Company Registration No. 13546607 (England and Wales)
Andrew Morley Business Consultancy Limited
Annual report and
group financial statements
for the year ended 30 September 2024
Andrew Morley Business Consultancy Limited
Company information
Directors
V Hughes
A Morley
Company number
13546607
Registered office
1st Floor Chartwell House
Pinfold Road
Bourne
PE10 9HT
Independent auditor
Saffery LLP
Suite 12
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
Bankers
Metro Bank plc
29 Long Causeway
Peterborough
PE1 1YJ
Andrew Morley Business Consultancy Limited
Contents
Page
Strategic report
1
Directors' report
2 - 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 - 30
Andrew Morley Business Consultancy Limited
Strategic report
For the year ended 30 September 2024
1

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

Principal activities

The company’s principal activities include management services, debt recovery services, business consultancy services, and investments into roofing and solar businesses. These activities align with our strategic goals of fostering growth, providing high-quality services, and supporting sustainability initiatives in the industries we serve.

Review of the business

The company has achieved strong results in its business consultancy and debt recovery services. By leveraging expertise and innovative approaches, the company has delivered value to clients while maintaining high standards of service delivery. These strong results have contributed significantly to the company’s overall performance this year.

In terms of its investments into roofing and solar, the group has held its strong position in the industry, and has grown market share despite a challenging new build housing market.

We remain committed to delivering value for our stakeholders by focusing on quality, sustainability, and customer satisfaction.

Principal risks and uncertainties

The business faces several risks and uncertainties that could impact performance and strategic objectives:

Operational Risk: Recruitment of skilled operatives to accommodate the uplift in the construction industry, or project delays could hinder operations.

Financial Risk: Material cost fluctuations could impact margins on existing contracts.

Key performance indicators

Financial Metrics:

 

Revenue:

Profit Before Taxation:

Cash in Bank:

 

On behalf of the board

A Morley
Director
29 January 2025
Andrew Morley Business Consultancy Limited
Directors' report
For the year ended 30 September 2024
2

The directors present their annual report and financial statements for the year ended 30 September 2024 and the comparative period to 30 September 2023 for Andrew Morley Business Consultancy Limited ("the Parent Company") and its subsidiaries ("the Group").

Results and dividends

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

Ordinary dividends were paid amounting to £1,338,429.

Directors

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

V Hughes
A Morley
Auditor

Saffery LLP have expressed their willingness to continue in office.

Statement of directors' responsibilities

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.

Strategic report

The trueGroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Group's Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors' Report. It has done so in respect of fair review of the business, principal risks and uncertainties and key performance indicators.

Andrew Morley Business Consultancy Limited
Directors' report (continued)
For the year ended 30 September 2024
3
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.

On behalf of the board
A Morley
Director
29 January 2025
Andrew Morley Business Consultancy Limited
Independent auditor's report
To the members of Andrew Morley Business Consultancy Limited
4
Opinion

We have audited the financial statements of Andrew Morley Business Consultancy Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2024 which comprise the group statement of comprehensive income, the group 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 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 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. 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.

Andrew Morley Business Consultancy Limited
Independent auditor's report (continued)
To the members of Andrew Morley Business Consultancy Limited
5

Opinions on other matters prescribed by the Companies Act 2006

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

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 set out on page 2, 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the Group and Parent Company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the Group and Parent company by discussions with directors and updating our understanding of the sector in which the Group and Parent company operates.

Andrew Morley Business Consultancy Limited
Independent auditor's report (continued)
To the members of Andrew Morley Business Consultancy Limited
6

Laws and regulations of direct significance in the context of the Group and Parent Company include The Companies Act 2006, and UK Tax legislation.

 

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of the Group and the Parent Company financial statement disclosures. We reviewed the Parent Company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the Parent Company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

As Group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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 Parent 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 Parent Company's members those matters we are required to state to them in an auditors 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 Parent Company and the Parent Company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alistair Hunt FCA (Senior Statutory Auditor)
For and on behalf of Saffery LLP
29 January 2025
Statutory Auditors
Suite 12
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
Andrew Morley Business Consultancy Limited
Group statement of comprehensive income
For the year ended 30 September 2024
7
13 month period
Year ended
ended
30 September
30 September
2024
2023
Notes
£
£
Turnover
3
41,235,607
49,656,930
Cost of sales
(29,424,411)
(35,603,869)
Gross profit
11,811,196
14,053,061
Administrative expenses
(7,697,759)
(8,089,235)
Other operating income
4
826,654
1,725,134
Operating profit
5
4,940,091
7,688,960
Interest receivable and similar income
9
297,457
39,946
Interest payable and similar expenses
10
(85,793)
(173,067)
Profit before taxation
5,151,755
7,555,839
Tax on profit
11
(1,494,258)
(1,741,291)
Profit for the financial year
25
3,657,497
5,814,548
Profit for the financial year is attributable to:
- Owners of the Parent Company
1,865,323
2,932,082
- Non-controlling interests
1,792,174
2,882,466
3,657,497
5,814,548
Andrew Morley Business Consultancy Limited
Group statement of financial position
As at 30 September 2024
30 September 2024
8
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
618,826
190,156
Current assets
Stocks
16
1,672,166
1,497,543
Debtors
17
8,296,239
7,440,447
Cash at bank and in hand
5,985,965
4,630,515
15,954,370
13,568,505
Creditors: amounts falling due within one year
18
(7,780,764)
(7,527,877)
Net current assets
8,173,606
6,040,628
Total assets less current liabilities
8,792,432
6,230,784
Creditors: amounts falling due after more than one year
19
(289,522)
-
Provisions for liabilities
Provisions
21
299,775
346,717
Deferred tax liability
22
2,657
2,657
(302,432)
(349,374)
Net assets
8,200,478
5,881,410
Capital and reserves
Called up share capital
24
1,000
1,000
Profit and loss reserves
25
4,122,802
2,997,944
Equity attributable to owners of the Parent Company
4,123,802
2,998,944
Non-controlling interests
4,076,676
2,882,466
8,200,478
5,881,410
The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
29 January 2025
A  Morley
Director
Company registration number 13546607 (England and Wales)
Andrew Morley Business Consultancy Limited
Company statement of financial position
As at 30 September 2024
30 September 2024
9
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
39,440
9,625
Investments
14
510
510
39,950
10,135
Current assets
Debtors
17
1,484,841
4,985,750
Cash at bank and in hand
3,390,826
577,011
4,875,667
5,562,761
Creditors: amounts falling due within one year
18
(4,126,698)
(5,055,655)
Net current assets
748,969
507,106
Total assets less current liabilities
788,919
517,241
Provisions for liabilities
Deferred tax liability
22
2,657
2,657
(2,657)
(2,657)
Net assets
786,262
514,584
Capital and reserves
Called up share capital
24
1,000
1,000
Profit and loss reserves
25
785,262
513,584
Total equity
786,262
514,584

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the period was £1,012,143 (2023 - £447,722 profit).

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
29 January 2025
A  Morley
Director
Company registration number 13546607 (England and Wales)
Andrew Morley Business Consultancy Limited
Group statement of changes in equity
For the year ended 30 September 2024
10
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 September 2022
100
65,862
65,962
-
65,962
Period ended 30 September 2023:
Profit and total comprehensive income
-
2,932,082
2,932,082
2,882,466
5,814,548
Issue of shares
24
900
-
0
900
-
900
Balance at 30 September 2023
1,000
2,997,944
2,998,944
2,882,466
5,881,410
Year ended 30 September 2024:
Profit and total comprehensive income
-
1,865,323
1,865,323
1,792,174
3,657,497
Dividends
12
-
(740,465)
(740,465)
(597,964)
(1,338,429)
Balance at 30 September 2024
1,000
4,122,802
4,123,802
4,076,676
8,200,478
Andrew Morley Business Consultancy Limited
Company statement of changes in equity
For the year ended 30 September 2024
11
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2022
100
65,862
65,962
Period ended 30 September 2023:
Profit and total comprehensive income for the period
-
447,722
447,722
Issue of shares
900
-
0
900
Balance at 30 September 2023
1,000
513,584
514,584
Year ended 30 September 2024:
Profit and total comprehensive income
-
1,012,143
1,012,143
Dividends
12
-
(740,465)
(740,465)
Balance at 30 September 2024
1,000
785,262
786,262
Andrew Morley Business Consultancy 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
30
4,511,280
5,369,439
Interest paid
(85,793)
(173,067)
Income taxes paid
(1,906,986)
(13,894)
Net cash inflow from operating activities
2,518,501
5,182,478
Investing activities
Purchase of business
-
(437,500)
Purchase of tangible fixed assets
(88,926)
(228,912)
Proceeds from disposal of tangible fixed assets
7,687
8,915
Interest received
297,457
39,946
Net cash generated from/(used in) investing activities
216,218
(617,551)
Financing activities
Proceeds from issue of shares
-
900
Payment of finance leases obligations
(40,840)
-
Dividends paid to equity shareholders
(740,465)
-
0
Dividends paid to non-controlling interests
(597,964)
-
0
Net cash (used in)/generated from financing activities
(1,379,269)
900
Net increase in cash and cash equivalents
1,355,450
4,565,827
Cash and cash equivalents at beginning of year
4,630,515
64,688
Cash and cash equivalents at end of year
5,985,965
4,630,515
Andrew Morley Business Consultancy Limited
Notes to the group financial statements
For the year ended 30 September 2024
13
1
Accounting policies
Company information

Andrew Morley Business Consultancy Limited (“the Parent Company”) is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor Chartwell House, Pinfold Road, Bourne, PE10 9HT.

 

The Group consists of Andrew Morley Business Consultancy Limited and all of its subsidiaries.

1.1
Reporting period

These financial statements have been prepared for a normal 12 month period. The comparative financial information covers a 13 month period due to the Parent Company changing its accounting reference date.

1.2
Accounting convention

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

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

The financial statements have been prepared 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 these consolidated financial statements:

 

1.3
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. 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.

Andrew Morley Business Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
14
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Andrew Morley Business Consultancy 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.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Revenue is recognised when the Group has satisfied its performance obligations to the customer. Revenue is measured as being the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of any discounts and plus VAT where applicable.

Revenue from contracts for the provision of services in relation to roofing installations is recognised over time by reference to the stage of completion. Projects in progress are reviewed and invoiced on a monthly basis to reflect the value of the work carried out in the period.

 

Payment is due throughout the duration of the project/contract based on the amounts invoiced and with reference to agreed credit terms.

1.7
Intangible fixed assets - negative goodwill

Negative goodwill arises when the fair value of the identifiable assets and liabilities is greater than the consideration paid. The negative goodwill is written back to the Consolidated statement of comprehensive income in the periods in which the non-monetary assets are recovered.

1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Leasehold land and buildings
Straight line over lease term
Plant and equipment
20% Straight line
Computers
20% Straight line
Motor vehicles
20% Straight line
Andrew Morley Business Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
15

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.

1.9
Fixed asset investments

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. Investments in subsidiaries are carried at cost less impairment in the Parent Company's financial statements.

1.10
Impairment of fixed assets

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

 

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.

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

 

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

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
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.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Andrew Morley Business Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
16
1.13
Financial instruments

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

 

Financial instruments are recognised in the Group's statement of financial position 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, 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Andrew Morley Business Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
17
Basic financial liabilities

Basic financial liabilities, including creditors, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the Group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Group.

1.15
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Andrew Morley Business Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies (continued)
18
1.16
Provisions

Provisions are recognised when the Group has a legal or constructive present obligation as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.17
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 Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

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

1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the 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.

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.

1.20
Foreign exchange

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

Andrew Morley Business Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
19
2
Critical accounting 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.

 

There are no critical accounting judgements or key sources of estimation uncertainty within these financial statements.

3
Turnover
13 month
Year ended
period ended
30 September
30 September
2024
2023
£
£
Turnover analysed by class of business
Roofing services
41,235,607
49,656,930
41,235,607
49,656,930
13 month
Year ended
period ended
30 September
30 September
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
41,235,607
49,656,930
41,235,607
49,656,930
4
Other operating income
13 month
Year ended
period ended
30 September
30 September
2024
2023
£
£
Commissions receivable
826,654
893,934
Amortisation on negative goodwill
-
831,200
826,654
1,725,134
Andrew Morley Business Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
20
5
Operating profit
13 month
Year ended
period ended
30 September
30 September
2024
2023
£
£
Operating profit for the period is stated after charging/(crediting):
Exchange gains
(8)
-
Depreciation of owned tangible fixed assets
76,849
52,043
(Profit)/loss on disposal of tangible fixed assets
(7,978)
36,085
Amortisation of intangible assets
-
(831,200)
Operating lease charges
181,676
201,464
6
Auditor's remuneration
13 month
Year ended
period ended
30 September
30 September
2024
2023
Fees payable to the Company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the Group and Company
26,590
30,000
Audit of the financial statements of the Company's subsidiaries
98,785
119,700
125,375
149,700
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
Management and administration
92
85
12
9
Total
92
85
12
9
Andrew Morley Business Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
7
Employees (continued)
21

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,338,996
5,134,470
1,321,137
2,060,240
Social security costs
633,279
603,896
167,683
229,446
Pension costs
150,993
161,593
11,211
37,517
6,123,268
5,899,959
1,500,031
2,327,203
8
Directors' remuneration
13 month
Year ended
period ended
30 September
30 September
2024
2023
£
£
Remuneration for qualifying services
1,058,965
257,084
Company pension contributions to defined contribution schemes
2,642
2,256
1,061,607
259,340
Remuneration disclosed above includes the following amounts paid to the highest paid director:
13 month
Year ended
period ended
30 September
30 September
2024
2023
£
£
Remuneration for qualifying services
605,963
146,558
Company pension contributions to defined contribution schemes
1,321
1,128
9
Interest receivable and similar income
13 month
Year ended
period ended
30 September
30 September
2024
2023
£
£
Interest income
Interest on bank deposits
288,252
38,853
Other interest income
9,205
1,093
Total income
297,457
39,946
Andrew Morley Business Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
22
10
Interest payable and similar expenses
13 month
Year ended
period ended
30 September
30 September
2024
2023
£
£
Interest on bank overdrafts and loans
14,468
839
Other interest on financial liabilities
-
172,228
Interest on finance leases and hire purchase contracts
3,364
-
Interest on overdue taxation
67,961
-
Total finance costs
85,793
173,067
11
Taxation
13 month
Year ended
period ended
30 September
30 September
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,328,525
1,741,291
Adjustments in respect of prior periods
165,733
-
0
Total current tax
1,494,258
1,741,291

The actual charge 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:

13 month
Year ended
period ended
30 September
30 September
2024
2023
£
£
Profit before taxation
5,151,755
7,555,839
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
1,287,939
1,888,960
Effect of change in corporation tax rate
-
(147,669)
Under/(over) provided in prior years
165,733
-
0
Other differences
40,586
-
0
Taxation charge
1,494,258
1,741,291
Andrew Morley Business Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
23
12
Dividends
13 month
Year ended
period ended
30 September
30 September
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
740,465
-
Dividends paid to minority shareholders
597,964
1,338,429
-
0
13
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
197,799
16,167
1,055
30,499
245,520
Additions
35,000
-
0
-
0
470,228
505,228
Disposals
(7,437)
-
0
-
0
(2,000)
(9,437)
At 30 September 2024
225,362
16,167
1,055
498,727
741,311
Depreciation and impairment
At 1 October 2023
46,797
6,732
302
1,533
55,364
Depreciation charged in the year
41,147
3,228
13
32,461
76,849
Eliminated in respect of disposals
(9,200)
-
0
-
0
(528)
(9,728)
At 30 September 2024
78,744
9,960
315
33,466
122,485
Carrying amount
At 30 September 2024
146,618
6,207
740
465,261
618,826
At 30 September 2023
151,002
9,435
753
28,966
190,156
Andrew Morley Business Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
13
Tangible fixed assets (continued)
24
Company
Leasehold land and buildings
Plant and equipment
Computers
Total
£
£
£
£
Cost
At 1 October 2023
-
0
16,167
441
16,608
Additions
35,000
-
0
-
0
35,000
At 30 September 2024
35,000
16,167
441
51,608
Depreciation and impairment
At 1 October 2023
-
0
6,732
251
6,983
Depreciation charged in the year
1,944
3,228
13
5,185
At 30 September 2024
1,944
9,960
264
12,168
Carrying amount
At 30 September 2024
33,056
6,207
177
39,440
At 30 September 2023
-
0
9,435
190
9,625
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
510
510
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
510
Carrying amount
At 30 September 2024
510
At 30 September 2023
510
Andrew Morley Business Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
25
15
Subsidiaries

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

Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Blake Roofing Services Limited
Provision of roofing services
Ordinary
51.00
Bracknell Roofing South Limited
Provision of roofing services
Ordinary
51.00
Coulson Roofing Limited
Provision of roofing services
Ordinary
51.00
Mclean Roofing East Limited
Provision of roofing services
Ordinary
51.00
Mclean Roofing North Limited
Provision of roofing services
Ordinary
51.00
Mclean Roofing West Limited
Provision of roofing services
Ordinary
51.00
Pinfold Roofing Limited
Provision of roofing services
Ordinary
51.00
S M Roofing Contractors Limited
Provision of roofing services
Ordinary
51.00
Taylor Roofing Services Limited
Provision of roofing services
Ordinary
51.00
Nationwide Solar Limited
Provision of roofing services
Ordinary
51.00

The registered office address for all subsidiaries is:

48 Broadway, Peterborough, Cambridgeshire, PE1 1YW
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,234,792
1,117,250
-
-
Work in progress
437,374
380,293
-
-
1,672,166
1,497,543
-
-
Andrew Morley Business Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
26
17
Debtors
Group
Company
2024
2023
2024
2023
as restated
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,263,943
4,558,220
35,631
270
Amounts owed by group undertakings
-
-
709,163
4,290,230
Other debtors
678,489
895,812
11,314
2,158
Prepayments and accrued income
738,907
924,219
728,733
693,092
6,681,339
6,378,251
1,484,841
4,985,750
Amounts falling due after more than one year:
Trade debtors
1,614,900
1,062,196
-
0
-
0
Total debtors
8,296,239
7,440,447
1,484,841
4,985,750

Amounts owed by group undertakings are unsecured, interest-bearing and repayable on demand.

 

In the prior year, trade debtors have been restated to show that retentions are due after more than one year.

18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
85,940
-
0
-
0
-
0
Trade creditors
3,870,707
3,496,161
697,969
766,814
Amounts owed to group undertakings
-
0
-
0
2,867,274
3,475,710
Corporation tax payable
1,328,544
1,741,272
132,876
133,716
Other taxation and social security
442,203
451,414
124,098
154,425
Other creditors
605,011
430,744
39,753
9,731
Accruals and deferred income
1,448,359
1,408,286
264,728
515,259
7,780,764
7,527,877
4,126,698
5,055,655

Amounts owed to group undertakings are unsecured, interest-bearing and repayable on demand.

19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
289,522
-
0
-
0
-
0
Andrew Morley Business Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
27
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
85,940
-
0
-
0
-
0
In two to five years
289,522
-
0
-
0
-
0
375,462
-
-
-

Finance lease payments represent rentals payable by the Group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Dilapidations
190,354
197,791
-
-
Risk register
109,421
148,926
-
-
299,775
346,717
-
-
Movements on provisions:
Dilapidations
Risk register
Total
Group
£
£
£
At 1 October 2023
197,791
148,926
346,717
Additional provisions in the year
-
106
106
Reversal of provision
(7,543)
-
(7,543)
Utilisation of provision
-
(39,505)
(39,505)
At 30 September 2024
190,248
109,527
299,775
22
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
2,657
2,657
Andrew Morley Business Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
22
Deferred taxation (continued)
28
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
2,657
2,657
There were no deferred tax movements in the year.
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
150,993
161,593

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.

 

At the balance sheet date, outstanding contributions amounted to £25,960 (2023: £24,638) and are included in other creditors.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100,000
100,000
1,000
1,000

All ordinary shares carry full voting rights together with the entitlement to pari passu dividend payments or any other distribution and is entitled pari passu to participate in a distribution arising from a winding up of the company.

 

25
Reserves
Profit and loss reserves

This reserve includes all current and prior period retained profits and losses.

Andrew Morley Business Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
29
26
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
392,523
292,911
74,155
-
Between two and five years
613,494
471,814
130,358
-
1,006,017
764,725
204,513
-
27
Events after the reporting date

Dividends totalling £341,665 were paid to shareholders post year end.

28
Related party transactions
Transactions with related parties

During the year the Group traded with the following entities in which A Morley and V Hughes are directors and/or shareholders:

Total purchases
2024
2023
£
£
Group
Entities over which individuals with significant influence or control over the entity have significant influence or control
27,247
507,452
Other related parties
210,364
217,177

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Entities over which individuals with significant influence or control over the entity have significant influence or control
364,459
3,869
Andrew Morley Business Consultancy Limited
Notes to the group financial statements (continued)
For the year ended 30 September 2024
28
Related party transactions (continued)
30

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
£
£
Group
Entities over which individuals with significant influence or control over the entity have significant influence or control
3,212,732
795,591
29
Controlling party

The ultimate controlling party is Andrew Morley by virtue of his majority shareholding.

30
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
3,657,497
5,814,548
Adjustments for:
Taxation charged
1,494,258
1,741,291
Finance costs
85,793
173,067
Investment income
(297,457)
(39,946)
(Gain)/loss on disposal of tangible fixed assets
(7,978)
36,085
Amortisation and impairment of intangible assets
-
(831,200)
Depreciation and impairment of tangible fixed assets
76,849
52,043
(Decrease)/increase in provisions
(46,942)
346,717
Movements in working capital:
(Increase)/decrease in stocks
(174,623)
64,535
Increase in debtors
(855,792)
(7,428,499)
Increase in creditors
579,675
5,440,798
Cash generated from operations
4,511,280
5,369,439
31
Analysis of changes in net funds - group
1 October 2023
Cash flows
New finance leases
30 September 2024
£
£
£
£
Cash at bank and in hand
4,630,515
1,355,450
-
5,985,965
Obligations under finance leases
-
40,840
(416,302)
(375,462)
4,630,515
1,396,290
(416,302)
5,610,503
2024-09-302023-10-01falseCCH SoftwareCCH Accounts Production 2024.210V HughesA 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