Company registration number 11046179 (England and Wales)
LSE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
LSE HOLDINGS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 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
LSE HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr B W Lees
Mrs M R Lees
Secretary
Mrs M R Lees
Company number
11046179
Registered office
88 Hill Village Road
Four Oaks
Sutton Coldfield
West Midlands
England
B75 5BE
Auditor
Haslehursts Limited
88 Hill Village Road
Sutton Coldfield
West Midlands
England
B75 5BE
LSE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -

The directors present the strategic report for the year ended 30 November 2023.

Review of the business

Turnover has increased during the year to £26,645,361 from 24,469,641 (8.89% increase), and the operating profit has increased to £2,729,071 from £2,004,401 (36.15% increase).

 

Net current assets have increased to £10,650,342 from £7,684,723 and net assets increased to £19,855,380 from £18,014,837.

Principal risks and uncertainties

The principal risks and uncertainties facing the group are customers' demands for our products and their ability to pay. However, the groups products are used in a wide range of applications and its customer base is diverse without concentration in, or exposure to, any one sector of the widespread markets for its products. The group maintains diligent and vigilant credit control over its customers.

Key performance indicators

They key performance indicators of the group are turnover, and operating profit, both of which have been covered in the 'review of business' section above.

On behalf of the board

Mr B W Lees
Director
19 August 2024
LSE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 30 November 2023.

Principal activities

The principal activity of the company and group continued to be that of suppliers of spare parts, machinery and consumables.

Results and dividends

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

No ordinary dividends were paid. 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 B W Lees
Mrs M R Lees
Future developments

The business strategy is to re-invest profits back into the group to allow the business to grow further.

Auditor

The auditor, Haslehursts Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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

 

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

 

 

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

Statement of disclosure to auditor

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

LSE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
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 B W Lees
Director
19 August 2024
LSE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LSE HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of LSE Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

LSE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LSE HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

We obtained an understanding of the groups legal and regulatory framework and the industry in which it operates. We considered the risk of acts by the group that might have contravened applicable laws and regulations, including fraud. Our audit procedures were designed to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by way of forgery, intentional representations or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and third party group representatives. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

LSE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LSE HOLDINGS LIMITED
- 7 -
Stuart Penfold
For and on behalf of
19 August 2024
Haslehursts Limited
Chartered Accountants
Statutory Auditor
88 Hill Village Road
Sutton Coldfield
West Midlands
England
B75 5BE
LSE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
26,645,361
24,469,641
Cost of sales
(19,367,649)
(18,594,535)
Gross profit
7,277,712
5,875,106
Administrative expenses
(4,548,641)
(3,896,071)
Other operating income
-
25,366
Operating profit
4
2,729,071
2,004,401
Interest receivable and similar income
7
8,693
1
Interest payable and similar expenses
8
(269)
-
0
Profit before taxation
2,737,495
2,004,402
Tax on profit
9
(896,952)
(526,875)
Profit for the financial year
21
1,840,543
1,477,527
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.
LSE HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2023
30 November 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
3,335,832
4,115,082
Other intangible assets
10
97,145
109,078
Total intangible assets
3,432,977
4,224,160
Tangible assets
11
5,988,636
6,321,899
Investments
12
26
-
0
9,421,639
10,546,059
Current assets
Stocks
15
3,791,780
3,281,727
Debtors
16
3,059,699
3,188,501
Cash at bank and in hand
8,997,852
5,682,515
15,849,331
12,152,743
Creditors: amounts falling due within one year
17
(5,198,989)
(4,468,020)
Net current assets
10,650,342
7,684,723
Total assets less current liabilities
20,071,981
18,230,782
Provisions for liabilities
Deferred tax liability
18
216,601
215,945
(216,601)
(215,945)
Net assets
19,855,380
18,014,837
Capital and reserves
Called up share capital
20
1,000,004
1,000,004
Profit and loss reserves
21
18,855,376
17,014,833
Total equity
19,855,380
18,014,837

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 19 August 2024 and are signed on its behalf by:
19 August 2024
Mr B W Lees
Director
Company registration number 11046179 (England and Wales)
LSE HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023
30 November 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,191,123
2,204,266
Investments
12
13,893,859
13,893,833
16,084,982
16,098,099
Current assets
Debtors
16
97,212
130,598
Cash at bank and in hand
159,045
124,934
256,257
255,532
Creditors: amounts falling due within one year
17
(2,459,776)
(2,453,010)
Net current liabilities
(2,203,519)
(2,197,478)
Net assets
13,881,463
13,900,621
Capital and reserves
Called up share capital
20
1,000,004
1,000,004
Profit and loss reserves
21
12,881,459
12,900,617
Total equity
13,881,463
13,900,621

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £19,158 (2022 - £9,457 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
19 August 2024
Mr B W Lees
Director
Company registration number 11046179 (England and Wales)
LSE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2021
1,000,004
15,537,306
16,537,310
Year ended 30 November 2022:
Profit and total comprehensive income
-
1,477,527
1,477,527
Balance at 30 November 2022
1,000,004
17,014,833
18,014,837
Year ended 30 November 2023:
Profit and total comprehensive income
-
1,840,543
1,840,543
Balance at 30 November 2023
1,000,004
18,855,376
19,855,380
LSE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2021
1,000,004
12,891,160
13,891,164
Year ended 30 November 2022:
Profit and total comprehensive income for the year
-
9,457
9,457
Balance at 30 November 2022
1,000,004
12,900,617
13,900,621
Year ended 30 November 2023:
Profit and total comprehensive income
-
(19,158)
(19,158)
Balance at 30 November 2023
1,000,004
12,881,459
13,881,463
LSE HOLDINGS 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
23
3,618,810
2,611,385
Interest paid
(269)
-
0
Income taxes paid
(244,322)
(537,873)
Net cash inflow from operating activities
3,374,219
2,073,512
Investing activities
Purchase of intangible assets
(3,600)
(4,000)
Purchase of tangible fixed assets
(63,975)
(650,272)
Interest received
8,693
1
Net cash used in investing activities
(58,882)
(654,271)
Net increase in cash and cash equivalents
3,315,337
1,419,241
Cash and cash equivalents at beginning of year
5,682,515
4,263,274
Cash and cash equivalents at end of year
8,997,852
5,682,515
LSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 14 -
1
Accounting policies
Company information

LSE Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 88 Hill Village Road, Sutton Coldfield, West Midlands, B75 5BE.

 

The group consists of LSE Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. 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.

LSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company LSE Holdings Limited 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 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

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

1.5
Turnover

Turnover 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.

Turnover 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 turnover 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.

LSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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 fair 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.

Amortisation 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:

Software
10% straight line on cost
1.8
Tangible fixed assets

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

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:

Freehold land and buildings
2% straight line on cost of buildings only
Property improvements
2% and 20% straight line on cost
Plant and equipment
25% straight line on cost and 25% reducing balance
Fixtures and fittings
15% straight line on cost and 25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% straight line on cost

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.

1.9
Fixed asset investments

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

 

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

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

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.

1.10
Impairment of fixed assets

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

 

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

1.11
Stocks

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.

1.12
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.

1.13
Financial instruments

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

 

Financial instruments are recognised in the group's 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.

LSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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

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.

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, 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.

LSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.14
Equity instruments

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

1.15
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the 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.

LSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.16
Employee benefits

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

 

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

 

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

1.17
Retirement benefits

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

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.

1.19
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 in the period are included in profit or loss.

1.20

Short term debtors and creditors

Short term debtors are measured at transaction price, less any impairment. Loan's receivable is measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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.

LSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
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.

Depreciation and residual values

The Directors have reviewed the asset lives and associated residual values of all fixed asset calculations and has concluded that asset lives and residual values are appropriate.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
26,236,022
24,092,816
Europe
256,672
224,685
Rest of world
152,667
152,140
26,645,361
24,469,641
2023
2022
£
£
Other revenue
Interest income
8,693
1
Grants received
-
366
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(1,755)
(362)
Government grants
-
(366)
Fees payable to the group's auditor for the audit of the group's financial statements
5,831
3,400
Depreciation of owned tangible fixed assets
395,612
379,930
Loss on disposal of tangible fixed assets
1,582
-
Amortisation of intangible assets
794,783
794,393
LSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 22 -
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
Direct
48
44
-
-
Admin
48
48
-
-
Directors
2
2
2
2
Total
98
94
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,742,506
2,341,849
-
0
-
0
Social security costs
256,031
220,572
-
-
Pension costs
59,972
49,402
-
0
-
0
3,058,509
2,611,823
-
0
-
0
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
30,000
45,550
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
2,838
-
0
Other interest income
5,855
1
Total income
8,693
1
8
Interest payable and similar expenses
2023
2022
£
£
Other interest
269
-
LSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 23 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
890,649
554,722
Adjustments in respect of prior periods
5,647
(1,852)
Total current tax
896,296
552,870
Deferred tax
Origination and reversal of timing differences
656
(25,995)
Total tax charge
896,952
526,875

On 1st April 2023, the Corporation tax rate in the UK increased from 19% to 25%. The effective tax rate calculated for the financial year year is 23.01% and is based on 121 days chargeable at 19%, and 244 days chargeable at 25%.

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
2,737,495
2,004,402
Expected tax charge based on the standard rate of corporation tax in the UK of 23.01% (2022: 19.00%)
629,898
380,836
Tax effect of expenses that are not deductible in determining taxable profit
37
-
0
Adjustments in respect of prior years
5,647
(1,852)
Permanent capital allowances in excess of depreciation
81,409
33,557
Amortisation on assets not qualifying for tax allowances
-
0
(7,729)
Deferred tax movement
656
(25,995)
Goodwill amortisation on consolidation
179,305
148,058
Taxation charge
896,952
526,875
LSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 24 -
10
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 December 2022
7,792,503
152,931
7,945,434
Additions - internally developed
-
0
3,600
3,600
At 30 November 2023
7,792,503
156,531
7,949,034
Amortisation and impairment
At 1 December 2022
3,677,421
43,853
3,721,274
Amortisation charged for the year
779,250
15,533
794,783
At 30 November 2023
4,456,671
59,386
4,516,057
Carrying amount
At 30 November 2023
3,335,832
97,145
3,432,977
At 30 November 2022
4,115,082
109,078
4,224,160
The company had no intangible fixed assets at 30 November 2023 or 30 November 2022.
LSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 25 -
11
Tangible fixed assets
Group
Freehold land and buildings
Property improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 December 2022
5,469,944
147,549
1,188,471
499,114
232,873
9,450
7,547,401
Additions
-
0
35,125
-
0
23,210
5,640
-
0
63,975
Disposals
-
0
-
0
-
0
(3,000)
-
0
-
0
(3,000)
At 30 November 2023
5,469,944
182,674
1,188,471
519,324
238,513
9,450
7,608,376
Depreciation and impairment
At 1 December 2022
346,802
54,157
321,647
334,256
165,687
2,953
1,225,502
Depreciation charged in the year
87,320
25,475
217,883
44,756
17,618
2,560
395,612
Eliminated in respect of disposals
-
0
-
0
-
0
(1,374)
-
0
-
0
(1,374)
At 30 November 2023
434,122
79,632
539,530
377,638
183,305
5,513
1,619,740
Carrying amount
At 30 November 2023
5,035,822
103,042
648,941
141,686
55,208
3,937
5,988,636
At 30 November 2022
5,123,142
93,392
866,824
164,858
67,186
6,497
6,321,899
LSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 26 -
Company
Freehold land and buildings
Property improvements
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 December 2022
2,222,350
45,708
3,859
2,271,917
Additions
-
0
35,125
-
0
35,125
At 30 November 2023
2,222,350
80,833
3,859
2,307,042
Depreciation and impairment
At 1 December 2022
66,288
1,065
298
67,651
Depreciation charged in the year
35,768
11,966
534
48,268
At 30 November 2023
102,056
13,031
832
115,919
Carrying amount
At 30 November 2023
2,120,294
67,802
3,027
2,191,123
At 30 November 2022
2,156,062
44,643
3,561
2,204,266
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
13,893,833
13,893,833
Investments in associates
14
26
-
0
26
-
0
26
-
0
13,893,859
13,893,833
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 December 2022
-
Additions
26
At 30 November 2023
26
Carrying amount
At 30 November 2023
26
At 30 November 2022
-
LSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
12
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 December 2022
13,893,833
Additions
26
At 30 November 2023
13,893,859
Carrying amount
At 30 November 2023
13,893,859
At 30 November 2022
13,893,833
13
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
L & S Engineers Limited
West Coppice Road, Coppice Side Industrial Estate, Brownhills Walsall, West Midlands, WS8 7HB
Suppliers of spare parts, machinery and consumable
Ordinary
100.00
Garden And Hire Spares Limited
88 Hill Village Road, Sutton Coldfield, England, B75 5BE
Suppliers of spare parts, machinery and consumables
Ordinary
100.00
14
Associates

Details of associates at 30 November 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Autrix Limited
88 Hill Village Road, Sutton Coldfield, England, B75 5BE
Provision of software and robotics
Ordinary
26
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
3,791,780
3,281,727
-
0
-
0
LSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 28 -
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,822,361
2,804,018
-
0
-
0
Corporation tax recoverable
-
0
70,050
-
0
-
0
Amounts owed by undertakings in which the company has a participating interest
90,000
-
90,000
-
Other debtors
53,235
227,998
7,212
130,598
Prepayments and accrued income
94,103
86,435
-
0
-
0
3,059,699
3,188,501
97,212
130,598
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
1,504,950
1,586,444
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
442,652
442,652
Corporation tax payable
660,649
78,725
-
0
-
0
Other taxation and social security
519,517
395,523
-
-
Other creditors
2,039,008
2,034,532
2,009,949
2,003,486
Accruals and deferred income
474,865
372,796
7,175
6,872
5,198,989
4,468,020
2,459,776
2,453,010
18
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
216,601
215,945
The company has no deferred tax assets or liabilities.
LSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
18
Deferred taxation
(Continued)
- 29 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 December 2022
215,945
-
Charge to profit or loss
656
-
Liability at 30 November 2023
216,601
-
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
59,972
49,402

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.

20
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary of £1 each
1,000,002
1,000,002
1,000,002
1,000,002
B ordinary of £1 each
2
2
2
2
1,000,004
1,000,004
1,000,004
1,000,004
21
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
17,014,833
15,537,306
12,900,617
12,891,160
Profit/(loss) for the year
1,840,543
1,477,527
(19,158)
9,457
At the end of the year
18,855,376
17,014,833
12,881,459
12,900,617
LSE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 30 -
22
Operating lease commitments

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
46,166
45,929
-
-
Between two and five years
44,243
87,568
-
-
In over five years
2,841
5,682
-
-
93,250
139,179
-
-
23
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,840,543
1,477,527
Adjustments for:
Taxation charged
896,952
526,875
Finance costs
269
-
0
Investment income
(8,693)
(1)
Loss on disposal of tangible fixed assets
1,582
-
Amortisation and impairment of intangible assets
794,783
794,393
Depreciation and impairment of tangible fixed assets
395,612
379,930
Movements in working capital:
Increase in stocks
(510,053)
(570,519)
Decrease in debtors
58,987
55,885
Increase/(decrease) in creditors
148,828
(52,705)
Cash generated from operations
3,618,810
2,611,385
24
Analysis of changes in net funds - group
1 December 2022
Cash flows
30 November 2023
£
£
£
Cash at bank and in hand
5,682,515
3,315,337
8,997,852
2023-11-302022-12-01falseCCH SoftwareCCH Accounts Production 2024.200Mr B W LeesMrs M R LeesMrs M R 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