Company registration number 11053564 (England and Wales)
JAKTO GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
JAKTO GROUP LIMITED
COMPANY INFORMATION
Director
Mr A Hellewell
Company number
11053564
Registered office
Oaks Business Park
Oaks Lane
Stairfoot
Barnsley
S71 1HT
Auditor
GBAC Limited
Old Linen Court
83-85 Shambles Street
Barnsley
South Yorkshire
S70 2SB
Bankers
Virgin Money UK
1A Peel Square
Barnsley
S70 2PL
JAKTO GROUP LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditors' report
4 - 6
Income statement
7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
JAKTO GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

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

Review of the business

 

The consolidated profit and loss account for the year is set out on page 7.

 

Principal risks and uncertainties

Risk Management

 

The group's financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors, and HP finance. The main purpose of these instruments is to raise funds and finance the group's operations. The group keeps it's exposure to price risk to a minimum by negotiating HP finance facilities on a regular basis. 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 the bank overdraft.

 

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Key performance indicators

 

The key financial highlights are as follows:-

 

 

2023

2022

2021

2020

 

 

£

£

£

£

 

Turnover

13,060,064

15,300,528

11,668,852

10,647,023

Turnover growth (percent)

(14.6)

31.10

9.60

(27.10)

Gross profit margin (percent)

48.85

46.93

41.03

31.40

 

Profit/(loss) before tax

2,154,643

3,898,249

1,129,277

(332,487)

 

On behalf of the board

Mr A Hellewell
Director
14 August 2024
JAKTO GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -

The director presents his annual report and financial statements for the year ended 30 November 2023.

Principal activities

The principal activity of the company was that of a holding company. The principal activity of the group was that of haulage contractors, site clearance and excavation.

Results and dividends

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

Ordinary dividends were paid amounting to £7,538. The director does not recommend payment of a further dividend.

Director

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

Mr A Hellewell
Mr N Hellewell
(Resigned 14 December 2023)
Auditor

In accordance with the company's articles, a resolution proposing that GBAC Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

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

Medium-sized companies exemption

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

On behalf of the board
Mr A Hellewell
Director
14 August 2024
JAKTO GROUP LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -

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

 

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

 

 

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

JAKTO GROUP LIMITED
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF JAKTO GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Jakto Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the group income statement, 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

JAKTO GROUP LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF JAKTO GROUP 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 director's report.

 

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

Responsibilities of director

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

Auditors' 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 auditors' 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.

 

We obtained an understanding of the company and the sector in which it operates to identify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, application of cumulative audit knowledge and experience of the sector.

 

We determined the principal laws and regulations relevant to the company in this regard to be those arising from the Companies Act 2006, Local tax laws and regulations, Anti Money Laundering Legislation and Bribery Act 2010.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We identified the risks of material misstatement of the financial statements due to fraud. We considered, in addition to the non-rebuttable presumption of a risk of fraud arising from management override of controls, including the potential for management bias identified in relation to the provisions and estimates and and we addressed this by challenging the assumptions and judgements made by management when auditing that significant accounting estimate.

As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but were not limited to: the testing of journals; reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors/audit-assurance-ethics/auditors-responsibilities-for-the-audit. This description forms part of our auditors' report.

JAKTO GROUP LIMITED
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF JAKTO GROUP LIMITED
- 6 -

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 auditors' 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.

Victoria Jane Davies
For and on behalf of GBAC Limited
14 August 2024
Statutory Auditor
Old Linen Court
83-85 Shambles Street
Barnsley
South Yorkshire
S70 2SB
JAKTO GROUP LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
2023
2022
Notes
£
£
Revenue
3
13,060,064
15,300,528
Cost of sales
(6,680,425)
(8,119,988)
Gross profit
6,379,639
7,180,540
Administrative expenses
(4,187,516)
(3,725,120)
Other operating income
1,440
4,167
Operating profit
4
2,193,563
3,459,587
Investment income
6
36,246
-
0
Finance costs
7
(75,166)
(61,338)
Other gains and losses
8
-
500,000
Profit before taxation
2,154,643
3,898,249
Tax on profit
9
(495,682)
(1,013,248)
Profit for the financial year
1,658,961
2,885,001
Profit for the financial year is all attributable to the owners of the parent company.
JAKTO GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
2023
2022
£
£
Profit for the year
1,658,961
2,885,001
Other comprehensive income
-
-
Total comprehensive income for the year
1,658,961
2,885,001
Total comprehensive income for the year is all attributable to the owners of the parent company.
JAKTO GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023
30 November 2023
- 9 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
11
4,314,922
4,399,369
Investment property
12
2,300,000
2,300,000
6,614,922
6,699,369
Current assets
Inventories
16
2,272
16,062
Trade and other receivables
17
5,917,134
3,275,627
Cash and cash equivalents
3,180,387
4,153,233
9,099,793
7,444,922
Current liabilities
18
(2,543,341)
(2,258,535)
Net current assets
6,556,452
5,186,387
Total assets less current liabilities
13,171,374
11,885,756
Non-current liabilities
19
(831,792)
(1,187,495)
Provisions for liabilities
Provisions
22
84,000
84,000
Deferred tax liability
23
1,445,780
1,455,882
(1,529,780)
(1,539,882)
Net assets
10,809,802
9,158,379
Equity
Called up share capital
25
400
400
Other reserves
1,265,639
1,265,639
Retained earnings
9,543,763
7,892,340
Total equity
10,809,802
9,158,379

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

The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
14 August 2024
Mr A Hellewell
Director
Company registration number 11053564 (England and Wales)
JAKTO GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023
30 November 2023
- 10 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investments
13
8,222,783
8,222,783
Current assets
Trade and other receivables
17
2,404,027
535,000
Cash and cash equivalents
2,758,616
3,387,722
5,162,643
3,922,722
Current liabilities
18
(3,079,918)
(3,201,096)
Net current assets
2,082,725
721,626
Net assets
10,305,508
8,944,409
Equity
Called up share capital
25
400
400
Other reserves
3,068,275
3,068,275
Retained earnings
7,236,833
5,875,734
Total equity
10,305,508
8,944,409

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £1,368,637 (2022 - £2,522,684 profit).

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
14 August 2024
Mr A Hellewell
Director
Company registration number 11053564 (England and Wales)
JAKTO GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 11 -
Share capital
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 December 2021
400
1,187,518
5,099,460
6,287,378
Year ended 30 November 2022:
Profit and total comprehensive income
-
-
2,885,001
2,885,001
Dividends
10
-
-
(14,000)
(14,000)
Transfers
-
78,121
(78,121)
-
Balance at 30 November 2022
400
1,265,639
7,892,340
9,158,379
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
1,658,961
1,658,961
Dividends
10
-
-
(7,538)
(7,538)
Balance at 30 November 2023
400
1,265,639
9,543,763
10,809,802
JAKTO GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 12 -
Share capital
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 December 2021
400
3,068,275
3,367,050
6,435,725
Year ended 30 November 2022:
Profit and total comprehensive income for the year
-
-
2,522,684
2,522,684
Dividends
10
-
-
(14,000)
(14,000)
Balance at 30 November 2022
400
3,068,275
5,875,734
8,944,409
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
1,368,637
1,368,637
Dividends
10
-
-
(7,538)
(7,538)
Balance at 30 November 2023
400
3,068,275
7,236,833
10,305,508
JAKTO GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
2,081,452
3,214,671
Interest paid
(75,166)
(61,338)
Income taxes (paid)/refunded
(412,362)
21,388
Net cash inflow from operating activities
1,593,924
3,174,721
Investing activities
Purchase of property, plant and equipment
(148,872)
(136,117)
Proceeds from disposal of property, plant and equipment
-
398,000
Repayment of loans
(1,549,969)
-
Interest received
36,246
-
0
Net cash (used in)/generated from investing activities
(1,662,595)
261,883
Financing activities
Repayment of bank loans
(84,732)
(191,308)
Payment of finance leases obligations
(811,905)
(672,776)
Dividends paid to equity shareholders
(7,538)
(14,000)
Net cash used in financing activities
(904,175)
(878,084)
Net (decrease)/increase in cash and cash equivalents
(972,846)
2,558,520
Cash and cash equivalents at beginning of year
4,153,233
1,594,713
Cash and cash equivalents at end of year
3,180,387
4,153,233
JAKTO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 14 -
1
Accounting policies
Company information

Jakto Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Oaks Lane, Stairfoot, Barnsley, South Yorkshire, S71 1HT.

 

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

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, modified to include the investment properties and certain financial instruments at fair value]. 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
Basis of consolidation

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

JAKTO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 15 -

The consolidated financial statements incorporate those of Jakto Group Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the merger method. Their results are incorporated pre- and post acquisition. The registered office of the undertakings acquired is Oaks Business Park, Oaks Lane, Stairfoot, Barnsley S71 1HT.

 

All financial statements are made up to 30 November 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

1.3
Going concern

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

1.4
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Plant and machinery
10% reducing balance
Fixtures, fittings and equipment
10%, 25% and 33% reducing balance
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.

1.6
Investment properties

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

 

Property rented to a group entity is accounted for as investment property and valued at fair value.

JAKTO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.7
Non-current 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, associates and jointly controlled 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of non-current assets

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

 

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

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.

JAKTO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 17 -

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
Inventories

Inventories 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 inventories to their present location and condition.

 

Inventories 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 inventories 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, 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.

1.11
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, which include trade and other receivables 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

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

JAKTO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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, including trade and other payables, 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 payables 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 payables 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. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

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

JAKTO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.15
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 non-current 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.

1.16
Retirement benefits

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

JAKTO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.17
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.

1.18
Government grants

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

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

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

 

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

3
Revenue
2023
2022
£
£
Revenue analysed by class of business
Haulage, site clearance and excavation
13,060,064
15,300,528
2023
2022
£
£
Revenue analysed by geographical market
UK
13,060,064
15,300,528
2023
2022
£
£
Other revenue
Interest income
36,246
-
Grants received
1,440
4,167
JAKTO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 21 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(1,440)
(4,167)
Depreciation of owned property, plant and equipment
(169,777)
310,764
Depreciation of property, plant and equipment held under finance leases
895,660
311,054
(Profit)/loss on disposal of property, plant and equipment
-
32,535
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
15
15
2
2
Production
42
38
-
-
Total
57
53
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,346,945
2,077,637
-
0
-
0
Social security costs
204,257
194,336
-
-
Pension costs
221,543
484,192
-
0
-
0
2,772,745
2,756,165
-
0
-
0
6
Investment income
2023
2022
£
£
Interest income
Interest on bank deposits
36,053
-
0
Other interest income
193
-
Total income
36,246
-
0
JAKTO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 22 -
7
Finance costs
2023
2022
£
£
Interest on bank overdrafts and loans
-
163
Other interest on financial liabilities
875
9,609
Interest on finance leases and hire purchase contracts
74,291
51,457
Other interest
-
109
Total finance costs
75,166
61,338
8
Other gains and losses
2023
2022
£
£
Changes in the fair value of investment properties
-
500,000
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
505,794
412,333
Adjustments in respect of prior periods
(10)
-
0
Total current tax
505,784
412,333
Deferred tax
Origination and reversal of timing differences
(10,102)
600,915
Total tax charge
495,682
1,013,248
JAKTO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
9
Taxation
(Continued)
- 23 -

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
2,154,643
3,898,249
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
538,661
740,667
Tax effect of expenses that are not deductible in determining taxable profit
11,286
4,372
Tax effect of income not taxable in determining taxable profit
-
0
(95,000)
Adjustments in respect of prior years
(10)
-
0
Effect of change in corporation tax rate
(43,721)
-
Permanent capital allowances in excess of depreciation
(432)
(243,888)
Other non-reversing timing differences
(10,102)
600,915
Loss on sale of assets
-
0
6,182
Taxation charge
495,682
1,013,248
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
7,538
14,000
JAKTO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 24 -
11
Property, plant and equipment
Group
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2022
6,334,466
101,078
1,313,585
7,749,129
Additions
142,500
9,098
489,838
641,436
At 30 November 2023
6,476,966
110,176
1,803,423
8,390,565
Depreciation and impairment
At 1 December 2022
2,281,613
78,190
989,957
3,349,760
Depreciation charged in the year
526,768
4,912
194,203
725,883
At 30 November 2023
2,808,381
83,102
1,184,160
4,075,643
Carrying amount
At 30 November 2023
3,668,585
27,074
619,263
4,314,922
At 30 November 2022
4,052,853
22,888
323,628
4,399,369
The company had no property, plant and equipment at 30 November 2023 or 30 November 2022.

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
£
£
£
£
Plant and machinery
1,932,915
2,354,997
-
0
-
0
Motor vehicles
378,739
93,783
-
0
-
0
2,311,654
2,448,780
-
-
JAKTO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 25 -
12
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 December 2022 and 30 November 2023
2,300,000
-

Investment property within the company comprises the land and buildings at Oaks Business Park,Oaks Lane, Stairfoot, Barnsley, S71 1HT. The fair value of the investment property has been arrived at on the basis of a valuation carried out in December 2021 by Knight Frank. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
8,222,783
8,222,783
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2022 and 30 November 2023
8,222,783
Carrying amount
At 30 November 2023
8,222,783
At 30 November 2022
8,222,783
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Jakto Holdings Limited
England & Wales
Ordinary Shares
100.00
Jakto Transport Limited
England & Wales
Ordinary Shares
100.00
JAKTO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 26 -
15
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,647,742
2,211,828
n/a
n/a
Carrying amount of financial liabilities
Measured at fair value through profit or loss
Measured at amortised cost
2,823,119
2,700,064
n/a
n/a
16
Inventories
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
2,272
16,062
-
-
17
Trade and other receivables
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade receivables
855,457
1,300,832
-
0
-
0
Gross amounts owed by contract customers
2,156,932
692,141
-
0
-
0
Corporation tax recoverable
17,082
303,957
-
0
135,000
Amounts owed by group undertakings
299,958
-
-
-
Other receivables
2,535,533
910,996
2,404,027
400,000
Prepayments and accrued income
43,503
67,701
-
0
-
0
5,908,465
3,275,627
2,404,027
535,000
Amounts falling due after more than one year:
Trade receivables
8,669
-
0
-
0
-
0
Total debtors
5,917,134
3,275,627
2,404,027
535,000
JAKTO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 27 -
18
Current liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
20
-
0
84,732
-
0
-
0
Obligations under finance leases
21
767,269
730,907
-
0
-
0
Trade payables
498,466
536,645
3,966
-
0
Amounts owed to group undertakings
299,958
-
0
3,067,695
3,066,015
Corporation tax payable
505,243
698,696
8,257
135,081
Other taxation and social security
46,771
47,270
-
-
Other payables
2,311
1,855
-
0
-
0
Accruals and deferred income
423,323
158,430
-
0
-
0
2,543,341
2,258,535
3,079,918
3,201,096

The finance leases are secured upon the vehicles and equipment which they were used to acquire.

 

19
Non-current liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
21
831,792
1,187,495
-
0
-
0

The finance leases are secured upon the vehicles and equipment which they were used to acquire.

20
Borrowings
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
-
0
84,732
-
0
-
0
Payable within one year
-
0
84,732
-
0
-
0

 

JAKTO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 28 -
21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
767,269
730,907
-
0
-
0
In two to five years
831,792
1,187,495
-
0
-
0
1,599,061
1,918,402
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. 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 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Provisions for liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Heap provision
84,000
84,000
-
-
Deferred tax liabilities
23
1,445,780
1,455,882
-
0
-
0
1,529,780
1,539,882
-
0
-
0
Movements on provisions apart from deferred tax liabilities:
Group
£
At 1 December 2022 and 30 November 2023
84,000

The provision of £84,000 included in the accounts relates to the removal of various soils and hardcore which are currently stored at Oaks Lane, Barnsley. The provision is made up of tipping and haulage charges.

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
£
£
Accelerated capital allowances
1,023,901
1,034,003
Investment property
421,879
421,879
1,445,780
1,455,882
JAKTO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
23
Deferred taxation
(Continued)
- 29 -
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 December 2022
1,455,882
-
Credit to profit or loss
(10,102)
-
Liability at 30 November 2023
1,445,780
-

The deferred tax liability set out above of £1,023 901 is expected to reverse and relates to accelerated capital allowances that are expected to mature within the same period.

 

The deferred tax liability set out above of £421,879 is expected to reverse if the property is sold in the future.

24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
221,543
484,192

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.

25
Share capital
Company
2023
2022
Ordinary share capital
£
£
Issued and fully paid
400 Ordinary shares of £1 each
400
400
26
Post balance sheet events

After the year end Mr N Hellewell and his spouse sold their shares in Jakto Group Limited.

 

Following a group reorganisation Mr A Hellewell and his spouse, together with Mr J Hellewell combined, own 66.6% of the shares in the new ultimate holding company, The Hellewell Group Limited.

27
Directors' transactions

One of the directors had an overdrawn loan account of £52,536 (2022 £52,567). The loan was interest free and was repaid after the year end.

JAKTO GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 30 -
28
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,658,961
2,885,001
Adjustments for:
Taxation charged
495,682
1,013,248
Finance costs
75,166
61,338
Investment income
(36,246)
-
0
(Gain)/loss on disposal of property, plant and equipment
-
32,535
Fair value gain on investment properties
-
0
(500,000)
Depreciation and impairment of property, plant and equipment
725,883
621,818
Movements in working capital:
Decrease/(increase) in inventories
13,790
(2,996)
(Increase)/decrease in trade and other receivables
(1,378,413)
239,099
Increase/(decrease) in trade and other payables
526,629
(1,135,372)
Cash generated from operations
2,081,452
3,214,671
29
Analysis of changes in net funds - group
1 December 2022
Cash flows
New finance leases
30 November 2023
£
£
£
£
Cash at bank and in hand
4,153,233
(972,846)
-
3,180,387
Borrowings excluding overdrafts
(84,732)
84,732
-
-
Obligations under finance leases
(1,918,402)
811,905
(492,564)
(1,599,061)
2,150,099
(76,209)
(492,564)
1,581,326
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