Company registration number 06066071 (England and Wales)
TIMBER GARDEN BUILDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
TIMBER GARDEN BUILDINGS LIMITED
COMPANY INFORMATION
Directors
G Vernon
M Anthony
SJ Vernon
Secretary
SJ Vernon
Company number
06066071
Registered office
Chesterton Road
Eastwood Trading Estate
Rotherham
South Yorkshire
England
S65 1SU
Auditor
Walters Hawson Limited
Norham House
Mountenoy Road
Rotherham
South Yorkshire
S60 2AJ
Business address
Chesterton Road
Eastwood Trading Estate
Rotherham
South Yorkshire
England
S65 1SU
Bankers
HSBC Bank
1 High Street
Doncaster
South Yorkshire
DN1 1EE
Accountants
Brearley & Co Accountants Limited
39/43 Bridge Street
Swinton
Mexborough
South Yorkshire
S64 8AP
TIMBER GARDEN BUILDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
TIMBER GARDEN BUILDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

The directors present the strategic report for the year ended 31 October 2023.

Review of the business

Turnover for the year has decreased by 18.76% due to a challenging retail market caused from the post pandemic economic downturn, the cost of living crisis, and the closure of TGB Scotland. Offsetting this, gross profit margins have improved significantly, partly due to cost saving measures implemented during the period, and partly due to 2022 being affected by a stock write down. Gross profit margins have increased from 15.57% in the prior year to 33.80% in the current year. The directors have taken a number of measures to combat the reduction in revenue, subsequently launching new products and increasing sales exposure via expansion to new sales locations, which the directors believe will ensure a return to profitability in the coming year.

Principal risks and uncertainties

The principal risks to the business are:

 

Laws and regulations

 

The sector in which the company operates is not subject to any specific laws and regulations, so the company is most at risk from laws and regulations regarding health and safety and taxation. There have been no major historic health and safety issues, and the directors monitor compliance with arrangements made with HMRC in respect of historic tax liabilities.

 

Price risk

 

Prices for the materials used in the company's products can fluctuate strongly. This risk is mitigated by purchasing in bulk, and from countries with more favourable material prices where possible, and prices are monitored to achieve a good balance between sales volume and profitability.

 

Credit risk

 

The company sells via agents, either directly to agents or to the public via retail agents. The company is not dependant on any one agent. Credit checks are undertaken before credit is extended, and each agent has tailored credit limit to minimise credit risk. Sales made directly to the public via retail agents are paid for prior to delivery, so no credit risk arises in respect of these sales.

 

Liquidity and cash flow risk

 

During the period under review the company was financed by a mixture of commercial loans, invoice discounting, and hire purchase agreements. The company uses its invoice discounting facility to provide flexibility in managing its cashflow. Trading performance is monitored, and the company prepares financial projections to ensure adequate financial resources are available.

Development and performance

Moving forward, the directors are focussed on increasing market share for the business, whilst continuing to review internal processes to maintain operational effectiveness. The directors believe this will make the company more resilient to the threat of economic downturn. Post year ended management accounts show improved profitability and cashflow.

Key performance indicators

Though a loss has been made, results show significant improvement from the prior year. Turnover is reduced slightly, but both gross and net profits show significant improvements.

 

Turnover has decreased by 18.76% from £8,192,054 to £6,654,985.

 

Gross profit has increased from £1,275,855 to £2,249,476 with percentage increasing from 15.57% to 33.80%.

 

The current year has generated a net loss of £168,938 compared to a net loss of £1,646,805 in 2022.

TIMBER GARDEN BUILDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -

On behalf of the board

G Vernon
Director
9 October 2024
TIMBER GARDEN BUILDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 October 2023.

Principal activities

The principal activity of the company continued to be that of manufacture and wholesale of garden buildings.

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

G Vernon
M Anthony
SJ Vernon
Auditor

Walters Hawson Limited were appointed auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor 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 company’s auditor is aware of that information.

Medium-sized companies exemption

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

On behalf of the board
G Vernon
Director
9 October 2024
TIMBER GARDEN BUILDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TIMBER GARDEN BUILDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TIMBER GARDEN BUILDINGS LIMITED
- 5 -

Qualified opinion

We have audited the financial statements of Timber Garden Buildings Limited (the 'company') for the year ended 31 October 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

Basis for qualified opinion

We were not appointed as auditor of the company until after 31 October 2023 and thus did not observe the counting of physical stock at the end of the year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 October 2023, which are included in the balance sheet at £1,525,561, by using other audit procedures. Consequently, we were unable to determine whether any adjustments to this amount was necessary. In addition, were any adjustment to the inventory balance to be required, the strategic report would also need to be amended.

 

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

Material uncertainties relating to going concern

We draw attention to Note 1.2 in the financial statements, which indicates that the company incurred a net loss of £135,878, during the year ended 31 October 2023 following a net loss of £1,313,666 (as restated) in the year ended 31 October 2022, and as of 31 October 2023, the company had net current liabilities totalling £1,700,333. Management accounts for the period to 31 July 2024 show a profit before tax of £170,577, and an improved net current asset position and the directors believe that the company has adequate financial resources to meet liabilities as they fall due for the foreseeable future. The outcome of future events is inherently uncertain, and therefore a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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.

 

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning stock quantities of £1,525,561 held at 31 October 2023. We have concluded that where the other information refers to the stock balance or related balances such as cost of sales, it may be materially misstated for the same reason.

TIMBER GARDEN BUILDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TIMBER GARDEN BUILDINGS LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

Arising solely from the limitation on the scope of our work relating to stock, referred to above:

 

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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

TIMBER GARDEN BUILDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TIMBER GARDEN BUILDINGS LIMITED
- 7 -

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

 

The procedures undertaken were:

 

- Enquiry of management and those charges with governance around actual and potential litigation and claims.

 

- Review of tax compliance to identify any instances of non-compliance with laws and regulations.

 

- Reviewing financial statement disclosure and testing to supporting documentation to assess compliance with applicable laws and regulations.

 

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, reviewing accounting estimates for bias and reviewing for significant transactions outside the normal course of business.

 

Our initial risk assessment identified management override and misstatement of revenue as potential risk areas. Audit testing on journal entries, cut-off, and trade debtors have been carried out to address the potential risks in these areas.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error.

 

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosure made by the directors.

 

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

 

 

TIMBER GARDEN BUILDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TIMBER GARDEN BUILDINGS LIMITED
- 8 -

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 a Report of the Auditors 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.
David Ian Walters (Senior Statutory Auditor)
For and on behalf of Walters Hawson Limited
9 October 2024
Chartered Accountants
Statutory Auditor
Norham House
Mountenoy Road
Rotherham
South Yorkshire
S66 1EH
TIMBER GARDEN BUILDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
2023
2022
as restated
Notes
£
£
Turnover
3
6,654,985
8,192,059
Cost of sales
(4,405,509)
(6,916,204)
Gross profit
2,249,476
1,275,855
Administrative expenses
(2,053,002)
(2,792,417)
Operating profit/(loss)
4
196,474
(1,516,562)
Interest payable and similar expenses
7
(365,412)
(130,243)
Loss before taxation
(168,938)
(1,646,805)
Tax on loss
8
33,060
333,139
Loss for the financial year
(135,878)
(1,313,666)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TIMBER GARDEN BUILDINGS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 10 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
9
3,305,316
3,244,271
Current assets
Stocks
11
1,525,561
1,478,436
Debtors
12
763,162
864,207
Cash at bank and in hand
63,220
101,340
2,351,943
2,443,983
Creditors: amounts falling due within one year
13
(4,052,276)
(2,402,615)
Net current (liabilities)/assets
(1,700,333)
41,368
Total assets less current liabilities
1,604,983
3,285,639
Creditors: amounts falling due after more than one year
14
(516,864)
(2,028,581)
Provisions for liabilities
Deferred tax liability
17
126,194
166,301
(126,194)
(166,301)
Net assets
961,925
1,090,757
Capital and reserves
Called up share capital
19
50,000
50,000
Revaluation reserve
20
984,160
977,114
Capital redemption reserve
50,000
50,000
Profit and loss reserves
(122,235)
13,643
Total equity
961,925
1,090,757

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 9 October 2024 and are signed on its behalf by:
G Vernon
Director
Company registration number 06066071 (England and Wales)
TIMBER GARDEN BUILDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
As restated for the period ended 31 October 2022:
Balance at 1 November 2021
50,000
1,176,366
50,000
1,441,246
2,717,612
Effect of prior period adjustments
-
(244,252)
-
0
(113,937)
(358,189)
As restated
50,000
932,114
50,000
1,327,309
2,359,423
Year ended 31 October 2022:
Loss and total comprehensive income
-
-
-
(1,313,666)
(1,313,666)
Other movements
-
45,000
-
-
45,000
Balance at 31 October 2022
50,000
977,114
50,000
13,643
1,090,757
Year ended 31 October 2023:
Loss and total comprehensive income
-
-
-
(135,878)
(135,878)
Other movements
-
7,046
-
-
7,046
Balance at 31 October 2023
50,000
984,160
50,000
(122,235)
961,925
TIMBER GARDEN BUILDINGS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 12 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
23
221,370
(381,669)
Interest paid
(365,412)
(130,243)
Income taxes paid
(7,047)
(130,816)
Net cash outflow from operating activities
(151,089)
(642,728)
Investing activities
Purchase of tangible fixed assets
(184,800)
-
0
Net cash used in investing activities
(184,800)
-
Financing activities
Repayment of borrowings
46,231
(144,000)
Repayment of bank loans
30,952
549,037
Payment of finance leases obligations
184,585
(12,817)
Net cash generated from financing activities
261,768
392,220
Net decrease in cash and cash equivalents
(74,121)
(250,508)
Cash and cash equivalents at beginning of year
(381,927)
(131,419)
Cash and cash equivalents at end of year
(456,048)
(381,927)
Relating to:
Cash at bank and in hand
63,220
101,340
Bank overdrafts included in creditors payable within one year
(519,268)
(483,267)
TIMBER GARDEN BUILDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 13 -
1
Accounting policies
Company information

Timber Garden Buildings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chesterton Road, Eastwood Trading Estate, Rotherham, South Yorkshire, England, S65 1SU.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has incurred a loss for the year of £135,878 (2022 as restated £1,313,666) and at 31 October 2023 had net current liabilities of £1,700,333 (2022 as restated net assets £41,368). At the year end the company had net assets of £961,925 (2022 as restated £1,090,757). The losses in both periods are in part due to bad debt write offs in respect of Timber Garden Buildings (Scotland) Limited totalling £111,751 in the current year, and £653,620 in the prior year.true

 

The change in net current asset position has arisen due to the necessity to replace long term loans with short term borrowing as a result of a refinance.

 

Management accounts for the period to 31 July 2024 show a profit before tax of £170,577, and an improved net current asset position of (£1,526,313). The directors have projected further profits for the remainder of the year ended 31 October 2024 of £178,000, and the year ended 31 October 2025 of circa £900,000.

 

The directors have to continue to manage cashflow to ensure liabilities are met as they fall due, and are confident they can continue to do so for the foreseeable future.

 

In light of the above, the directors consider the company to be a going concern, and continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

TIMBER GARDEN BUILDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 14 -
1.4
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:

Land and buildings Freehold
2% - Cost of property
Plant and machinery
15% - Reducing Balance
Fixtures, fittings & equipment
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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

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

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.

1.6
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 are recorded on a first in first out basis.

 

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.

TIMBER GARDEN BUILDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 15 -
1.7
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.

1.8
Financial instruments
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 company 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.

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 company’s contractual obligations expire or are discharged or cancelled.

1.9
Taxation

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

TIMBER GARDEN BUILDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 16 -
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

 

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

1.10
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 leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

TIMBER GARDEN BUILDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 17 -
3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Timber garden buildings
6,654,985
8,192,059
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
6,654,985
8,192,059
4
Operating profit/(loss)
2023
2022
Operating profit/(loss) for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
10,000
8,750
Depreciation of owned tangible fixed assets
123,756
64,488
Operating lease charges
207,562
302,345
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Mangement
3
3
Office
17
17
Production
51
72
Total
71
92

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
1,914,241
2,391,949
Pension costs
33,222
40,491
1,947,463
2,432,440
TIMBER GARDEN BUILDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 18 -
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
107,463
61,000
Company pension contributions to defined contribution schemes
2,074
1,321
109,537
62,321
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
295,745
125,651
Interest on other loans
39,233
-
0
334,978
125,651
Other finance costs:
Interest on finance leases and hire purchase contracts
11,496
1,669
Other interest
18,938
2,923
365,412
130,243
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(180,237)
Deferred tax
Origination and reversal of timing differences
(33,060)
(152,902)
Total tax credit
(33,060)
(333,139)
TIMBER GARDEN BUILDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
8
Taxation
(Continued)
- 19 -

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Loss before taxation
(168,938)
(1,646,805)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(42,235)
(312,893)
Tax effect of expenses that are not deductible in determining taxable profit
5,750
2,058
Depreciation in excess of capital allowances
1,513
4,276
Adjustments to tax charge in respect of previous periods
-
0
3
Deferred Taxation
(33,060)
(152,902)
Unutilised tax losses
34,972
126,319
Taxation credit for the year
(33,060)
(333,139)

The main rate of UK corporation tax changed from 19% to 25% as of 1 April 2023.

9
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 November 2022
2,760,000
1,297,142
208,388
89,803
4,355,333
Additions
-
0
-
0
-
0
184,800
184,800
At 31 October 2023
2,760,000
1,297,142
208,388
274,603
4,540,133
Depreciation and impairment
At 1 November 2022
-
0
894,309
133,379
83,373
1,111,061
Depreciation charged in the year
28,186
60,423
11,251
23,896
123,756
At 31 October 2023
28,186
954,732
144,630
107,269
1,234,817
Carrying amount
At 31 October 2023
2,731,814
342,410
63,758
167,334
3,305,316
At 31 October 2022
2,760,000
402,833
75,008
6,430
3,244,271

Land and buildings, along with plant and machinery with carrying amounts of £83,125 have been pledged as security for liabilities.

TIMBER GARDEN BUILDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
9
Tangible fixed assets
(Continued)
- 20 -

Land and buildings with a carrying amount of £2,760,000 were revalued at 21 October 2022 by independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

 

Included in cost or valuation of land and buildings is freehold land of £1,548,014 (2022 - £1,548,014) which is not depreciated.

The revaluation surplus is disclosed in note 20. The revaluation surplus will be released over the useful life of the asset in line with the difference between current and historic cost depreciation.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold property
2023
2022
£
£
Cost
1,602,782
1,602,782
Depreciation from acquisition to year end
(112,612)
(98,535)
NBV at 31 October 2023
1,490,170
1,504,247
10
Financial instruments
£
£
Carrying amount of financial assets
Financial assets measured at fair value through the profit and loss
658,556
917,310
Carrying amount of financial liabilities
Financial liabilitie measured at fair value through profit and loss
1,383,374
1,433,022

The totals for financial instruments held at fair value above relate to assets and liabilities valued at cost, which due to their short-life nature is deemed to be equal to fair value. As such, there have been no charges to profit or loss in respect of adjustments to fair value recognised in the period.

11
Stocks
2023
2022
£
£
Raw materials and consumables
1,023,807
1,012,830
Work in progress
26,977
60,944
Finished goods and goods for resale
474,777
404,662
1,525,561
1,478,436
TIMBER GARDEN BUILDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 21 -
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
593,337
797,698
Other debtors
2,000
18,273
Prepayments and accrued income
167,825
48,236
763,162
864,207

The trade debtors total included above is subject to factoring arrangements. the trade debtor balances have been transferred to the counterparty, though the transaction does not qualify for derecognition on the basis that the bad debt risk is retained by the company. The associated liability recognised in creditors amounts to £571,128 (2022 - £635,127).

 

13
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
15
2,305,152
635,267
Obligations under finance leases
16
72,763
8,856
Other borrowings
15
219,694
144,000
Trade creditors
701,203
697,631
Corporation tax
2,923
2,923
Other taxation and social security
413,786
497,422
Other creditors
154,158
216,240
Accruals and deferred income
182,597
200,276
4,052,276
2,402,615

Included in other creditors above is a related party balance with Tiger Leisure Holdings Limited of £97,673 (2022 - £107,560).

14
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
15
26,447
1,629,379
Obligations under finance leases
16
133,210
12,532
Other borrowings
15
357,207
386,670
516,864
2,028,581

Bank loans and hire purchases will be repaid within five years.

 

Items due after more than one year are repayable by instalments, at a range of interest rates between 2% and 13.58%.

TIMBER GARDEN BUILDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
14
Creditors: amounts falling due after more than one year
(Continued)
- 22 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
25,340
54,803
15
Loans and overdrafts
2023
2022
£
£
Bank loans
1,812,331
1,781,379
Bank overdrafts
519,268
483,267
Other loans
576,901
530,670
2,908,500
2,795,316
Payable within one year
2,524,846
779,267
Payable after one year
383,654
2,016,049

Bank loans totalling £1,574,890 are secured over the property of the company. Other loans totalling £135,000 are secured via personal guarantees from the directors. The debt factoring facility, presented as bank overdrafts above has a fixed and floating charge over the assets.

16
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
72,763
8,856
In two to five years
133,210
12,532
205,973
21,388

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

All finance lease obligations are secured via the associated assets, held within plant and machinery or motor vehicles.

TIMBER GARDEN BUILDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 23 -
17
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
78,792
166,301
Tax losses
(204,804)
-
Revaluations
252,206
-
126,194
166,301
2023
Movements in the year:
£
Liability at 1 November 2022
166,301
Credit to profit or loss
(33,061)
Movement re revaluation reserve
(7,046)
Liability at 31 October 2023
126,194

The deferred tax liability set out above will be reversed when assets are depreciated or sold, sufficient taxable profits are incurred to offset losses, or when the revalued property is sold, and diminishes in value sufficiently that no profit on disposal would be expected.

18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
33,222
40,491

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000

Ordinary shares are voting, participating, non-redeemable shares.

20
Revaluation reserve

A deferred tax provision has been made for expected future tax on amounts held in the revaluation reserve.

TIMBER GARDEN BUILDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 24 -
21
Limitations of auditors liability

The auditor's liability is limited to £100,000 by terms of their engagement letter.

22
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
2023
2022
£
£
TGB Scotland Limited
788,352
1,462,958
Cheshire Garden Buildings Limited
247,727
285,274
2023
2022
Amounts due from related parties
£
£
TGB Scotland Limited
-
75,249
Cheshire Garden Buildings Limited
4,624
3,400
2023
2022
Amounts due to related parties
£
£
Tiger Leisure Holdings Limited
97,673
107,560

Sales, and amounts due from related parties are in relation to transactions undertaken under normal commercial terms. Amounts due to related parties are loans which are interest free, and repayable on demand. All related parties for which balances have been disclosed are companies with directors in common with Timber Garden Buildings Limited.

 

In the year, the company wrote off sales ledger balances with net value of £111,751 (2022 - £374,057), and intercompany loan balances totalling £nil (2022 - £279,563) in relating to Timber garden Buildings (Scotland) Limited.

 

In 2023 a prior year adjustment was made to write off the £113,937 due from Cheshire Garden Buildings Limited due to probable irrecoverability. As the conditions which cast doubt upon recoverability existed prior to 1 November 2021, this adjustment has been recognised against reserves brought forward in the prior year.

 

Directors have provided personal guarantees on behalf of the company for other loans totalling £135,000.

TIMBER GARDEN BUILDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 25 -
23
Cash generated from/(absorbed by) operations
2023
2022
£
£
Loss for the year after tax
(135,878)
(1,313,666)
Adjustments for:
Taxation credited
(33,060)
(333,139)
Finance costs
365,412
130,243
Depreciation and impairment of tangible fixed assets
123,755
64,488
Increase/(decrease) in provisions
7,046
(15,000)
Movements in working capital:
(Increase)/decrease in stocks
(47,125)
1,562,142
Decrease in debtors
101,045
1,191,017
Decrease in creditors
(159,825)
(1,667,754)
Cash generated from/(absorbed by) operations
221,370
(381,669)
24
Analysis of changes in net debt
1 November 2022
Cash flows
31 October 2023
£
£
£
Cash at bank and in hand
101,340
(38,120)
63,220
Bank overdrafts
(483,267)
(36,001)
(519,268)
(381,927)
(74,121)
(456,048)
Borrowings excluding overdrafts
(2,312,049)
(77,183)
(2,389,232)
Obligations under finance leases
(21,388)
(184,585)
(205,973)
(2,715,364)
(335,889)
(3,051,253)
25
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment at 1 Nov 2021
Adjustment at 31 Oct 2022
As restated at 31 Oct 2022
£
£
£
£
Current assets
Debtors due within one year
978,143
(113,937)
1
864,207
Provisions for liabilities
Deferred tax
70,643
(244,252)
7,308
(166,301)
Net assets
1,441,637
(358,189)
7,309
1,090,757
Capital and reserves
Revaluation reserve
1,236,366
(244,252)
(15,000)
977,114
Profit and loss reserves
105,271
(113,937)
22,309
13,643
Total equity
1,441,637
(358,189)
7,309
1,090,757
TIMBER GARDEN BUILDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
25
Prior period adjustment
(Continued)
- 26 -
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 October 2022
£
£
£
Turnover
7,818,002
374,057
8,192,059
Administrative expenses
(2,418,360)
(374,057)
(2,792,417)
Taxation
310,830
22,309
333,139
Loss for the financial period
(1,335,975)
22,309
(1,313,666)
Reconciliation of changes in equity
1 November
31 October
2021
2022
£
£
Adjustments to prior year
(358,189)
(350,880)
Equity as previously reported
2,717,612
1,441,637
Equity as adjusted
2,359,423
1,090,757
Analysis of the effect upon equity
Revaluation reserve
(244,252)
(259,252)
Profit and loss reserves
(113,937)
(91,628)
(358,189)
(350,880)
Reconciliation of changes in loss for the previous financial period
2022
£
Adjustments to prior year
22,309
Loss as previously reported
(1,335,975)
Loss as adjusted
(1,313,666)
Notes to reconciliation

The audit of the 2023 accounts revealed prior year adjustments were required relating to the following:

 

- Provision of deferred tax for the expected capital gain which would arise on sale of revalued property, and adjustments of prior year deferred tax to represent the expected rate of taxation at the time of the reversal of the provision (total £236,944)

- Provision for irrecoverability of a debt from a connected company due to lack of reserves available to fulfill this obligation (total £113,936)

- Recategorisation of bad debts written off previously recorded as a deduction against sales (total £374,057)

2023-10-312022-11-01falseCCH SoftwareCCH Accounts Production 2024.200G VernonM AnthonySJ VernonSJ Vernonfalsefalse060660712022-11-012023-10-3106066071bus:Director12022-11-012023-10-3106066071bus:Director22022-11-012023-10-3106066071bus:CompanySecretaryDirector12022-11-012023-10-3106066071bus:CompanySecretary12022-11-012023-10-3106066071bus:Director32022-11-012023-10-3106066071bus:RegisteredOffice2022-11-012023-10-3106066071bus:Agent12022-11-012023-10-31060660712023-10-31060660712021-11-012022-10-3106066071core:ContinuingOperations2021-11-012022-10-3106066071core:RetainedEarningsAccumulatedLosses2021-11-012022-10-3106066071core:RetainedEarningsAccumulatedLosses2022-11-012023-10-31060660712022-10-3106066071core:LandBuildingscore:OwnedOrFreeholdAssets2023-10-3106066071core:PlantMachinery2023-10-3106066071core:FurnitureFittings2023-10-3106066071core:MotorVehicles2023-10-3106066071core:LandBuildingscore:OwnedOrFreeholdAssets2022-10-3106066071core:PlantMachinery2022-10-3106066071core:FurnitureFittings2022-10-3106066071core:MotorVehicles2022-10-3106066071core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3106066071core:CurrentFinancialInstrumentscore:WithinOneYear2022-10-3106066071core:Non-currentFinancialInstrumentscore:AfterOneYear2023-10-3106066071core:Non-currentFinancialInstrumentscore:AfterOneYear2022-10-3106066071core:CurrentFinancialInstruments2023-10-3106066071core:CurrentFinancialInstruments2022-10-3106066071core:Non-currentFinancialInstruments2023-10-3106066071core:Non-currentFinancialInstruments2022-10-3106066071core:ShareCapital2023-10-3106066071core:ShareCapital2022-10-3106066071core:RevaluationReserve2023-10-3106066071core:RevaluationReserve2022-10-3106066071core:CapitalRedemptionReserve2023-10-3106066071core:CapitalRedemptionReserve2022-10-3106066071core:RetainedEarningsAccumulatedLosses2023-10-3106066071core:RetainedEarningsAccumulatedLosses2022-10-3106066071core:RevaluationReservecore:PriorPeriodIncreaseDecrease2021-10-3106066071core:CapitalRedemptionReservecore:PriorPeriodIncreaseDecrease2021-10-3106066071core:RetainedEarningsAccumulatedLossescore:PriorPeriodIncreaseDecrease2021-10-3106066071core:ShareCapital2021-10-3106066071core:RevaluationReserve2021-10-3106066071core:CapitalRedemptionReserve2021-10-3106066071core:RetainedEarningsAccumulatedLosses2021-10-310606607112022-11-012023-10-310606607112021-11-012022-10-31060660712022-10-31060660712021-10-3106066071core:WithinOneYear2023-10-3106066071core:WithinOneYear2022-10-3106066071core:LandBuildingscore:OwnedOrFreeholdAssets2022-11-012023-10-3106066071core:PlantMachinery2022-11-012023-10-3106066071core:FurnitureFittings2022-11-012023-10-3106066071core:MotorVehicles2022-11-012023-10-3106066071core:UKTax2022-11-012023-10-3106066071core:UKTax2021-11-012022-10-310606607122022-11-012023-10-310606607122021-11-012022-10-310606607132022-11-012023-10-310606607132021-11-012022-10-310606607142022-11-012023-10-310606607142021-11-012022-10-3106066071core:LandBuildingscore:OwnedOrFreeholdAssets2022-10-3106066071core:PlantMachinery2022-10-3106066071core:FurnitureFittings2022-10-3106066071core:MotorVehicles2022-10-3106066071core:BetweenTwoFiveYears2023-10-3106066071core:BetweenTwoFiveYears2022-10-3106066071bus:PrivateLimitedCompanyLtd2022-11-012023-10-3106066071bus:FRS1022022-11-012023-10-3106066071bus:Audited2022-11-012023-10-3106066071bus:FullAccounts2022-11-012023-10-31xbrli:purexbrli:sharesiso4217:GBP