Company registration number SC455612 (Scotland)
SMITH & MCLAURIN HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 NOVEMBER 2024
SMITH & MCLAURIN HOLDINGS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
SMITH & MCLAURIN HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr David Hollas
Mr Patrick Kennedy
Mrs Roslynn Mackay
Mr A McLaughlin
John Radford
Secretary
Mr Allan McLaughlin
Company number
SC455612
Registered office
Cartside Mill
Kilbarchan Road
Kilbarchan
Renfrewshire
Scotland
PA10 2AF
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
SMITH & MCLAURIN HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 1 NOVEMBER 2024
- 2 -
The directors present the strategic report for the period ended 1 November 2024.
Review of the business
The major impact on the business in 2023/24 was the flat level of trading in the group's markets in the UK and western Europe.
Turnover for the year was £21.0m (2023: £20.9m); gross profit was £6.4m (2023: £5.6m); operating profit was £0.8m (2023: £0.7m).
The group continues to make significant investment in product development and in plant and equipment.
Principal risks and uncertainties
The major risks facing the business are external factors such as exchange rates, low rates of economic growth, high level of inflation, high interest rates and the lack of growth in key markets.
The group is financed by an invoice discounting facility and there is sufficient headroom for trading levels.
Trading levels and profitability for the first two months of 2024/25 have been reasonable with turnover and operating profit close to budget, despite the generally flat trading conditions in the UK and western Europe.
Going concern
As detailed above, the Directors have considered all internal and external factors and the resources at the group's disposal and have concluded there is no material uncertainty with regards to going concern.
Consequently, the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Key performance indicators
The Key Performance Indicators measured by the business include:
Turnover
Gross and Net Margins
Cash Availability
Future developments
The group will continue to make significant investment in product development and plant and machinery.
Mr A McLaughlin
Director
2 March 2025
SMITH & MCLAURIN HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 1 NOVEMBER 2024
- 3 -
The directors present their annual report and financial statements for the period ended 1 November 2024.
Principal activities
The principal activity of the company and group continued to be that of speciality coating and converting of paper products.
Results and dividends
The results for the period are set out on page 8.
Ordinary dividends were paid amounting to £97,525 (2023: £282,992). The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr David Hollas
Mr Patrick Kennedy
Mrs Roslynn Mackay
Mr A McLaughlin
John Radford
Financial instruments
The group's financial risk management objective is broadly to seek to make profit nor loss from exposure to currency or interest rate risks. Its policy is to finance working capital through retained earnings and to fix sterling value of export sales when a contract is signed and through use of invoice discounting facility.
The group's exposure to the price risk of financial instruments is therefore minimal. As the counterparties to all financial instruments are its bankers, it is also exposed to minimal credit and liquidity risks in respect of these instruments.
The directors do not consider any other risks attaching to the use of financial instruments to be material to an assessment of the group's financial position or performance.
Research and development
The group continues to invest in research and development in key areas such as product construction, adhesive technology and coating techniques.
Auditor
The auditor, Consilium Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
SMITH & MCLAURIN HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 NOVEMBER 2024
- 4 -
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 A McLaughlin
Director
2 March 2025
SMITH & MCLAURIN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SMITH & MCLAURIN HOLDINGS LIMITED
- 5 -
Opinion
We have audited the financial statements of Smith & McLaurin Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 1 November 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 1 November 2024 and of the group's profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
SMITH & MCLAURIN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SMITH & MCLAURIN HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
SMITH & MCLAURIN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SMITH & MCLAURIN HOLDINGS LIMITED
- 7 -
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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
We identified the laws and regulations applicable to the group through discussions with directors and management and from our knowledge of the regulatory environment relevant to the group.
We assessed the extent of compliance with laws and regulations through making enquiries of management and inspecting legal correspondence
We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud.
To address the risk of fraud through management bias and override of controls, we tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and we investigated the rationale behind significant or unusual transactions.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
Brian Thomson BA(Hons) CA (Senior Statutory Auditor
For and on behalf of Consilium Audit Limited
Statutory Auditor
169 West George Street
Glasgow
Scotland
G2 2LB
3 March 2025
SMITH & MCLAURIN HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 1 NOVEMBER 2024
- 8 -
Period
Period
ended
ended
1 November
27 October
2024
2023
Notes
£
£
Turnover
3
20,990,317
20,915,698
Cost of sales
(14,602,340)
(15,285,974)
Gross profit
6,387,977
5,629,724
Distribution costs
(2,095,676)
(2,243,280)
Administrative expenses
(3,539,532)
(2,650,452)
Other operating income
16,268
11,561
Operating profit
4
769,037
747,553
Interest payable and similar expenses
8
(161,331)
(177,987)
Profit before taxation
607,706
569,566
Tax on profit
9
(1,407)
(182,284)
Profit for the financial period
606,299
387,282
Profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
The notes on pages 14 to 29 form part of these financial statements.
SMITH & MCLAURIN HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 1 NOVEMBER 2024
01 November 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
1,211,000
1,354,000
Tangible assets
12
952,668
925,490
2,163,668
2,279,490
Current assets
Stocks
15
3,408,972
3,712,775
Debtors
16
3,831,412
4,254,282
Cash at bank and in hand
1,980,233
1,056,660
9,220,617
9,023,717
Creditors: amounts falling due within one year
17
(5,366,700)
(5,607,816)
Net current assets
3,853,917
3,415,901
Total assets less current liabilities
6,017,585
5,695,391
Creditors: amounts falling due after more than one year
18
(58,882)
(257,788)
Provisions for liabilities
Deferred tax liability
20
217,323
204,997
(217,323)
(204,997)
Net assets
5,741,380
5,232,606
Capital and reserves
Called up share capital
22
118,044
118,044
Share premium account
1,325,607
1,325,607
Capital redemption reserve
18,000
18,000
Profit and loss reserves
4,279,729
3,770,955
Total equity
5,741,380
5,232,606
The notes on pages 14 to 29 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 2 March 2025 and are signed on its behalf by:
02 March 2025
Mr A McLaughlin
Director
SMITH & MCLAURIN HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 1 NOVEMBER 2024
01 November 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
3,028,000
3,028,000
Current assets
Cash at bank and in hand
1,663,544
1,006,616
Creditors: amounts falling due within one year
17
(2,634,713)
(1,977,773)
Net current liabilities
(971,169)
(971,157)
Net assets
2,056,831
2,056,843
Capital and reserves
Called up share capital
22
118,044
118,044
Share premium account
1,325,607
1,325,607
Capital redemption reserve
18,000
18,000
Profit and loss reserves
595,180
595,192
Total equity
2,056,831
2,056,843
The notes on pages 14 to 29 form part of these financial statements.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £97,513 (2023 - £282,980 profit).
The financial statements were approved by the board of directors and authorised for issue on 2 March 2025 and are signed on its behalf by:
02 March 2025
Mr A McLaughlin
Director
Company Registration No. SC455612
SMITH & MCLAURIN HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 1 NOVEMBER 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 29 October 2022
118,044
1,325,607
18,000
3,666,665
5,128,316
Period ended 27 October 2023:
Profit and total comprehensive income for the period
-
-
-
387,282
387,282
Dividends
10
-
-
-
(282,992)
(282,992)
Balance at 27 October 2023
118,044
1,325,607
18,000
3,770,955
5,232,606
Period ended 1 November 2024:
Profit and total comprehensive income for the period
-
-
-
606,299
606,299
Dividends
10
-
-
-
(97,525)
(97,525)
Balance at 1 November 2024
118,044
1,325,607
18,000
4,279,729
5,741,380
The notes on pages 14 to 29 form part of these financial statements.
SMITH & MCLAURIN HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 1 NOVEMBER 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 29 October 2022
118,044
1,325,607
18,000
595,204
2,056,855
Period ended 27 October 2023:
Profit and total comprehensive income for the period
-
-
-
282,980
282,980
Dividends
10
-
-
-
(282,992)
(282,992)
Balance at 27 October 2023
118,044
1,325,607
18,000
595,192
2,056,843
Period ended 1 November 2024:
Profit and total comprehensive income for the period
-
-
-
97,513
97,513
Dividends
10
-
-
-
(97,525)
(97,525)
Balance at 1 November 2024
118,044
1,325,607
18,000
595,180
2,056,831
The notes on pages 14 to 29 form part of these financial statements.
SMITH & MCLAURIN HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 1 NOVEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,124,614
2,558,663
Interest paid
(161,331)
(177,987)
Income taxes paid
(21,653)
(372,336)
Net cash inflow from operating activities
941,630
2,008,340
Investing activities
Purchase of tangible fixed assets
(215,700)
(319,195)
Net cash used in investing activities
(215,700)
(319,195)
Financing activities
Movement in invoice discounting facility
620,168
(1,307,802)
Repayment of borrowings
(325,000)
(100,000)
Dividends paid to equity shareholders
(97,525)
(282,992)
Net cash generated from/(used in) financing activities
197,643
(1,690,794)
Net increase/(decrease) in cash and cash equivalents
923,573
(1,649)
Cash and cash equivalents at beginning of period
1,056,660
1,058,309
Cash and cash equivalents at end of period
1,980,233
1,056,660
SMITH & MCLAURIN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 NOVEMBER 2024
- 14 -
1
Accounting policies
Company information
Smith & McLaurin Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Cartside Mill, Kilbarchan Road, Kilbarchan, Renfrewshire, Scotland, PA10 2AF.
The group consists of Smith & McLaurin Holdings Ltd and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Financial Reporting Standard 102 - reduced disclosure
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 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and all group undertakings. Group accounting policies are consistently applied across all group companies. The results of the companies acquired or disposed of are included in the Consolidated Statement of Comprehensive Income.
A separate Statement of Comprehensive Income for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.
1.3
Going concern
At the time of approving the financial statements, the directors have assessed the group's current projection for 12 months and 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.
1.4
Reporting period
The group prepares these financial statements for a 53 week period to 1 November 2024. The comparative figures are the 52 weeks to 27 October 2023.
SMITH & MCLAURIN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.6
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.7
Intangible fixed assets - goodwill
Goodwill is stated at cost less accumulated amortisation and any impairment in value. Cost is the difference between the fair value of the consideration paid on the acquisition of a business and the fair value of the separable net assets required. Amortisation is calculated to write off the cost of goodwill on a straight-line basis over its estimated useful life up to a maximum of 20 years.
The carrying value of goodwill is reviewed by the directors annually for any impairment.
1.8
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:
Tenant improvements
10 years
Plant and equipment
2 to 10 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, 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.
Work in progress
Work in progress is valued on the basis of direct material and labour costs plus attributable overheads based on a normal level of activity. No element of profit is included in the valuation of work in progress.
SMITH & MCLAURIN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 NOVEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost 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.
SMITH & MCLAURIN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 NOVEMBER 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.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is 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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SMITH & MCLAURIN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 NOVEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.16
Leases
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.
Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.
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.
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
1.18
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.
1.19
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
SMITH & MCLAURIN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 NOVEMBER 2024
- 19 -
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Determine the basis of recognising income. The group recognises revenue when the amount can be measured reliably; it is probable that future economic benefit will flow to the group and the group has fulfilled its contractual obligations.
Determine whether leases entered into by the group as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Determine whether there are indicators of impairment of the group's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
Determine whether any bad debt provision is required via review of trade debtors, with debts provided for on a specific basis. Factors considered include customer payment history and agreed credit terms.
Determine whether any stock provision is required via comparison of cost and net realisable value of stock on an item by item basis. Factors considered include stock obsolescence.
Determine the basis for translating assets and liabilities held in foreign currency at the period end date as well as transactions during the period.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
11,559,140
12,669,504
Europe
7,426,184
7,944,821
Rest of World
2,004,993
301,373
20,990,317
20,915,698
2024
2023
£
£
Other revenue
Grants received
16,268
11,561
SMITH & MCLAURIN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 NOVEMBER 2024
- 20 -
4
Operating profit
2024
2023
£
£
Operating profit for the period is stated after charging/(crediting):
Research and development costs
18,865
6,193
Government grants
(16,268)
(11,561)
Depreciation of owned tangible fixed assets
188,522
193,848
Amortisation of intangible assets
143,000
143,000
Foreign exchange differences
1,927
32,824
Hire of plant operating leases
53,769
48,714
Hire of premises operating leases
211,667
160,000
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company's subsidiaries
21,000
21,000
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the period was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production
53
52
-
-
Selling and distribution
7
6
-
-
Administration
15
20
-
-
Total
75
78
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,069,954
2,513,492
Social security costs
217,936
204,984
-
-
Pension costs
122,628
117,483
3,410,518
2,835,959
SMITH & MCLAURIN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 NOVEMBER 2024
- 21 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
451,363
164,869
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
12,666
N/A
Company pension contributions to defined contribution schemes
174,000
N/A
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
161,331
177,987
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
90,893
142,792
Adjustments in respect of prior periods
(101,812)
Total current tax
(10,919)
142,792
Deferred tax
Origination and reversal of timing differences
12,326
39,492
Total tax charge
1,407
182,284
SMITH & MCLAURIN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 NOVEMBER 2024
9
Taxation
(Continued)
- 22 -
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
607,706
569,566
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
151,927
125,305
Tax effect of expenses that are not deductible in determining taxable profit
(1,737)
20,133
Permanent capital allowances in excess of depreciation
(13,870)
(34,106)
Amortisation on assets not qualifying for tax allowances
35,754
31,460
Research and development tax credit
(182,993)
Deferred tax provided at different rates
12,326
39,492
Taxation charge
1,407
182,284
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
97,525
282,992
SMITH & MCLAURIN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 NOVEMBER 2024
- 23 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 28 October 2023 and 1 November 2024
2,853,000
Amortisation and impairment
At 28 October 2023
1,499,000
Amortisation charged for the period
143,000
At 1 November 2024
1,642,000
Carrying amount
At 1 November 2024
1,211,000
At 27 October 2023
1,354,000
The company had no intangible fixed assets at 1 November 2024 or 27 October 2023.
12
Tangible fixed assets
Group
Tenant improvements
Plant and equipment
Total
£
£
£
Cost
At 28 October 2023
771,644
4,781,765
5,553,409
Additions
8,782
206,918
215,700
At 1 November 2024
780,426
4,988,683
5,769,109
Depreciation and impairment
At 28 October 2023
664,359
3,963,560
4,627,919
Depreciation charged in the period
24,438
164,084
188,522
At 1 November 2024
688,797
4,127,644
4,816,441
Carrying amount
At 1 November 2024
91,629
861,039
952,668
At 27 October 2023
107,285
818,205
925,490
The company had no tangible fixed assets at 1 November 2024 or 27 October 2023.
SMITH & MCLAURIN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 NOVEMBER 2024
- 24 -
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
3,028,000
3,028,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 28 October 2023 and 1 November 2024
3,028,000
Carrying amount
At 1 November 2024
3,028,000
At 27 October 2023
3,028,000
14
Subsidiaries
Details of the company's subsidiaries at 1 November 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Smith & McLaurin Group Limited
Cartside Mill, Kilbarchan Road, Kilbarchan, Johnstone, Renfrewshire, Scotland, PA10 2AF
Intermediate subsidiary
A and B Ordinary
100.00
-
Smith & McLaurin Limited
Cartside Mill, Kilbarchan Road, Kilbarchan, Johnstone, Renfrewshire, Scotland, PA10 2AF
Speciality coating and converting of paper products
A and B Ordinary
-
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
2,348,140
2,563,168
-
-
Work in progress
562,050
669,485
-
-
Finished goods and goods for resale
498,782
480,122
3,408,972
3,712,775
-
-
SMITH & MCLAURIN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 NOVEMBER 2024
- 25 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,689,742
4,010,947
Prepayments and accrued income
141,670
243,335
3,831,412
4,254,282
-
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
19
100,000
Trade creditors
2,130,569
2,802,893
Amounts owed to group undertakings
2,634,713
1,977,773
Corporation tax payable
90,840
123,412
Other taxation and social security
256,847
228,627
-
-
Other creditors
2,657,246
2,086,529
Accruals and deferred income
231,198
266,355
5,366,700
5,607,816
2,634,713
1,977,773
Included in other creditors above is an amount of £2,623,751 (2023: £2,003,583) which relates to an invoice discounting facility which is secured over the outstanding trade debtors.
A bond and floating charge is held by the bank over the assets of the company and cross guarantees in favour of Smith & McLaurin Group Limited and Smith & McLaurin Limited.
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
19
225,000
Other creditors
58,882
32,788
58,882
257,788
-
-
SMITH & MCLAURIN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 NOVEMBER 2024
- 26 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
325,000
Payable within one year
100,000
Payable after one year
225,000
20
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
217,323
204,997
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the period:
£
£
Liability at 28 October 2023
204,997
-
Charge to profit or loss
12,326
-
Liability at 1 November 2024
217,323
-
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
122,628
117,483
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
SMITH & MCLAURIN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 NOVEMBER 2024
- 27 -
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
52,764
52,764
52,764
52,764
A Ordinary Shares of £1 each
12,780
12,780
12,780
12,780
B Ordinary Shares of £1 each
17,500
17,500
17,500
17,500
C Ordinary Shares of £1 each
17,500
17,500
17,500
17,500
D Ordinary Shares of £1 each
17,500
17,500
17,500
17,500
118,044
118,044
118,044
118,044
The entity is limited by shares. All class shares confer the same rights upon the holders and rank pari passu in all respects, except that the directors may declare a different dividend for each class of share. In addition, there are different pre-emption rights for each class of share.
23
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
208,714
208,714
-
-
Between two and five years
746,893
795,607
-
-
In over five years
1,146,667
1,306,667
-
-
2,102,274
2,310,988
-
-
SMITH & MCLAURIN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 NOVEMBER 2024
- 28 -
24
Related party transactions
Transactions with related parties
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
During the period the group entered into the following transactions with related parties:
Support services
Rent
2024
2023
2024
2023
£
£
£
£
Group
Connected companies
47,717
47,717
211,667
160,000
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Connected companies
12,658
4,078
Other information
No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
25
Contingent liability
At 1 November 2024, the group had an outstanding HMRC bond with a maximum potential liability of £150,000 (2023: £150,000).
26
Controlling party
The ultimate controlling party is Allan McLaughlin by virtue of his shareholding.
SMITH & MCLAURIN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 NOVEMBER 2024
- 29 -
27
Cash generated from group operations
2024
2023
£
£
Profit after taxation
606,299
387,282
Adjustments for:
Taxation charged
1,407
182,284
Finance costs
161,331
177,987
Amortisation and impairment of intangible assets
143,000
143,000
Depreciation and impairment of tangible fixed assets
188,522
193,848
Movements in working capital:
Decrease in stocks
303,803
1,131,221
Decrease in debtors
422,870
963,691
Decrease in creditors
(702,618)
(620,650)
Cash generated from operations
1,124,614
2,558,663
28
Analysis of changes in net funds - group
28 October 2023
Cash flows
1 November 2024
£
£
£
Cash at bank and in hand
1,056,660
923,573
1,980,233
Borrowings excluding overdrafts
(325,000)
325,000
-
731,660
1,248,573
1,980,233
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