Company registration number 01135842 (England and Wales)
HYDRACHEM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
HYDRACHEM LIMITED
COMPANY INFORMATION
Directors
W P Miro
V M Miro
R Rough
N Barbieri
A Miro
T Hanslip
S Collin
(Appointed 1 February 2024)
A Mwije
(Appointed 19 December 2024)
E Firth
(Appointed 19 December 2024)
Secretary
W P Miro
Company number
01135842
Registered office
2 Leman Street
London
E1W 9US
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
HYDRACHEM LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 26
HYDRACHEM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -

The directors present the strategic report for the year ended 31 October 2023.

Review of the business

The trading results for the year ended 31 October 2023, and the company's financial position at the end of the year are shown in the attached audited financial statements.

 

The results for the year show an operating profit before tax of £387,568 (2022: £14,919), a profit before tax of £349,438 (2022: 86,759) and EBITDA of £688,043 (2022: £310,707).

 

Turnover increased by 4.9% (2022: 11.5%) compared to the prior year, while gross margin also increased to 45.3% (2022: 39.8%) of revenues and pre-tax profit is 3.7% (2022: 0.7%) of revenues.

 

Administrative expenses excluding depreciation, currency gains/losses, and directors remuneration have increased by 12% to £5,535,612 (2022: £4,290,886).

 

The statement of financial position as at 31 October 2023 shows closing stock of raw materials and consumables have increased by 1.4% to £879,193 (2022: £867,397).

Principal risks and uncertainties

The directors consider the key business risks facing the company's business to be the general economic and competitive business environment, liquidity and cash flow, credit risks and the fluctuating currency exchange rates. While the company’s management has developed specific plans to deal with each of those risk areas and the directors consider such plans to be adequate, not all risk factors are within management’s control.

Development and performance

The company’s turnover increased compared to the previous year, driven by the lifting of Covid-19 restrictions and the resulting rise in demand for its products. As of the signing date of these accounts, confirmed sales orders are significantly higher than in the same period last year. For the year ending 31 October 2024, sales volume is projected to grow by more than 10% compared to 2023, restoring the company to a post-tax profitability position and strengthening its net asset base.

To support this growth, the company has continued its strategic investment program, backed by shareholder support, with targeted spending on machinery and human resources to enhance production capacity, productivity, and efficiency. Additionally, the renewal of the company’s Goods Manufacturing Practice (GMP) certificate in 2022 has unlocked further opportunities, fostering new orders from both existing customers and emerging markets.

Looking ahead, the company remains well-positioned for sustained growth. Stronger relationships with existing customers, new business acquisitions, and the ability to navigate an evolving market reinforce the company’s competitive edge. For these reasons, the directors remain optimistic about the future.

 

Key performance indicators

The key performance indicators used by the directors to monitor the performance of the business include like-for like turnover, gross margin, operating profit margin, wage cost, EBITDA and cash flow. Other non-financial measures are also regularly reviewed including health and safety audits and staff turnover. The Directors constantly review the product mix, systems and processes and training to our teams to ensure we continue to deliver the best possible product.

 

The company aims to grow its revenue year on year and have the company’s debtors and cash balance grow in line with the sales while also restricting the increase in administrative expenses. The company also aims to reduce the use of unrecycled plastic packaging year on year as it replaces the virgin plastics with 30%-50% recycled plastics.

 

To achieve the target of increasing revenue, the company has increased its production capacity, expanded its product line and improved its marketing efforts.

HYDRACHEM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
Key performance indicators (Continued)

To reduce the use of unrecycled plastic packaging the company has decreased the size of its packaging and explored the use biodegradable packaging so that the company can reduce the environmental impact of plastic waste.

 

The company continuously considers other non-financial measures such as health and safety audits, staff turnover, product mix, systems, processes, and training to ensure that it continues to deliver the best possible product.

On behalf of the board

T Hanslip
Director
19 March 2025
HYDRACHEM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 October 2023.

Principal activities

The principal activity of the company continued to be that of the manufacturing and distribution of specialised chemicals and associated products.

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

W P Miro
V M Miro
R Rough
D Soong
(Resigned 7 December 2022)
N Barbieri
A Miro
T Hanslip
S Collin
(Appointed 1 February 2024)
A Mwije
(Appointed 19 December 2024)
E Firth
(Appointed 19 December 2024)
Financial instruments
Liquidity risk

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

Interest rate risk

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.

Foreign currency risk

The company’s principal foreign currency exposures arise from trading with overseas companies. To mitigate this risk, the company aims to minimise transactions and holdings of non-functional currencies unless there are specific reasons to do so.

Credit risk

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

Post reporting date events

These have been disclosed in the notes attached to these financial statements.

Future developments

The directors continue to grow the business both organically and through the identification and development of new products and markets and confidently expect an increase in revenue and trading profits in future years.

HYDRACHEM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
Auditor

There was a change in auditor during the period with Gravita Audit II Limited being appointed as auditor following the resignation of Gravita Audit Limited on 12 March 2025.

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 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 company’s auditor 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 company’s auditor 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
T Hanslip
Director
19 March 2025
HYDRACHEM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HYDRACHEM LIMITED
- 5 -

Qualified opinion

We have audited the financial statements of Hydrachem Limited (the 'company') for the year ended 31 October 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph of our report, the financial statements:

Basis for qualified opinion

In respect of the long term receivables due from Alexandra Miro Limited included in the group statement of financial position at £nil (2022 - £429,036), our audit opinion on the financial statements for the year ended 31 October 2022 was qualified because we did not consider there were conditions in place to support the unwinding of the present value discount resulting in a gain and corresponding increase to the loan balance of £103,245. Consequently, our opinion on the current period’s financial statements is modified because of the effect of this matter on the comparability of current period’s figures and the corresponding amounts. In addition, any reference to the reported performance relating to corresponding amounts is materially misstated.

 

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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

 

As described in the basis for qualified opinion section of our report, we are of the opinion that the reported comparative value of another long term receivable of £nil (2022: £429,036) and related finance income was overstated by £103,245.  Where the other information refers to long term receivables or financial performance, it is materially misstated for the same reason.

HYDRACHEM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HYDRACHEM LIMITED (CONTINUED)
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

Except for the effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

Except for the effects of the matter described in the basis for qualified opinion section of our report, in our opinion, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

 

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:

 

HYDRACHEM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HYDRACHEM LIMITED (CONTINUED)
- 7 -

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

 

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, if any.

 

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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Sarah Wilson FCA (Senior Statutory Auditor)
For and on behalf of Gravita Audit II Limited, Statutory Auditor
Chartered Accountants
Aldgate Tower
2 Leman Street
London
E1 8FA
19 March 2025
HYDRACHEM LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
13,073,115
12,457,359
Cost of sales
(7,149,935)
(7,498,925)
Gross profit
5,923,180
4,958,434
Administrative expenses
(5,535,612)
(4,943,515)
Operating profit
4
387,568
14,919
Interest receivable and similar income
7
-
0
124,468
Interest payable and similar expenses
8
(38,130)
(52,628)
Profit before taxation
349,438
86,759
Tax on profit
9
(59,331)
(347,875)
Profit/(loss) for the financial year
290,107
(261,116)

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

HYDRACHEM LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023
31 October 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
10
65,191
53,929
Tangible assets
11
3,646,292
2,844,491
3,711,483
2,898,420
Current assets
Stocks
12
879,193
867,397
Debtors falling due after more than one year
13
100,330
429,036
Debtors falling due within one year
13
2,950,078
4,235,751
Cash at bank and in hand
494,988
581,018
4,424,589
6,113,202
Creditors: amounts falling due within one year
14
(3,368,223)
(4,351,676)
Net current assets
1,056,366
1,761,526
Total assets less current liabilities
4,767,849
4,659,946
Creditors: amounts falling due after more than one year
15
(480,050)
(894,687)
Provisions for liabilities
Provisions
17
327,687
309,138
Deferred tax liability
18
827,236
613,352
(1,154,923)
(922,490)
Net assets
3,132,876
2,842,769
Capital and reserves
Called up share capital
20
50,000
50,000
Profit and loss reserves
3,082,876
2,792,769
Total equity
3,132,876
2,842,769

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

The financial statements were approved by the board of directors and authorised for issue on 19 March 2025 and are signed on its behalf by:
T Hanslip
Director
Company registration number 01135842 (England and Wales)
HYDRACHEM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2021
50,000
3,053,885
3,103,885
Year ended 31 October 2022:
Loss and total comprehensive income
-
(261,116)
(261,116)
Balance at 31 October 2022
50,000
2,792,769
2,842,769
Year ended 31 October 2023:
Profit and total comprehensive income
-
290,107
290,107
Balance at 31 October 2023
50,000
3,082,876
3,132,876
HYDRACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 11 -
1
Accounting policies
Company information

Hydrachem Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, E1W 9US.

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 and the requirements of the Companies Act 2006 except for disclosure of turnover analysed by geographical market as required by Companies Act 2006 under SI 2008/410,1Sch 68 (1-5) unless this is seriously prejudicial to the interests of the company.

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.

This 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:

 

 

The financial statements of the company are consolidated in the financial statements of Hydrachem Group Limited. These consolidated financial statements are available from its registered office at 2 Leman Street, London, E1W 9US.

HYDRACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 12 -
1.2
Going concern

These financial statements are prepared on a going concern basis because the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future for the following reasons:

 

- The directors have prepared detailed cashflow projections to March 2026. Based on board scrutiny of these projections and the assumptions used in preparing these forecasts, the directors are satisfied that the company has sufficient resources to meet its liabilities as they fall due for a period of at least twelve months from date of signing of these financial statements.

 

- In respect of a £1,000,000 loan facility obtained by the company's parent from Coutts & Co which had an outstanding balance of £624,998 (2022: £791,667) at the reporting date and was due to be repaid to the bank by 31 July 2024, the company provided a composite guarantee to Hydrachem Group Limited as well as a mortgage debenture incorporating fixed and floating charges over all the assets of the company including book debts as security for this loan. However, prior to the date of approving these financial statements, parent company was able to obtain a refinancing of the loan such that the outstanding balance is now to be repaid in quarterly instalments until the final repayment date of 31 August 2027. Hence, there are no longer any material uncertainties regarding going concern to note regarding the parent company's ability to repay this loan as and when due.

 

- The company also has a loan of £934,365 (2022: £1,085,401) due to Hydrachem Group Limited, its parent company, which is repayable on demand. However, Hydrachem Group Limited has provided the company with an undertaking that for at least 12 months from the date of approval of these financial statements, it will not seek repayment of the amounts currently owed to it by the company.

 

These financial statements do not include any adjustments if the above support is withdrawn.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods sold in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

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

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

1.4
Intangible fixed assets - goodwill

Goodwill on acquisition of the business from Gourmet & Co Limited was amortised over 20 years.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

HYDRACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 13 -

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

Software
20% Straight Line
Patents
10% Straight Line
1.6
Tangible fixed assets

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

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

Leasehold improvements
10% Straight Line
Plant and machinery
10% - 15% Straight Line
Fixtures, fittings & equipment
20% - 33% Straight Line
Motor vehicles
20% Straight Line

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 credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company 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.

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.

1.8
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

HYDRACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 14 -

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.

1.9
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.

1.10
Financial instruments

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

 

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

 

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

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.

Other financial assets

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

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 company 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.

HYDRACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 15 -
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 company after deducting all of its liabilities.

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company 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 company.

1.12
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 income statement 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HYDRACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 16 -
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 income statement, 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 when the company 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.

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company 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.

1.14
Employee benefits

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

 

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

 

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

1.15
Retirement benefits

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

1.16
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.

HYDRACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 17 -
1.17
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

 

In preparing these financial statements, the directors have made the following judgements and estimates:

3
Turnover and other revenue

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

2023
2022
£
£
Turnover analysed by class of business
Sale of goods
13,073,115
12,457,359
2023
2022
£
£
Other revenue
Interest income
-
124,468

The directors are of the opinion that the disclosure of the geographical turnover of the company would be prejudicial to the company's interest. Such disclosure has therefore been omitted.

HYDRACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 18 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
44,159
(4,296)
Fees payable to the company's auditor for the audit of the company's financial statements
24,000
46,050
Depreciation of owned tangible fixed assets
283,357
282,455
(Profit)/loss on disposal of tangible fixed assets
-
9,200
Amortisation of intangible assets
17,118
13,334
Operating lease charges
488,508
483,444
5
Employees

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

2023
2022
Number
Number
Directors
6
7
Staff
74
72
Total
80
79

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,890,351
2,713,701
Social security costs
327,252
275,692
Pension costs
97,930
68,622
3,315,533
3,058,015

 

6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
320,466
308,937
Company pension contributions to defined contribution schemes
53,200
52,200
373,666
361,137
HYDRACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
6
Directors' remuneration
(Continued)
- 19 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
159,906
130,666
Company pension contributions to defined contribution schemes
53,200
52,200
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
-
0
124,468
8
Interest payable and similar expenses
2023
2022
£
£
Interest on finance leases and hire purchase contracts
38,130
52,628
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
48,451
Adjustments in respect of prior periods
(54,222)
(157,029)
Total current tax
(54,222)
(108,578)
Deferred tax
Origination and reversal of timing differences
213,883
154,771
Changes in tax rates
-
0
147,205
Tax losses carried forward
(100,330)
154,477
Total deferred tax
113,553
456,453
Total tax charge
59,331
347,875
HYDRACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
9
Taxation
(Continued)
- 20 -

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:

2023
2022
£
£
Profit before taxation
349,438
86,759
Expected tax charge based on the standard rate of corporation tax in the UK of 22.50% (2022: 19.00%)
78,624
16,484
Tax effect of expenses that are not deductible in determining taxable profit
77,029
90,358
Tax effect of income not taxable in determining taxable profit
-
0
(9,999)
Tax effect of utilisation of tax losses not previously recognised
29,505
-
0
Unutilised tax losses carried forward
100,330
-
0
Adjustments in respect of prior years
(54,222)
(157,029)
Group relief
-
0
(11,994)
Permanent capital allowances in excess of depreciation
(280,890)
(36,398)
Deferred tax charge for the current period
113,553
456,453
Change in tax rate
(4,598)
-
0
Taxation charge for the year
59,331
347,875
10
Intangible fixed assets
Goodwill
Software
Patents
Total
£
£
£
£
Cost
At 1 November 2022
52,540
61,370
10,603
124,513
Additions
-
0
28,380
-
0
28,380
At 31 October 2023
52,540
89,750
10,603
152,893
Amortisation and impairment
At 1 November 2022
52,540
16,365
1,679
70,584
Amortisation charged for the year
-
0
16,058
1,060
17,118
At 31 October 2023
52,540
32,423
2,739
87,702
Carrying amount
At 31 October 2023
-
0
57,327
7,864
65,191
At 31 October 2022
-
0
45,005
8,924
53,929
HYDRACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 21 -
11
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
340,729
5,088,904
222,580
7,643
5,659,856
Additions
7,988
1,065,028
12,142
-
0
1,085,158
At 31 October 2023
348,717
6,153,932
234,722
7,643
6,745,014
Depreciation and impairment
At 1 November 2022
178,513
2,468,689
165,105
3,058
2,815,365
Depreciation charged in the year
24,525
237,766
19,538
1,528
283,357
At 31 October 2023
203,038
2,706,455
184,643
4,586
3,098,722
Carrying amount
At 31 October 2023
145,679
3,447,477
50,079
3,057
3,646,292
At 31 October 2022
162,216
2,620,215
57,475
4,585
2,844,491

Plant and machinery with a carrying value of £1.5 million (2022: £1.8million) are held under hire purchase agreements.

HYDRACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 22 -
12
Stocks
2023
2022
£
£
Raw materials and consumables
879,193
867,397

Stocks are stated after provisions for slow moving and obsolete stock of £28,049 (2022: £16,514).

13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,609,953
2,764,413
Other debtors
79,989
288,850
Prepayments and accrued income
260,136
1,182,488
2,950,078
4,235,751
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
-
0
429,036
Deferred tax asset (note 18)
100,330
-
0
100,330
429,036
Total debtors
3,050,408
4,664,787

Trade debtors are stated net of an allowance of £132,409 (2022: £nil).

 

The balance in other debtors receivable falling due after more than one year represents the outstanding balance of the loan of £nil (2022: £429,036) granted to Alexandra Miro Limited, a company controlled by a director of the company, which is recognised at amortised cost. During the year, the outstanding loan balance was transferred to Victoria Miro Gallery Limited, a related party under the same ownership as the company.

HYDRACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 23 -
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
16
358,120
345,032
Trade creditors
1,589,132
2,554,355
Amounts owed to group undertakings
934,365
1,085,401
Corporation tax
-
0
54,222
Other taxation and social security
94,171
87,624
Other creditors
180,091
123,877
Accruals and deferred income
212,344
101,165
3,368,223
4,351,676

The directors consider that the carrying amount of creditors falling due within one year approximate to their fair values.

 

Amounts owed to group undertakings are unsecured, interest free, and payable on demand.

15
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
16
480,050
894,687
16
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
358,120
345,032
In two to five years
480,050
894,687
838,170
1,239,719

Finance lease payments represent rentals payable by the company 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 remaining is 2.1 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The assets being leased are used as securities for the finance lease.

17
Provisions for liabilities
2023
2022
£
£
327,687
309,138
HYDRACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
17
Provisions for liabilities
(Continued)
- 24 -
Movements on provisions:
£
At 1 November 2022
309,139
Additional provisions in the year
18,548
At 31 October 2023
327,687

The above provisions represent the dilapidations provisions on the future expected repair and removal costs required to restore the company's leased buildings to their fair and original condition at the end of their respective lease terms.

18
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
827,236
613,352
-
-
Tax losses
-
-
100,330
-
827,236
613,352
100,330
-
2023
Movements in the year:
£
Liability at 1 November 2022
613,352
Charge to profit or loss
113,554
Liability at 31 October 2023
726,906

The deferred tax liability set out above is expected to reverse over a period of more than one year and relates to accelerated capital allowances that are expected to mature within the same period.

The deferred tax asset set out above is expected to reverse over a period of more than one year and relates to carried forward trading losses that are expected to be set against taxable profits in the future.

HYDRACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 25 -
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
97,930
68,622

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.

20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
50,000
50,000
50,000
50,000
21
Financial commitments, guarantees and contingent liabilities

(1) During the year, Bank of Scotland PLC (BoS) held a deed of charge over the deposits of the company. The deed is held on all monies due or to become due from the company to the chargee on any account whatsoever held at BoS. This charge was satisfied post year end.

 

(2) In respect of both a £1,000,000 loan facility and an overdraft facility of £200,000 obtained by the company's parent, Hydrachem Group Limited, from Coutts & Company in the prior year, the company provided the below security:

(a) Composite Guarantee between the Hydrachem Group Limited and Hydrachem Limited dated 21 August 2019;

(b) Mortgage Debenture executed by Hydrachem Limited dated 21 August 2019 incorporating fixed and floating charges over all its assets including book debts.

 

This charge remains outstanding as at the date of approval of these financial statements.

22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
478,475
431,021
Between two and five years
2,053,289
810,358
In over five years
40,000
16,000
2,571,764
1,257,379
HYDRACHEM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 26 -
23
Directors' transactions

Consultancy fees amounting to £60,000 (2022: £80,000) were paid to A Miro, a director of the company during the year.

At the year end, the company owed £2,994 (2022: £1,724) to A Miro, a director of the company, in respect of an unsecured, interest bearing loan which is repayable on demand.

 

At the year end, the company owed £2,275 (2022: £3,699) to W Miro, a director of the company, in respect of an unsecured, interest free loan which is repayable on demand.

 

During the year, the company approved that the outstanding loan amount of £34,553 due to the company by D Soong, a former director of the company, be written off. Hence, at the year end, the company was owed £nil (2022: £34,553) in respect of this unsecured, interest bearing loan which is repayable on demand.

24
Events after the reporting date

After the reporting date, the company exchanged on five commercial properties worth £4.4million and also leased an additional warehouse resulting in a total expected future lease payments of £1.44million spread over 5 years from the reporting date. The directors have assessed and have concluded that there are no other significant adjusting or non-adjusting events between the 31 October 2023 reporting date and the date of authorisation of these financial statements to disclose.

25
Related party transactions
Transactions with related parties

At the year end, the company was owed £nil (2022: £429,036) by Alexandra Miro Limited, a company owned by Alexandra Miro, a director of the company.

 

At the year end, the company owed £96,688 (2022: £93,082) to Victoria Miro Gallery Limited, a company owned by Warren Peter Miro, a director of the company.

 

The company has taken advantage of the exemption available in accordance with FRS 102 Section 33 'Related Party Disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

26
Ultimate controlling party

The immediate parent company of Hydrachem Limited is Hydrachem Group Limited which has a registered office at 2 Leman Street, London, E1W 9US.

The parent undertaking of the smallest and largest group which includes the company for which consolidated financial statements are prepared for the year ended 31 October 2023 is Hydrachem Group Limited.

The ultimate controlling party is Mr W P Miro who owns a majority of the shares of Hydrachem Group Limited, the parent company.

 

 

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