DUNSTALL HOLDINGS LIMITED
Company registration number 07434033 (England and Wales)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
DUNSTALL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr S Clarke
Mrs J Gerard-Pearse
Mr I E Marshall
Mr J Minshall
Mr S J Petford
Mr S Gould
(Appointed 23 January 2023)
Company number
07434033
Registered office
Old Hall
Dunstall
Burton on Trent
Staffordshire
DE13 8BE
Auditor
Dyke Yaxley Limited
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
DUNSTALL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Energy and Carbon report
11
Independent auditor's report
8 - 10
Profit and loss account
12
Group statement of comprehensive income
13
Group balance sheet
14
Company balance sheet
15
Group statement of changes in equity
16
Company statement of changes in equity
17
Group statement of cash flows
18
Company statement of cash flows
19
Notes to the financial statements
20 - 40
DUNSTALL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the period ended 31 December 2023.
This is an extended 14-month reporting period due to brand change and re-alignment of year end.
Business review
Dunstall Holdings Limited, through its subsidiaries Rea Valley Tractors Limited, Altegra Integrated Solutions Limited, RVT Commercial Vehicles Ltd and Altegra Access and Security Ltd are principally engaged in the sale, servicing and repair of agricultural machinery, Commercial Vehicles, materials handling equipment, workplace storage solutions, and the manufacture and installation of aluminium windows and doors.
The Group's desire is to focus on its core strategy of selling, servicing and repairing equipment that is of fundamental importance to the operations of its customers, whilst at the same time de-risking itself from the business impacts that arise from operating in one specific industrial sector.
Results and performance
The results of the Group are set out in the consolidated profit and loss account on page 12, these show a loss pre-goodwill amortisation of £6,499,619.
The performance of the Group during 2023 reflects its focus on the needs of its customers and a strong emphasis on continuous improvement and growth.
The agricultural industry has faced challenging and uncertain market conditions, with the increasing operational costs, coupled with constant price increases in supplied wholegoods from our key suppliers.
Rea Valley Tractors Ltd changed its strategic direction on 1st November 2022, relating our main franchise suppliers. A new direction was required to continue the projected company growth, supporting our current, and new customers whilst retaining and expanding our staff and territory.
Effective from this date, the John Deere franchise held for 38 years was changed to New Holland Agriculture. This new partnership has given RVT the opportunity to expand its territory into Lancashire, Cheshire, and North Wales, opening an additional 3 depots, taking the total to 7.
As part of this strategy we also expanded our JCB territory into Cheshire and dedicated our Sudbury depot into a JCB Centre of Excellence.
As a result of the major franchise changes, a decision was taken to write off all brand change costs in the first year.
The Materials handling business has continued to build upon the strong underlying platform created in previous years as it continues to grow and develop new revenue streams. Our aluminium systems, window and door manufacturing division has continued to grow both trade and commercial sectors through new product introduction and robust marked demand.
The Commercial vehicle business has continued to build upon the strong underlying platform created in previous years as it continues to grow and develop new revenue streams, although supply of vehicles and parts have continued to be a concern, along with the manufacture price increases.
During the financial period the business has continued to invest in products, people and service offerings in order to continue to provide a high level of customer service and satisfaction whilst at the same time de-risking itself from market fluctuations that are outside the control of the business.
The group is well placed to continue to grow and invest in people, maintaining reasonable margins and develop both its-product and servicing offerings to new and existing customers.
DUNSTALL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators
The board monitors the progress of the Group with regard to a number of KPI’s, a selection of these are detailed below –
2023 2022
Turnover £142,976,508 £126,564,871
EBIT (£2,788,384) £881,674
PBT pre goodwill amortisation (£6,499,619) £869,375
Debtor days 12 20
Stock turn 3.0 4.6
Headcount 261 250
Non-financial performance indicators
The health, safety and welfare of the Group's employees is seen as a key priority to the directors and the group continues to invest in this area. All incidents are recorded via our own bespoke Health and Safety portal and mobile application, which enables full control, accountability, and insights reporting, which is reviewed by board.
In addition to the above, environmental matters are monitored, reviewed and improvement actions implemented by the Groups management teams in order to improve its environmental credentials
Employees of Dunstall Holdings are at the centre of our continued success and development, the group has a strategic aim of becoming an employer of choice. To this end during the year the Group has embarked on a variety of HR initiatives including employee surveys, on-line employee system and the establishment of HR functions throughout its trading entities.
Principal risks and uncertainties
The Group continues to be an important part of the agricultural community in Mid to North Wales, Shropshire, Derbyshire and Staffordshire, Cheshire, and continues to be a leading forklift truck and materials handling supplier in the United Kingdom from its South West and Midlands business centres. The directors will continue their efforts within the business, focusing on providing excellent service to local and national markets.
In order to ensure that the Group's position within these markets is not compromised there is a clear risk management strategy that enables and supports the Group to identify and manage risks.
A Group risk register is reviewed at board level by the directors and corrective actions taken as and where necessary. This along with the risk management strategy is embedded into the senior management of the Group and its operating subsidiaries.
DUNSTALL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
Other information and explanations
Financial Risk
Financial risk is monitored on a continual basis by the Group in order to ensure that its short, medium and long term objectives are being met.
This risk management includes the preparation of profit, balance sheet and cash flow forecasts and the monitoring of these against actual performance at subsidiary level.
The monitoring of these key financial statements is paramount as the Group enters into a period of rapid expansion, growth and development.
Economic and Market Risks
The Group continues to face challenging and uncertain market conditions, which is further compounded by changes relating to the wider economic factors associated with the UK’s decision to leave the European Union, and the war in Eastern Europe effecting energy prices.
Credit Risk
Management have credit policies in place to manage risk and monitor exposure to risk on an ongoing basis, the majority of policies are based on past experience and the business believes that its financial assets are of good credit quality.
Less than 5% of the Businesses trade consists of exports, given that all sales are denominated in sterling and the business does not carry out any hedging activities this area of risk is perceived to be minimal.
A key area of credit risk for the business relates to exposure with customers, to manage this risk all outstanding debts are reviewed on a monthly basis by senior managers.
Company Values
Employees of Dunstall Holdings are at the centre of our continued success and development, the group has a strategic aim of becoming an employer of choice
Committed to consistently delivering the best possible for both employees and customers.
A unified collaborative effort to achieve a mutually beneficial outcome.
We create a positive environment where energy and enthusiasm are matched by opportunity and ambition.
DUNSTALL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
Section 172 (1) statement
The Directors of Dunstall Holdings Limited consider, both individually and together, that they have acted in a way and in good faith to promote the success of the company for the benefit of its members as a whole (considering stakeholders and matters set out in section 172 of the Companies Act 2006) in decisions taken during the period ended 31 December 2023.
A director of a company must act, in good faith, to promote the success of the company for the benefit of its members as a whole and in doing so have regards (amongst other matters to):
The likely consequences to any long-term decision taken and the impact to all stakeholders are considered;
The interest of the company's employees. Our people play a key role in helping us achieve our strategic priorities and committed and engaged employees are crucial to our success;
The need to foster strong working relationships with suppliers, customers and others;
The impact of the company's operations on our community and the environment, reducing our emissions and reducing our carbon footprint in the communities we operate;
The need to conduct business to the highest levels of integrity, ensuring that we and our customers and suppliers apply high standards in their social, environmental and ethical conduct;
The need to treat all our stakeholders fairly building open and constructive relationships.
Mr S J Petford
Director
18 November 2024
DUNSTALL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
The directors present their annual report and financial statements for the period ended 31 December 2023.
Principal activities
The principal activity of the group is the sale, servicing and repair of both agricultural machinery and materials handling equipment.
Results and dividends
The results for the period are set out on page 12.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr S Clarke
Mrs J Gerard-Pearse
Mr I E Marshall
Mr J Minshall
Mr S J Petford
Mrs S Greasley
(Resigned 31 July 2023)
Mr S Gould
(Appointed 23 January 2023)
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
Auditor
The auditor, Dyke Yaxley Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
See Energy and carbon report.
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.
DUNSTALL HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
Disclosure in the Strategic Report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company'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. It has done so in respect of review of business, principal risks and uncertainties and future developments.
On behalf of the board
Mr S J Petford
Director
18 November 2024
DUNSTALL HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
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.
DUNSTALL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DUNSTALL HOLDINGS LIMITED
- 8 -
We have audited the financial statements of Dunstall Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph of our report, the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its for the period 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.
Basis for qualified opinion
We were unable to obtain sufficient, appropriate audit evidence to support the existence, valuation and classification of tangible fixed asset at 31 December 2023 within a subsidiary. Due to the lack of supporting information available, it is not possible to quantify any error.
Key Audit Matters
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
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.
DUNSTALL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DUNSTALL HOLDINGS LIMITED
- 9 -
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 period 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.
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.
DUNSTALL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DUNSTALL HOLDINGS LIMITED
- 10 -
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 misstatement in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to , the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
We did not identify any key audit matters relating to irregularities, including fraud.
As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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.
Andrew Young FCA
For and on behalf of
18 November 2024
Dyke Yaxley Limited
Chartered Accountants
Statutory Auditor
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
DUNSTALL HOLDINGS LIMITED
ENERGY AND CARBON REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 11 -
The information below relates to the subsidiary Rea Valley Tractors Limited.
The UK Greenhouse and gas emission and energy use data is for the period 1st November 2022 to 31st October 2023 (12-month period for comparison purposes).
The total consumption used to calculate emissions (in kwh) is 5,196,798.
The energy consumption breakdown (in kwh) is analysed as follows:
Electricity : 452,465
Gas : 185,407
Heating oil : 52,437
LPG : 91,787
Transport fuel : 4,506,489
Scope 1 emissions in metric tonnes (tCO2e)
Buildings : 67.14
Transport fuel : 1050.89
Total Scope 1 : 1118.00
Scope 2 emissions in metric tonnes (tCO2e)
Purchased electricity : 95.50
Total Scope 2 : 95.50
Total gross emissions in metric tonnes (tCO2e) : 1213.54
Intensity ratio (tCO2e) per employee : 7.93
Intensity ratio (tCO2e) per million £ sales revenue : 12.23
Qualifications and reporting methodology
We have followed the gov.uk 2021 updated reporting guidelines. We have also used calculations using DEFRA and other internationally recognised metrics via the website www.carbonfootprint.com.
Datasets have been entered using the information and invoices from our suppliers and no checking has been done by Carbon Footprint Ltd as to validity or completeness of the dataset.
Intensity measurement
The chosen intensity measurement ratios are the total gross emissions in metric tonnes tCO2e per employee and per million in sales revenue.
Improvements taken to protect the environment and improve our energy efficiency
Vehicle tracking and monitoring system to ensure journeys are minimised utilising the nearest field-based technician to effect repairs or breakdowns.
Meeting via Microsoft Teams and Zoom have increased and are the preferred method.
Vehicle replacement policy to low emission hybrid type vehicles where possible and available.
Replacement of high carbon usage heating systems to more energy efficient using cleaner electricity.
Comparison to previous SECR report
This financial period includes increased geographical area of responsibility, additional employees, and 3 additional depots, taking it from 4 to 7 depots with associated building and set up costs.
tCO2e per employee increased by 22.58% from the previous reporting period to 7.93. The increase was due to the increase in energy and fuel costs.
tCO2e per million £ sales revenue increased by 50.71% from the previous reporting period to 12.12. The increase was due to lower sales for the new depots and area as we become established, to energy costs associated with the new territory.
DUNSTALL HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 12 -
Period
Year
ended
ended
31 December
30 October
2023
2022
as restated
Notes
£
£
Turnover
3
142,976,508
126,564,871
Cost of sales
(118,479,998)
(104,840,868)
Gross profit
24,496,510
21,724,003
Distribution costs
(15,076,752)
(11,695,378)
Administrative expenses
(11,749,772)
(8,031,307)
Operating (loss)/profit
7
(2,330,014)
1,997,318
Interest payable and similar expenses
8
(4,169,605)
(1,127,943)
Goodwill amortisation
(458,370)
(1,115,644)
Loss before taxation
(6,957,989)
(246,269)
Tax on loss
9
1,145,744
(506,257)
Loss for the financial period
(5,812,245)
(752,526)
Loss for the financial period is all attributable to the owner of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
DUNSTALL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 13 -
Period
Year
ended
ended
31 December
30 October
2023
2022
as restated
£
£
Loss for the period
(5,812,245)
(752,526)
Other comprehensive income
-
-
Total comprehensive income for the period
(5,812,245)
(752,526)
Total comprehensive income for the period is all attributable to the owner of the parent company.
DUNSTALL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 14 -
31 December 2023
30 October 2022
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
10
48,929
507,299
Other intangible assets
10
26,688
24,266
Total intangible assets
75,617
531,565
Tangible assets
11
19,253,699
15,271,152
19,329,316
15,802,717
Current assets
Stocks
14
51,531,962
28,243,716
Debtors
15
15,804,058
10,522,950
Cash at bank and in hand
1,524,297
4,667,391
68,860,317
43,434,057
Creditors: amounts falling due within one year
16
(84,865,923)
(51,283,384)
Net current liabilities
(16,005,606)
(7,849,327)
Total assets less current liabilities
3,323,710
7,953,390
Creditors: amounts falling due after more than one year
17
(6,129,726)
(3,765,789)
Provisions for liabilities
Deferred tax liability
20
78,868
1,260,240
(78,868)
(1,260,240)
Net (liabilities)/assets
(2,884,884)
2,927,361
Capital and reserves
Called up share capital
23
1,281,000
1,281,000
Other reserves
595,624
595,624
Profit and loss reserves
(4,761,508)
1,050,737
Total equity
(2,884,884)
2,927,361
The financial statements were approved by the board of directors and authorised for issue on 18 November 2024 and are signed on its behalf by:
18 November 2024
Mr S J Petford
Director
Company registration number 07434033 (England and Wales)
DUNSTALL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 15 -
31 December 2023
30 October 2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
48,929
507,299
Other intangible assets
10
8,100
Total intangible assets
48,929
515,399
Tangible assets
11
3,564
Investments
12
8,923,824
8,923,824
8,976,317
9,439,223
Current assets
Debtors
15
332,284
99,737
Cash at bank and in hand
359,812
692,096
99,737
Creditors: amounts falling due within one year
16
(11,467,665)
(13,438,875)
Net current liabilities
(10,775,569)
(13,339,138)
Total assets less current liabilities
(1,799,252)
(3,899,915)
Creditors: amounts falling due after more than one year
17
(3,325,000)
(404,719)
Net liabilities
(5,124,252)
(4,304,634)
Capital and reserves
Called up share capital
23
1,281,000
1,281,000
Other reserves
9,000
9,000
Profit and loss reserves
(6,414,252)
(5,594,634)
Total equity
(5,124,252)
(4,304,634)
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 November 2024 and are signed on its behalf by:
18 November 2024
Mr S J Petford
Director
Company registration number 07434033 (England and Wales)
DUNSTALL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 16 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 30 October 2022:
Balance at 31 October 2021
1,281,000
595,624
1,803,263
3,679,887
Year ended 30 October 2022:
Loss and total comprehensive income
-
-
(752,526)
(752,526)
Balance at 30 October 2022
1,281,000
595,624
1,050,737
2,927,361
Period ended 31 December 2023:
Loss and total comprehensive income
-
-
(5,812,245)
(5,812,245)
Balance at 31 December 2023
1,281,000
595,624
(4,761,508)
(2,884,884)
DUNSTALL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 17 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 31 October 2021
1,281,000
9,000
(4,320,360)
(3,030,360)
Year ended 30 October 2022:
Loss and total comprehensive income for the year
-
-
(1,274,274)
(1,274,274)
Balance at 30 October 2022
1,281,000
9,000
(5,594,634)
(4,304,634)
Period ended 31 December 2023:
Profit and total comprehensive income
-
-
(819,618)
(819,618)
Balance at 31 December 2023
1,281,000
9,000
(6,414,252)
(5,124,252)
DUNSTALL HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 18 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,031,265
8,086,704
Interest paid
(4,169,605)
(1,127,943)
Income taxes paid
(100)
Net cash (outflow)/inflow from operating activities
(2,138,340)
6,958,661
Investing activities
Purchase of intangible assets
(17,000)
(2,958)
Purchase of tangible fixed assets
(6,436,724)
(1,108,233)
Proceeds from disposal of tangible fixed assets
4,824,289
5,514,827
Net cash (used in)/generated from investing activities
(1,629,435)
4,403,636
Financing activities
Repayment of borrowings
(321,429)
(142,857)
Repayment of bank loans
2,808,757
(2,337,635)
Payment of finance leases obligations
(1,451,573)
(6,792,401)
Net cash generated from/(used in) financing activities
1,035,755
(9,272,893)
Net (decrease)/increase in cash and cash equivalents
(2,732,020)
2,089,404
Cash and cash equivalents at beginning of period
2,302,911
213,507
Cash and cash equivalents at end of period
(429,109)
2,302,911
Relating to:
Cash at bank and in hand
1,524,297
4,667,391
Bank overdrafts included in creditors payable within one year
(1,953,406)
(2,364,480)
DUNSTALL HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 19 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
32
203,375
(819,405)
Interest paid
(304,313)
(96,420)
Net cash outflow from operating activities
(100,938)
(915,825)
Investing activities
Purchase of tangible fixed assets
(4,770)
Net cash used in investing activities
(4,770)
-
Financing activities
Repayment of borrowings
(321,429)
(142,857)
Repayment of bank loans
2,808,757
(2,337,635)
Net cash generated from/(used in) financing activities
2,487,328
(2,480,492)
Net increase/(decrease) in cash and cash equivalents
2,381,620
(3,396,317)
Cash and cash equivalents at beginning of period
(2,021,808)
1,374,509
Cash and cash equivalents at end of period
359,812
(2,021,808)
Relating to:
Cash at bank and in hand
359,812
Bank overdrafts included in creditors payable within one year
-
(2,021,808)
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 20 -
1
Accounting policies
Company information
Dunstall Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Old Hall, Dunstall, Burton on Trent, Staffordshire, DE13 8BE.
The group consists of Dunstall Holdings Limited and all of its subsidiaries.
1.1
Reporting period
The entity's reporting period has been extended to a 14 month period. The reason for the longer period is due to a post balance sheet event which involved a post year end acquisition. On this basis, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
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 on the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Basis of consolidation
The consolidated financial statements incorporate those of Dunstall Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).
All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
Revenue from aftersales is recognised upon completion of service.
Opearting lease income is accounted for on a receivable basis.
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
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 5 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
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
4 years straight line
Other intangibles
No amortisation for the period
1.8
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 improvements
5% to 33 1/3% straight line
Plant and machinery
15% - 25% reducing balance and 10% straight line
Fixtures, fittings & equipment
15% - 25% reducing balance and 10% - 33% straight line
Computer equipment
12.5% straight line
Motor vehicles
12.5% - 25% reducing balance and 20% straight line
Freehold land is maintained in such a state of repair that the directors consider no depreciation is necessary.
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.
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.9
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.10
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.11
Stocks
Stocks are stated at the lower of cost and net realisable value being the estimated selling price less costs to complete and sell.
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.
1.12
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.
1.13
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.
1.14
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.
1.15
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
1.16
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.18
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. 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. A corresponding adjustment is made to equity.
When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
1.19
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.
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
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.
3
Turnover
An analysis of the group's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
All turnover is derived from the principal activity undertaken
142,976,508
126,564,871
2023
2022
£
£
Turnover analysed by geographical market
UK
140,189,312
118,230,488
Europe
1,830,702
5,172,651
Rest of world
956,494
3,161,732
142,976,508
126,564,871
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,000
6,000
Audit of the financial statements of the company's subsidiaries
49,950
42,000
61,950
48,000
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 25 -
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the period was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Management
3
3
3
3
Administration
71
78
6
6
Production
187
169
-
-
Total
261
250
9
9
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
13,914,098
11,504,505
954,578
744,421
Social security costs
1,488,367
1,204,439
104,983
94,211
Pension costs
335,121
238,523
49,008
22,928
15,737,586
12,947,467
1,108,569
861,560
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
560,468
492,292
Company pension contributions to defined contribution schemes
18,997
15,432
579,465
507,724
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
203,655
194,167
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 26 -
7
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the period is stated after charging/(crediting):
Exchange gains
(260)
Depreciation of owned tangible fixed assets
2,306,921
1,598,337
Depreciation of tangible fixed assets held under finance leases
1,626,035
1,142,651
Loss/(profit) on disposal of tangible fixed assets
99,268
(132,761)
Cost of stocks recognised as an expense
118,346,580
104,607,793
Operating lease charges
1,215,492
591,539
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
3,252,975
961,909
Other finance costs:
Interest on finance leases and hire purchase contracts
909,293
147,852
Other interest
7,337
18,182
Total finance costs
4,169,605
1,127,943
9
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
35,628
Deferred tax
Origination and reversal of timing differences
(1,181,372)
506,257
Total tax (credit)/charge
(1,145,744)
506,257
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 27 -
The actual (credit)/charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Loss before taxation
(6,957,989)
(246,269)
Expected tax credit based on the standard rate of corporation tax in the UK of 22.43% (2022: 19.00%)
(1,560,677)
(46,791)
Tax effect of expenses that are not deductible in determining taxable profit
105,800
213,968
Tax effect of utilisation of tax losses not previously recognised
(12,560)
Unutilised tax losses carried forward
1,235,369
(5,559)
Adjustments in respect of prior years
35,628
Group relief
(94,913)
Permanent capital allowances in excess of depreciation
(14,179)
(54,145)
Other tax adjustments
(15,285)
Deferred tax adjustment change of rate
53,419
Deferred tax movement for year
(1,181,372)
521,542
Taxation (credit)/charge
(1,326,012)
506,257
Taxation (credit)/charge in the financial statements
(1,145,744)
506,257
Reconciliation - the current year tax charge does not reconcile to the above analysis. Please review figures in the database.
(180,268)
-
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 28 -
10
Intangible fixed assets
Group
Goodwill
Software
Other intangibles
Total
£
£
£
£
Cost
At 31 October 2022
4,016,457
24,219
32,400
4,073,076
Additions
17,000
17,000
At 31 December 2023
4,016,457
41,219
32,400
4,090,076
Amortisation and impairment
At 31 October 2022
3,509,158
8,053
24,300
3,541,511
Amortisation charged for the period
458,370
6,478
8,100
472,948
At 31 December 2023
3,967,528
14,531
32,400
4,014,459
Carrying amount
At 31 December 2023
48,929
26,688
75,617
At 30 October 2022
507,299
16,166
8,100
531,565
Company
Goodwill
Other intangibles
Total
£
£
£
Cost
At 31 October 2022 and 31 December 2023
5,578,221
32,400
5,610,621
Amortisation and impairment
At 31 October 2022
5,070,922
24,300
5,095,222
Amortisation charged for the period
458,370
8,100
466,470
At 31 December 2023
5,529,292
32,400
5,561,692
Carrying amount
At 31 December 2023
48,929
48,929
At 30 October 2022
507,299
8,100
515,399
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 29 -
11
Tangible fixed assets
Group
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 31 October 2022
833,778
7,123,891
369,139
308,323
14,621,597
23,256,728
Additions
553,852
3,844,615
210,598
8,229,995
12,839,060
Disposals
(355,917)
(6,005,694)
(6,361,611)
Transfers
(1,988,438)
33,160
1,955,278
At 31 December 2023
1,387,630
8,624,151
612,897
308,323
18,801,176
29,734,177
Depreciation and impairment
At 31 October 2022
527,343
4,034,402
201,353
196,664
3,025,814
7,985,576
Depreciation charged in the period
178,193
687,995
90,729
35,971
2,940,068
3,932,956
Eliminated in respect of disposals
(128,242)
(1,309,812)
(1,438,054)
Transfers
(1,044,530)
14,922
1,029,608
At 31 December 2023
705,536
3,549,625
307,004
232,635
5,685,678
10,480,478
Carrying amount
At 31 December 2023
682,094
5,074,526
305,893
75,688
13,115,498
19,253,699
At 30 October 2022
306,435
3,089,489
167,786
111,659
11,595,783
15,271,152
Company
Fixtures, fittings & equipment
£
Cost
At 31 October 2022
6,393
Additions
4,770
At 31 December 2023
11,163
Depreciation and impairment
At 31 October 2022
6,393
Depreciation charged in the period
1,206
At 31 December 2023
7,599
Carrying amount
At 31 December 2023
3,564
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
11
Tangible fixed assets
(Continued)
- 30 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and machinery
1,329,370
1,533,980
Motor vehicles
5,726,445
7,790,492
7,055,815
9,324,472
-
-
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
8,923,824
8,923,824
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 31 October 2022 and 31 December 2023
8,923,824
Carrying amount
At 31 December 2023
8,923,824
At 30 October 2022
8,923,824
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 31 -
13
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Altegra Integrated Solutions Limited
1
Purchase, sale, hire and repair of commercial vehicles and industrial doors
Ordinary
100.00
Rea Valley Tractors (Sudbury) Limited
1
Dormant
Ordinary
100.00
Rea Valley Tractors Limited
1
Sales, servicing and repair of agricultural equipment
Ordinary
100.00
RVT Commercial Vehicles Limited
1
Sale of new and used cars and light commercial vehicles
Ordinary
100.00
Amvar Handling Solutions Limited
1
Dormant
Ordinary
100.00
Amvar Storage & Workplace Solutions
1
Dormant
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Old Hall, Dunstall, Burton on Trent, Staffordshire, DE13 8BE
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Altegra Integrated Solutions Limited
4,017,463
(280,336)
Rea Valley Tractors (Sudbury) Limited
1,098,662
Rea Valley Tractors Limited
4,619,302
(5,515,982)
RVT Commercial Vehicles Limited
1,374,594
803,691
Amvar Handling Solutions Limited
(145,090)
Amvar Storage & Workplace Solutions
198,261
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
7,475,906
8,192,091
-
-
Work in progress
371,591
34,203
-
-
Finished goods and goods for resale
43,684,465
20,017,422
51,531,962
28,243,716
-
-
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 32 -
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,628,718
6,857,909
Corporation tax recoverable
35,628
Other debtors
4,300,677
2,091,686
299,800
75,043
Prepayments and accrued income
6,874,663
1,537,727
32,484
24,694
15,804,058
10,522,950
332,284
99,737
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
2,009,822
2,853,849
56,416
2,511,177
Obligations under finance leases
19
10,985,806
5,478,699
Trade creditors
39,586,747
14,593,032
77,207
13,501
Amounts owed to group undertakings
9,741,639
9,677,813
Other taxation and social security
651,288
2,261,346
22,865
30,350
Other creditors
30,216,220
24,674,917
1,364,818
1,088,034
Accruals and deferred income
1,416,040
1,421,541
204,720
118,000
84,865,923
51,283,384
11,467,665
13,438,875
Included within other creditors are stocking loans of £28,625,679 (2022: £20,299,106) on used equipment traded against new machines and new and used hire fleet assets, the loans are secured on the equipment traded in.
Net obligations under finance leases and hire purchase contracts are secured against the assets to which the leases relate.
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
3,325,000
83,290
3,325,000
83,290
Obligations under finance leases
19
2,804,726
3,361,070
Other borrowings
18
321,429
321,429
6,129,726
3,765,789
3,325,000
404,719
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 33 -
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
3,381,416
572,659
3,381,416
572,659
Bank overdrafts
1,953,406
2,364,480
2,021,808
Other loans
321,429
321,429
5,334,822
3,258,568
3,381,416
2,915,896
Payable within one year
2,009,822
2,853,849
56,416
2,511,177
Payable after one year
3,325,000
404,719
3,325,000
404,719
The bank loans and overdraft are secured by the following:
a cross guarantee and debenture between the company, Rea Valley Tractors Limited, Altegra Integrated Solutions Limited and RVT Commercial Vehicles;
an unlimited guarantee by Altegra Integrated Solutions Limited and Rea Valley Tractors Limited;
a limited guarantee by Mr S W Clarke for £1,750,000;
a charge over credit balance; and
a charge over the freehold property at Ashacres Industrial Estate, Lopen Business Park and the Seven Acre site.
The company has two bank loans. One with a carrying value of £3,325,000 which is new this year and has a maturity date of 2026. The second loan has a carrying value of £56,416 (2022: £242,356) and a maturity date of 2024. The interest rate on the first loan is the Bank's base + 2.60% and on the second is the Bank's base + 3.95%.
19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
10,985,806
5,478,699
In two to five years
2,804,726
3,361,070
13,790,532
8,839,769
-
-
Finance lease payments represent rentals payable by the company or group 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 14 months. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 34 -
20
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
78,868
1,640,194
Tax losses
-
(379,954)
78,868
1,260,240
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the period:
£
£
Liability at 31 October 2022
1,260,240
-
Credit to profit or loss
(1,181,372)
-
Liability at 31 December 2023
78,868
-
The deferred tax liability set out above relates to accelerated capital allowances that are expected to mature within the same period.
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
335,121
238,523
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.
22
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 31 October 2022 and 31 December 2023
209,113
209,113
1.13
1.13
Exercisable at 31 December 2023
-
-
-
-
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
22
Share-based payment transactions
(Continued)
- 35 -
The options outstanding at 31 December 2023 had an exercise price of £1.13 and a remaining contractual life of 3.75 years.
23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,281,000
1,281,000
1,281,000
1,281,000
The ordinary shares have full voting rights, dividend and capital distribution (including on wind up) rights. they do not confer any rights of redemption.
24
Financial commitments, guarantees and contingent liabilities
There is an indemnity given by Dunstall Holdings Limited on behalf of its subsidiary Rea Valley Tractors Limited in relation to a funding facility provided by JCB Finance Liimted. The facility is capped at £7,000,000 and the utilisation at the year end amounted to £6,192,776.50 (2022: £4,183,156).
25
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
878,178
520,017
-
-
Between two and five years
2,398,685
1,416,237
-
-
In over five years
618,000
357,458
-
-
3,894,863
2,293,712
-
-
The operating leases relate to property and motor vehicles. These leases have an average duration of
between 1 and 10 years. Only the property lease agreements contain an option for renewal at rentals based
on market prices at the time of exercise. There are no restrictions placed upon the lessee by entering into
these leases.
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 36 -
26
Capital commitments
Amounts contracted for but not provided in the financial statements:
Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
95,931
-
-
-
27
Controlling party
The company is under the control of the director and sole shareholder Mr S W Clarke.
Consolidated accounts are prepared including its subsidiaries Rea Valley Tractors Limited, Rea Valley Tractors (Sudbury) Limited, RVT Commercial Vehicles Limited, Altegra Integrated Solutions Limited, Amvar Handling Solutions Limited and Amvar Storage & Workplace Solutions Limited.
Largest group
Dunstall Holdings Limited
Smallest group
Dunstall Holdings Limited
28
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2023
2022
£
£
Aggregate compensation
400,921
469,135
Transactions with related parties
During the period the group entered into the following transactions with related parties:
Sales
Purchases
2023
2022
2023
2022
£
£
£
£
Group
CGP Properties
40,320
63,760
Dunstall Leasing Limited
-
-
94,500
29,130
Dunstall Transport
-
-
-
304,800
S W Clarke
292,053
302,292
-
-
Dunstall Estates
3,758
2,708
169
-
Dunstall Investment
-
-
344,400
-
Mr M J Mulligan
683
1,001
-
-
Mr N Worthington
29,381
56,940
-
Mr S J Petford
111
260
-
-
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
28
Related party transactions
(Continued)
- 37 -
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2023
2022
£
£
Group
Dunstall Leasing Limited
237,878
5,400
Mr S W Clarke
1,177,133
1,081,845
Dunstall Estates
3,790
-
Dunstall Investment
24,600
-
Mr S J Petford
10
-
Company
S W Clarke
1,139,306
1,081,845
Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Mr S W Clarke
108
2,105
Dunstall Estates
-
69,588
Mr M Mulligan
173
-
Mr N Worthington
66
-
Company
Dunstall Estates
-
69,233
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
28
Related party transactions
(Continued)
- 38 -
Other information
Dunstall Leasing Limited and Dunstall Investments Limited are companies controlled by the director Mr S W Clarke.
CGP Properties is a partnership in which the directors, Mr S W Clarke, and Mrs J Gerard-Pearce, have joint control.
Dunstall Estate is a business run by the director Mr S W Clarke.
Mr I Marshall is a director of both Mertrux Limited and Dunstall Holdings Limited.
Mr J Minshall is a director of Dunstall Holdings Limited.
Mr N Worthington is a director of Rea Valley Tractors Limited.
Mr S J Petford is a director of Rea Valley Tractors Limited and Dunstall Holdings Limited.
29
Cash generated from group operations
2023
2022
£
£
Loss for the period after tax
(5,812,245)
(752,526)
Adjustments for:
Taxation (credited)/charged
(1,145,744)
506,257
Finance costs
4,169,605
1,127,943
Loss/(gain) on disposal of tangible fixed assets
99,268
(132,761)
Amortisation and impairment of intangible assets
472,948
1,129,660
Depreciation and impairment of tangible fixed assets
3,932,956
2,740,988
Movements in working capital:
Increase in stocks
(23,288,246)
(5,871,394)
(Increase)/decrease in debtors
(5,316,736)
3,272,358
Increase in creditors
28,919,459
6,066,179
Cash generated from operations
2,031,265
8,086,704
30
Analysis of changes in net debt - group
31 October 2022
Cash flows
New finance leases
31 December 2023
£
£
£
£
Cash at bank and in hand
4,667,391
(3,143,094)
-
1,524,297
Bank overdrafts
(2,364,480)
411,074
-
(1,953,406)
2,302,911
(2,732,020)
-
(429,109)
Borrowings excluding overdrafts
(894,088)
(2,487,328)
-
(3,381,416)
Obligations under finance leases
(8,839,769)
1,451,573
(6,402,336)
(13,790,532)
(7,430,946)
(3,767,775)
(6,402,336)
(17,601,057)
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 39 -
31
Analysis of changes in net debt - company
31 October 2022
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
-
359,812
359,812
Bank overdrafts
(2,021,808)
2,021,808
(2,021,808)
2,381,620
359,812
Borrowings excluding overdrafts
(894,088)
(2,487,328)
(3,381,416)
(2,915,896)
(105,708)
(3,021,604)
32
Cash generated from/(absorbed by) operations - company
2023
2022
£
£
Loss for the period after tax
(819,618)
(1,274,274)
Adjustments for:
Finance costs
304,313
96,420
Amortisation and impairment of intangible assets
466,470
1,123,744
Depreciation and impairment of tangible fixed assets
1,206
-
Movements in working capital:
(Increase)/decrease in debtors
(232,547)
55,179
Increase/(decrease) in creditors
483,551
(820,474)
Cash generated from/(absorbed by) operations
203,375
(819,405)
33
Prior period adjustment
Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 30 Oct 2022
£
£
£
Current assets
Stocks
24,953,053
3,290,663
28,243,716
Debtors due within one year
13,884,000
(3,361,050)
10,522,950
Creditors due within one year
Other creditors
(40,727,037)
37,547
(40,689,490)
Net assets
2,960,201
(32,840)
2,927,361
Capital and reserves
Profit and loss reserves
1,083,577
(32,840)
1,050,737
DUNSTALL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
33
Prior period adjustment
(Continued)
- 40 -
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 30 October 2022
£
£
£
Turnover
129,925,921
(3,361,050)
126,564,871
Cost of sales
(108,169,078)
3,328,210
(104,840,868)
Loss after taxation
(719,686)
(32,840)
(752,526)
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in loss for the previous financial period
2022
£
Adjustments to prior period
Total adjustments
-
Loss as previously reported
(1,274,274)
Loss as adjusted
(1,274,274)
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