Company registration number 05774817 (England and Wales)
ADVANCE INNOVATION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
ADVANCE INNOVATION LIMITED
COMPANY INFORMATION
Directors
Mr S Coates
Mrs F Coates
Mr R Yeates
Company number
05774817
Registered office
72 London Road
St Albans
Herts
AL1 1NS
Auditor
Mercer & Hole LLP
72 London Road
St Albans
Hertfordshire
AL1 1NS
ADVANCE INNOVATION LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Balance sheet
9 - 10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
ADVANCE INNOVATION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the period and its position at the period end. The review is consistent with the size and nature of the business.
Fair review of the business
The activities of the company consist of the following elements:
Commercial kitchen design and project management
Supply and installation of commercial catering equipment
Specialist cooking solutions
The company continues to be committed to offering reliable, efficient and cost effective commercial kitchen solutions.
The trading for the year ended 30 September 2024 became stronger as the year progressed through existing contracts, new business and special projects, resulting in 36% year on year revenue growth. The increase in sales was primarily as a result of the work done by the account management team in building relationships with customers that enhanced the reputation of Advance as a trusted partner throughout the key account customers. Our strategy of investing in high quality individuals at all levels throughout the business operations has undoubtedly contributed significantly to the successes achieved in the year.
The confidence of customers that Advance deliver a quality service provided the foundation for them to place additional orders and the improved processes ensured a high success rate of delivery within required deadlines.
A significant event during the financial year was the acquisition of GDI Cooling Limited. GDI specialise in refrigeration equipment installation, maintenance and repair. As a result of the acquisition, the Advance Group are now able to self-deliver previously subcontracted services greatly enhancing our response rates and customer experience.
Taking the trading activity, strong customer relationships, prospective future projects and material availability allowed the Board to approve an extension of the medium term plan to 2029. The growth strategy includes targeted potential acquisition to build on the existing portfolio. The Board is confident that the focus of the Executive Committee to maximise commercial opportunity and strong customer relationships will further develop the reputation of Advance Group in the market for achievement of business ambitions.
Principal risks and uncertainties
The board of directors and management continually monitor the key risks facing the company together with assessing the controls used for managing these risks.
The principal risks and uncertainties facing the company are as follows:
The domestic economic conditions have improved since the 2023 technical recession, with the outlook to 2026 producing modest growth of up to 1.0%. The current order book would suggest that Advance are in a positive position to withstand any downturn through interest from new customers, actively targeting future long-term contracts and the recurring revenue activity from the maintenance of existing customer assets. The directors envisage that the agility of the business leadership to respond to commercial challenges will drive growth despite the ongoing pressures on the UK economy.
ADVANCE INNOVATION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Key performance indicators
Our Key Performance Indicators for the year ended 30 September 2024 are as follows:
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Gross profit percentage EBITDA EBITDA revenue percent | | |
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The financial position of the company remains strong and the company is well placed to take advantage of business opportunities as they arise. The directors look forward to the future with confidence.
Mr S Coates
Director
27 February 2025
ADVANCE INNOVATION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company continued to be that of commercial kitchen design and project management, supply and installation of commercial catering equipment and specialist cooking solutions.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £150,000.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S Coates
Mrs F Coates
Mr R Yeates
Auditor
The auditor, Mercer & Hole LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
ADVANCE INNOVATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
On behalf of the board
Mr S Coates
Director
27 February 2025
ADVANCE INNOVATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ADVANCE INNOVATION LIMITED
- 5 -
Opinion
We have audited the financial statements of Advance Innovation Limited (the 'company') for the year ended 30 September 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
ADVANCE INNOVATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ADVANCE INNOVATION LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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.
ADVANCE INNOVATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ADVANCE INNOVATION LIMITED (CONTINUED)
- 7 -
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.
Audit procedures performed by the engagement team included:
discussions with management, including considerations of known or suspected instances of non- compliance with laws and regulations and fraud;
gaining an understanding of management's controls designed to prevent and detect irregularities; and
identifying and testing journal entries.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.
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.
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.
Jolene Upshall FCA
Senior Statutory Auditor
For and on behalf of Mercer & Hole LLP
27 February 2025
Chartered Accountants
Statutory Auditor
72 London Road
St Albans
Hertfordshire
AL1 1NS
ADVANCE INNOVATION LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
26,883,889
19,707,593
Cost of sales
(19,336,899)
(14,611,582)
Gross profit
7,546,990
5,096,011
Administrative expenses
(5,796,222)
(4,336,129)
Operating profit
5
1,750,768
759,882
Interest receivable and similar income
9
649,795
27
Interest payable and similar expenses
10
(95,228)
(72,993)
Amounts written off investments
11
(299,059)
-
Write off of loan
4
(265,000)
Profit before taxation
1,741,276
686,916
Tax on profit
12
(399,501)
(171,927)
Profit for the financial year
1,341,775
514,989
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ADVANCE INNOVATION LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
14
983,241
232,501
Other intangible assets
14
263,525
178,781
Total intangible assets
1,246,766
411,282
Tangible assets
15
128,326
74,617
Investments
16
106
599,363
1,375,198
1,085,262
Current assets
Stocks
18
1,545,998
1,474,210
Debtors
19
6,712,686
6,263,866
Cash at bank and in hand
41,533
32,391
8,300,217
7,770,467
Creditors: amounts falling due within one year
20
(6,347,855)
(6,720,187)
Net current assets
1,952,362
1,050,280
Total assets less current liabilities
3,327,560
2,135,542
Creditors: amounts falling due after more than one year
21
(7,012)
(83,334)
Provisions for liabilities
Deferred tax liability
23
94,438
17,873
(94,438)
(17,873)
Net assets
3,226,110
2,034,335
Capital and reserves
Called up share capital
25
790
790
Capital redemption reserve
181
181
Profit and loss reserves
3,225,139
2,033,364
Total equity
3,226,110
2,034,335
ADVANCE INNOVATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
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 27 February 2025 and are signed on its behalf by:
Mr S Coates
Director
Company registration number 05774817 (England and Wales)
ADVANCE INNOVATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
952
19
1,892,250
1,893,221
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
514,989
514,989
Own shares acquired
-
-
(373,875)
(373,875)
Redemption of shares
25
(162)
162
Balance at 30 September 2023
790
181
2,033,364
2,034,335
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
1,341,775
1,341,775
Dividends
13
-
-
(150,000)
(150,000)
Balance at 30 September 2024
790
181
3,225,139
3,226,110
ADVANCE INNOVATION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
633,414
1,253,941
Interest paid
(95,228)
(72,993)
Income taxes (paid)/refunded
(175,867)
74,135
Net cash inflow from operating activities
362,319
1,255,083
Investing activities
Purchase of intangible assets
(180,638)
(85,200)
Purchase of tangible fixed assets
(91,770)
(61,762)
Proceeds from disposal of tangible fixed assets
25,250
6,000
Purchase of subsidiaries
(538,535)
(599,263)
Repayment of director loans
(27,135)
(25,131)
Interest received
17
27
Dividends received
649,778
Net cash used in investing activities
(163,033)
(765,329)
Financing activities
Redemption of shares
(162)
Purchase of treasury shares
(373,713)
Repayment of bank loans
(190,144)
(125,000)
Net cash used in financing activities
(190,144)
(498,875)
Net increase/(decrease) in cash and cash equivalents
9,142
(9,121)
Cash and cash equivalents at beginning of year
32,391
41,512
Cash and cash equivalents at end of year
41,533
32,391
ADVANCE INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
1
Accounting policies
Company information
Advance Innovation Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Mercer and Hole, 72 London Road, St Albans, Herts, AL1 1NS. The place of business is Dantom House, Blackburn Road, Houghton Regis, Dunstable, Bedfordshire, LU5 5BQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under FRS102 paragraph 9.9A not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Trading activity was extremely positive during the year within all revenue streams of the business delivering in excess of 36% year on year group revenue growth. This reflects the resilience of the key sectors we serve. The business was awarded new multi-discipline national contracts in the care, casual dining and leisure sectors along with new independent customers through our projects division. The acquisition of a refrigeration business in November 2023 added specialist engineering skills to existing operational capacity.true
The directors regularly assess the availability of future financial resource through use of forecast modelling and react to changes in expected trading activity. A detailed forecast and cashflow have been prepared to March 2026 incorporating future expected revenue including committed orders and pipeline prospects where the directors are 90% confident of conversion to realisable sales. As a result of these factors, the directors deem that it is appropriate to prepare these financial statements on the going concern basis.
1.3
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.
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 completion of installation), 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.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion.
ADVANCE INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years for 50% acquisition of dealership with exclusive right to sell a product and 10 years for full acquisition of other incorporated businesses.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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.
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
25% on cost
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
25% on cost
Fixtures and fittings
25% on cost
Computers
25% on cost
Motor vehicles
20% on cost
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
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 profit or loss.
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.
ADVANCE INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.8
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.
1.9
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.
Cost is calculated using the first in first out method.
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.
1.10
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.
1.11
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 balance sheet 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.
ADVANCE INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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 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.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
ADVANCE INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.12
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.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. 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 company’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 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.
1.14
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.
Where material 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
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
1.17
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
ADVANCE INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Amortisation
Estimation is required to determine the useful life of the intangible fixed assets.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale and maintenance of commercial catering equipment
26,883,889
19,707,593
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
26,883,889
19,707,593
2024
2023
£
£
Other revenue
Interest income
17
27
Dividends received
649,778
-
4
Exceptional item
During the year, the company wrote off an irrecoverable loan issued to fund the development of an e-commerce business to run alongside the main trading company.
ADVANCE INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(66,722)
(9,472)
Depreciation of owned tangible fixed assets
100,568
25,693
Profit on disposal of tangible fixed assets
(9,115)
-
Amortisation of intangible assets
210,193
142,341
Operating lease charges
620,590
409,143
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
35,000
29,250
For other services
Taxation compliance services
6,500
4,500
All other non-audit services
13,883
13,250
20,383
17,750
7
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Installation and maintenance
39
17
Sales
16
9
Administration
50
37
Total
105
63
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
4,948,454
3,016,300
Social security costs
539,706
296,874
Pension costs
106,174
62,807
5,594,334
3,375,981
ADVANCE INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
298,939
342,147
Company pension contributions to defined contribution schemes
4,013
3,075
Compensation for loss of office
159,710
302,952
504,932
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
188,136
140,547
Company pension contributions to defined contribution schemes
4,013
3,075
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
17
27
Income from fixed asset investments
Income from shares in group undertakings
649,778
Total income
649,795
27
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
17
27
10
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
12,419
19,211
Interest on invoice finance arrangements
82,809
53,782
95,228
72,993
ADVANCE INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
11
Amounts written off investments
2024
2023
£
£
Amounts written off investments held at fair value
(299,059)
-
Amounts written off investments relates to the transfer of trade and assets of subsidiaries during the year, such that the value of these investments is now represented as Goodwill arising from business combinations.
12
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
372,808
175,763
Adjustments in respect of prior periods
(27,420)
(13,948)
Total current tax
345,388
161,815
Deferred tax
Origination and reversal of timing differences
54,113
10,112
Total tax charge
399,501
171,927
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
1,741,276
686,916
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
435,319
151,190
Tax effect of expenses that are not deductible in determining taxable profit
74,470
5,302
Effect of change in corporation tax rate
(2,139)
Depreciation on assets not qualifying for tax allowances
54,908
3,927
Other permanent differences
27,337
(12)
Under/(over) provided in prior years
(30,087)
3,925
Exempt ABGH distributions
(162,446)
Group relief
(378)
Deferred tax calculated at a different rate
10,112
Taxation charge for the year
399,501
171,927
ADVANCE INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
13
Dividends
2024
2023
£
£
Final paid
150,000
14
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 October 2023
624,686
1,185,744
1,810,430
Additions
187,108
187,108
Transfers
858,569
858,569
At 30 September 2024
1,483,255
1,372,852
2,856,107
Amortisation and impairment
At 1 October 2023
392,185
1,006,963
1,399,148
Amortisation charged for the year
107,829
102,364
210,193
At 30 September 2024
500,014
1,109,327
1,609,341
Carrying amount
At 30 September 2024
983,241
263,525
1,246,766
At 30 September 2023
232,501
178,781
411,282
On 01 October 2023, the net assets of subsidiary Phoenix Commercial Catering Equipment Limited were hived-up to the Company.
On 01 December 2023, the Company acquired ownership of GDI Cooling Ltd. On 31 January 2024, the net assets were hived-up to the Company.
Refer to Note 16 Fixed asset investments for further details.
The cost of the investments less the value of net assets at acquisition were transferred to goodwill. The goodwill is largely attributable to expected growth and the assembled workforce. The associated goodwill is being amortised over ten years.
As at the year end, in line with the accounting policy, the Company assessed the goodwill for any indicators of impairment and concluded that no indicators exist that requires the company to assess goodwill for impairment, apart from amortisation over ten years. Therefore the carrying value of the goodwill as at year end is considered to be the recoverable amount.
ADVANCE INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
15
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
59,258
292,172
286,997
32,297
670,724
Additions
2,680
46,736
11,650
61,066
Business combinations
270
3,398
1,263
104,415
109,346
Disposals
(60,565)
(60,565)
At 30 September 2024
59,528
298,250
334,996
87,797
780,571
Depreciation and impairment
At 1 October 2023
59,258
279,840
234,386
22,623
596,107
Depreciation charged in the year
249
6,280
30,101
63,938
100,568
Eliminated in respect of disposals
(44,430)
(44,430)
At 30 September 2024
59,507
286,120
264,487
42,131
652,245
Carrying amount
At 30 September 2024
21
12,130
70,509
45,666
128,326
At 30 September 2023
12,332
52,611
9,674
74,617
16
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
17
106
599,363
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023
599,363
Additions
558,371
Goodwill on business combinations
(858,569)
Impairment (note 11)
(299,059)
At 30 September 2024
106
Carrying amount
At 30 September 2024
106
At 30 September 2023
599,363
ADVANCE INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
16
Fixed asset investments
(Continued)
- 24 -
On 01 October 2023, the net assets of subsidiary Phoenix Commercial Catering Equipment Limited were hived-up to the Company. The subsidiary was acquired for consideration of £599,263, the net assets at acquisition were £296,699.
On 01 December 2023, the Company acquired ownership of GDI Cooling Ltd. On 31 January 2024, the net assets were hived-up to the Company. The subsidiary was acquired for consideration of £538,535, the net assets at acquisition were £(17,471).
17
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Prestige Catering
Equipment Limited
72 London Road, St Albans, Herts, AL1 1NS
Non-trading
Ordinary shares
100.00
Phoenix Commercial Catering Equipment Limited
72 London Road, St Albans, Herts, AL1 1NS
Non-trading
Ordinary shares
100.00
GDI Cooling Ltd
72 London Road, St Albans, Herts, AL1 1NS
Non-trading
Ordinary shares
100.00
As detailed in notes 14 and 16, the trade and net assets of Phoenix Commercial Catering Equipment Limited & GDI Cooling Limited were transferred to Advance Innovation Limited during the year through a formal hive-up process, such that the subsidiaries were non-trading at the year end.
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Prestige Catering
Equipment Limited
(20,292)
(305)
Phoenix Commercial Catering Equipment Limited
4
GDI Cooling Ltd
2
28,787
18
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,545,998
1,474,210
ADVANCE INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
19
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,677,083
4,443,129
Corporation tax recoverable
14,358
14,358
Amounts owed by group undertakings
97,071
47,420
Other debtors
50,443
439,308
Prepayments and accrued income
873,731
1,319,651
6,712,686
6,263,866
20
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
22
11,178
125,000
Trade creditors
2,979,339
3,662,627
Corporation tax
372,808
190,120
Other taxation and social security
523,315
380,157
Other creditors
1,530,209
529,561
Accruals and deferred income
931,006
1,832,722
6,347,855
6,720,187
21
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
22
7,012
83,334
22
Loans and overdrafts
2024
2023
£
£
Bank loans
18,190
208,334
Payable within one year
11,178
125,000
Payable after one year
7,012
83,334
ADVANCE INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
23
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
94,438
17,873
2024
Movements in the year:
£
Liability at 1 October 2023
17,873
Charge to profit or loss
54,113
Other - hive up balances
22,452
Liability at 30 September 2024
94,438
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
106,174
62,807
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.
25
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
790
790
790
790
All shares carry full voting rights and rights to dividends and capital distribution.
ADVANCE INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
26
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:
2024
2023
£
£
Within one year
451,539
361,478
Between two and five years
584,014
657,038
1,035,553
1,018,516
27
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
337,119
548,951
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Rent paid
2024
2023
£
£
Other related parties
100,100
84,000
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Key management personnel
10,000
-
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
97,071
24,576
Key management personnel
50,443
173,308
ADVANCE INNOVATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
28
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,341,775
514,989
Adjustments for:
Taxation charged
399,501
171,927
Finance costs
95,228
72,993
Investment income
(649,795)
(27)
Gain on disposal of tangible fixed assets
(9,115)
-
Amortisation and impairment of intangible assets
210,193
142,341
Depreciation and impairment of tangible fixed assets
100,568
25,693
Other gains and losses
299,059
-
Decrease in provisions
(200,000)
-
Movements in working capital:
Increase in stocks
(35,788)
(640,554)
Increase in debtors
(222,835)
(2,378,266)
(Decrease)/increase in creditors
(695,377)
3,344,845
Cash generated from operations
633,414
1,253,941
29
Analysis of changes in net funds/(debt)
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
32,391
9,142
41,533
Borrowings excluding overdrafts
(208,334)
190,144
(18,190)
(175,943)
199,286
23,343
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