Company registration number 13976710 (England and Wales)
GEAR HOLDCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GEAR HOLDCO LIMITED
COMPANY INFORMATION
Directors
Mr M O'Connell
Mr J Pierce
Company number
13976710
Registered office
Unit 3, Northtown Trading Estate
122-128 North Lane
Aldershot
Hampshire
GU12 4UB
Auditor
Sumer Audit
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
GEAR HOLDCO LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
GEAR HOLDCO LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Review of the business
The business of the group, being that of precision machining and gear manufacturing specialists, has not changed during the period.
The results for the financial year ended 30 September 2024 are set out in the Statement of Comprehensive Income. Sales for the financial year amounted to £16,058k (2023: £13,397k) generating a profit before taxation of £1,001k (2023: £186k loss).
2024 has shown strong growth over 2023 as we continue to professionalise and transform our organisation.
Financial key performance indicators
The key performance indicators that the directors monitor regarding financial performance are:
Principal risks and uncertainties
Management of risk remains critical for the group in delivering growth plans. Given the nature of the group’s business, the principal risks and uncertainties are economic, operational and financial risks, and the policies and actions put in place to mitigate these risks are set out below.
Economic Risk
The economic risk is based upon the risk of inflation, a downturn in the economy and the slowing of demand in the group’s end market sectors, and the effect these would have on the business’ marketplace. These are managed by undertaking regular and frequent assessments of the risks faced using both macro market indicators and micro stakeholder information on the market, enabling the directors to take mitigating actions.
Operational Risk
Being able to source all raw materials and to receive them on time and at the agreed price is a fundamental requirement of the group’s business.
Financial Risk
Rising inflation in the UK is being felt in the profit and loss account with raw materials and power costs experiencing notable rises. These costs are being passed on to the customer base in the form of price increases and energy surcharges and will be the subject of ongoing scrutiny to ensure that threats to profitability are diminished.
The group is exposed to movements in Bank of England’s Base Rate as the group’s cost of debt servicing is based upon this metric.
With regards to credit risk, the group’s principal financial assets are bank balances and trade debtors. The group’s credit risk is primarily attributable to its trade debtors. The amounts presented in the Balance sheet are net of allowances for doubtful debtors.
Development and performance
Customer retention remains high and the group is cautiously optimistic that the pipeline of commercial enquiries from strategically focussed markets will deliver further growth into 2025 and beyond.
GEAR HOLDCO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Other performance indicators
Apart from those measures identified above in the business review, the directors are of the opinion that no further inclusion of financial key performance indicators is necessary for an understanding of the development, performance or position of the Group’s business.
Mr J Pierce
Director
11 November 2024
GEAR HOLDCO LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The group's principal activity is that of precision machining and gear manufacturing specialists. The company's principal activity is the provision of management services to its subsidiary undertakings.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M O'Connell
Mr J Pierce
Auditor
The auditor, Sumer Audit, 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 auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Matters covered in the strategic report
The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
On behalf of the board
Mr J Pierce
Director
11 November 2024
GEAR HOLDCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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 ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
GEAR HOLDCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GEAR HOLDCO LIMITED
- 5 -
Opinion
We have audited the financial statements of Gear Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2024 and of the group's profit 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 group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
GEAR HOLDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GEAR HOLDCO LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
Obtaining an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;
Obtaining an understanding of the group’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud;
Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the group and our sector-specific experience.
As a result of these procedures, we considered the opportunities and incentives that may exist within the group for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law and compliance with the UK Companies Act.
GEAR HOLDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GEAR HOLDCO LIMITED
- 7 -
In addition to the above, our procedures to respond to risks identified included the following:
Making enquiries of management about any known or suspected instances of non-compliance with laws and regulations and fraud;
Reviewing minutes of meetings of the board and senior management.
Assessment of matters recorded on the group’s health & safety incident register.
Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to depreciation policies; and
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
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.
Tony Summers BA FCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit Sumer Audit
12 November 2024
Chartered Accountants
Statutory Auditor
Crawley
Sumer Audit is the trading name of Sumer Auditco Limited
GEAR HOLDCO LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
16,057,778
13,396,990
Cost of sales
(7,842,194)
(7,088,725)
Gross profit
8,215,584
6,308,265
Administrative expenses
(4,971,029)
(4,703,699)
Other operating income
8,715
8,715
Operating profit
4
3,253,270
1,613,281
Interest receivable and similar income
33,390
30,738
Interest payable and similar expenses
7
(2,286,085)
(1,829,798)
Profit/(loss) before taxation
1,000,575
(185,779)
Tax on profit/(loss)
8
(734,629)
(562,168)
Profit/(loss) for the financial year
265,946
(747,947)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
GEAR HOLDCO LIMITED
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
14,982,207
16,957,407
Tangible assets
11
5,767,596
4,764,844
20,749,803
21,722,251
Current assets
Stocks
14
4,211,980
2,803,628
Debtors
15
3,766,627
2,823,957
Cash at bank and in hand
2,410,048
3,191,499
10,388,655
8,819,084
Creditors: amounts falling due within one year
16
(2,805,448)
(2,841,930)
Net current assets
7,583,207
5,977,154
Total assets less current liabilities
28,333,010
27,699,405
Creditors: amounts falling due after more than one year
17
(15,237,588)
(15,067,322)
Provisions for liabilities
Provisions
20
153,352
112,472
Deferred tax liability
21
1,185,200
1,028,687
(1,338,552)
(1,141,159)
Net assets
11,756,870
11,490,924
Capital and reserves
Called up share capital
23
118,378
118,378
Share premium account
11,719,336
11,719,336
Profit and loss reserves
(80,844)
(346,790)
Total equity
11,756,870
11,490,924
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 11 November 2024 and are signed on its behalf by:
11 November 2024
Mr J Pierce
Director
Company registration number 13976710 (England and Wales)
GEAR HOLDCO LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
11,837,714
11,837,714
Capital and reserves
Called up share capital
23
118,378
118,378
Share premium account
11,719,336
11,719,336
Total equity
11,837,714
11,837,714
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the period was £0 (2023 - £0 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 11 November 2024 and are signed on its behalf by:
11 November 2024
Mr J Pierce
Director
Company registration number 13976710 (England and Wales)
GEAR HOLDCO LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2022
118,378
11,719,336
401,157
12,238,871
Year ended 30 September 2023:
Loss and total comprehensive income
-
-
(747,947)
(747,947)
Balance at 30 September 2023
118,378
11,719,336
(346,790)
11,490,924
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
265,946
265,946
Balance at 30 September 2024
118,378
11,719,336
(80,844)
11,756,870
GEAR HOLDCO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Share premium account
Total
£
£
£
Balance at 1 October 2022
118,378
11,719,336
11,837,714
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
Balance at 30 September 2023
118,378
11,719,336
11,837,714
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
Balance at 30 September 2024
118,378
11,719,336
11,837,714
GEAR HOLDCO LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
3,289,414
3,918,379
Interest paid
(2,146,885)
(1,708,222)
Income taxes paid
(462,078)
(889,759)
Net cash inflow from operating activities
680,451
1,320,398
Investing activities
Purchase of tangible fixed assets
(1,502,253)
(318,609)
Proceeds from disposal of tangible fixed assets
8,804
-
Purchase of subsidiaries
-
(6,640,830)
Interest received
33,390
19,900
Net cash used in investing activities
(1,460,059)
(6,939,539)
Financing activities
Proceeds from new bank loans
-
5,275,290
Payment of finance leases obligations
(1,843)
-
Net cash (used in)/generated from financing activities
(1,843)
5,275,290
Net decrease in cash and cash equivalents
(781,451)
(343,851)
Cash and cash equivalents at beginning of year
3,191,499
3,535,350
Cash and cash equivalents at end of year
2,410,048
3,191,499
GEAR HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
1
Accounting policies
Company information
Gear Holdco Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. Unit 3 Northtown Trading Estate, 122-128 North Lane, Aldershot, Hampshire, GU12 4UB.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
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: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
GEAR HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Gear Holdco Limited together with all entities controlled by the parent company (its subsidiaries). Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the group’s principal risks and uncertainties, and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.7
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.
Assets under construction are stated at cost. These assets are not depreciated they are brought into use, at which point the assets are transferred out of assets under construction and into the appropriate category of asset.
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 improvements
10% on cost
Plant and equipment
Straight line over 3-25 years
Fixtures and fittings
Straight line over 3-10 years
Motor vehicles
25% on diminishing balance
GEAR HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
Fixed asset investments
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
GEAR HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities
Basic financial liabilities, including creditors, other creditors and bank loans, 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
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.
1.15
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.16
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
GEAR HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.18
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.19
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.
1.20
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.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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.
Useful economic lives of intangible assets
The annual amortisation charge for intangible assets are sensitive to changes in the estimated useful economic lives of the asset. This is reassessed annually and amended when necessary to reflect current estimates. For intangible assets, see note 10 for the carrying amount and note 1.6 in the accounting policy section for the useful economic lives of the asset.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets are sensitive to changes in the estimated useful economic lives of the assets. This is reassessed annually and amended when necessary to reflect current estimates, based on technological advancement, economic utilisation, physical condition and residual values of the assets. For tangible assets, see note 11 for the carrying amount and note 1.7 in the accounting policy section for the useful economic lives of different classes of assets.
GEAR HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Manufacture of specialist components
16,057,778
13,396,990
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
15,709,321
13,158,347
Europe
273,202
236,075
Rest of world
75,255
2,568
16,057,778
13,396,990
2024
2023
£
£
Other revenue
Interest income
33,390
30,738
Grants received
8,715
8,715
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(5,452)
1,076
Government grants
(8,715)
(8,715)
Depreciation of owned tangible fixed assets
546,826
464,783
Depreciation of tangible fixed assets held under finance leases
1,988
-
Impairment of owned tangible fixed assets
-
229,201
(Profit)/loss on disposal of tangible fixed assets
(8,462)
141,753
Amortisation of intangible assets
1,975,200
1,969,570
Operating lease charges
364,117
282,348
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,150
3,000
Audit of the financial statements of the company's subsidiaries
18,350
27,950
21,500
30,950
GEAR HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
8
9
2
2
Production
88
79
-
-
Total
96
88
2
2
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,242,867
4,764,863
Social security costs
561,446
545,593
-
-
Pension costs
209,093
102,883
6,013,406
5,413,339
7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
2,146,885
1,708,222
Amortisation of loan issue costs
139,200
121,576
Total finance costs
2,286,085
1,829,798
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
578,116
484,300
Tax relating to prior year adjustments recognised in profit or loss
181,981
Total current tax
578,116
666,281
Deferred tax
Origination and reversal of timing differences
156,513
(104,113)
Total tax charge
734,629
562,168
GEAR HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Taxation
(Continued)
- 21 -
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit/(loss) before taxation
1,000,575
(185,779)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
250,144
(40,871)
Tax effect of expenses that are not deductible in determining taxable profit
343
Change in unrecognised deferred tax assets
(9,200)
6,600
Adjustments in respect of prior years
181,981
Permanent capital allowances in excess of depreciation
-
(4,330)
Depreciation on assets not qualifying for tax allowances
293
150
Amortisation on assets not qualifying for tax allowances
493,800
374,218
Other permanent differences
58,955
Rounding differences
(408)
1,007
Difference between corporation tax and deferred tax rate
(15,885)
Taxation charge
734,629
562,168
9
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2024
2023
£
£
In respect of:
Property, plant and equipment
-
229,201
Recognised in:
Administrative expenses
-
229,201
The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.
GEAR HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
19,752,827
Amortisation and impairment
At 1 October 2023
2,795,420
Amortisation charged for the year
1,975,200
At 30 September 2024
4,770,620
Carrying amount
At 30 September 2024
14,982,207
At 30 September 2023
16,957,407
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
11
Tangible fixed assets
Group
Leasehold improvements
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
5,504,161
79,018
5,544
5,588,723
Additions
255,975
220,631
839,869
231,633
3,800
1,551,908
Disposals
(723)
(723)
At 30 September 2024
255,975
220,631
6,344,030
309,928
9,344
7,139,908
Depreciation and impairment
At 1 October 2023
811,544
9,822
2,513
823,879
Depreciation charged in the year
1,432
507,914
38,156
1,312
548,814
Eliminated in respect of disposals
(381)
(381)
At 30 September 2024
1,432
1,319,458
47,597
3,825
1,372,312
Carrying amount
At 30 September 2024
254,543
220,631
5,024,572
262,331
5,519
5,767,596
At 30 September 2023
4,692,617
69,196
3,031
4,764,844
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.
GEAR HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
11,837,714
11,837,714
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
11,837,714
Carrying amount
At 30 September 2024
11,837,714
At 30 September 2023
11,837,714
13
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Gear Bidco Limited
Note 1
Ordinary
100.00
-
F.T Gearing Systems Limited
Note 1
Ordinary
-
100.00
Note 1: Unit 3 Northtown Trading Estate, 122-128 North Lane, Aldershot, Hampshire, GU12 4UB.
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
488,780
157,780
-
-
Work in progress
3,059,173
2,259,885
-
-
Finished goods and goods for resale
664,027
385,963
4,211,980
2,803,628
-
-
GEAR HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,210,055
2,663,992
Other debtors
159,507
-
Prepayments and accrued income
397,065
159,965
3,766,627
2,823,957
-
-
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
8,031
Trade creditors
940,076
671,191
Corporation tax payable
328,338
212,300
Other taxation and social security
896,265
853,712
-
-
Other creditors
46,020
790,658
Accruals and deferred income
586,718
314,069
2,805,448
2,841,930
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
15,140,386
15,001,186
Obligations under finance leases
19
39,781
Other creditors
57,421
66,136
15,237,588
15,067,322
-
-
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
15,140,386
15,001,186
Payable after one year
15,140,386
15,001,186
GEAR HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
18
Loans and overdrafts
(Continued)
- 25 -
Bank loans relate to a facility provided by Beechbrook UK SME Credit Ltd and this matures on the 22 April 2027, this is shown as net of issues costs which are being amortised, the total amount due on 22 April 2027 is £15.5m. This facility is secured by a fixed and floating charge over all assets in the company's subsidiaries, Gear Bidco Limited and F.T. Gearing Systems Limited. The facility accrues interest at 8.5% over the BoE base rate and is paid quarterly.
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
8,031
In two to five years
39,781
47,812
-
-
-
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery.
20
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Dilapidations provision
153,352
112,472
-
-
Movements on provisions:
Group
£
At 1 October 2023
112,472
Additional provisions in the year
40,880
At 30 September 2024
153,352
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,185,200
1,028,687
GEAR HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
21
Deferred taxation
(Continued)
- 26 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
1,028,687
-
Charge to profit or loss
156,513
-
Liability at 30 September 2024
1,185,200
-
The directors have considered the deferred tax liabilities notes above and concluded that it is not possible to state the estimated liabilities which will reverse within the next 12 months. This is due to the level of reversal being dependant on events which are not yet known.
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
209,093
102,883
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
11,837,813
11,837,813
118,378
118,378
The company has one class of ordinary shares which carries one vote, and full rights to dividends and capital distribution, including on winding up.
GEAR HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
24
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
464,734
240,333
-
-
Between two and five years
1,180,917
860,469
-
-
In over five years
598,900
32,000
-
-
2,244,551
1,132,802
-
-
25
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel in the group is as follows.
2024
2023
£
£
Aggregate compensation
296,197
63,944
Other information
During the period, the group paid rental charges of £150,319 (2023 - £148,250) to other related parties and an amount of £103,335 (2023 - £85,000) was owed to other related parties in regards to rent included within other creditors.
During the year the group made sales of £75,255 (2023 - £2,568) to G.S. Precision, Inc, At the year end £75,255 (2023 - £nil) was owed to the company and is included within trade debtors.
During the year the group made purchases of £167,930 (2023 - £nil) from G.S Precision, Inc. At the year end the company owed £2,568 (2023 - £nil) included within trade creditors.
Included within prepayments at the year end, £155,140 (2023- £nil) relates to management charges raised by G.S Precision, Inc for the 2025 financial year.
At the prior period end, £700,000 was owed to the previous owners of F.T. Gearing Systems Limited as deferred consideration on the purchase of the subsidiary in 2022. At the year end this was fully paid and no amount was outstanding.
26
Controlling party
The immediate parent company is GSP Holdings, LLC, which is incorporated in the United States of America.
The ultimate parent company is Precision Ultimate Holdings LLC (Delaware), which is incorporated in the United States of America.
GEAR HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
27
Cash generated from group operations
2024
2023
£
£
Profit/(loss) for the year after tax
265,946
(747,947)
Adjustments for:
Taxation charged
734,629
562,168
Finance costs
2,286,085
1,829,798
Investment income
(33,390)
(30,738)
(Gain)/loss on disposal of tangible fixed assets
(8,462)
141,753
Amortisation and impairment of intangible assets
1,975,200
1,969,570
Depreciation and impairment of tangible fixed assets
548,814
693,984
Increase in provisions
40,880
18,111
Movements in working capital:
Increase in stocks
(1,408,352)
(691,067)
Increase in debtors
(942,670)
(179,458)
(Decrease)/increase in creditors
(169,266)
352,205
Cash generated from operations
3,289,414
3,918,379
28
Analysis of changes in net debt - group
1 October 2023
Cash flows
New finance leases
Other non-cash changes
30 September 2024
£
£
£
£
£
Cash at bank and in hand
3,191,499
(781,451)
-
-
2,410,048
Borrowings excluding overdrafts
(15,001,186)
-
-
(139,200)
(15,140,386)
Obligations under finance leases
-
1,843
(49,655)
-
(47,812)
Net debt
(11,809,687)
(779,608)
(49,655)
(139,200)
(12,778,150)
Other non-cash movements represent amortised loan issue costs.
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