Company registration number 06855720 (England and Wales)
GIPPING PROJECTS LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
GIPPING PROJECTS LIMITED
COMPANY INFORMATION
Directors
P Orriss
A Laflin
Secretary
P Orriss
Company number
06855720
Registered office
Lower Street
Baylham
Ipswich
Suffolk
IP6 8JP
Auditor
Sumer Auditco Limited
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG
Business address
Lower Street
Baylham
Ipswich
Suffolk
IP6 8JP
GIPPING PROJECTS LIMITED
CONTENTS
Page
Consolidated strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Consolidated statement of comprehensive income
8
Consolidated balance sheet
9
Company balance sheet
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Consolidated statement of cash flows
13
Notes to the financial statements
14 - 28
The following pages do not form part of the statutory financial statements
Company detailed profit and loss account
29 - 30
GIPPING PROJECTS LIMITED
CONSOLIDATED STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -

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

 

The group's principal activity during the year was that of building contractors. There have not been any significant changes in the group's principal activities in the year under review. The directors are not aware, at the date of the report, of any likely changes in the group’s activities in the forthcoming year.

Business review

The results for the year are set out on pages 7 to 9 and show a profit on ordinary activities before taxation of £1,913,582 (2023: profit £1,479,672). Revenue for the year increased to £26,843,841 (2023: £20,382,796). The shareholders funds total £2,056,161 (2023: £1,171,089).

 

The results reflect a successful year where the group continued to establish itself within its marketplace, making the most of opportunities as they arose and despite facing strong competition.

 

The core business of the group has remained unchanged however it has continued to invest in technology and processes to improve its product. During the year the group achieved ISO 45001, to add to the already held accreditations of ISO 9001 and ISO 14001. Staff retention remains high since the group became part of an Employee Ownership Trust and continues to invest in its staff as reflected by its Investors in People Gold award.

 

The directors are pleased with the overall results, which could not have been achieved without a strong and flexible management team, especially when considering the continually challenging market.

 

The group is in a strong financial position to continue trading for the foreseeable future, including cash at bank of £4,125,554 (2023: £2,398,680).

Principle risks and uncertainties

The group is required to manage its financial risks as well as its other business risks within parameters agreed and approved by the group’s directors. The group maintains sufficient assets to enable it to capitalize on opportunities as they may arise but also protect itself from threats posed by changes in the marketplace.

 

Credit risk is significant in the building sector, with large amounts owed to the group at any one time. Debtors are carefully monitored with credit checks taken before contracts are entered into and appropriate action taken if necessary. The Group manages its cash to maximise its interest income whilst ensuring it has the necessary liquidity to meet its business objectives.

 

The construction industry exposes the group to a variety of contractual risks, depending on the type of contract undertaken. These can include inflation, customer expectations, adverse weather and legislation. These risks are discussed and managed day to day and at regular contract reviews by the management team.

Future developments and subsequent events

The directors anticipate a continuing challenging market in 2024/25 and plan to maintain their market share with organic growth as opportunities present themselves, whilst also continuing to enhance its already strong reputation by continuous delivery of a product that exceeds expectations.

 

There have been no significant actual developments since the year end.

Key performance indicators

The directors consider turnover, gross margin, overheads, net profit, net current assets and shareholder funds to be the key performance indicators of the business and these are monitored on a regular basis.

GIPPING PROJECTS LIMITED
CONSOLIDATED STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -

By order of the board

P Orriss
Secretary
19 March 2025
GIPPING PROJECTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company continued to be that of a holding company. The principal activity of the subsidiary during the year was that of construction.

Results and dividends

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

The only dividends paid in the year were as distributions to the employee ownership trust as detailed below. The directors do not recommend payment of a further dividend (2023: £86,586).

 

During the year distributions to the employee ownership trust were made totalling £550,000 following on from the move to employee ownership in 2019 (2023: £1,325,855).

Directors

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

P Orriss
A Laflin
Post reporting date events

There is nothing to report in regards to post balance sheet date events.

Future developments

Information on future developments is included within the strategic report.

Auditor

Sumer Auditco Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GIPPING PROJECTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
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.

By order of the board
P Orriss
Secretary
19 March 2025
GIPPING PROJECTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GIPPING PROJECTS LIMITED
- 5 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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.

Other matters - prior year financial statements unaudited

The company was not required to have a statutory audit for the year ended 30 November 2023 as it was entitled to exemption by the provision of the Companies Act 2006 relating to the audit of the financial statements by virtue of Section 477 and no member or members requested an audit pursuant to Section 476 of the Act. Accordingly, the corresponding figures for the year ended 30 November 2023 are unaudited.

GIPPING PROJECTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GIPPING PROJECTS LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures inline 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:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of Directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the company.

The following laws and regulations were identified as being of significance to the Company.

 

- Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, UK Company Law and compliance with UK Corporation tax regulations; and

 

-Those laws and regulations considered to have an indirect effect on the financial statements including the Health and Safety Act 1974, Construction (Design and Management) Regulations 2015, Control of Substances Hazardous to Health Regulations (COSHH) 2002, Lifting Operations and Lifting Equipment Regulations (LOLER) 1998, Management of Health and Safety at Work Regulations 1999, Provision and Use of Work Equipment Regulations (PUWER) 1998, Work at Height Regulations 2005 and Building Safety Act 2022.

GIPPING PROJECTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GIPPING PROJECTS LIMITED
- 7 -

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management sand those charged with governance as to whether the company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspections of relevant legal documentation, review of board minutes, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.

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

 

Irregularities that result from fraud might be inherently more difficult to detect the irregularities that result from error. As explained above, there is an unavoidable risk the material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at; www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.

Use of our report

This report is made solely to the 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.

John Perry (Senior Statutory Auditor)
For and on behalf of
20 March 2025
Sumer Auditco Limited
Statutory Auditor
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG
GIPPING PROJECTS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
26,843,841
20,382,796
Cost of sales
(23,333,379)
(17,617,480)
Gross profit
3,510,462
2,765,316
Administrative expenses
(1,686,978)
(1,315,672)
Other operating income
2,021
503
Operating profit
4
1,825,505
1,450,147
Interest receivable and similar income
8
88,077
29,525
Profit before taxation
1,913,582
1,479,672
Tax on profit
9
(478,510)
(349,604)
Profit for the financial year
21
1,435,072
1,130,068
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

There was no other comprehensive income for 2024 (2023: £Nil).

 

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

The notes on pages 14 to 28 form part of these financial statements.

GIPPING PROJECTS LIMITED
Company registration number 06855720 (England and Wales)
CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
192,322
160,518
Current assets
Stocks
14
45,990
47,677
Debtors falling due after more than one year
15
637,284
291,528
Debtors falling due within one year
15
3,771,511
3,314,409
Cash at bank and in hand
4,125,554
2,398,680
8,580,339
6,052,294
Creditors: amounts falling due within one year
16
(6,357,413)
(4,880,559)
Net current assets
2,222,926
1,171,735
Total assets less current liabilities
2,415,248
1,332,253
Creditors: amounts falling due after more than one year
17
(312,321)
(122,255)
Provisions for liabilities
Deferred tax liability
18
46,766
38,909
(46,766)
(38,909)
Net assets
2,056,161
1,171,089
Capital and reserves
Called up share capital
20
32,333
32,333
Capital redemption reserve
21
50,380
50,380
Profit and loss reserves
21
1,973,448
1,088,376
Total equity
2,056,161
1,171,089

The notes on pages 14 to 28 form part of these financial statements.

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:
19 March 2025
P Orriss
A Laflin
Director
Director
GIPPING PROJECTS LIMITED
Company registration number 06855720 (England and Wales)
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
186,428
157,393
Investments
12
110,620
110,620
297,048
268,013
Current assets
Debtors
15
24,424
12,049
Cash at bank and in hand
1,759,985
713,169
1,784,409
725,218
Creditors: amounts falling due within one year
16
(1,747,453)
(864,921)
Net current assets/(liabilities)
36,956
(139,703)
Total assets less current liabilities
334,004
128,310
Provisions for liabilities
Deferred tax liability
18
45,439
38,180
(45,439)
(38,180)
Net assets
288,565
90,130
Capital and reserves
Called up share capital
20
32,333
32,333
Capital redemption reserve
21
50,380
50,380
Profit and loss reserves
21
205,852
7,417
Total equity
288,565
90,130

The notes on pages 14 to 28 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 and comprehensive income for the year was £748,435 (2023 - £1,355,721 profit).

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:
19 March 2025
P Orriss
A Laflin
Director
Director
GIPPING PROJECTS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2022
35,313
47,400
1,373,744
1,456,457
Profit and total comprehensive income
-
-
1,130,068
1,130,068
Dividends
10
-
-
(86,586)
(86,586)
Own shares acquired
-
-
(2,995)
(2,995)
Redemption of shares
20
-
2,980
-
2,980
Reduction of shares
20
(2,980)
-
-
(2,980)
Distributions to employee ownership trust
-
-
(1,325,855)
(1,325,855)
Balance at 30 November 2023
32,333
50,380
1,088,376
1,171,089
Profit and total comprehensive income
-
-
1,435,072
1,435,072
Distributions to employee ownership trust
-
-
(550,000)
(550,000)
Balance at 30 November 2024
32,333
50,380
1,973,448
2,056,161

The notes on pages 14 to 28 form part of these financial statements.

GIPPING PROJECTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2022
35,313
47,400
67,132
149,845
Profit and total comprehensive income
-
-
1,355,721
1,355,721
Dividends
10
-
-
(86,586)
(86,586)
Own shares acquired
-
-
(2,995)
(2,995)
Redemption of shares
20
-
2,980
-
2,980
Reduction of shares
20
(2,980)
-
-
(2,980)
Distributions to employee ownership trust
-
-
(1,325,855)
(1,325,855)
Balance at 30 November 2023
32,333
50,380
7,417
90,130
Profit and total comprehensive income
-
-
748,435
748,435
Distributions to employee ownership trust
-
-
(550,000)
(550,000)
Balance at 30 November 2024
32,333
50,380
205,852
288,565

The notes on pages 14 to 28 form part of these financial statements.

GIPPING PROJECTS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
2,792,313
2,079,238
Income taxes paid
(520,971)
(191,775)
Net cash inflow from operating activities
2,271,342
1,887,463
Investing activities
Purchase of tangible fixed assets
(88,791)
(79,021)
Proceeds from disposal of tangible fixed assets
6,246
2,817
Interest received
88,077
29,525
Net cash generated from/(used in) investing activities
5,532
(46,679)
Financing activities
Buy back of shares
-
0
(2,995)
Payment of finance leases obligations
-
(19,004)
Dividends paid to equity shareholders
-
0
(86,586)
Distributions made to employee ownership trust
(550,000)
(1,325,855)
Net cash used in financing activities
(550,000)
(1,434,440)
Net increase in cash and cash equivalents
1,726,874
406,344
Cash and cash equivalents at beginning of year
2,398,680
1,992,336
Cash and cash equivalents at end of year
4,125,554
2,398,680

The notes on pages 14 to 28 form part of these financial statements.

GIPPING PROJECTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 14 -
1
Accounting policies
Company information

Gipping Projects Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Old Police House Lower Street, Baylham, Ipswich, Suffolk, IP6 8JP.

 

The group consists of Gipping Projects Limited and all of its subsidiaries.

1.1
Basis of preparation of financial statements

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 company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

 

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

 

Certain comparatives have been restated to make their treatment consistent consistent with those adopted in the current year.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Gipping Projects Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 30 November 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

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

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future (taken to mean a minimum of 12 months following the approval of these financial statements). Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
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.

GIPPING PROJECTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -

Revenue from contracts for the provision of construction and related services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
Interest income
Interest income is recognised in profit or loss using the effective interest method.
1.6
Tangible fixed assets

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

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

Plant and equipment
Straight line over 5 years
Fixtures and fittings
Straight line over 5 years
Computers
Straight line over 3 years
Motor vehicles
Straight line over 5 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.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in or .

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

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

 

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

GIPPING PROJECTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 16 -

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.

1.9
Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

1.10
Provision for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benfits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to the profit or loss.
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.

GIPPING PROJECTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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.

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.

GIPPING PROJECTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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
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.

1.16
Retirement benefits

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

1.17
Leases

Rentals paid under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.

1.18
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
GIPPING PROJECTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.19

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.20

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.21

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at balance sheet date.

2
Judgements and key sources of estimation uncertainty

The key judgements made in applying accounting policies are in respect of the valuation of contracts in progress at the year end.

 

In making this judgement the company prepares contract valuations in order to determine the level of revenue and costs to be recognised on individual contracts based on the stage of completion of the contract. These assessments are performed by qualified surveyors within the company. Management recognised profit on contracts when this profit can be measured reliably and it is probable that the company will receive the consideration due under the contract. Where losses are expected on contracts these are recognised in full immediately. These assessments include a degree of inherent uncertainty, and management seeks to apply prudence in its determination of likely outcomes.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction services
26,843,841
20,382,796
2024
2023
£
£
Turnover analysed by geographical market
UK
26,843,841
20,382,796
2024
2023
£
£
Other revenue
Interest income
88,077
29,525

The whole of turnover is attributable to construction services.

GIPPING PROJECTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 20 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
56,978
43,244
Profit on disposal of tangible fixed assets
(6,237)
(2,802)
Operating lease charges
47,310
43,884
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 group
6,075
-
Audit of the financial statements of the company's subsidiaries
15,052
-
21,127
-
For other services
All other non-audit services
5,310
-
6
Employees

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

Consolidated
Company
2024
2023
2024
2023
Number
Number
Number
Number
Admin
11
11
-
Construction activity
24
26
-
-
Management
2
2
2
2
Total
37
39
2
2

Their aggregate remuneration comprised:

Consolidated
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,573,977
2,450,930
435,845
347,720
Social security costs
139,823
128,083
60,254
48,240
Pension costs
280,701
150,245
146,076
72,445
2,994,501
2,729,258
642,175
468,405
GIPPING PROJECTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 21 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
435,845
347,720
Company pension contributions to defined contribution schemes
146,076
72,445
581,921
420,165
The directors are the only key management personnel.
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
229,059
212,241
Company pension contributions to defined contribution schemes
89,500
16,385
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
88,077
29,525
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
470,653
340,975
Deferred tax
Origination and reversal of timing differences
7,857
8,632
Total tax charge
478,510
349,607
GIPPING PROJECTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
9
Taxation
(Continued)
- 22 -

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:

2024
2023
£
£
Profit before taxation
2,463,582
2,579,672
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 0%)
615,896
593,607
Tax effect of expenses that are not deductible in determining taxable profit
113
8,917
Tax rate changes
1
686
Income not taxable
(137,500)
(253,601)
Roundings
-
(5)
Taxation charge
478,510
349,604
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Distributions paid to EOT
550,000
1,325,855
Dividends paid
-
86,586
550,000
1,412,441
GIPPING PROJECTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 23 -
11
Tangible fixed assets
Consolidated
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2023
199,110
16,315
54,468
172,721
442,614
Additions
53,500
3,540
4,056
27,695
88,791
Disposals
(1,870)
-
0
(5,113)
(34,369)
(41,352)
At 30 November 2024
250,740
19,855
53,411
166,047
490,053
Depreciation and impairment
At 1 December 2023
131,460
13,189
33,543
103,904
282,096
Depreciation charged in the year
21,054
771
10,310
24,843
56,978
Eliminated in respect of disposals
(1,869)
-
0
(5,108)
(34,366)
(41,343)
At 30 November 2024
150,645
13,960
38,745
94,381
297,731
Carrying amount
At 30 November 2024
100,095
5,895
14,666
71,666
192,322
At 30 November 2023
67,650
3,126
20,925
68,817
160,518
Company
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2023
199,110
7,918
39,182
172,721
418,931
Additions
53,500
-
0
4,056
27,695
85,251
Disposals
(1,870)
-
0
(5,113)
(34,369)
(41,352)
At 30 November 2024
250,740
7,918
38,125
166,047
462,830
Depreciation and impairment
At 1 December 2023
131,460
7,911
18,263
103,904
261,538
Depreciation charged in the year
21,054
-
0
10,310
24,843
56,207
Eliminated in respect of disposals
(1,869)
-
0
(5,108)
(34,366)
(41,343)
At 30 November 2024
150,645
7,911
23,465
94,381
276,402
Carrying amount
At 30 November 2024
100,095
7
14,660
71,666
186,428
At 30 November 2023
67,650
7
20,919
68,817
157,393
GIPPING PROJECTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 24 -
12
Fixed asset investments
Consolidated
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
110,620
110,620
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2023 and 30 November 2024
110,620
Carrying amount
At 30 November 2024
110,620
At 30 November 2023
110,620
13
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Gipping Construction Limited
The Old Police House Lower Street
Baylham
Ipswich
IP6 8JP
United Kingdom
Ordinary
100.00
14
Stocks
Consolidated
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
45,990
47,677
-
-
GIPPING PROJECTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 25 -
15
Debtors
Consolidated
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,601,681
1,772,816
-
0
-
0
Gross amounts owed by contract customers
904,509
1,183,048
-
0
-
0
Other debtors
118,851
307,909
-
0
-
0
Prepayments and accrued income
146,470
50,636
24,424
12,049
3,771,511
3,314,409
24,424
12,049
Amounts falling due after more than one year:
Trade debtors
637,284
291,528
-
0
-
0
Total debtors
4,408,795
3,605,937
24,424
12,049
16
Creditors: amounts falling due within one year
Consolidated
Company
2024
2023
2024
2023
Restated
Restated
Notes
£
£
£
£
Trade creditors
3,394,408
3,700,332
3,785
785
Amounts owed to group undertakings
-
0
-
0
1,341,521
496,809
Corporation tax payable
290,654
340,972
58,887
80,272
Other taxation and social security
352,543
450,318
177,684
163,440
Deferred income
2,023,311
155,045
-
0
-
0
Other creditors
14,590
13,912
4,673
4,673
Accruals
281,907
219,980
160,903
118,942
6,357,413
4,880,559
1,747,453
864,921
Intercompany loan balances are interest free and payable on demand.
17
Creditors: amounts falling due after more than one year
Consolidated
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
312,321
122,255
-
0
-
0
GIPPING PROJECTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 26 -
18
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
Consolidated
£
£
Accelerated capital allowances
48,081
-
Other short term timing differences
(1,315)
38,909
46,766
38,909
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
46,607
39,348
Other short term timing differences
(1,168)
(1,168)
45,439
38,180
Consolidated
Company
2024
2024
Movements in the year:
£
£
Liability at 1 December 2023
38,909
38,180
Deferred tax charge to income statement for the period
7,857
7,259
Liability at 30 November 2024
46,766
45,439
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
280,701
150,245

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

At the year end there were pension contributions outstanding of £4,673 (2023: £4,673).

GIPPING PROJECTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 27 -
20
Share capital
Consolidated and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A of 10p each
-
-
-
-
B of 13.33p each
197,550
197,550
26,333
26,333
C of 20p each
30,000
30,000
6,000
6,000

All ordinary shares rank pari passu with each other in all respects.

21
Reserves

Other reserves

 

Other reserves relate to the redemption of shares.

 

Profit and loss account

 

Profit and loss account represents cumulative profits or losses, less dividends paid.

22
Financial commitments, guarantees and contingent liabilities
There are no financial commitments, guarantees or contingent liabilities within the financial year.
23
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:

Consolidated
Company
2024
2023
2024
2023
£
£
£
£
Within one year
39,336
10,750
-
-
Between two and five years
123,612
-
-
-
162,948
10,750
-
-
24
Capital commitments

There are no capital commitments within the financial year.

25
Controlling party

There is no ultimate controlling party, the company is under the control of a employee ownership trust, and the directors by virtue of their shareholding.

GIPPING PROJECTS LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 28 -
26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,435,072
1,130,068
Adjustments for:
Taxation charged
478,510
349,604
Investment income
(88,077)
(29,525)
Gain on disposal of tangible fixed assets
(6,237)
(2,802)
Depreciation and impairment of tangible fixed assets
56,978
43,244
Movements in working capital:
Decrease/(increase) in stocks
1,687
(6,017)
Increase in debtors
(802,858)
(314,452)
(Decrease)/increase in creditors
(151,028)
754,073
Increase in deferred income
1,868,266
155,045
Cash generated from operations
2,792,313
2,079,238
27
Analysis of changes in net funds - group
1 December 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
2,398,680
1,726,874
4,125,554
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