Company registration number 05859449 (England and Wales)
SHROPSHIRE STAINLESS & ALUMINIUM LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
SHROPSHIRE STAINLESS & ALUMINIUM LTD
COMPANY INFORMATION
Director
Mr G M James
Company number
05859449
Registered office
1 The Sidings
Harlescott Lane
Shrewsbury
Shropshire
United Kingdom
SY1 3AH
Auditor
Azets Audit Services
St Davids Court
Union Street
Wolverhampton
West Midlands
United Kingdom
WV1 3JE
SHROPSHIRE STAINLESS & ALUMINIUM LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
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 - 28
SHROPSHIRE STAINLESS & ALUMINIUM LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The director presents the strategic report for the year ended 31 August 2024.

Review of the business

The company's key financial and other performance indicators during the year were as follows:

 

Sales £21,143,739 (2023 : £26,524,111)

Loss before tax £83,839 (2023 : profit of £1,312,456)

Net assets £7,071,257 (2023 : £7,213,768)

 

Stock days 107 days (2023 : 93 days)

Debtor days 80 days (2023 : 74 days)

 

As noted in last years report 2024 was expected to see demand return but due to a number of external economic factors, this upturn has not occurred. Therefore 2024 has been a challenging year, however the business has shown resilience in a very difficult market. During the last 3 years, with the world facing supply issues, having a higher stockholding was key. However being in that position at the start of the year, with demand lower than expected left the company the difficult task of correcting stock levels and pricing more in line with the market.

 

Although metal prices have dropped significantly during the year the tonnage output remained similar to 2023 with new business growth reducing the impact of weaker demand from key markets such as aerospace. The gross margin reduced slightly from 22.6% in 2023 to 21.4% in 2024 reflecting the stock reductions.

 

At the start of 2025 the company is well positioned with further investment in two new state of the art automated machines which will help with reducing costs in man hours and a range of competitive stock in keeping with the current market conditions. The company expects modest growth for the first half of 2025 and the potential for higher demand in the second half.

Principal risks and uncertainties

The company has acted to minimise risk where possible, including appropriate insurance cover and monitoring foreign exchange movements.

 

The immediate uncertainty is the stability of metal prices that have weakened in 2024. The strength of the company is its close working relationships with its suppliers, which will help to mitigate this uncertainty.

Development and performance

The company continues to focus on seeking new customers and maintaining high levels of service.

Key performance indicators

The company uses key performance indicators to monitor activity, two of which are stock days and debtor days.

 

Stock levels have been actively managed in 2024 with stock days increasing over the period due to lower sales.

 

A key focus remains on debt collection and debt management. The measure of debtor days has increased this year.

 

 

Other performance indicators

The company uses a range of other performance indicators across the business including for example, health and safety reporting.

 

 

 

SHROPSHIRE STAINLESS & ALUMINIUM LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

On behalf of the board

Mr G M James
Director
28 November 2024
SHROPSHIRE STAINLESS & ALUMINIUM LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 August 2024.

Principal activities

The principal activity of the company continued to be that of a multi-metal stockholder.

Results and dividends

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

Ordinary dividends were paid amounting to £185,000. The director does not recommend payment of a final dividend.

Director

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

Mr G M James
Auditor

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

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 G M James
Director
28 November 2024
SHROPSHIRE STAINLESS & ALUMINIUM LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

SHROPSHIRE STAINLESS & ALUMINIUM LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHROPSHIRE STAINLESS & ALUMINIUM LTD
- 5 -
Opinion

We have audited the financial statements of Shropshire Stainless & Aluminium Ltd for the year ended 31 August 2024 which comprise the profit and loss account, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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:

SHROPSHIRE STAINLESS & ALUMINIUM LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SHROPSHIRE STAINLESS & ALUMINIUM LTD
- 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 director's report.

 

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

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

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.

SHROPSHIRE STAINLESS & ALUMINIUM LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SHROPSHIRE STAINLESS & ALUMINIUM LTD
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we 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 includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 regulation.  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 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.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Lee Meredith BFP ACA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
29 October 2024
Chartered Accountants
Statutory Auditor
St Davids Court
Union Street
Wolverhampton
West Midlands
United Kingdom
WV1 3JE
SHROPSHIRE STAINLESS & ALUMINIUM LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
21,143,739
26,524,111
Cost of sales
(16,622,889)
(20,540,687)
Gross profit
4,520,850
5,983,424
Administrative expenses
(4,581,589)
(4,549,277)
Other operating income
10,090
12,728
Operating (loss)/profit
4
(50,649)
1,446,875
Interest receivable and similar income
7
23,263
83
Interest payable and similar expenses
8
(56,003)
(134,502)
(Loss)/profit before taxation
(83,389)
1,312,456
Tax on (loss)/profit
9
30,878
(457,650)
(Loss)/profit for the financial year
(52,511)
854,806

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

SHROPSHIRE STAINLESS & ALUMINIUM LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
2024
2023
£
£
(Loss)/profit for the year
(52,511)
854,806
Other comprehensive income
-
-
Total comprehensive income for the year
(52,511)
854,806
SHROPSHIRE STAINLESS & ALUMINIUM LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
6,735
449
Tangible assets
12
1,743,344
1,577,650
1,750,079
1,578,099
Current assets
Stocks
13
4,859,709
5,255,140
Debtors
14
5,722,838
6,002,961
Cash at bank and in hand
580,939
751,715
11,163,486
12,009,816
Creditors: amounts falling due within one year
15
(5,107,000)
(5,686,545)
Net current assets
6,056,486
6,323,271
Total assets less current liabilities
7,806,565
7,901,370
Creditors: amounts falling due after more than one year
16
(356,308)
(329,602)
Provisions for liabilities
Deferred tax liability
19
379,000
358,000
(379,000)
(358,000)
Net assets
7,071,257
7,213,768
Capital and reserves
Called up share capital
22
100
100
Capital redemption reserve
5
6
Share based payment reserve
95,000
-
0
Profit and loss reserves
6,976,152
7,213,662
Total equity
7,071,257
7,213,768
The financial statements were approved and signed by the director and authorised for issue on 28 October 2024
Mr G M James
Director
Company Registration No. 05859449
SHROPSHIRE STAINLESS & ALUMINIUM LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
Share capital
Capital redemption reserve
Share based payment reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 September 2022
100
6
-
6,629,856
6,629,962
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
-
-
854,806
854,806
Dividends
10
-
-
-
(271,000)
(271,000)
Balance at 31 August 2023
100
6
-
7,213,662
7,213,768
Year ended 31 August 2024:
Loss and total comprehensive income for the year
-
-
-
(52,511)
(52,511)
Dividends
10
-
-
-
(185,000)
(185,000)
Credit to equity for equity settled share-based payments
21
-
-
95,000
-
0
-
0
Other movements
-
(1)
-
1
-
Balance at 31 August 2024
100
5
95,000
6,976,152
7,071,257
SHROPSHIRE STAINLESS & ALUMINIUM LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,232,624
4,909,452
Interest paid
(56,003)
(134,502)
Income taxes paid
(493,570)
(1,195,052)
Net cash inflow from operating activities
683,051
3,579,898
Investing activities
Purchase of intangible assets
(8,884)
(400)
Purchase of tangible fixed assets
(597,208)
(226,102)
Proceeds from disposal of tangible fixed assets
71,310
29,850
Repayment of loans
(183,573)
(511,211)
Interest received
23,263
83
Net cash used in investing activities
(695,092)
(707,780)
Financing activities
Payment of finance leases obligations
81,049
(154,442)
Dividends paid
(185,000)
(271,000)
Net cash used in financing activities
(103,951)
(425,442)
Net (decrease)/increase in cash and cash equivalents
(115,992)
2,446,676
Cash and cash equivalents at beginning of year
196,288
(2,250,388)
Cash and cash equivalents at end of year
80,296
196,288
Relating to:
Cash at bank and in hand
580,939
751,715
Bank overdrafts included in creditors payable within one year
(500,643)
(555,427)
SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
1
Accounting policies
Company information

Shropshire Stainless & Aluminium Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1 The Sidings, Harlescott Lane, Shrewsbury, Shropshire, United Kingdom, SY1 3AH.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Financial forecasts have been prepared for the next three years and sensitivity analysis has been applied to these forecasts. In addition, flexible funding arrangements are in place until August 2025, and these arrangements are expected to renew. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.true

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

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Software
Straight line basis over three years
SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 14 -
1.5
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:

Leasehold property
15% on reducing balance
Leasehold improvements
Straight line basis over five years
Plant and machinery
15% - 25% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on 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.

1.6
Impairment of fixed assets

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

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.

1.7
Stocks

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

 

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

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

SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 15 -
1.8
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.

1.9
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.

SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -
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.

1.10
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.

1.11
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.

SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -
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.

1.12
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.

1.13
Retirement benefits

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

1.14
Share-based payments

Equity-settled arrangements are measured at fair value (excluding the effect of non–market based vesting conditions) at the date of the grant by reference to the fair value of the equity instruments granted using the Black Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest. A corresponding adjustment is made to equity.

 

Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement.

 

The Company has no cash-settled arrangements.

1.15
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.

SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 18 -

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.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

 

A grant that supports capital expenditure is initially deferred and matched with depreciation over the assessed useful economic life of the grant-funded asset.

 

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

1.18

Foreign currency translation

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provisions

The company considers it necessary to evaluate the recoverability of the cost of stock. The stock levels are constantly reviewed and, should there be an indication of obsolescence, the stock is written down to its assessed net realisable value.

Share based payments

The company’s employees have been granted share options by the company. In determining the charge to be recognised, an estimate must be made for the vesting period. At the date of granting management have estimated this vesting period as two years and therefore the share based payment charge has been calculated with a vesting period on that basis.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sale of goods
21,143,739
26,524,111
2024
2023
£
£
Turnover analysed by geographical market
UK
20,046,791
24,719,725
Non - UK
1,096,948
1,804,386
21,143,739
26,524,111
2024
2023
£
£
Other revenue
Interest income
23,263
83
Grants received
8,300
12,648
SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Government grants
(8,300)
(12,648)
Fees payable to the company's auditor for the audit of the company's financial statements
30,000
26,200
Depreciation of owned tangible fixed assets
244,724
231,178
Depreciation of tangible fixed assets held under finance leases
118,462
137,773
(Profit)/loss on disposal of tangible fixed assets
(2,983)
2,515
Amortisation of intangible assets
2,598
3,111
Share-based payments
95,000
-
Operating lease charges
518,247
546,923
5
Employees

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

2024
2023
Number
Number
Employees
86
86

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,655,374
2,543,714
Social security costs
252,715
257,570
Pension costs
52,941
51,519
2,961,030
2,852,803
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
80,717
101,958
Company pension contributions to defined contribution schemes
839
839
81,556
102,797

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1
1
Other interest income
23,262
82
Total income
23,263
83
8
Interest payable and similar expenses
2024
2023
£
£
Interest on invoice finance arrangements
31,680
103,067
Interest on finance leases and hire purchase contracts
24,323
31,435
56,003
134,502
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
18,372
367,536
Adjustments in respect of prior periods
(46,500)
3,114
Total current tax
(28,128)
370,650
Deferred tax
Origination and reversal of timing differences
21,000
87,000
Deferred tax on share-based payments charge
(23,750)
-
0
Total deferred tax
(2,750)
87,000
Total tax (credit)/charge
(30,878)
457,650
SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
9
Taxation
(Continued)
- 22 -

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:

2024
2023
£
£
(Loss)/profit before taxation
(83,389)
1,312,456
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(20,847)
328,114
Tax effect of expenses that are not deductible in determining taxable profit
8,358
2,640
Depreciation on assets not qualifying for tax allowances
30,861
11,599
Under/(over) provided in prior years
(46,500)
45,959
130% capital allowances claimed
-
0
(11,017)
Deferred tax at substantially enacted rate 25%
(2,750)
80,355
Taxation (credit)/charge for the year
(30,878)
457,650
10
Dividends
2024
2023
£
£
Interim paid
185,000
271,000
11
Intangible fixed assets
Software
£
Cost
At 1 September 2023
131,670
Additions
8,884
Disposals
(3,800)
At 31 August 2024
136,754
Amortisation and impairment
At 1 September 2023
131,221
Amortisation charged for the year
2,598
Disposals
(3,800)
At 31 August 2024
130,019
Carrying amount
At 31 August 2024
6,735
At 31 August 2023
449
SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
12
Tangible fixed assets
Leasehold property
Leasehold improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2023
24,000
370,660
2,549,922
196,806
185,089
3,326,477
Additions
-
0
147,948
96,773
3,712
348,775
597,208
Disposals
-
0
(29,057)
-
0
-
0
(72,290)
(101,347)
At 31 August 2024
24,000
489,551
2,646,695
200,518
461,574
3,822,338
Depreciation and impairment
At 1 September 2023
16,979
136,602
1,401,169
124,448
69,629
1,748,828
Depreciation charged in the year
1,053
79,885
216,143
18,399
47,706
363,186
Eliminated in respect of disposals
-
0
(2,054)
-
0
-
0
(30,966)
(33,020)
At 31 August 2024
18,032
214,434
1,617,312
142,847
86,369
2,078,994
Carrying amount
At 31 August 2024
5,968
275,117
1,029,383
57,671
375,205
1,743,344
At 31 August 2023
7,021
234,058
1,148,753
72,358
115,460
1,577,650

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and machinery
382,987
452,968
Motor vehicles
345,217
108,779
728,204
561,747
13
Stocks
2024
2023
£
£
Finished goods and goods for resale
4,859,709
5,255,140
SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 24 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,635,130
5,386,886
Corporation tax recoverable
234,490
-
0
Other debtors
735,492
530,937
Prepayments and accrued income
93,976
85,138
5,699,088
6,002,961
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 19)
23,750
-
0
Total debtors
5,722,838
6,002,961

Included within trade debtors are debts of £4,146,644 (2023 £5,082,128) which are subject to an invoice financing agreement.

 

15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
500,643
555,427
Obligations under finance leases
18
242,521
192,678
Trade creditors
3,775,126
4,013,915
Corporation tax
80,328
367,536
Other taxation and social security
432,333
481,844
Other creditors
10,613
10,244
Accruals and deferred income
65,436
64,901
5,107,000
5,686,545
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
18
351,058
319,852
Accruals and deferred income
5,250
9,750
356,308
329,602
SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
17
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
500,643
555,427
Payable within one year
500,643
555,427

Bank borrowings (including an invoice financing facility) are secured by debentures over the assets of the company. Hire purchase and finance lease obligations are secured on the assets concerned. Secured debts included within creditors (both due within and after one year) amounted to £1,094,222 (2023 £1,067,957).

18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
242,521
192,678
In two to five years
351,058
319,852
593,579
512,530

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 four years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
379,000
358,000
-
-
Share based payments
-
-
23,750
-
379,000
358,000
23,750
-
2024
Movements in the year:
£
Liability at 1 September 2023
358,000
Credit to profit or loss
(2,750)
Liability at 31 August 2024
355,250
SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
52,941
51,519

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.

21
Share-based payment transactions

The Company implemented a share-based payment scheme on 5 December 2023 for certain of its employees.

 

Key-employee share option scheme

 

Certain employees participate in the Enterprise Management Incentives Scheme which provides additional remuneration for those employees who are key to the operations of the Company. The options are granted with a fixed exercise price, are exercisable on an Exit Event and expire ten years after the date of grant. Employees are not entitled to dividends until the shares are exercised.

 

Vesting of the options is conditional upon the incidence of an Exit Event.

 

A reconciliation of share option movements over the year to 31 August 2024 is shown below:

Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 September 2023
-
0
-
0
-
0
-
0
Granted
40
-
0
1,450.00
-
0
Outstanding at 31 August 2024
40
-
0
-
0
-
0
Exercisable at 31 August 2024
40
-
0
-
0
-
0

The company is unable to directly measure the fair value of employee services received. Instead, the fair value of the share options granted during the year is determined using the Black-Scholes model. The model is internationally recognised as being appropriate to value employee share schemes similar to the Key-employee scheme.

 

The total charge for the year was £95,000.

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of 10p each
1,000
100
100
100
SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
22
Share capital
(Continued)
- 27 -

On 5 December 2023 there was a subvision of 100 ordinary shares of £1.00 nominal value to 1,000 ordinary shares of £0.10 nominal value.

23
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:

2024
2023
£
£
Within one year
586,692
628,574
Between two and five years
1,607,920
1,670,389
2,194,612
2,298,963
24
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
171,025
-
25
Related party transactions
Remuneration of key management personnel

The key management personnel of the company is the sole director, so the disclosure of their remuneration is in note 6.

Other information

Included in debtors due within one year is a loan from the company to Mr G M James, a director of the company, of £694,784 (2023: £511,211). The loan is unsecured, bears no interest and has no fixed terms for repayment.

26
Directors' transactions

Dividends totalling £148,000 (2023 - £216,800) were paid in the year in respect of shares held by the company's directors.

SHROPSHIRE STAINLESS & ALUMINIUM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -
27
Cash generated from operations
2024
2023
£
£
(Loss)/profit for the year after tax
(52,511)
854,806
Adjustments for:
Taxation (credited)/charged
(30,878)
457,650
Finance costs
56,003
134,502
Investment income
(23,263)
(83)
(Gain)/loss on disposal of tangible fixed assets
(2,983)
2,515
Amortisation and impairment of intangible assets
2,598
3,111
Depreciation and impairment of tangible fixed assets
363,186
368,951
Equity settled share based payment expense
95,000
-
Movements in working capital:
Decrease in stocks
395,431
2,675,817
Decrease in debtors
721,936
1,091,800
Decrease in creditors
(291,896)
(679,617)
Cash generated from operations
1,232,623
4,909,452
28
Analysis of changes in net debt
1 September 2023
Cash flows
31 August 2024
£
£
£
Cash at bank and in hand
751,715
(170,776)
580,939
Bank overdrafts
(555,427)
54,784
(500,643)
196,288
(115,992)
80,296
Obligations under finance leases
(512,530)
(81,049)
(593,579)
(316,242)
(197,041)
(513,283)
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