Company registration number 08593843 (England and Wales)
ECO-POWER ENVIRONMENTAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
ECO-POWER ENVIRONMENTAL LIMITED
COMPANY INFORMATION
Directors
Mr L Higgins
Mr L Jepson
Mr C P Lawton
(Appointed 8 January 2024)
Company number
08593843
Registered office
Bankwood Processing Site
Bankwood Lane
Rossington
Doncaster
South Yorkshire
DN11 0PS
Auditor
Champion Accountants LLP
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
Business address
Bankwood Processing Site
Bankwood Lane
Rossington
Doncaster
South Yorkshire
DN11 0PS
ECO-POWER ENVIRONMENTAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 24
ECO-POWER ENVIRONMENTAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -
The directors present the strategic report for the year ended 31 October 2023.
Fair review of the business
The principal activity of the company continues to be that of a supplier of fully integrated, waste management solutions, specifically the processing of commercial/Industrial and Construction/Demolition waste. The company works in line with the waste hierarchy by mechanically separating waste streams for recycling such as wood, plastics, paper, card and metals, soils, soil conditioning additives and aggregates.
The remaining non-recyclable fractions are used in the production of Solid Recovered Fuel (SRF), Refuse Derived Fuel (RDF) which are used by energy intensive industries to replace finite fossil fuels.
Review of the year and future developments
During the 12 month period to 31st October 2023, the company has continued to operate as a key supplier of fully integrated, waste management solutions within the UK.
The UK waste management market remains challenging particularly with respect to higher operating costs, energy costs and labour shortages, the market continues to improve and we are seeing more stability with respect to operating costs, albeit at a higher level.
Eco-Power continues to concentrate on its more traditional recycling and recovery markets derived from UK's construction and demolition sector.
These market changes have enabled the business to maintain stability from a lower turnover position due to a reduction in operating and disposal cost and an increase in commodity returns.
The company will continue to focus on its key operations, and specifically its aim to divert 95% of material that it manages from landfill, with a capacity to handle more than 1.2 million tonnes of material per year, and additionally develop complimentary supply chain offerings to strategically grow the business.
On 11 March 2024, the Hull Plant as referenced in note 4 of the accounts was ultimately sold. As a result of this, various assets left the company as part of this deal and various liabilities were settled with the proceeds. Consideration of £6.5M was due on completion of which a proportion was due to this company, the balance being due to Eco-Power Environmental Group Limited.
Principle risks and uncertainties
The principal risks and uncertainties faced by the company are the general uncertain economic climate in which it currently trades.
The directors and management team continually monitor such risks and meet to discuss how best to protect the business.
Key performance indicators
2023
2022
£
£
Turnover
13,247,355
19,994,977
Gross profit
2,018,030
6,353,435
Gross profit percentage
15.23%
31.78%
(Loss)/Profit before exceptional write off and tax
(3,722,272)
31,351
(Loss)/Profit before tax
(3,195,478)
31,351
(Loss)/Profit before exceptional item and tax percentage
(28.10)%
0.16%
ECO-POWER ENVIRONMENTAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
Mr L Higgins
Director
31 October 2024
ECO-POWER ENVIRONMENTAL 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 waste recycling.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £80,000. 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 L Higgins
Mr L Calders
(Resigned 8 January 2024)
Mr L Jepson
Mr Martin Graves
(Resigned 31 March 2023)
Mr C P Lawton
(Appointed 8 January 2024)
Auditor
Champion Accountants LLP were appointed as 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.
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ECO-POWER ENVIRONMENTAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
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.
On behalf of the board
Mr L Higgins
Director
31 October 2024
ECO-POWER ENVIRONMENTAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ECO-POWER ENVIRONMENTAL LIMITED
- 5 -
Opinion
We have audited the financial statements of Eco-Power Environmental Limited (the 'company') for the year ended 31 October 2023 which comprise the statement of income and retained earnings, the balance sheet 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:
give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
ECO-POWER ENVIRONMENTAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ECO-POWER ENVIRONMENTAL LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
ECO-POWER ENVIRONMENTAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ECO-POWER ENVIRONMENTAL LIMITED (CONTINUED)
- 7 -
Extent to which the audit is considered capable of detecting irregularities, including fraud
The responsibility for the prevention and detection of irregularities, including fraud, lies with the directors and with those charged with governance. The objectives of our audit in respect of irregularities and fraud are to assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient, appropriate audit evidence regarding the assessed risks and to respond appropriately to fraud or suspected fraud identified during the audit.
Audit procedures
We determine significant applicable laws and regulations through discussion with those charged with governance and our own knowledge of the industry and design audit procedures to help identify instances of non-compliance with those laws and regulations that may have a material effect on the financial statements.
We consider the applicable laws and regulations to be the financial reporting framework (FRS 102 and the Companies Act 2006), the relevant tax regulations in the UK, employment law and the Health and Safety at Work Act 1974.
We consider the control environment and the procedures in place to address identified risks, including management override, non-compliance with laws and regulations and to prevent and detect fraud or irregularity. Our procedures are designed to provide reasonable assurance that the financial statements are free from material misstatement or error and include: enquiries of management and of staff in key compliance functions; review of minutes of meetings of those charged with governance; review and testing of manual journals and significant transactions outside the normal course of business; review of financial statement disclosures and testing to supporting documentation; performance of analytical procedures.
We are not responsible for preventing non-compliance and due to the inherent limitations of an audit, as described above, the audit cannot be relied upon to detect all instances of non-compliance with laws and regulations.
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.
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.
Mr Andrew Hopwood BSc (Hons) FCA
Senior Statutory Auditor
For and on behalf of Champion Accountants LLP
31 October 2024
Chartered Accountants
Statutory Auditor
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
ECO-POWER ENVIRONMENTAL LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
13,247,355
19,994,977
Cost of sales
(11,229,325)
(13,641,542)
Gross profit
2,018,030
6,353,435
Administrative expenses
(4,501,303)
(5,813,583)
Other operating income/(expenses)
8,396
(163,673)
Exceptional items
4
526,794
Operating (loss)/profit
5
(1,948,083)
376,179
Interest payable and similar expenses
9
(84,237)
(344,828)
Amounts written off loans
10
(1,163,158)
-
(Loss)/profit before taxation
(3,195,478)
31,351
Tax on (loss)/profit
11
195,260
(30,000)
(Loss)/profit for the financial year
(3,000,218)
1,351
Retained earnings brought forward
4,739,784
4,738,433
Dividends
12
(80,000)
Retained earnings carried forward
1,659,566
4,739,784
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ECO-POWER ENVIRONMENTAL LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
10,277,591
10,457,056
Current assets
Debtors
14
7,262,438
6,462,557
Cash at bank and in hand
345
344,939
7,262,783
6,807,496
Creditors: amounts falling due within one year
15
(13,548,388)
(8,404,979)
Net current liabilities
(6,285,605)
(1,597,483)
Total assets less current liabilities
3,991,986
8,859,573
Creditors: amounts falling due after more than one year
16
(422,178)
(2,094,287)
Provisions for liabilities
Deferred tax liability
18
1,534,740
1,650,000
(1,534,740)
(1,650,000)
Net assets
2,035,068
5,115,286
Capital and reserves
Called up share capital
20
2
2
Revaluation reserve
375,500
375,500
Profit and loss reserves
1,659,566
4,739,784
Total equity
2,035,068
5,115,286
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Mr L Higgins
Director
Company registration number 08593843 (England and Wales)
ECO-POWER ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 10 -
1
Accounting policies
Company information
Eco-Power Environmental Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bankwood Processing Site, Bankwood Lane, Rossington, Doncaster, South Yorkshire, DN11 0PS.
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 to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
This 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Eco-Power Environmental Holdings Limited. These consolidated financial statements are available from its registered office, Bankwood Lane Industrial Estate, Bankwood Lane, Rossington, Doncaster, South Yorkshire, DN11 0PS.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.
The directors are aware of uncertainties and financial challenges which the business will face in the coming 12 months given the company had net current liabilities at 31 October 2023. A proportion of these liabilities however are owed to undertakings under common control. Whilst the results for the year show a loss, the post year end management accounts and forward projections reflecting some operational changes show significant EBITDA improvement, sufficient to meet the businesses funding requirements. The completion of the sale of the Hull Plant on 11 March 2024 for £6.5M, of which a proportion of the proceeds belong to this company, has helped the post year end postion.
ECO-POWER ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 11 -
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 is recognised on transfer of waste, at the point at which the amount of revenue can be measured reliably and 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.
1.4
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:
Freehold land and buildings
Held at market value as determined by an independant valuer
Leasehold property improvements
10 years straight line basis
Plant and equipment
1 to 20 years straight line basis
Office equipment
5 years straight line basis
Motor vehicles
3 to 12 years straight line basis
Freehold land is not depreciated. Freehold properties are recognised on a revaluation basis instead. The land and buildings, which are not depreciated, depart from the requirement in the Companies Act 2006 for all fixed assets to be depreciated. This departure from the Act is required in order to achieve a fair presentation. Management has concluded that the financial statements present fairly the entity's financial position and financial performance.
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.
ECO-POWER ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 12 -
1.6
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.
1.7
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
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.
ECO-POWER ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 13 -
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
1.8
Equity instruments
Equity instruments issued by the company 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 company.
1.9
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ECO-POWER ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 14 -
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
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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.
ECO-POWER ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 15 -
3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Sales
13,247,355
19,994,977
4
Exceptional items
2023
2022
£
£
Expenditure
Exceptional expenses
523,799
-
Exceptional income
(1,050,593)
-
(526,794)
-
The income included as exceptional in the year relates to money received during an exclusivity period entered into by the company for the potential sale of assets, licences and intellectual property at its Hull Plant. The sale didn't complete with this buyer but under the terms of the legal agreement entered into the payments received during the exclusivity period belong to Eco-Power Environmental Limited absolutely.
The expenses included as exceptional in the year relate to costs incurred to maintain the Hull Plant ahead of a sale.
5
Operating (loss)/profit
2023
2022
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
517,854
454,625
Depreciation of tangible fixed assets held under finance leases
840,784
806,944
Profit on disposal of tangible fixed assets
(8,764)
(20,811)
Operating lease charges
169,535
219,712
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
20,000
21,000
ECO-POWER ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 16 -
7
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Production
14
31
Administration and support
14
17
Total
28
48
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,115,581
2,006,783
Social security costs
189,386
222,154
Pension costs
42,610
59,774
1,347,577
2,288,711
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
106,215
123,110
Company pension contributions to defined contribution schemes
5,831
6,632
112,046
129,742
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
-
270
Interest on finance leases and hire purchase contracts
78,762
344,558
Other interest
5,475
84,237
344,828
ECO-POWER ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 17 -
10
Amounts written off loans
2023
2022
£
£
Amounts written off current loans
(854,382)
-
Amounts written off loans to third parties
(308,776)
-
(1,163,158)
-
Included in amounts written off loans is an amount of £854,382 which was due from ESC Investments Limited, a company owned by Mr D Colakovic. This reflects a one off charge to the profit and loss account in the year and is not reflective of the underlying trade.
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
(60,948)
80,000
Adjustments in respect of prior periods
(19,052)
Total current tax
(80,000)
80,000
Deferred tax
Origination and reversal of timing differences
(115,260)
(50,000)
Total tax (credit)/charge
(195,260)
30,000
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
(Loss)/profit before taxation
(3,195,478)
31,351
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(798,870)
5,957
Tax effect of expenses that are not deductible in determining taxable profit
276,099
709
Adjustments in respect of prior years
(19,052)
Group relief
254,485
Deferred tax adjustments in respect of prior years
23,334
Fixed asset timing differences
18,651
Effect of revaluations of fixed assets
54,181
Small company relief adjustment to losses carried back
19,246
Taxation (credit)/charge for the year
(195,260)
30,000
ECO-POWER ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 18 -
12
Dividends
2023
2022
£
£
Final paid
80,000
13
Tangible fixed assets
Freehold land and buildings
Leasehold property improvements
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 November 2022
640,000
1,101,165
13,562,896
37,688
132,206
15,473,955
Additions
447,025
782,100
239,439
1,468,564
Disposals
(382,350)
(50,995)
(433,345)
At 31 October 2023
640,000
1,548,190
13,962,646
37,688
320,650
16,509,174
Depreciation and impairment
At 1 November 2022
511,789
4,378,761
36,912
89,437
5,016,899
Depreciation charged in the year
152,099
1,175,993
776
29,770
1,358,638
Eliminated in respect of disposals
(134,754)
(9,200)
(143,954)
At 31 October 2023
663,888
5,420,000
37,688
110,007
6,231,583
Carrying amount
At 31 October 2023
640,000
884,302
8,542,646
210,643
10,277,591
At 31 October 2022
640,000
589,376
9,184,135
776
42,769
10,457,056
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and equipment
6,364,319
6,493,533
Land with a carrying amount of £640,000 were revalued at 31 July 2017 by Bardill Barnard Ltd, 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 The directors do not consider the current value at 31 October 2023 to be materially different.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
ECO-POWER ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
13
Tangible fixed assets
(Continued)
- 19 -
2023
2022
£
£
Cost
183,357
183,357
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
287,779
791,089
Corporation tax recoverable
60,948
33,642
Amounts owed by group undertakings
1,173,000
1,236,629
Other debtors
5,201,715
2,838,708
Prepayments and accrued income
538,996
1,562,489
7,262,438
6,462,557
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
17
2,593,955
1,141,149
Trade creditors
2,205,122
3,060,752
Amounts owed to group undertakings
218,782
Corporation tax
27,306
80,000
Other taxation and social security
390,936
246,103
Other creditors
6,998,692
3,478,308
Accruals and deferred income
1,113,595
398,667
13,548,388
8,404,979
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
17
422,178
2,094,287
ECO-POWER ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 20 -
17
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
2,593,955
1,141,149
In two to five years
422,178
2,094,287
3,016,133
3,235,436
Finance lease obligations are secured against the assets to which they relate. The carrying amount of these assets at the year end was £6,364,319 (2022: £6,493,533)
18
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
1,679,641
1,538,000
Tax losses
(254,551)
-
Provisions
(3,176)
-
Revaluation gains
112,826
112,000
1,534,740
1,650,000
2023
Movements in the year:
£
Liability at 1 November 2022
1,650,000
Credit to profit or loss
(115,260)
Liability at 31 October 2023
1,534,740
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
42,610
59,774
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.
ECO-POWER ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 21 -
20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
21
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
61,476
19,598
Between two and five years
76,368
15,912
In over five years
5,967
137,844
41,477
22
Events after the reporting date
On 11 March 2024, the Hull Plant as referenced in note 4 of the accounts was ultimately sold. As a result of this, various assets left the company as part of this deal and various liabilities were settled with the proceeds. Consideration of £6.5M was due on completion of which a proportion was due to this company, the balance being due to Eco-Power Environmental Group Limited.
23
Ultimate controlling party
Eco-Power Environmental Limited is a wholly owned subsidiary of Eco-Power Environmental Group Limited. The ultimate parent undertaking and controlling party is Eco-Power Environmental Holdings Limited. The results of Eco-Power Environmental Limited are included in the consolidated financial statements of Eco-Power Environmental Holdings Limited whose registered office is Bankwood Processing Site, Bankwood Lane Industrial Estate, Bankwood Lane, New Rossington, Doncaster, DN11 0PS.
ECO-POWER ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 22 -
24
Related party transactions
Mr M Jepson and Mr D Colakovic are beneficial shareholders in the ultimate parent undertaking, Eco-Power Environmental Holdings Limited.
During the year, the company entered into the following transactions with related parties:
ESC Investments Limited
ESC Investments Limited is a company in which Mr D Colakovic is a director and shareholder.
At the year end, the company was owed £524,200 (2022: £846,257) from ESC Investments Limited. This amount is included in other debtors.
Eco Power Properties Limited
Eco Power Properties Limited is a company under the control of Mr D Colakovic, Mr M Jepson and Mr L Higgins.
During the year the company received income of £1,402 (2022: £60,050) from Eco Power Properties Limited.
At the year end, the company owed £152,505 (2022: £Nil) to Eco Power Properties Limited. This amount is included in other creditors.
Bankwood Commercial Properties Limited
Bankwood Commercial Properties Limited is a company under the control of Mr D Colakovic and Mr M Jepson.
At the year end, the company was owed £117,186 (2022: £117,186) by Bankwood Commercial Properties Limited. This amount is included in other debtors.
Retford Wood Fuels Limited
Retford Wood Fuels Limited is a company in which Mr M Jepson and Mr D Colakovic have an interest.
During the year, the company made sales of £ (2022: £3,711) to Retford Wood Fuels Limited.
At the year end, the company owed £376,432 (2022: £364,432) to Retford Wood Fuels Limited. This amount is included in other creditors.
Eco Power Wood Fuels Limited
Eco Power Wood Fuels Limited is a company in which Mr M Jepson is a director and both Mr M Jepson and Mr D Colakovic have an interest.
During the year, the company made sales of £nil (2022: £43,560) to Eco Power Wood Fuels Limited. In addition, £125,071 was written off in the prior year. No amounts have been written off in the current year.
During the year, the company made purchases of £nil (2022: £296,400) from Eco Power Wood Fuels Limited.
At the year end, the company was owed £1,113,957 (2022: £1,174,608) from Eco Power Wood Fuels Limited. This is included in other debtors. In addition, the company owed £550,831 (2022: £nil) to Eco Power Wood Fuels Limited. This is included in other creditors.
Eco Power Construction Group Limited
Eco Power Construction Group Limited is a company under the control of Mr D Colakovic and Mr M Jepson.
At the year end, the company owed £100,002 (2022: £nil) to Eco Power Construction Group Limited. This amount is included in other creditors.
ECO-POWER ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 23 -
24
Related party transactions
(Continued)
Eco-Railfreight Limited
Eco-Railfreight Limited is a company in which Mr M Jepson and Mr D Colakovic hold an interest.
During the year ,the company made sales of £5,354 (2022: £48,667) to Eco-Railfreight Limited.
During the year, the company made purchases of £418,817 (2022: £1,043,672) from Eco-Railfreight Limited.
At the year end, the company owed £342,191 (2022: £453,440) to Eco-Railfreight Limited. This amount is included in other creditors.
Eco-Power Fuels Limited
Eco-Power Fuels Limited is a company in which Mr L Calders and Mr M Graves were directors during the year and hold an interest. In addition, Mr D Colakovic and Mr M Jepson hold an interest.
At the year end, the company was owed £32,845 (2022: £32,845) by Eco-Power Fuels Limited. This amount is included in other debtors.
Eco Power Skips Limited
Eco-Power Skips Limited is a company in which Mr L Calders and Mr M Graves are directors and Mr M Jepson and Mr D Colakovic have an interest.
During the year, the company made sales of £2,418,765 (2022: £261,905) to Eco-Power Skips Limited. During the year the company made purchases of £690,009 (2022: £228,466) from Eco-Power Skips Limited.
At the year end, the company was owed £3,095,459 (2022: £867,548) by Eco-Power Skips Limited. This amount is included in other debtors.
Eco Power Surfacing Limited
Eco Power Surfacing Limited is a company in which Mr M Jepson and Mr D Colakovic have an interest.
At the year end, the company owed £169,866 (2022: £94,500 debtor) to Eco Power Surfacing Limited. This amount is included in other creditors.
Commercial Heating & Drying Limited
Commercial Heating & Drying Limited is a company in which Mr M Jepson and Mr D Colakovic have an interest.
During the year, the company made sales of £nil (2022: £15,000) to Commercial Heating & Drying Limited.
At the year end, the company was owed £445,156 (2022: £494,779) by Commercial Heating & Drying Limited. This amount is included in other debtors.
Eco Power Civil Engineering Limited
Eco Power Civil Engineering Limited is a company in which Mr M Jepson and Mr D Colakovic have an interest.
At the year end, the company was owed £296,556 (2022: £Nil) by Eco Power Civil Engineering Limited. This amount is included in other debtors.
Eco Power Recruitment Holdings Limited
Eco Power Recruitment Holdings Limited is a company in which Mr L Calders, Mr M Jepson and Mr D Colakovic have an interest.
At the year end, the company was owed £152,195 (2022: £Nil) by Eco Power Recruitment Holdings Limited. This amount is included in other debtors.
ECO-POWER ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 24 -
24
Related party transactions
(Continued)
Eco Power Star Design Interiors Limited
Eco Power Star Design Interiors Limited is a company in which Mr M Jepson and Mr D Colakovic have an interest and Mr L Calder is a director.
At the year end, the company was owed £40,794 (2022: £Nil) by Eco Power Star Design interiors Limited. This amount is included in other debtors.
Eco Power Metals Limited
Eco Power Metals Limited is a company in which Mr M Jepson and Mr D Colakovic have an interest and Mr L Calders and Mr L Jepson are directors.
At the year end, the company was owed £33,176 (2022: £Nil) by Eco Power Star Design interiors Limited. This amount is included in other debtors.
Eco Power Racing Limited
Eco Power Racing Limited is a company in which Mr D Colakovic has an interest.
At the year end, the company was owed £172,328 (2022: £Nil) by Eco Power Racing Limited. This amount is included in other debtors.
Eco Power Health and Wellness Clinic Limited
Eco Power Health and Wellness Clinic Limited is a company in which Mr D Colakovic has an interest.
At the year end, the company was owed £230,802 (2022: £Nil) by Eco Power Health and Wellness Clinic Limited. This amount is included in other debtors.
Directors' Current Accounts
Directors' current account balances included in other debtors at the year end total £22,600 (2022: £Nil). The outstanding amounts are repayable on demand and no interest was charged on the loans in the year.
Eco Power Environmental Group Limited
Eco Power Environmental Group Limited is the parent company of Eco Power Environmental Limited. Included in other debtors at the year end is a balance of £457,500 (2022: £382,500) due to the company from Eco Power Environmental Group.
Eco Power Environmental Holdings Limited
Eco Power Environmental Holdings Limited is the ultimate parent company of Eco Power Environmental Limited. Included in other debtors at the year end is a balance of £715,500 (2022: £715,500) due to the company from Eco Power Environmental Holdings Limited.
Wroot Drying Services Limited
Wroot Drying Services Limited is a wholly owned fellow subsidiary of Eco Power Environmental Group Limited. Included in other creditors at the year end is a balance of £218,200 due from the company to Wroot Drying Services Limited.
Eco Power Green Energy Limited
Eco Power Green Energy Limited is a wholly owned fellow subsidiary of Eco Power Environmental Group Limited.
During the year, the company made sales of £346,455 (2022: £nil) to Eco Power Green Energy Limited. During the year the company made purchases of £347,040 (2022: £nil) from Eco Power Green Energy Limited.
Included in other creditors at the year end is a balance of £582 due from the company to Eco Power Green Energy Limited.
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