Registered number
03635800
B G Automotive Limited
Report and Financial Statements
30 November 2023
B G Automotive Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Strategic report 3 & 4
Independent auditor's report 4 & 5
Income statement 6
Statement of financial position 7
Statement of changes in equity 8
Statement of cash flows 9
Notes to the financial statements 10
B G Automotive Limited
Company Information
Directors
C Cameron
M Greener
R D Jones
Y Jones
A Thurlbourn
Secretary
M J Puschnik
Auditors
Begbies
9 Bonhill Street
London
EC2A 4DJ
Registered office
Metro Building
Arkwright Road
Groundwell Industrial Estate
Swindon
England
SN25 5AB
Registered number
03635800
B G Automotive Limited
Registered number: 03635800
Directors' Report
The directors present their report and financial statements for the year ended 30 November 2023.
Principal activities
The company's principal activity during the year continued to be distribution of components to the motor industry.
Future developments
Details of future developments are given in the Strategic Report.
Energy and carbon report
A report for the group as a whole is included within the consolidated accounts of the UK holding company 4 BG Group Limited
Directors
The following persons served as directors during the year:
C Cameron
M Greener
R D Jones
Y Jones
A Thurlbourn
Directors' responsibilities
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 5 August 2024 and signed on its behalf.
C Cameron
Director
B G Automotive Limited
Strategic Report
for the year ended 30 November 2023
The company increased turnover by 36% to £50 million.
The gross profit margin was higher at 36% (2022: 32.6%).
After taxation, a profit of £3.5 million is retained to fund further growth in turnover.
The company continues to add to and update its range of products, staying abreast of developments within the automotive industry.
The export market represents 58% of the company's turnover, recognised by holding the King's Award for Enterprise - International Trade.
There continue to be risks and challenges in the post Brexit economy and global conflicts, especially currency exchange fluctuations and logistical complexities. Assurance has been given to key export customers that trading relationships will be shielded from adverse effects of Brexit.
The company has a strong financial base with net assets of approximately £16 million.
Statement by the directors regarding their duties under Section 172 of the UK Companies Act 2006
The company's directors consider that they have acted to promote the long term success of the company, for the benefit of its shareholders, whilst serving the interests of its stakeholders and the environment.
Long Term decisions
The directors are responsible for determining the long term strategy of the company. They communicate with the company's key employees as appropriate, and take into consideration matters such as market conditions, product development and financial resources. As a private company, the company can look to long term growth rather than short term results.
Employees
The success of the company is dependent upon the commitment and loyalty of its employees. Health, safety and welfare of our employees is one of the main considerations in the way the company manages its business. We provide safe and pleasant working areas and encourage staff to develop skills necessary to their roles in the company. We embrace diversity within our workforce.
Business relationships
First class customer service is key to the continued growth of the company's business. Our wide range of products and services involves a large number of customers and buying groups with individual requirements. Satisfying those requirements in a speedy, professional and friendly way is important to us.
We aim to treat our suppliers fairly and with respect. We look to create lasting and mutually beneficial relationships built on trust and reliability.
Community and the environment
The company seeks to engender a neighbourly relationship with the local communities.
As a manufacturing and distribution company, we are very aware of the impact of our business on the environment and act responsibly with regards to usage of energy, efficient transportation of goods and recycling of waste and packaging. The effect upon the environment is considered when placing changes within the business practices.
Standards of business conduct
The success and growth of the company's activities is testament to the way we have interacted over many decades with our customers, suppliers, employees and legislative agencies. In our opinion, businesses such as ours cannot prosper in the long term without maintaining the high standards of conduct expected of us by the community.
Shareholders
BG Automotive Limited is an independent business with a small number of shareholders, who are committed to ensuring the ongoing profitability and growth of the company for the future.
This report was approved by the board on 5 August 2024 and signed on its behalf.
C Cameron
Director
B G Automotive Limited
Independent auditor's report
to the members of B G Automotive Limited
Opinion
We have audited the financial statements of B G Automotive Limited for the year ended 30 November 2023 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis of 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is dependent upon the effectiveness of management controls and the nature, timing and extent of the audit procedures carried out, which included:
Assessing the susceptibility of the company to material misstatement, including how fraud might occur, by considering the key risks impacting the accounts; Undertaking procedures to evaluate and review the risk of management override of controls ; Enquiries of those charged with governance; Reviewing disclosures in the accounts; Validating inter group balances.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at 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.
Christopher Pexton FCA
(Senior Statutory Auditor)
for and on behalf of 9 Bonhill Street
Begbies London
Accountants and Statutory Auditors EC2A 4DJ
5 August 2024
B G Automotive Limited
Income Statement
for the year ended 30 November 2023
Notes 2023 2022
£ £
Turnover 2 50,260,573 36,910,985
Cost of sales (32,345,950) (24,845,756)
Gross profit 17,914,623 12,065,229
Distribution costs (1,547,083) (1,204,855)
Administrative expenses (11,754,894) (9,344,732)
Operating profit 3 4,612,646 1,515,642
Loss on sale of fixed assets (35,686) -
Interest payable 6 (5,354) -
Profit on ordinary activities before taxation 4,571,606 1,515,642
Tax on profit on ordinary activities 7 (1,098,809) (302,807)
Profit for the financial year 3,472,797 1,212,835
B G Automotive Limited
Statement of Financial Position
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 8 494,684 567,661
Current assets
Stocks 9 11,102,696 8,387,243
Debtors 10 13,483,642 10,273,089
Cash at bank and in hand 3,136,181 3,173,891
27,722,519 21,834,223
Creditors: amounts falling due within one year 11 (11,630,926) (9,337,835)
Net current assets 16,091,593 12,496,388
Total assets less current liabilities 16,586,277 13,064,049
Creditors: amounts falling due after more than one year 12 (686,050) (629,684)
Provisions for liabilities
Deferred taxation 13 (38,775) (45,710)
Net assets 15,861,452 12,388,655
Capital and reserves
Called up share capital 14 625,000 625,000
Profit and loss account 15 15,236,452 11,763,655
Total equity 15,861,452 12,388,655
C Cameron
Director
Approved by the board on 5 August 2024
B G Automotive Limited
Statement of Changes in Equity
for the year ended 30 November 2023
Share Profit Total
capital and loss
account
£ £ £
At 1 December 2021 625,000 10,550,820 11,175,820
Profit for the financial year - 1,212,835 1,212,835
At 30 November 2022 625,000 11,763,655 12,388,655
At 1 December 2022 625,000 11,763,655 12,388,655
Profit for the financial year - 3,472,797 3,472,797
At 30 November 2023 625,000 15,236,452 15,861,452
B G Automotive Limited
Statement of Cash Flows
for the year ended 30 November 2023
2023 2022
£ £
Operating activities
Profit for the financial year 3,472,797 1,212,835
Adjustments for:
Loss on sale of fixed assets 35,686 -
Interest payable 5,354 -
Tax on profit on ordinary activities 1,098,809 302,807
Depreciation 126,531 110,170
Increase in stocks (2,715,453) (1,502,035)
Increase in debtors (3,210,553) (3,092,681)
Increase in creditors 1,482,007 3,843,107
295,178 874,203
Interest paid (5,354) -
Corporation tax paid (238,294) (131,561)
Cash generated by operating activities 51,530 742,642
Investing activities
Payments to acquire tangible fixed assets (97,240) (366,609)
Proceeds from sale of tangible fixed assets 8,000 1,758
Cash used in investing activities (89,240) (364,851)
Net cash (used)/generated
Cash generated by operating activities 51,530 742,642
Cash used in investing activities (89,240) (364,851)
Net cash (used)/generated (37,710) 377,791
Cash and cash equivalents at 1 December 3,173,891 2,796,100
Cash and cash equivalents at 30 November 3,136,181 3,173,891
Cash and cash equivalents comprise:
Cash at bank 3,136,181 3,173,891
B G Automotive Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover represents the invoiced value of goods sold net of value added tax.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% written down value
Plant and machinery 10% straight line basis
Computers 33% straight line basis
Fixtures and fittings 25% straight line basis
Leasehold improvements 12.5% straight line basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Analysis of turnover 2023 2022
% %
By geographical market:
UK 42 41
Europe and rest of world 58 59
100 100
3 Operating profit 2023 2022
£ £
This is stated after charging:
Depreciation of owned fixed assets 126,531 110,170
Operating lease rentals - land and buildings 1,047,522 864,377
Auditors' remuneration for audit services 14,000 12,000
Auditors' remuneration for other services 800 800
Key management personnel compensation (including directors' emoluments) 4,709,828 3,646,683
4 Directors' emoluments 2023 2022
£ £
Emoluments 4,538,133 3,494,867
Company contributions to defined contribution pension plans 3,300 17,940
4,541,433 3,516,931
Highest paid director:
Emoluments 2,246,000 2,046,000
Number of directors to whom retirement benefits accrued: 2023 2022
Number Number
Defined contribution plans 2 2
5 Staff costs 2023 2022
£ £
Wages and salaries 8,065,457 6,231,524
Social security costs 639,981 429,375
Other pension costs 105,816 86,996
8,811,254 6,747,895
Average number of employees during the year Number Number
Directors 5 5
Warehouse 89 82
Administration 45 40
139 127
6 Interest payable 2023 2022
£ £
Other interest 5,354 -
7 Taxation 2023 2022
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 1,071,074 257,097
Adjustments in respect of previous periods 34,670 -
Deferred tax:
Origination and reversal of timing differences (6,935) 45,710
Tax on profit on ordinary activities 1,098,809 302,807
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2023 2022
£ £
Profit on ordinary activities before tax 4,571,606 1,515,642
Standard rate of corporation tax in the UK 23% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 1,051,469 287,972
Effects of:
Capital allowances 12,381 (3,095)
Research and development relief 34,959 -
Stamp duty land tax and associated costs of
property lease expensed - 17,930
Current taxation 1,098,809 302,807
8 Tangible fixed assets
Leasehold improvements Computers, plant and motor vehicles Fixtures and fittings Total
At cost At cost At cost
£ £ £ £
Cost
At 1 December 2022 164,040 851,089 67,810 1,082,939
Additions - 97,240 - 97,240
Disposals (99,833) (53,786) - (153,619)
At 30 November 2023 64,207 894,543 67,810 1,026,560
Depreciation
At 1 December 2022 53,600 393,868 67,810 515,278
Charge for the year 20,505 106,026 - 126,531
On disposals (62,229) (47,704) - (109,933)
At 30 November 2023 11,876 452,190 67,810 531,876
Carrying amount
At 30 November 2023 52,331 442,353 - 494,684
At 30 November 2022 110,440 457,221 - 567,661
9 Stocks 2023 2022
£ £
Finished goods and goods for resale 11,102,696 8,387,243
10 Debtors 2023 2022
£ £
Trade debtors 12,992,329 9,880,569
Prepayments and accrued income 153,793 84,261
Deposits paid to suppliers 337,520 308,259
13,483,642 10,273,089
11 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 3,495,634 4,154,082
Amounts owed to group undertakings and undertakings in which the company has a participating interest 111,080 113,525
Corporation tax 1,017,302 149,852
Other taxes and social security costs 511,953 259,125
Amount owed to associated undertaking 13,928 3,500
Accruals 6,481,029 4,657,751
11,630,926 9,337,835
Debtor finance is secured on the company's trade debtors.
12 Creditors: amounts falling due after one year 2023 2022
£ £
Accruals 686,050 629,684
13 Deferred taxation 2023 2022
£ £
Accelerated capital allowances 38,775 45,710
2023 2022
£ £
At 1 December 45,710 -
(Credited)/charged to the profit and loss account (6,935) 45,710
At 30 November 38,775 45,710
14 Share capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 625,000 625,000 625,000
15 Profit and loss account 2023 2022
£ £
At 1 December 11,763,655 10,550,820
Profit for the financial year 3,472,797 1,212,835
At 30 November 15,236,452 11,763,655
16 Pension commitments
The company contributes to defined contribution pension schemes on behalf of its employees. The assets of the schemes are held separately from those of the company in independently administered funds. The annual pension commitment under those schemes are for contributions of £105,816 (2022:£86,996).
17 Other financial commitments
Total future minimum lease payments under non-cancellable operating leases:
Land and buildings Land and buildings
2023 2022
£ £
Falling due:
within one year 685,980 1,204,792
within two to five years 1,600,620 2,697,327
2,286,600 3,902,119
18 Contingent liabilities
The company takes part in a group financial facility with the HSBC Bank which involves cross guarantees with all companies within the British Gaskets Group including the associated company B G Automotive Limited. Total group indebtedness at 30 November 2023, including that of B G Automotive Limited, was £ nil .
19 Related party transactions
The related parties are:
a) 4BG Group Limited
b) British Gaskets Limited
c) British Seals and Rubber Mouldings Limited
d) B G Packaging Limited
e) Bovill & Boyd (Technical Mouldings) Limited
f) Bovill & Boyd (Engineering) Limited
2023 2022
£ £
During the year the company had the following transactions with:
British Gaskets Limited (fellow subsidiary)
- Amount due to British Gaskets Limited 76,080 78,524
- Management charge from British Gaskets Limited 120,000 119,975
British Seals and Rubber Mouldings Limited (fellow subsidiary)
- Amount due to British Seals and Rubber Mouldings Limited 35,000 35,000
B G Packaging (associated company)
- Rent paid to B G Packaging Limited 316,000 474,000
- Amount due to B G Packaging Limited 13,928 3,500
20 Parent undertaking and controlling party
The company is a subsidiary of 4BG Group Limited.
The ultimate controlling party is R D Jones.
21 Presentation currency
The financial statements are presented in Sterling.
22 Legal form of entity and country of incorporation
B G Automotive Limited is a private company limited by shares and incorporated in England.
23 Principal place of business
The address of the company's principal place of business is:
Metro Building
Arkwright Road
Groundwell Industrial Estate
Swindon
England
SN25 5AB
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