Company registration number 11489158 (England and Wales)
SIRIUS A CORPORATION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
SIRIUS A CORPORATION LIMITED
COMPANY INFORMATION
Directors
Mr W M Boswell
Mr B Cufley
Company number
11489158
Registered office
Unit 2
Chariot Way
Glebe Farm Industrial Estate
Rugby
England
CV21 1DA
Auditor
BK Plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
SIRIUS A CORPORATION LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
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 - 29
SIRIUS A CORPORATION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

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

Fair review of the business

The group's trading activities comprise of seven trading companies based throughout England engaged in supply chain solutions, laser cutting and allied fabrication services to multiple industry sectors. An eighth trading company was incorporated during 2023 specialising in labour supply and recruitment to the manufacturing sector.

 

The different geographical locations allow the group to trade on a national basis so assisting it to establish a broad base of clients.

 

Both financial and administrative matters are mainly dealt with at the group's headquarters in Rugby.

 

The directors and senior management team have a close involvement in the day to day running of the business and therefore are able to take decisions immediately if they need to do so for the benefit of the group's business.

 

The group's business has been in line with the directors' anticipated results, having regard to the current economic climate, and the difficulty in maintaining margins.

 

The group had a successful year to 30 November 2023 with a profit before tax of £1,006,536 compared to £718,161 in the previous year. The group continues to be profitable during the 2024 financial year.

 

On 31 March 2023 the group agreed a re-financing deal with FDC Debt LP. This has enabled the business to re-finance the loan notes at a more favourable rate than before, which has helped the cash flow position of the group and therefore enabled it to continue to grow and invest in more up to date technology and systems.

Principal risks and uncertainties

The liquidity risk to the group is reduced as the group retains a reasonable cash surplus in the form of core capital. The group monitors its trading cash reserves on a weekly basis.

 

Credit risk associated with providing customers with credit periods of up to 90 days in some instances can represent a direct risk to the group's finances and every effort is made to ensure that the risk is kept to a minimum by enquiring of a particular customer's financial strength before carrying out work.

Development and performance

Turnover for the year was £20,446,022 (year to 30 November 2022: £18,764,322) and pre-tax profits were £1,006,536 (year to 30 November 2022: £718,161).

Key performance indicators

Performance is monitored by the directors using indicators such as turnover, gross margins, cash balances, debtor ratios and EBITDA

Monthly management accounts are monitored to track the group's performance.

 

On behalf of the board

Mr B Cufley
Group Chairman
30 August 2024
SIRIUS A CORPORATION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -

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

Principal activities

The principal activity of the group for the period under review was that of project engineering, waterjet cutting and laser cutting.

Results and dividends

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

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 W M Boswell
Mr B Cufley
Mr D Millar
(Resigned 31 March 2023)
Mrs S M Millar
(Resigned 31 March 2023)
Auditor

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

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.

SIRIUS A CORPORATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
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 W M Boswell
Mr B Cufley
Director
Director
30 August 2024
2024-08-30
SIRIUS A CORPORATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SIRIUS A CORPORATION LIMITED
- 4 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

 

From the preliminary stages of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risk; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.

 

In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:

 

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.

SIRIUS A CORPORATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SIRIUS A CORPORATION 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 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 Hession C.A. (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited
30 August 2024
Chartered Certified Accountant
Statutory Auditor
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
SIRIUS A CORPORATION LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
2
20,446,022
18,764,322
Cost of sales
(11,960,550)
(12,256,172)
Gross profit
8,485,472
6,508,150
Distribution costs
(96,621)
(104,964)
Administrative expenses
(6,954,557)
(5,606,904)
Other operating income
117,738
108,211
Operating profit
3
1,552,032
904,493
Interest receivable and similar income
5
1,228
2,756
Interest payable and similar expenses
6
(546,724)
(189,088)
Profit before taxation
1,006,536
718,161
Tax on profit
7
(458,687)
(271,332)
Profit for the financial year
547,849
446,829
Profit for the financial year is attributable to:
- Owners of the parent company
619,311
449,734
- Non-controlling interests
(71,462)
(2,905)
547,849
446,829
SIRIUS A CORPORATION LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
2023
2022
£
£
Profit for the year
547,849
446,829
Other comprehensive income
-
-
Total comprehensive income for the year
547,849
446,829
Total comprehensive income for the year is attributable to:
- Owners of the parent company
619,311
449,734
- Non-controlling interests
(71,462)
(2,905)
547,849
446,829
SIRIUS A CORPORATION LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
8
3,765,458
4,544,518
Tangible assets
9
3,244,298
2,323,498
7,009,756
6,868,016
Current assets
Stocks
12
1,239,621
924,190
Debtors
13
3,894,961
4,125,824
Cash at bank and in hand
1,354,720
365,342
6,489,302
5,415,356
Creditors: amounts falling due within one year
14
(6,199,401)
(7,363,931)
Net current assets/(liabilities)
289,901
(1,948,575)
Total assets less current liabilities
7,299,657
4,919,441
Creditors: amounts falling due after more than one year
15
(5,858,555)
(4,296,012)
Provisions for liabilities
Deferred tax liability
18
573,886
310,302
(573,886)
(310,302)
Net assets
867,216
313,127
Capital and reserves
Called up share capital
20
100,000
92,000
Share premium account
372,796
318,556
Profit and loss reserves
368,938
(194,373)
Equity attributable to owners of the parent company
841,734
216,183
Non-controlling interests
25,482
96,944
867,216
313,127

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 30 August 2024 and are signed on its behalf by:
30 August 2024
Mr W M Boswell
Mr B  Cufley
Director
Director
Company registration number 11489158 (England and Wales)
SIRIUS A CORPORATION LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
10
13,985,814
13,985,714
Current assets
Debtors
13
93,272
81,849
Cash at bank and in hand
25,567
804
118,839
82,653
Creditors: amounts falling due within one year
14
(320,563)
(1,115,962)
Net current liabilities
(201,724)
(1,033,309)
Total assets less current liabilities
13,784,090
12,952,405
Creditors: amounts falling due after more than one year
15
(12,848,695)
(12,828,587)
Net assets
935,395
123,818
Capital and reserves
Called up share capital
20
100,000
92,000
Share premium account
372,796
318,556
Profit and loss reserves
462,599
(286,738)
Total equity
935,395
123,818

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £749,337 (2022 - £6,948 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 30 August 2024 and are signed on its behalf by:
30 August 2024
Mr W M Boswell
Mr B  Cufley
Director
Director
Company registration number 11489158 (England and Wales)
SIRIUS A CORPORATION LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 December 2021
92,000
318,556
(644,107)
(233,551)
99,849
(133,702)
Year ended 30 November 2022:
Profit and total comprehensive income
-
-
449,734
449,734
(2,905)
446,829
Balance at 30 November 2022
92,000
318,556
(194,373)
216,183
96,944
313,127
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
619,311
619,311
(71,462)
547,849
Issue of share capital
20
8,000
54,240
-
62,240
-
62,240
Redemption of shares
20
-
-
(56,000)
(56,000)
-
(56,000)
Balance at 30 November 2023
100,000
372,796
368,938
841,734
25,482
867,216
SIRIUS A CORPORATION LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2021
92,000
318,556
(293,686)
116,870
Year ended 30 November 2022:
Profit and total comprehensive income for the year
-
-
6,948
6,948
Balance at 30 November 2022
92,000
318,556
(286,738)
123,818
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
749,337
749,337
Issue of share capital
20
8,000
54,240
-
62,240
Balance at 30 November 2023
100,000
372,796
462,599
935,395
SIRIUS A CORPORATION 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
2,207,032
1,820,461
Interest paid
(546,724)
(27,245)
Income taxes refunded
-
2,481
Net cash inflow from operating activities
1,660,308
1,795,697
Investing activities
Purchase of tangible fixed assets
(965,059)
(208,762)
Proceeds from disposal of tangible fixed assets
25,918
14,585
Interest received
1,228
2,756
Net cash used in investing activities
(937,913)
(191,421)
Financing activities
Proceeds from issue of shares
15,560
-
Redemption of shares
(56,000)
-
0
Repayment of debentures
(4,601,227)
(794,545)
Proceeds from borrowings
5,500,000
-
Repayment of borrowings
(55,556)
-
Repayment of bank loans
(175,000)
(439,646)
Payment of finance leases obligations
(360,794)
(225,494)
Interest paid
-
0
(161,743)
Net cash generated from/(used in) financing activities
266,983
(1,621,428)
Net increase/(decrease) in cash and cash equivalents
989,378
(17,152)
Cash and cash equivalents at beginning of year
365,342
382,494
Cash and cash equivalents at end of year
1,354,720
365,342
SIRIUS A CORPORATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 14 -
1
Accounting policies
Company information

Sirius A Corporation Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 2 Chariot Way, Glebe Farm Industrial Estate, Rugby, Warwickshire, CV21 1DA .

 

The group consists of Sirius A Corporation 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.

 

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

SIRIUS A CORPORATION 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 Sirius A Corporation 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.

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.

 

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

1.6
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
Tangible fixed assets

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

SIRIUS A CORPORATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 16 -

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

Leasehold improvements
20% straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
15% 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 profit and loss account.

1.8
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 are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.9
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.

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.

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.

SIRIUS A CORPORATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.10
Stocks

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

 

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

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

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

1.12
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

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.

SIRIUS A CORPORATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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 and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Other financial liabilities

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.

1.13
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.

1.14
Taxation

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

Current tax

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

SIRIUS A CORPORATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Deferred tax

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

 

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

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 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.

1.16
Retirement benefits

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

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 balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

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.

SIRIUS A CORPORATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 20 -
2
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sales
20,446,022
18,764,322
2023
2022
£
£
Turnover analysed by geographical market
UK
20,446,022
18,764,322
2023
2022
£
£
Other revenue
Interest income
1,228
2,756
Grants received
117,738
108,211
3
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(117,738)
(108,211)
Fees payable to the group's auditor for the audit of the group's financial statements
43,700
40,750
Depreciation of owned tangible fixed assets
247,390
212,858
Depreciation of tangible fixed assets held under finance leases
225,338
157,124
Profit on disposal of tangible fixed assets
(23,000)
(10,162)
Amortisation of intangible assets
779,060
779,060
Operating lease charges
63,992
47,679
4
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
Directors
2
6
2
4
Production
127
122
-
-
Administration and sales
30
26
-
-
Total
159
154
2
4
SIRIUS A CORPORATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
4
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
5,371,962
4,529,418
-
0
-
0
Social security costs
424,917
455,415
-
-
Pension costs
91,161
75,561
-
0
-
0
5,888,040
5,060,394
-
0
-
0
5
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
1,128
-
0
Interest receivable from group companies
100
548
Other interest income
-
2,208
Total income
1,228
2,756
6
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
115,423
1,806
Interest on convertible loan notes
370,964
161,743
Interest on finance leases and hire purchase contracts
60,337
25,539
Total finance costs
546,724
189,088
7
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
197,589
122,252
Adjustments in respect of prior periods
(2,486)
(2,486)
Total current tax
195,103
119,766
SIRIUS A CORPORATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
7
Taxation
2023
2022
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
263,584
64,770
Changes in tax rates
-
0
54,035
Tax losses carried forward
-
0
32,761
Total deferred tax
263,584
151,566
Total tax charge
458,687
271,332

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
1,006,536
718,161
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
251,634
136,451
Tax effect of expenses that are not deductible in determining taxable profit
37,370
-
0
Tax effect of utilisation of tax losses not previously recognised
-
0
(73,886)
Change in unrecognised deferred tax assets
-
0
(940)
Adjustments in respect of prior years
(1,790)
(2,486)
Effect of change in corporation tax rate
246,394
73,780
Permanent capital allowances in excess of depreciation
(269,686)
(17,871)
Depreciation on assets not qualifying for tax allowances
-
0
1,464
Amortisation on assets not qualifying for tax allowances
194,765
148,020
Deferred tax adjustments in respect of prior years
-
0
6,800
Taxation charge
458,687
271,332
8
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
7,790,602
Amortisation and impairment
At 1 December 2022
3,246,084
Amortisation charged for the year
779,060
At 30 November 2023
4,025,144
SIRIUS A CORPORATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
8
Intangible fixed assets
(Continued)
- 23 -
Carrying amount
At 30 November 2023
3,765,458
At 30 November 2022
4,544,518
The company had no intangible fixed assets at 30 November 2023 or 30 November 2022.
9
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 December 2022
120,796
3,022,807
352,148
589
84,674
3,581,014
Additions
100,170
1,112,712
40,093
4,021
139,450
1,396,446
Disposals
-
0
-
0
-
0
-
0
(51,312)
(51,312)
At 30 November 2023
220,966
4,135,519
392,241
4,610
172,812
4,926,148
Depreciation and impairment
At 1 December 2022
23,386
1,089,300
122,713
161
21,956
1,257,516
Depreciation charged in the year
40,001
348,801
36,443
114
47,369
472,728
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(48,394)
(48,394)
At 30 November 2023
63,387
1,438,101
159,156
275
20,931
1,681,850
Carrying amount
At 30 November 2023
157,579
2,697,418
233,085
4,335
151,881
3,244,298
At 30 November 2022
97,410
1,933,507
229,435
428
62,718
2,323,498
The company had no tangible fixed assets 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 equipment
1,037,877
916,149
-
0
-
0
Fixtures and fittings
72,971
104,287
-
0
-
0
Motor vehicles
127,777
44,791
-
0
-
0
1,238,625
1,065,227
-
-
SIRIUS A CORPORATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 24 -
10
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
13,985,814
13,985,714
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2022
13,985,714
Additions
100
At 30 November 2023
13,985,814
Carrying amount
At 30 November 2023
13,985,814
At 30 November 2022
13,985,714
11
Subsidiaries

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

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Sirius Manufacturing Group Ltd
1
Intermediate holding company
Ordinary shares
100.00
-
Essex Laser Job Shop Ltd
1
Laser cutting
Ordinary shares
-
100.00
Intec Project Engineering Ltd
1
Laser cutting
Ordinary shares
-
100.00
Laser It Ltd
1
Laser cutting
Ordinary shares
-
100.00
Laser Process Ltd
1
Laser cutting
Ordinary shares
-
100.00
Precision Laser Processing Ltd
1
Laser cutting
Ordinary shares
-
100.00
Quality Components (UK) Ltd
1
Laser cutting
Ordinary shares
-
90.00
Sirius Supply Chain Solutions Ltd
1
Supply chain solutions
Ordinary shares
100.00
-
Sirius Recruitment Services Ltd
1
Recruitment
Ordinary shares
100.00
-

Registered office addresses (all UK unless otherwise indicated):

1
Unit 2 Chariot Way, Glebe Farm Industrial Estate, Rugby, Warwickshire, CV21 1DA

The investments in subsidiaries are all stated at cost.

SIRIUS A CORPORATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 25 -
12
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
405,603
726,287
-
-
Work in progress
267,775
167,480
-
-
Finished goods and goods for resale
566,243
30,423
-
0
-
0
1,239,621
924,190
-
-
13
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,385,112
3,719,959
-
0
-
0
Corporation tax recoverable
15,755
107,001
-
0
34,673
Amounts owed by group undertakings
-
-
56,900
-
Other debtors
109,989
6,207
2,255
2,137
Prepayments and accrued income
384,105
292,657
14,837
1,011
3,894,961
4,125,824
73,992
37,821
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
19,280
44,028
Total debtors
3,894,961
4,125,824
93,272
81,849
14
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Debenture loans
16
-
0
1,032,909
-
0
1,032,909
Bank loans
16
222,220
50,000
222,220
-
0
Obligations under finance leases
17
335,052
298,096
-
0
-
0
Trade creditors
3,411,691
2,607,543
7,965
6,425
Corporation tax payable
335,596
122,252
-
0
-
0
Other taxation and social security
488,876
391,591
-
-
Other creditors
1,101,617
2,545,869
-
0
-
0
Accruals and deferred income
304,349
315,671
90,378
76,628
6,199,401
7,363,931
320,563
1,115,962
SIRIUS A CORPORATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
14
Creditors: amounts falling due within one year
(Continued)
- 26 -

The obligations under finance leases are secured against the assets to which they relate.

 

Other creditors include an invoice discounting liability of £1,072,430 (2022 - £2,470,463). The invoice discounting liabilities are secured against the sales ledger balances.

15
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Debenture loans
16
-
0
3,568,318
-
0
3,568,318
Bank loans and overdrafts
16
5,222,224
125,000
5,222,224
-
0
Obligations under finance leases
17
636,331
602,694
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
7,626,471
9,260,269
5,858,555
4,296,012
12,848,695
12,828,587

The obligations under finance leases are secured against the assets to which they relate.

16
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Debenture loans
-
0
4,601,227
-
0
4,601,227
Bank loans
5,444,444
175,000
5,444,444
-
0
5,444,444
4,776,227
5,444,444
4,601,227
Payable within one year
222,220
1,082,909
222,220
1,032,909
Payable after one year
5,222,224
3,693,318
5,222,224
3,568,318

Security

 

The group has secured loan notes from FDC Debt LP. The Tranche A loan note of £1,000,000 is being paid at £55,555 per quarter over a term of 6 years. The interest on this loan note is 7% per annum. The Tranche B loan note of £4,500,000 is currently interest only. The interest on this loan note is 9% per annum.

 

The loan notes are secured by a fixed and floating charge across all of the subsidiary companies.

SIRIUS A CORPORATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 27 -
17
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
382,394
333,849
-
0
-
0
In two to five years
686,296
639,860
-
0
-
0
1,068,690
973,709
-
-
Less: future finance charges
(97,307)
(72,919)
-
0
-
0
971,383
900,790
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery.

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
573,886
314,099
Retirement benefit obligations
-
(3,797)
573,886
310,302
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 December 2022
310,302
-
Charge to profit or loss
263,584
-
Liability at 30 November 2023
573,886
-
SIRIUS A CORPORATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 28 -
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
91,161
75,561

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 shares of £1 each
10,000
45,000
10,000
45,000
B ordinary shares of £1 each
90,000
47,000
90,000
47,000
100,000
92,000
100,000
92,000
21
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
545,441
543,435
-
-
Between two and five years
1,027,130
894,283
-
-
1,572,571
1,437,718
-
-
SIRIUS A CORPORATION LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 29 -
23
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
547,849
446,829
Adjustments for:
Taxation charged
458,687
271,332
Finance costs
546,724
189,088
Investment income
(1,228)
(2,756)
Gain on disposal of tangible fixed assets
(23,000)
(10,162)
Amortisation and impairment of intangible assets
779,060
779,060
Depreciation and impairment of tangible fixed assets
472,728
369,982
Movements in working capital:
(Increase)/decrease in stocks
(315,431)
6,378
Decrease/(increase) in debtors
295,784
(124,052)
Decrease in creditors
(554,141)
(105,238)
Cash generated from operations
2,207,032
1,820,461
24
Analysis of changes in net debt - group
1 December 2022
Cash flows
New finance leases
30 November 2023
£
£
£
£
Cash at bank and in hand
365,342
989,378
-
1,354,720
Borrowings excluding overdrafts
(4,776,227)
(668,217)
-
(5,444,444)
Obligations under finance leases
(900,790)
360,794
(431,387)
(971,383)
(5,311,675)
681,955
(431,387)
(5,061,107)
2023-11-302022-12-01falseCCH SoftwareCCH Accounts Production 2024.100Mr W M BoswellMr B CufleyMr D MillarMrs S M MillarMr D 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