Company registration number 07178740 (England and Wales)
RABBIT WASTE MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
RABBIT WASTE MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
Mrs A T Bridson
Mr G D Blurton
Mr W D Blyde
Company number
07178740
Registered office
Units 1-2, 37 Chartwell Road
Lancing Business Park
Lancing
West Sussex
BN15 8TU
Auditor
Sumer Audit
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
Business address
Units 1-2, 37 Chartwell Road
Lancing Business Park
Lancing
West Sussex
BN15 8TU
RABBIT WASTE MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group statement of financial position
8
Company statement of financial position
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 28
RABBIT WASTE MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Fair review of the business

The group’s principal activities are waste management and power generation. Waste management consists of waste collection, disposal and recycling and provides a biomass fuel for the power plant. At the statement of financial position date, the group has one subsidiary, Enviropower Limited.

 

Performance across the group has been good, given the continued volatility in the electricity markets.

 

Revenue at £10.96m was just over 3% higher than the previous year, however cost of sales at £3.32m was 16% below the corresponding period in 2023. The group returned an operating profit of £835k compared to £176k the previous year.

 

The directors consider that the performance for the year has been more than satisfactory given the present trading climate. They also believe that the group is well positioned to continue to move the business forwards, given that it will be largely debt free by early 2025.

Principal risks and uncertainties

There are a number of risks and uncertainties that can affect the performance of the business, some of which are outside the control of the group and its board, particularly in respect to electricity trading markets, interest rate rises and cost of living increases.

 

Revenue is a key issue and power prices have been contracted to 30 September 2025. The 6 months to 31 March 2025 previously negotiated with our existing customer and the next 6 months to 30 September 2025 on the open market with a new customer. We constantly review trading prices and should the right opportunity come we will secure contracts beyond September 2025.

 

Management monitor business performance continually and they are the focus of weekly management meetings, where performance is compared to the business plan and key performance indicators. Actions required can and therefore be addressed on a timely basis.

 

Due to the nature of the group’s business, regulatory risk is a key consideration. Due to the implementation of Best available techniques reference documents (BREF) regulations, emission limits for the power plant reduced in December 2023. Investment has been made in the plant over the last year and the company remains compliant with its Environment Agency licence. Further to this Enviropower operates an Environmental Management System, which is accredited under ISO 14001 by Lloyd’s Register.

 

The group has very few transactions that are not conducted in sterling and therefore currency risk is considered to be minimal.

 

Management believes there may be a risk, albeit small, with the increase in bank base rates, though we believe these have now plateaued and should show a downward trend. However the company has adopted an aggressive repayment profile and present bank loans will be repaid by early 2025. The directors consider that the profitability in 2024/25 will be sufficient to outweigh any change in interest rates.

Key performance indicators

The group has in place numerous metrics to assess the performance of the business and these are provided to senior management on a daily, weekly and monthly basis. The directors believe these are comprehensive and the systems and procedures in place are robust enough for the day-to-day management of the business.

 

On behalf of the board

Mr G D Blurton
Director
30 January 2025
RABBIT WASTE MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

The directors present their report and financial statements for the year ended 30 September 2024.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £50,000. The directors do not recommend payment of a further dividend.

Directors

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

Mrs A T Bridson
Mr G D Blurton
Mr W D Blyde
Financial instruments
Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group operates a number of policies to ensure there is sufficient liquidity and cash. Regular cash flow forecasts are prepared to ensure the company is able to cover its interest payments.

Credit risk

Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade receivables are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Future developments

The directors believe that there are currently no major future developments requiring disclosure.

Auditor

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr G D Blurton
Director
30 January 2025
RABBIT WASTE MANAGEMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

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:

 

 

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.

RABBIT WASTE MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RABBIT WASTE MANAGEMENT LIMITED
- 4 -
Opinion

We have audited the financial statements of Rabbit Waste Management Limited (the 'parent company') and its subsidiary (the 'group') for the year ended 30 September 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

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 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:

RABBIT WASTE MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RABBIT WASTE MANAGEMENT LIMITED
- 5 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the group for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: Environmental agency regulations, health & safety, employment law and compliance with the UK Companies Act.

RABBIT WASTE MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RABBIT WASTE MANAGEMENT LIMITED
- 6 -

In addition to the above, our procedures to respond to risks identified included the following:

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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.

Alex Chidwick FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
30 January 2025
Chartered Accountants
Statutory Auditor
Crawley
Sumer Audit is the trading name of Sumer Auditco Limited
RABBIT WASTE MANAGEMENT LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2024
2023
Notes
£
£
Revenue
3
10,955,237
10,577,735
Cost of sales
(3,323,407)
(3,955,681)
Gross profit
7,631,830
6,622,054
Administrative expenses
(6,796,343)
(6,446,243)
Operating profit
5
835,487
175,811
Finance costs
9
(156,893)
(194,285)
Other gains and losses
8
-
94,402
Profit before taxation
678,594
75,928
Tax on profit
10
(158,152)
17,219
Profit for the financial year
520,442
93,147
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

RABBIT WASTE MANAGEMENT LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
30 September 2024
- 8 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
13
10,159,417
9,545,112
Current assets
Inventories
16
541,098
505,543
Trade and other receivables
17
2,231,462
2,283,707
Cash and cash equivalents
205,109
414,104
2,977,669
3,203,354
Current liabilities
18
(2,514,956)
(2,541,880)
Net current assets
462,713
661,474
Total assets less current liabilities
10,622,130
10,206,586
Non-current liabilities
19
(1,047,737)
(1,314,335)
Provisions for liabilities
Deferred tax liability
22
1,527,900
1,316,200
(1,527,900)
(1,316,200)
Net assets
8,046,493
7,576,051
Equity
Called up share capital
24
100
100
Retained earnings
8,046,393
7,575,951
Total equity
8,046,493
7,576,051

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

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
Mr G D Blurton
Director
Company registration number 07178740 (England and Wales)
RABBIT WASTE MANAGEMENT LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
13
2,307,326
2,083,059
Investments
14
100
100
2,307,426
2,083,159
Current assets
Inventories
16
85,969
108,523
Trade and other receivables
17
908,106
829,966
Cash and cash equivalents
89,673
112,654
1,083,748
1,051,143
Current liabilities
18
(1,830,187)
(1,759,398)
Net current liabilities
(746,439)
(708,255)
Total assets less current liabilities
1,560,987
1,374,904
Non-current liabilities
19
(326,842)
(227,433)
Provisions for liabilities
Deferred tax liability
22
565,600
509,400
(565,600)
(509,400)
Net assets
668,545
638,071
Equity
Called up share capital
24
100
100
Retained earnings
668,445
637,971
Total equity
668,545
638,071

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £80,474 (2023 - £475,991 loss).

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

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
Mr G D Blurton
Director
Company registration number 07178740 (England and Wales)
RABBIT WASTE MANAGEMENT LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 October 2022
100
7,526,387
7,526,487
Year ended 30 September 2023:
Profit and total comprehensive income
-
93,147
93,147
Dividends
11
-
(43,583)
(43,583)
Balance at 30 September 2023
100
7,575,951
7,576,051
Year ended 30 September 2024:
Profit and total comprehensive income
-
520,442
520,442
Dividends
11
-
(50,000)
(50,000)
Balance at 30 September 2024
100
8,046,393
8,046,493
RABBIT WASTE MANAGEMENT LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 October 2022
100
1,157,545
1,157,645
Year ended 30 September 2023:
Loss and total comprehensive income for the year
-
(475,991)
(475,991)
Dividends
11
-
(43,583)
(43,583)
Balance at 30 September 2023
100
637,971
638,071
Year ended 30 September 2024:
Profit and total comprehensive income
-
80,474
80,474
Dividends
11
-
(50,000)
(50,000)
Balance at 30 September 2024
100
668,445
668,545
RABBIT WASTE MANAGEMENT LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
2,473,527
1,144,779
Interest paid
(156,893)
(194,285)
Income taxes paid
(272,328)
(122,181)
Net cash inflow from operating activities
2,044,306
828,313
Investing activities
Purchase of property, plant and equipment
(1,332,178)
(82,847)
Proceeds on disposal of property, plant and equipment
136,166
258,194
Net cash (used in)/generated from investing activities
(1,196,012)
175,347
Financing activities
Repayment of borrowings
(411,459)
(89,542)
Repayment of bank loans
(51,609)
(8,367)
Payment of finance leases obligations
(544,221)
(664,090)
Dividends paid to equity shareholders
(50,000)
(43,583)
Net cash used in financing activities
(1,057,289)
(805,582)
Net (decrease)/increase in cash and cash equivalents
(208,995)
198,078
Cash and cash equivalents at beginning of year
414,104
216,026
Cash and cash equivalents at end of year
205,109
414,104
RABBIT WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
1
Accounting policies
Company information

Rabbit Waste Management Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 1-2, 37 Chartwell Road, Lancing Business Park, Lancing, England, BN15 8TU

1.1
Accounting convention

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

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Basis of consolidation

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 consolidated financial statements incorporate those of Rabbit Waste Management Limited and its subsidiary (i.e. 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 30 September 2024. All intra-group transactions, balances and unrealised gains on transactions between the two group companies are eliminated on consolidation.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the group’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.  Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

RABBIT WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Revenue

Revenue 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 skip hire is recognised in full from the date of delivery. Provision is made for the associated costs of collection and waste disposal in respect of skip in issue to customers at the statement of financial position date, and is included within creditors due within one year.

 

Revenue from the sale of electricity is recognised at the date of exporting the electricity to the grid.

1.5
Intangible fixed assets - goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life, being 15 years.

1.6
Property, plant and equipment

Property, plant and equipment 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:

Land and buildings freehold
Land is not depreciated; improvements are 2% straight line
Land and buildings leasehold
15% diminishing balance
Plant and machinery
5%, 20%, 33% or 50% straight line and 10%, 15% or 25% diminishing balance
Motor vehicles
15% diminishing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.7
Non-current investments

In the parent company financial statements, investment in subsidiary is initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

1.8
Impairment of non-current 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

RABBIT WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.9
Inventories

Inventories held for consumption are measured at cost, adjusted where applicable for any loss of service potential, on a first in first out basis.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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 deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

The group enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans from related parties.

 

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

 

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

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.

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.

RABBIT WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.15
Retirement benefits

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

1.16
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 statement of financial position 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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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

Key sources of estimation uncertainty

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

Rates of depreciation and residual value of tangible fixed assets

Tangibles fixed assets are depreciated over their useful lives taking into account residual values as appropriate. The rates of depreciation used and residual values are assessed annually by management and vary depending on a number of factors. In re-assessing assets lives factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal value.

3
Revenue

An analysis of the group's revenue, which is all generated in the UK, is as follows:

2024
2023
£
£
Revenue analysed by class of business
Waste recycling and skip hire
5,713,971
6,131,958
Green electricity production
5,241,266
4,445,777
10,955,237
10,577,735
RABBIT WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
4
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
14,550
13,850
Audit of the financial statements of the company's subsidiaries
7,950
7,650
22,500
21,500
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned property, plant and equipment
1,073,415
1,074,599
Depreciation of property, plant and equipment held under finance leases
191,806
327,750
(Profit)/loss on disposal of property, plant and equipment
(10,834)
26,839
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration and management
18
20
14
14
Factory staff and drivers
45
46
29
33
Total
63
66
43
47

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,764,233
2,648,187
1,917,975
1,910,908
Social security costs
301,693
288,169
209,782
203,500
Pension costs
260,482
187,927
169,879
134,401
3,326,408
3,124,283
2,297,636
2,248,809
RABBIT WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
113,318
101,672

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

The directors are considered the only key management personnel of the group.

8
Other gains and losses
2024
2023
£
£
Amounts written back to financial liabilities
-
94,402
9
Finance costs
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
68,038
82,966
Other finance costs:
Interest on finance leases and hire purchase contracts
88,855
111,319
Total finance costs
156,893
194,285
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
180,000
Adjustments in respect of prior periods
1,552
22,181
Total current tax
1,552
202,181
Deferred tax
Origination and reversal of timing differences
156,600
(219,400)
Total tax charge/(credit)
158,152
(17,219)
RABBIT WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Taxation
(Continued)
- 19 -

The actual charge/(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
678,594
75,928
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2023: 22.01%)
128,933
16,712
Tax effect of expenses that are not deductible in determining taxable profit
8,267
8,204
Depreciation on assets not qualifying for tax allowances
6,648
7,701
Other timing differences
12,752
(33,924)
Other permanent differences
-
0
(36,542)
Under/(over) provided in prior years
1,552
22,181
Rounding differences
-
0
(1,551)
Taxation charge/(credit)
158,152
(17,219)
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
50,000
43,583
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
152,500
Amortisation and impairment
At 1 October 2023 and 30 September 2024
152,500
Carrying amount
At 30 September 2024
-
0
At 30 September 2023
-
0
RABBIT WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12
Intangible fixed assets
(Continued)
- 20 -
Company
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
152,500
Amortisation and impairment
At 1 October 2023 and 30 September 2024
152,500
Carrying amount
At 30 September 2024
-
0
At 30 September 2023
-
0
13
Property, plant and equipment
Group
Land and buildings freehold
Land and buildings leasehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
3,570,774
52,318
17,091,110
1,244,328
21,958,530
Additions
-
0
-
0
1,127,070
877,788
2,004,858
Disposals
-
0
-
0
(4,666)
(229,949)
(234,615)
At 30 September 2024
3,570,774
52,318
18,213,514
1,892,167
23,728,773
Depreciation and impairment
At 1 October 2023
487,843
52,318
11,322,729
550,528
12,413,418
Depreciation charged in the year
34,992
-
0
1,011,615
218,614
1,265,221
Eliminated in respect of disposals
-
0
-
0
(4,664)
(104,619)
(109,283)
At 30 September 2024
522,835
52,318
12,329,680
664,523
13,569,356
Carrying amount
At 30 September 2024
3,047,939
-
0
5,883,834
1,227,644
10,159,417
At 30 September 2023
3,082,931
-
0
5,768,381
693,800
9,545,112
RABBIT WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
13
Property, plant and equipment
(Continued)
- 21 -
Company
Land and buildings leasehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
52,318
5,149,261
1,095,248
6,296,827
Additions
-
0
45,524
877,788
923,312
Disposals
-
0
-
0
(229,949)
(229,949)
At 30 September 2024
52,318
5,194,785
1,743,087
6,990,190
Depreciation and impairment
At 1 October 2023
52,318
3,701,800
459,650
4,213,768
Depreciation charged in the year
-
0
363,837
209,878
573,715
Eliminated in respect of disposals
-
0
-
0
(104,619)
(104,619)
At 30 September 2024
52,318
4,065,637
564,909
4,682,864
Carrying amount
At 30 September 2024
-
0
1,129,148
1,178,178
2,307,326
At 30 September 2023
-
0
1,447,461
635,598
2,083,059

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
2024
2023
2024
2023
£
£
£
£
Plant and machinery
358,993
1,635,497
220,805
622,907
Motor vehicles
686,878
186,551
658,396
128,349
1,045,871
1,822,048
879,201
751,256
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
100
100
RABBIT WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
14
Fixed asset investments
(Continued)
- 22 -
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
100
Carrying amount
At 30 September 2024
100
At 30 September 2023
100
15
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Enviropower Ltd
Unit 1-2, 37 Chartwell Road, Lancing Business Park, Lancing, England, BN15 8TU
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)
£
£
Enviropower Ltd
7,395,388
439,968
16
Inventories
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods held for consumption
541,098
505,543
85,969
108,523
RABBIT WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
17
Trade and other receivables
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade receivables
948,183
1,208,360
733,266
694,811
Corporation tax recoverable
90,776
-
0
-
0
-
0
Other receivables
49,309
34,152
49,309
34,152
Prepayments and accrued income
1,088,094
1,041,195
125,531
101,003
2,176,362
2,283,707
908,106
829,966
Deferred tax asset (note 22)
55,100
-
0
-
0
-
0
2,231,462
2,283,707
908,106
829,966
18
Current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
156,126
156,126
-
0
-
0
Obligations under finance leases
21
462,702
422,150
348,119
185,872
Other borrowings
20
302,398
410,961
106,221
144,353
Trade payables
712,510
588,060
453,495
403,221
Amounts owed to group undertakings
-
0
-
0
199,684
470,350
Corporation tax payable
-
0
180,000
-
0
-
0
Other taxation and social security
349,993
399,707
269,181
210,757
Other payables
196,246
113,231
194,688
112,868
Accruals and deferred income
334,981
271,645
258,799
231,977
2,514,956
2,541,880
1,830,187
1,759,398
19
Non-current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
704,642
756,251
-
0
-
0
Obligations under finance leases
21
343,095
255,188
326,842
121,038
Other borrowings
20
-
0
302,896
-
0
106,395
1,047,737
1,314,335
326,842
227,433
RABBIT WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
20
Borrowings
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
860,768
912,377
-
0
-
0
Other loans
302,398
713,857
106,221
250,748
1,163,166
1,626,234
106,221
250,748
Payable within one year
458,524
567,087
106,221
144,353
Payable after one year
704,642
1,059,147
-
0
106,395

Bank loans are secured by a first legal charge over the freehold land and property of the group, a debenture over all assets of the group, a guarantee of £1.2m, and a guarantee of £30,000 from a director. Interest on the bank loan is charged at the Bank of England base rate plus 2.38%.

 

The hire purchase obligations included within other payables are secured on the applicable assets.

 

The loan included within other loans is secured by a fixed charge on the group's property, plant and equipment, except those assets held under hire purchase, and interest is charged on this loan at LIBOR plus 3.42%.

21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
462,702
425,463
348,119
185,872
In two to five years
343,095
251,875
326,842
121,038
805,797
677,338
674,961
306,910

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

 

RABBIT WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
22
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
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
1,527,900
1,316,200
-
-
Tax losses
-
-
55,100
-
1,527,900
1,316,200
55,100
-
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
565,600
509,400
-
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
1,316,200
509,400
Charge to profit or loss
156,600
56,200
Liability at 30 September 2024
1,472,800
565,600

The directors have considered the deferred tax liabilities note above and concluded that it is not possible to state the estimated liabilities which will reverse within the next 12 months. This is due to the level of reversal being dependent on events which are not yet known.

23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
260,482
187,927

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.

RABBIT WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
7,500
7,500
75
75
Ordinary A shares of 1p each
2,500
2,500
25
25
10,000
10,000
100
100

Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.

25
Operating lease commitments

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
208,800
208,800
208,800
208,800
Between two and five years
793,867
818,667
793,867
818,667
In over five years
907,333
1,091,333
907,333
1,091,333
1,910,000
2,118,800
1,910,000
2,118,800
RABBIT WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
26
Related party transactions
Transactions with related parties

During the year the group and company had the following transactions with related parties, all of whom are related parties by virtue of having either common directors or shareholders, and all transactions were entered into on a commercial arms length basis.

 

The group and company made sales of £37,971 (2023 - £70,831) to Rabbit Demolition and Excavation Limited and incurred costs of £522 (2023 - £nil). At the statement of financial position date, an amount of £18,692 (2023 - £7,282) was owed to the group and company and is included with other receivables.

 

The group and company made sales of £73,028 (2023 - £68,480) to Rabbit and Dowling Plant Hire Limited and incurred costs of £88,677 (2023 - £72,069). At the statement of financial position date, a net amount of £3,382 (2023 - £2,642 debtor) was owed by the group and company and is included within other payables.

 

The group and company made sales of £1,310 (2023 - £2,427) to Briant Broadband Ltd. At the statement of financial position date, an amount of £nil (2023 - £26) was owed to the group and company and is included with other receivables.

 

The group and company incurred costs of £nil (2023 - £7,112) from Rabbit Skips Limited. At the statement of financial position date, an amount of £nil (2023 - £3,809) was owed by the group and company and is included within other payables.

 

The group and company made sales of £nil (2023 - £7,007) to HELG Properties Ltd.

 

The group and company incurred costs of £18,101 (2023 - £13,122) from Gremlin Air LLP during the year.

 

The group and company made sales of £13,779 (2023 - £10,085) to Sussex Cricket Board. At the statement of financial position date, an amount of £1,808 (2023 - £1,186) was owed to the group and company and is included within trade receivables.

 

The group and company incurred costs of £24,000 (2023 - £24,000) from Byrpark Limited.

 

The group and company incurred costs of £180,000 (2023 - £216,000) from HELG Commercial Properties Ltd. The group made payments of £150,000 (2023 - £290,000) and had receipts of £150,000 (2023 - £260,000) in respect of the settlement of liabilities and balances with other parties.

 

27
Directors' transactions

At the statement of financial position date an amount of £99,761 (2023 - £3,973) was owed to the directors' by the group. No interest is charged on these loan.

 

At the statement of financial position date an amount of £94,891 (2023 - £3,312) was owed to the directors' by the company. No interest is charged on these loan.

 

RABBIT WASTE MANAGEMENT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
520,442
93,147
Adjustments for:
Taxation charged/(credited)
158,152
(17,219)
Finance costs
156,893
194,285
(Gain)/loss on disposal of property, plant and equipment
(10,834)
26,839
Depreciation and impairment of property, plant and equipment
1,265,221
1,402,349
Other gains and losses
-
(94,402)
Movements in working capital:
(Increase)/decrease in inventories
(35,555)
69,252
Decrease/(increase) in trade and other receivables
198,121
(123,386)
Increase/(decrease) in trade and other payables
221,087
(406,086)
Cash generated from operations
2,473,527
1,144,779
29
Analysis of changes in net debt - group
1 October 2023
Cash flows
New finance leases
30 September 2024
£
£
£
£
Cash at bank and in hand
414,104
(208,995)
-
205,109
Borrowings excluding overdrafts
(1,626,234)
463,068
-
(1,163,166)
Obligations under finance leases
(677,338)
544,221
(672,680)
(805,797)
(1,889,468)
798,294
(672,680)
(1,763,854)
30
Analysis of changes in net debt - company
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
112,654
(22,981)
89,673
Borrowings excluding overdrafts
(250,748)
144,527
(106,221)
Obligations under finance leases
(306,910)
(368,051)
(674,961)
(445,004)
(246,505)
(691,509)
2024-09-302023-10-01falseCCH SoftwareCCH Accounts Production 2024.200No description of principal activityMrs A T BridsonMr G D BlurtonMr W D 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