Company registration number 00512793 (England and Wales)
D GREEN & CO (STOKE NEWINGTON) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
D GREEN & CO (STOKE NEWINGTON) LIMITED
COMPANY INFORMATION
Director
Ms Caroline Wiggins
Company number
00512793
Registered office
4th Floor
Chancery House
St NIcholas Way
Sutton
SM1 1JB
Auditor
Bryden Johnson Limited
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
D GREEN & CO (STOKE NEWINGTON) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 29
D GREEN & CO (STOKE NEWINGTON) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The director presents the strategic report for the year ended 30 September 2024.

Review of the business

The board and senior management are happy with the progress the business has made over the past 12 months, particularly when taking into consideration some of the demands of that period.

The year 2023-24 was a tough trading year. Challenges faced were the continued interruption of the supply chain due to the ongoing war in the Middle East, leading to a significant increase in freight charges and delays. We also took the decision to move our Third-Party Logistics supplier to Europa Warehousing in Spring 2024. This in itself, although expected to deliver significant long-term gains, presented its own logistical problems. Finally, the plastics ban from October 1st, 2023, resulted in the Group targeting new markets and new products which is demanding in terms of time and resource. After taking into consideration all these issues, the Group was able to achieve an operational profit of £637,536 (2023: £641,179).

In the year 2024-25 we are expecting to see an overall growth in profitability. We still have a very healthy order book, many long-established customers and a solid work force; some who have been with us for many years, which brings with it expertise and experience. We are continuing to grow the sale force and to sell more eco-friendly solutions and products.

Further we are seeking to source our products from alternative suppliers, some nearer to home, which is enabling us to increase our supply chain security whilst at the same time looking to improve margins.

Finally, we have started the installation of a fully integrated inventory control and accounting system which will enable us to improve information and efficiency. We have an anticipated go-live date of 1 April 2025.

Principal risks and uncertainties

The Group’s activities expose it to a variety of financial risks, in particular the effects of foreign currency exchange rates and interest rates. The Group’s overall risk management policy focuses on monitoring potential adverse effects were considered material. The Group maintains bank accounts in foreign currencies.

The Group accepts a certain degree of interest rate risk and other market price risks and continues to monitor these on an on-going basis. Prudent cash management is used to reduce any exposure to liquidity risk.

The Group has no specific concentration of credit risk. Credit insurance is used to mitigate credit risk.

Key performance indicators

The Director considers the key performance indicators for the Group to be as follows:

Turnover: £12,018,024 (2023: £14,725,206)

Gross Margin: £3,852,682 (2023: £3,752,106)

EBITDA: £396,420 (2023: £663,684)

Profit Before Tax: £191,401 (2023: £383,868)

The above are set out in these financial statements. As stated in the Business Review above, the Group has performed well against all these measures during this period.

Going concern

The Director is confident that, on the basis of profit and cash flow forecasts available at the date of approval of the financial statements, it is appropriate to prepare the financial statements on a going concern basis.

There are no significant post balance sheet events.

 

D GREEN & CO (STOKE NEWINGTON) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

On behalf of the board

Ms Caroline Wiggins
Director
31 January 2025
D GREEN & CO (STOKE NEWINGTON) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The director presents her annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the Group continued to be that of the design, sourcing and distribution of eco-friendly tableware and packaging. D Green & Co (Stoke Newington) Limited acts as the Group parent Company.

Results and dividends

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

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

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

Ms Caroline Wiggins
Auditor

The auditor, Bryden Johnson Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is 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 director is required to:

 

 

The director is 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. She is 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.

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.

Medium-sized companies exemption

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

D GREEN & CO (STOKE NEWINGTON) LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
On behalf of the board
Ms Caroline Wiggins
Director
31 January 2025
2025-01-31
D GREEN & CO (STOKE NEWINGTON) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF D GREEN & CO (STOKE NEWINGTON) LIMITED
- 5 -
Opinion

We have audited the financial statements of D Green & Co (Stoke Newington) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 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 the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

D GREEN & CO (STOKE NEWINGTON) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF D GREEN & CO (STOKE NEWINGTON) 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 director's report.

 

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

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK taxation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management override of controls. Audit procedures performed by the engagement team included:

 

- Reviewing minutes of meetings of those charged with governance;

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, and

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and testing accounting estimates (because of the risk of management bias).

 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 misrepresentation, or through collusion.

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.

D GREEN & CO (STOKE NEWINGTON) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF D GREEN & CO (STOKE NEWINGTON) LIMITED
- 7 -

Use of our report

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

Jackie Wilding (Senior Statutory Auditor)
For and on behalf of Bryden Johnson Limited
31 January 2025
Chartered Accountants
Statutory Auditor
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
D GREEN & CO (STOKE NEWINGTON) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
12,018,024
14,725,206
Cost of sales
(8,165,342)
(10,973,100)
Gross profit
3,852,682
3,752,106
Distribution costs
(2,360,211)
(2,553,331)
Administrative expenses
(960,159)
(609,044)
Other operating income
105,224
51,448
Operating profit
5
637,536
641,179
Interest receivable and similar income
9
236
-
0
Interest payable and similar expenses
10
(221,889)
(257,311)
Profit/(loss) on exceptional items
4
(224,482)
-
Profit before taxation
191,401
383,868
Tax on profit
11
4,377
69,730
Profit for the financial year
195,778
453,598
Profit for the financial year 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.

D GREEN & CO (STOKE NEWINGTON) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
195,778
453,598
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(8,536)
12,025
Currency translation gain arising in the year
31,794
13,078
Other comprehensive income for the year
23,258
25,103
Total comprehensive income for the year
219,036
478,701
Total comprehensive income for the year is all attributable to the owners of the parent company.
D GREEN & CO (STOKE NEWINGTON) LIMITED
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
149,629
25,017
Current assets
Stocks
15
1,871,795
2,391,345
Debtors
16
3,023,396
3,384,196
Cash at bank and in hand
1,150,792
840,922
6,045,983
6,616,463
Creditors: amounts falling due within one year
17
(4,265,672)
(4,900,576)
Net current assets
1,780,311
1,715,887
Total assets less current liabilities
1,929,940
1,740,904
Creditors: amounts falling due after more than one year
18
(1,250,000)
(1,250,000)
Net assets
679,940
490,904
Capital and reserves
Called up share capital
22
15,000
45,000
Other reserves
26,079
(5,715)
Profit and loss reserves
638,861
451,619
Total equity
679,940
490,904

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 31 January 2025
31 January 2025
Ms Caroline  Wiggins
Director
Company registration number 00512793 (England and Wales)
D GREEN & CO (STOKE NEWINGTON) LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
513,748
513,748
Current assets
Debtors
16
66,723
66,723
Creditors: amounts falling due within one year
17
(496,584)
(466,584)
Net current liabilities
(429,861)
(399,861)
Net assets
83,887
113,887
Capital and reserves
Called up share capital
22
15,000
45,000
Profit and loss reserves
68,887
68,887
Total equity
83,887
113,887

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 year was £0 (2023 - £0 profit).

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 and signed by the director and authorised for issue on 31 January 2025
31 January 2025
Ms Caroline  Wiggins
Director
Company registration number 00512793 (England and Wales)
D GREEN & CO (STOKE NEWINGTON) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Currency translation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
45,000
(18,793)
(14,004)
12,203
Year ended 30 September 2023:
Profit for the year
-
-
453,598
453,598
Other comprehensive income:
Currency translation differences
-
13,078
12,025
25,103
Total comprehensive income
-
13,078
465,623
478,701
Balance at 30 September 2023
45,000
(5,715)
451,619
490,904
Year ended 30 September 2024:
Profit for the year
-
-
195,778
195,778
Other comprehensive income:
Currency translation differences
-
31,794
(8,536)
23,258
Total comprehensive income
-
31,794
187,242
219,036
Reduction of shares
22
(30,000)
-
-
(30,000)
Balance at 30 September 2024
15,000
26,079
638,861
679,940
D GREEN & CO (STOKE NEWINGTON) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
45,000
68,887
113,887
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 30 September 2023
45,000
68,887
113,887
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
0
Reduction of shares
22
(30,000)
-
(30,000)
Balance at 30 September 2024
15,000
68,887
83,887
D GREEN & CO (STOKE NEWINGTON) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
649,185
936,144
Interest paid
(221,889)
(257,311)
Corporation Tax (paid)/refunded
(3,378)
15,166
Net cash inflow from operating activities
423,918
693,999
Investing activities
Purchase of tangible fixed assets
(94,884)
(12,099)
Proceeds from disposal of tangible fixed assets
10,600
16,000
Interest received
236
-
0
Net cash (used in)/generated from investing activities
(84,048)
3,901
Financing activities
Redemption of shares
(30,000)
-
0
Repayment of bank loans
-
(200,000)
Net cash used in financing activities
(30,000)
(200,000)
Net increase in cash and cash equivalents
309,870
497,900
Cash and cash equivalents at beginning of year
840,922
343,022
Cash and cash equivalents at end of year
1,150,792
840,922
D GREEN & CO (STOKE NEWINGTON) LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
62,652
30,386
Interest paid
(32,652)
(30,386)
Net cash inflow/(outflow) from operating activities
30,000
-
Financing activities
Redemption of shares
(30,000)
-
0
Net cash used in financing activities
(30,000)
-
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
D GREEN & CO (STOKE NEWINGTON) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
1
Accounting policies
Company information

D Green & Co (Stoke Newington) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 4th Floor, Chancery House, St NIcholas Way, Sutton, SM1 1JB.

 

The group consists of D Green & Co (Stoke Newington) Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

1.2
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, joint ventures and associates 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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company D Green & Co (Stoke Newington) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

D GREEN & CO (STOKE NEWINGTON) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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

1.6
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:

Plant and equipment
5 - 10 years
Fixtures and fittings
5 years
Motor vehicles
3 - 4 years

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.

D GREEN & CO (STOKE NEWINGTON) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.7
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.

1.8
Impairment of fixed assets

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

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.9
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.

1.10
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.

1.11
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 using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

D GREEN & CO (STOKE NEWINGTON) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.12
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.

1.13
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

D GREEN & CO (STOKE NEWINGTON) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
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.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

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

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.

1.16
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 director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

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

2024
2023
£
£
Turnover analysed by class of business
Sale of goods
12,018,024
14,725,206
D GREEN & CO (STOKE NEWINGTON) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
11,162,452
14,343,085
Europe
855,572
382,121
12,018,024
14,725,206
2024
2023
£
£
Other revenue
Interest income
236
-
4
Exceptional item

The Group incurred exceptional costs during the year of £224,482 (2023: Nil). These comprised costs of £152,820 on stock written off or sold at a loss as a result of the plastics ban from 1 October 2023, along with costs of £71,662 resulting from supply chain disruption as a result of the Group changing its UK warehouse during the year and due to the mitigation of shipping delays caused by global events. These costs are expected to be one-off in nature and are not expected to reoccur.

5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(116,157)
(431,164)
Depreciation of owned tangible fixed assets
(29,294)
13,402
Profit on disposal of tangible fixed assets
(10,600)
(16,000)
Operating lease charges
74,881
94,145
6
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
-
-
Audit of the financial statements of the company's subsidiaries
16,800
16,000
D GREEN & CO (STOKE NEWINGTON) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
7
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
28
27
1
1
Production
11
14
-
-
Total
39
41
1
1

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,379,147
1,313,825
-
0
-
0
Social security costs
170,502
154,390
-
-
Pension costs
134,074
47,067
-
0
-
0
1,683,723
1,515,282
-
0
-
0
8
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
152,500
132,500
Company pension contributions to defined contribution schemes
22,955
-
175,455
132,500

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 0).

9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
236
-
0
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
236
-
D GREEN & CO (STOKE NEWINGTON) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
10
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
189,237
226,925
Other finance costs:
Other interest
32,652
30,386
Total finance costs
221,889
257,311
11
Taxation
2024
2023
£
£
Current tax
Corporation tax on profits for the current period
5,623
270
Deferred tax
Origination and reversal of timing differences
(10,000)
(70,000)
Total tax credit
(4,377)
(69,730)

 

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

2024
2023
£
£
Profit before taxation
191,401
383,868
Expected tax charge based on the standard rate of corporation tax of 25.00% (2023: 22.01%)
47,850
84,489
Tax effect of expenses that are not deductible in determining taxable profit
1,973
3,960
Change in unrecognised deferred tax assets
(10,000)
(70,000)
Effect of change in corporation tax rate
-
(19,260)
Permanent capital allowances in excess of depreciation
(53,552)
(22,763)
Effect of overseas tax rates
(10,153)
-
0
Pension
1,104
325
Tax adjustments
-
0
(102)
Losses carrried forward
18,401
-
0
Tax losses utilised
-
(46,379)
Taxation credit
(4,377)
(69,730)
D GREEN & CO (STOKE NEWINGTON) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
2,332,082
44,476
23,300
2,399,858
Additions
76,224
18,660
-
0
94,884
Disposals
(5,418)
-
0
(23,300)
(28,718)
Exchange adjustments
16,471
-
0
-
0
16,471
At 30 September 2024
2,419,359
63,136
-
0
2,482,495
Depreciation and impairment
At 1 October 2023
2,319,638
31,903
23,300
2,374,841
Depreciation charged in the year
(36,991)
7,697
-
0
(29,294)
Eliminated in respect of disposals
(5,418)
-
0
(23,300)
(28,718)
Exchange adjustments
16,037
-
0
-
0
16,037
At 30 September 2024
2,293,266
39,600
-
0
2,332,866
Carrying amount
At 30 September 2024
126,093
23,536
-
0
149,629
At 30 September 2023
12,444
12,573
-
0
25,017
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
513,748
513,748
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
513,748
Carrying amount
At 30 September 2024
513,748
At 30 September 2023
513,748
D GREEN & CO (STOKE NEWINGTON) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
14
Subsidiaries

These financial statements are separate company financial statements for 30 September 2024 .

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
eGreen International Limited
4th Floor Chancery House, St. Nicholas Way, Sutton, Surrey, England, SM1 1JB
Ordinary
100.00
eGreen PL Sp. Z.o.o
1 /4, 62-740 Wielopole, Turecki, Tuliszkow, Wielkopolskie, Poland
Ordinary
100.00
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)
£
£
eGreen International Limited
508,109
140,137
eGreen PL Sp. Z.o.o
599,854
87,435
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
77,404
115,398
-
-
Finished goods and goods for resale
1,794,391
2,275,947
-
0
-
0
1,871,795
2,391,345
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,281,563
2,851,849
-
0
-
0
Amounts owed by group undertakings
-
-
66,722
66,722
Other debtors
101,049
123,398
1
1
Prepayments and accrued income
380,784
158,949
-
0
-
0
2,763,396
3,134,196
66,723
66,723
Amounts falling due after more than one year:
Deferred tax asset (note 20)
260,000
250,000
-
0
-
0
Total debtors
3,023,396
3,384,196
66,723
66,723
D GREEN & CO (STOKE NEWINGTON) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,745,116
1,601,475
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
87,521
75,874
Corporation tax payable
2,515
270
-
0
-
0
Other taxation and social security
393,073
547,116
-
-
Other creditors
1,976,959
2,564,677
409,063
390,710
Accruals and deferred income
148,009
187,038
-
0
-
0
4,265,672
4,900,576
496,584
466,584
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
1,250,000
1,250,000
-
0
-
0
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,250,000
1,250,000
-
0
-
0
Payable after one year
1,250,000
1,250,000
-
0
-
0

The long-term loans taken by Egreen International Limited, a subsidiary undertaking, are secured by fixed and floating charges over the books and other debts both present and future, in favour of Arbuthnot Commercial Asset Based Lending Limited.

20
Deferred taxation

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

Assets
Assets
2024
2023
Group
£
£
Tax losses
260,000
250,000
The company has no deferred tax assets or liabilities.
D GREEN & CO (STOKE NEWINGTON) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
20
Deferred taxation
(Continued)
- 27 -
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 October 2023
(250,000)
-
Credit to profit or loss
(10,000)
-
Asset at 30 September 2024
(260,000)
-

The deferred tax asset set out above relates to the utilisation of tax losses against future expected profits of the same period.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
134,074
47,067

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 capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
150,000
450,000
15,000
45,000

During the year, the issued share capital of the company was reduced from £45,000 to £15,000 by the cancellation of 300,000 Ordinary shares of 10p of the company.

23
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
146,244
33,161
-
-
Between two and five years
202,960
-
-
-
In over five years
6,881
-
-
-
356,085
33,161
-
-
D GREEN & CO (STOKE NEWINGTON) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
24
Related party transactions

During the year an amount of Nil (2023: £20,000) was paid to C. Wiggins, a director of the company. The payment in the year to 30 September 2023 related to rent paid for a warehouse located at 102 Morden Road.

 

Included with other creditors is an amount of £409,063 (2023: £390,711) due to the director. This balance accrued interest at a variable rate, being 8.00% at 30 September 2024 and is repayable on demand.

25
Controlling party

The ultimate controlling party is C A Wiggins by virtue of her rights to exercise control.

26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
195,778
453,598
Adjustments for:
Taxation credited
(4,377)
(69,730)
Finance costs
221,889
257,311
Investment income
(236)
-
0
Gain on disposal of tangible fixed assets
(10,600)
(16,000)
Depreciation and impairment of tangible fixed assets
(29,294)
13,402
Translation of foreign operation
22,824
25,215
Movements in working capital:
Decrease/(increase) in stocks
519,550
(207,706)
Decrease in debtors
370,800
478,465
(Decrease)/increase in creditors
(637,149)
1,589
Cash generated from operations
649,185
936,144
27
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
-
-
Adjustments for:
Finance costs
32,652
30,386
Movements in working capital:
Increase in creditors
30,000
-
Cash generated from operations
62,652
30,386
D GREEN & CO (STOKE NEWINGTON) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
28
Analysis of changes in net debt - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
840,922
309,870
1,150,792
Borrowings excluding overdrafts
(1,250,000)
-
(1,250,000)
(409,078)
309,870
(99,208)
29
Analysis of changes in net funds - company
1 October 2023
30 September 2024
£
£
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