486
423
-
0
-
0
1,931
3,225
45
425

Group trade debtors with a gross value of £1,416,000 (2022: £2,685,000) have been written down by £24,000 (2022: £6,000).

19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£'000
£'000
£'000
£'000
Bank loans and overdrafts
21
70
1,170
-
0
-
0
Obligations under finance leases
22
89
148
-
0
-
0
Other bank borrowings
21
1,501
-
0
-
0
-
0
Trade creditors
3,641
4,408
40
56
Amounts owed to group undertakings
-
0
-
0
461
52
Other taxation and social security
938
816
45
74
Other creditors
146
1,811
113
314
Accruals and deferred income
280
204
61
119
6,665
8,557
720
615

The group and company other creditors balance includes £nil (2022: £250,000) due to the Moorlands Pension Fund, and £127,000 (2022: £1,526,000) due to the directors. These balances are interest free and repayable on demand.

D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 34 -
20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£'000
£'000
£'000
£'000
Bank loans and overdrafts
21
117
187
-
0
-
0
Obligations under finance leases
22
175
265
-
0
-
0
Other borrowings
21
1
1
-
0
-
0
293
453
-
-
21
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£'000
£'000
£'000
£'000
Bank loans
187
257
-
0
-
0
Bank overdrafts
-
0
1,100
-
0
-
0
Preference shares
1
1
-
0
-
0
Other bank borrowings
1,501
-
0
-
0
-
0
1,689
1,358
-
-
Payable within one year
1,571
1,170
-
0
-
0
Payable after one year
118
188
-
0
-
0

The bank loan, bank overdraft and other bank borrowings are secured by fixed and floating charges over the assets of the group. The bank overdraft and other bank borrowings are repayable on demand.

The bank loan total comprises a £186,667 (2022: £256,666) secured Coronavirus Business Interruption Loan Scheme (CBILS) loan repayable in instalments between July 2021 and June 2026 and carrying an interest rate of 3.99% above base rate from July 2021.

22
Finance lease obligations
Group
Company
2023
2022
2023
2022
£'000
£'000
£'000
£'000
Future minimum lease payments due under finance leases:
Within one year
89
148
-
0
-
0
In two to five years
175
259
-
0
-
0
In over five years
-
0
6
-
0
-
0
264
413
-
-
D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
22
Finance lease obligations
(Continued)
- 35 -

Finance lease payments represent rentals payable by the group for certain items of plant and machinery held under hire purchase. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. The lease creditors are secured on the assets to which they relate.

23
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£'000
£'000
Accelerated capital allowances
276
305
Tax losses
(387)
(312)
Capital gains
211
415
Short term timing differences
104
42
204
450
Liabilities
Liabilities
2023
2022
Company
£'000
£'000
Accelerated capital allowances
33
35
Tax losses
(40)
-
Capital gains
211
211
204
246
Group
Company
2023
2023
Movements in the year:
£'000
£'000
Liability at 1 November 2022
450
246
Credit to profit or loss
(300)
(42)
Charge to other comprehensive income
54
-
Liability at 31 October 2023
204
204
D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
23
Deferred taxation
(Continued)
- 36 -

It is impractical to estimate the movement of the deferred tax liability relating to retirement obligations in the 12 months following the balance sheet date, due to the estimation uncertainty over the related obligations, which can only be assessed following the next balance sheet date. This is also true of the deferred tax provision in respect of properties carried at valuation. Furthermore as at the signing date of these financial statements, the group has not finalised its capital expenditure programme for 2023/24, an assessment as to the likely movement of other related timing differences cannot be made.

24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
120
92

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.

There were outstanding pension contributions at the year end of £18,851 (2022: £19,961).

Defined benefit schemes

The group operates a defined benefit scheme for qualifying employees. Under the scheme the employees are entitled to retirement benefits based on a proportion of final salary on attainment of the retirement age. No other post retirement benefits are provided. The scheme is fully funded.

 

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at 31 December 2022.

 

The discount rate has been determined by reference to market yields on AA corporate bonds.

2023
2022
Key assumptions
%
%
Discount rate
5.50
4.90
Expected rate of increase of pensions in payment
2.70
2.60
Inflation (CPI)
2.70
2.60
Mortality assumptions
2023
2022

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
20.7
21.1
- Females
23.1
23.5
Retiring in 20 years
- Males
21.6
22.2
- Females
24.3
24.7
D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
24
Retirement benefit schemes
(Continued)
- 37 -

The amounts included in the balance sheet arising from obligations in respect of defined benefit plans are as follows:

2023
2022
Group
£'000
£'000
Present value of defined benefit obligations
4,654
5,291
Fair value of plan assets
(5,093)
(5,509)
Surplus in scheme
(439)
(218)
The company had no post employment benefits at 31 October 2023 or 1 November 2022.
Group
2023
2022

Amounts recognised in the profit and loss account

£'000
£'000
Net interest on net defined benefit liability/(asset)
(10)
(7)
Group
2023
2022

Amounts taken to other comprehensive income

£'000
£'000
Actual return on scheme assets
108
218
Less: calculated interest element
262
211
Return on scheme assets excluding interest income
370
429
Actuarial changes related to obligations
(612)
(448)
Total costs/(income)
(242)
(19)
Group
2023

Movements in the present value of defined benefit obligations

£'000
Liabilities at 1 November 2022
5,291
Benefits paid
(277)
Actuarial gains and losses
(612)
Interest cost
252
At 31 October 2023
4,654

The defined benefit obligations arise from plans which are wholly or partly funded.

D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
24
Retirement benefit schemes
(Continued)
- 38 -
Group
2023

Movements in the fair value of plan assets

£'000
Fair value of assets at 1 November 2022
5,509
Interest income
262
Return on plan assets (excluding amounts included in net interest)
(370)
Benefits paid
(277)
Other
(31)
At 31 October 2023
5,093

Fair value of plan assets at the reporting period end

Group
2023
2022
£'000
£'000
Equity instruments
3,245
3,556
Property
1,550
1,550
Cash
23
33
Annuities
275
370
5,093
5,509
25
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Issued and fully paid
396 (2022: 446) A1 ordinary shares of 10p each
40
45
346 A2 ordinary shares of 10p each
35
35
474 A3 ordinary shares of 10p each
47
47
474 A4 ordinary shares of 10p each
47
47
74 A5 ordinary shares of 10p each
7
7
100 (2022: nil) A6 ordinary shares of 10p each
10
-
50 B2 ordinary shares of 10p each
5
5
191
186
During the year some shareholdings were re-designated and new shares were issued as detailed above. There was no change of control or ultimate beneficial ownership created through this re-designation.
D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 39 -
26
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
£'000
£'000
£'000
£'000
Within one year
470
523
14
-
Between two and five years
1,270
1,090
8
-
In over five years
396
415
-
-
2,136
2,028
22
-
27
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£'000
£'000
Aggregate compensation
516
438
Other information

As permitted by FRS102 Section 33, transactions entered into between two or more members of the group are not disclosed, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

The Moorlands Pension Fund ("MPF") is a self-administered pension scheme of which D.R.A. Ltd is the sponsoring employer. During the year the group made sales of £504,000 (2022: £540,000) to MPF and made payments of £24,000 (2022: £24,000) to MPF relating to the rental of certain properties. At the year end £25,000 (2022: £277,000) was due to MPF, and is included in creditors. At the year end £nil (2022: £315,000) was due from MPF, and is included in debtors.

Included in creditors at the year-end is £127,000 (2022: £1,526,000) due to the directors of the parent company, and included in debtors at the year-end is £nil (2022: £70,000) due from the directors of the parent company.

During the year dividends of £162,000 (2022: £115,000) were paid to the directors of the company.

D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 40 -
28
Directors' transactions

At 1 November 2021 £9,000 was due to a director of the parent company by the group. During the previous year advances of £83,000 were made to the director, and repayments of £4,000 made by the director. At 31 October 2022 a balance of £70,000 was due to the group by the director. The maximum amount owed to the group during the previous year was £70,000. This balance was repaid to the group by the director during the year ended 31 October 2023.

 

Further details of transactions with directors are included in the related party transactions note.

29
Controlling party

The company is under the ultimate control of its directors and their close family, who controlled the majority of the company's issued ordinary share capital throughout the whole of the current year and the previous year.

30
Analysis of changes in net funds/(debt) - group
1 November 2022
Cash flows
31 October 2023
£'000
£'000
£'000
Cash at bank and in hand
941
1,427
2,368
Bank overdrafts
(1,100)
1,100
-
0
(159)
2,527
2,368
Borrowings excluding overdrafts
(258)
(1,431)
(1,689)
Obligations under finance leases
(413)
149
(264)
(830)
1,245
415
D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 41 -
31
Cash (absorbed by)/generated from group operations
2023
2022
£'000
£'000
Profit for the year after tax
252
652
Adjustments for:
Taxation charged
45
86
Finance costs
197
141
Investment income
(5)
-
0
(Gain)/loss on disposal of tangible fixed assets
(17)
30
Gain on disposal of investment property
(613)
-
0
Fair value gain on investment properties
-
0
(375)
Amortisation and impairment of intangible assets
10
(100)
Depreciation and impairment of tangible fixed assets
423
375
Pension scheme non-cash movement
31
24
Movements in working capital:
Increase in stocks
(115)
(19)
Decrease/(increase) in debtors
1,224
(833)
(Decrease)/increase in creditors
(2,579)
1,029
Cash (absorbed by)/generated from operations
(1,147)
1,010
32
Prior period adjustment
Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 31 Oct 2022
£'000
£'000
£'000
Fixed assets
Investment properties
-
2,351
2,351
Creditors due within one year
Other creditors
(4,958)
(1,465)
(6,423)
Provisions for liabilities
Deferred tax
(246)
(204)
(450)
Net assets
13,848
682
14,530
Capital and reserves
Profit and loss reserves
5,680
682
6,362
D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
32
Prior period adjustment
(Continued)
- 42 -
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 31 October 2022
£'000
£'000
£'000
Other operating income
12
375
387
Taxation
-
(86)
(86)
Profit after taxation
363
289
652
Reconciliation of changes in equity - group
1 November
31 October
2021
2022
Notes
£'000
£'000
Adjustments to prior year
Prior year adjustment
1
393
682
Equity as previously reported
13,585
13,848
Equity as adjusted
13,978
14,530
Analysis of the effect upon equity
Profit and loss reserves
393
682
Reconciliation of changes in profit for the previous financial period
2022
Notes
£'000
Adjustments to prior year
Prior year adjustment
1
289
Profit as previously reported
363
Profit as adjusted
652
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2022
£'000
Adjustments to prior year
Total adjustments
-
Profit as previously reported
317
Profit as adjusted
317
D.R.A. LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
32
Prior period adjustment
(Continued)
- 43 -
Notes to reconciliation
Prior year adjustment

The prior year adjustment is in respect of a subsidiary company, Gigondas SL, not previously consolidated, on the basis that the directors did not consider this to be material. During the year the sale of a property owned by Gigondas SL has highlighted that this subsidiary company is material to the consolidated financial statements. A prior year adjustment has been processed to consolidate this subsidiary.

 

At 31 October 2021 the balance sheet of Gigondas SL included an investment property with a fair value of £1,976,000, balances due to directors of £1,465,000, a deferred tax liability of £118,000, and profit and loss reserves of £393,000.

 

During the year ended 31 October 2022 there were fair value gains on the investment property of £375,000 and a deferred tax charge of £86,000. At 31 October 2022 the balance sheet of Gigondas SL included an investment property with a fair value of £2,351,000, balances due to directors of £1,465,000, a deferred tax liability of £204,000, and profit and loss reserves of £682,000.

 

The consolidated balances have been restated to reflect the above. There is no effect on the balances within the parent entity. Consolidated net assets are higher than previously reported by £393,000 at 31 October 2021 and by £682,000 at 31 October 2022. The consolidated profit after tax for the year ended 31 October 2022 is £289,000 higher than previously reported.

 

 

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