Company registration number 02646133 (England and Wales)
EUROPA COMPONENTS & EQUIPMENT PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
EUROPA COMPONENTS & EQUIPMENT PLC
COMPANY INFORMATION
Directors
D Sheridan
C Sheridan
S Freed
S Mason
H Sheridan
R Aitken
(Appointed 9 May 2024)
Secretary
S Mason
Company number
02646133
Registered office
Europa House
Airport Way
Luton
Bedfordshire
LU2 9NH
Auditor
Mercer & Hole LLP
72 London Road
St Albans
Hertfordshire
AL1 1NS
EUROPA COMPONENTS & EQUIPMENT PLC
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
EUROPA COMPONENTS & EQUIPMENT PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The directors present the strategic report for the year ended 31 October 2024.
Fair review of the business
The Company's principal activity is the importation and distribution of electrical Control Gear, Switchgear and Fuses.
Turnover in the year decreased by 4% to £16.6m (from £17.4m: 2023). The downturn in the UK economy affected market demand, however Europa continues to focus on streamlining processes to improve the offering and services to our customers. This has supported the business maintaining its gross margin in this challenging environment.
Gross Profit % has improved to 45.3% (41.8%: 2023).
The Operating Profit has increased 23% on the prior year at £1,008k, (from £821K: 2023) in part due, in year, to product range development and an increase custom solution offering to the market.
Investment in people continued with a focus on upskilling for the future success of the business, supporting the business’s ongoing improved operational efficiencies. There was a small headcount decrease of 1% to 74 employees (from 75: 2023), but with a continued focus on increasing the capacity and capability of Technical department to support the growth of the business, increasing our ability to bring more new products and solutions to the market quicker.
Environmental Impact
The company is focused on reducing the environmental impact and aims to do this by measuring objectives to reduce the company’s environmental impact and as part of this process has improved its accreditation with Ecovadis.
Europa are in the process of migrating all company vehicles to Electric/Hybrid vehicles and exploring further opportunities to reduce the company’s energy usage which has increased due to the increased operations and sales since the pandemic.
Europa are exploring opportunities to reduce the usage through investments in renewable energy to secure a more sustainable future.
The company are ISO14001 accredited and there is further focus on reducing packaging or movement towards substituting plastics with environmentally friendly packaging.
Europa is committed to supporting the local community not only through charitable events but also our Chairman is Chair of The Shared Learning Trust (a multi academy Trust based in Luton). The holding company Veruth Holdings continues to fund an annual engineering bursary scheme for a Luton student.
Principal risks and uncertainties
The Company has strong controls. These are constantly being monitored and strengthened as the company continues to grow aided by the implementation of new ERP system .
Quality of the products the Company offers has always been of the highest priority. We continue to develop our ISO9001-2015 quality management systems and are pleased to add ISO45001:2018 to our accreditations.
The Directors are passionate about the effectiveness of the business processes to continue to support our customers, offering high quality competitively priced products, high levels of customer service and be ready to adapt these to changes in the environment by monitoring external factors in the industry.
Financial risk management
The Company's operations expose it to limited financial risks that include price risk, credit risk, liquidity risk, interest rate risk and foreign exchange risk. Given the size of the Company, the Directors have not delegated the responsibility of monitoring financial risk to a sub-committee of the Board. The policies set by the Board of Directors are implemented by the Company's Finance department.
EUROPA COMPONENTS & EQUIPMENT PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Price Risk
The Company has a limited exposure to commodity prices particularly for copper, silver and plastics. Strong working relationships with our principal suppliers have aided the Company to alleviate part of this risk.
Credit Risk
The Company has policies that require appropriate credit checks on potential customers before sales are made and accounts are constantly monitored to reduce risk of default. The Company also use the services of Atradius credit insurance with all of its main customers to further reduce credit risk.
Liquidity Risk
The Company is primarily funded by a mix of short-term Bank finance and related party long term loans. The Company closely monitors its cash flow on a monthly basis and is confident it has sufficient funds for current operations and planned expansion.
Interest rate cash flow risk
The Company pays interest on its external debt at a variable rate which is not hedged. The Directors regularly visit the appropriateness of this policy in response to the increases in the interest rate.
Foreign exchange risk
The Company closely monitors foreign exchange rate movements and uses forward exchange rate contracts when appropriate to reduce its exposure to fluctuations in foreign exchange markets. At year end the Company had sufficient forward exchange contracts to manage its current short term exchange rate exposure.
The position of the company at the year end
Net Assets increased to £4.8m (£4.3m: 2023). Net Cash generated from operating activities resulted in an inflow of £535k.
Key performance indicators
Management information was improved during the year with a focus on monthly KPI’s to drive Sales and operating performance in the business.
The Company was able to improve its gross margins through sales mix despite the competitive environment. Margin Analysis are reported monthly across all product groups and monitored by Management to further improve our position in the market.
Sales, Trends and Stock is closely monitored to promote better supply chain management and enable fulfilment of Customer requirements to continue profitable growth.
Future developments
The trading position has continued to strengthen post year end. We will continue to increase our range of quality products and focus on providing consistent high customer service. We expect steady growth to continue by increasing market share and through the introduction of new products.
EUROPA COMPONENTS & EQUIPMENT PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
Section 172 Statement
The directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of Europa Components & Equipment PLC ("Europa") for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to:
- the likely consequences of any decision in the long term;
- the interest of Europa's colleagues;
- the need to foster Europa's business relationships with suppliers, customers and other stakeholders;
- the impact of Europa's operations on the community and the environment;
- the desirability of Europa maintaining a reputation for high standards of business conduct and;
- the need to act fairly as between members of Europa
("the s.172 matters")
The directors of the company have sought to balance the needs of its members with the s.172 matters throughout the year, ensuring that the company's reputation for high standards of conduction are maintained and in our engagement with our colleagues.
The directors of the company have a duty to promote the success of Europa, and it relies on smooth operations and the support and joint efforts of stakeholders. Thus, effective communication and interaction are indispensable in Europa's business operations.
As one of the leading distributors of electrical components, Europa is aware of the importance of stakeholder opinions, and understands and responds to relevant stakeholders and their concerns. We identified the most important stakeholders and have evaluated the extent of each stakeholder's relationship with our company. We are in continuous contact with these stakeholders. More information on our relationships with these stakeholders is detailed within the director's report.
D Sheridan
Director
24 March 2025
EUROPA COMPONENTS & EQUIPMENT PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 October 2024.
Principal activities
The principal activity of the company continued to be that of importation and disitribution of electrical control gear, switchgear, fuses and electronic components.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £264,435. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
D Sheridan
C Sheridan
S Freed
S Mason
M Carrington-Moore
(Resigned 13 January 2025)
H Sheridan
R Aitken
(Appointed 9 May 2024)
Qualifying third party indemnity provisions
During the year and up to the date of this report, the Company maintained liability insurance and third-party indemnification provisions for its Directors, under which the Company has agreed to indemnify the Directors to the extent permitted by law in respect of all liabilities to third parties arising out of, or in connection with, the execution of their powers, duties and responsibilities as Directors of the Company.
Auditor
In accordance with the company's articles, a resolution proposing that Mercer & Hole LLP be reappointed as auditor of the company will be put at a General Meeting.
Energy and carbon report
As the company is below the reporting threshold in this period, it is not required to report on its emissions, energy consumption or efficiency activities.
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.
Business review, risks and uncertainties
The review of business, principal risks and uncertainties, the position of the company at the year end, analysis based on key performance indicators and future developments are shown in the strategic report.
EUROPA COMPONENTS & EQUIPMENT PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
On behalf of the board
D Sheridan
Director
24 March 2025
EUROPA COMPONENTS & EQUIPMENT PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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.
EUROPA COMPONENTS & EQUIPMENT PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EUROPA COMPONENTS & EQUIPMENT PLC
- 7 -
Opinion
We have audited the financial statements of Europa Components & Equipment PLC (the 'company') for the year ended 31 October 2024 which comprise the statement of comprehensive income, 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 31 October 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.
EUROPA COMPONENTS & EQUIPMENT PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EUROPA COMPONENTS & EQUIPMENT PLC (CONTINUED)
- 8 -
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Explanations as to what extent the audit was considered capable of detecting irregularities ,including fraud
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches under wiring and specific product regulations and we considered the extent to which non-compliance may have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 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 principle 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;
evaluation of the operating effectiveness of management's controls designed to prevent and detect irregularities;
challenging assumptions and judgements made by management in its significant accounting estimates;
identifying and testing journal entries.
EUROPA COMPONENTS & EQUIPMENT PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EUROPA COMPONENTS & EQUIPMENT PLC (CONTINUED)
- 9 -
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.
Andrew Turner
Senior Statutory Auditor
For and on behalf of Mercer & Hole LLP
24 March 2025
Chartered Accountants
Statutory Auditor
72 London Road
St Albans
Hertfordshire
AL1 1NS
EUROPA COMPONENTS & EQUIPMENT PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
16,647,988
17,413,044
Cost of sales
(9,106,370)
(10,138,271)
Gross profit
7,541,618
7,274,773
Distribution costs
(1,554,017)
(1,757,981)
Administrative expenses
(4,979,436)
(4,696,141)
Operating profit
4
1,008,165
820,651
Interest payable and similar expenses
8
(65,402)
(47,745)
Profit before taxation
942,763
772,906
Tax on profit
9
(254,027)
(161,908)
Profit for the financial year
688,736
610,998
The profit and loss account has been prepared on the basis that all operations are continuing operations.
EUROPA COMPONENTS & EQUIPMENT PLC
BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
24,514
Tangible assets
12
156,456
133,997
180,970
133,997
Current assets
Stocks
13
4,994,244
5,779,812
Debtors
14
3,989,213
3,705,841
Cash at bank and in hand
375,417
375,788
9,358,874
9,861,441
Creditors: amounts falling due within one year
15
(4,637,864)
(5,484,353)
Net current assets
4,721,010
4,377,088
Total assets less current liabilities
4,901,980
4,511,085
Creditors: amounts falling due after more than one year
16
(104,706)
(147,097)
Provisions for liabilities
Deferred tax liability
18
29,518
20,553
(29,518)
(20,553)
Net assets
4,767,756
4,343,435
Capital and reserves
Called up share capital
20
91,630
91,610
Share premium account
21
29,060
29,060
Capital redemption reserve
21
500,051
500,051
Profit and loss reserves
21
4,147,015
3,722,714
Total equity
4,767,756
4,343,435
The financial statements were approved by the board of directors and authorised for issue on 24 March 2025 and are signed on its behalf by:
D Sheridan
Director
Company registration number 02646133 (England and Wales)
EUROPA COMPONENTS & EQUIPMENT PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2022
91,591
29,060
500,010
3,516,352
4,137,013
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
-
610,998
610,998
Issue of share capital
20
60
-
-
60
Dividends
10
-
-
-
(385,049)
(385,049)
Redemption of shares
20
(41)
41
(19,587)
(19,587)
Balance at 31 October 2023
91,610
29,060
500,051
3,722,714
4,343,435
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
-
688,736
688,736
Issue of share capital
20
20
-
-
20
Dividends
10
-
-
-
(264,435)
(264,435)
Balance at 31 October 2024
91,630
29,060
500,051
4,147,015
4,767,756
EUROPA COMPONENTS & EQUIPMENT PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
811,408
706,742
Interest paid
(65,402)
(47,745)
Income taxes paid
(210,796)
(179,831)
Net cash inflow from operating activities
535,210
479,166
Investing activities
Purchase of intangible assets
(24,514)
Purchase of tangible fixed assets
(86,864)
(10,137)
Proceeds from disposal of tangible fixed assets
11,121
Net cash (used in)/generated from investing activities
(111,378)
984
Financing activities
Proceeds from issue of shares
20
60
Redemption of shares
(19,587)
Repayment of bank loans
(39,174)
(36,342)
Repayment of derivatives
46,763
Dividends paid
(385,049)
(356,850)
Net cash used in financing activities
(424,203)
(365,956)
Net (decrease)/increase in cash and cash equivalents
(371)
114,194
Cash and cash equivalents at beginning of year
375,788
261,594
Cash and cash equivalents at end of year
375,417
375,788
EUROPA COMPONENTS & EQUIPMENT PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
1
Accounting policies
Company information
Europa Components & Equipment PLC is a public company limited by shares incorporated in England and Wales. The registered office is Europa House, Airport Way, Luton, Bedfordshire, LU2 9NH.
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.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration receivable for goods provided in the normal course of business, and is shown net of other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets 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:
Patents & licences
33.33% straight line
1.5
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.
EUROPA COMPONENTS & EQUIPMENT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
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 - 33.33% straight line
Fixtures and fittings
25 - 33.33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
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.
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.
1.7
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.
Cost is based on the cost of purchase on a weighted average basis.
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.
1.8
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.
EUROPA COMPONENTS & EQUIPMENT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
1.9
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.
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.
EUROPA COMPONENTS & EQUIPMENT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
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.
1.11
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.
EUROPA COMPONENTS & EQUIPMENT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
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.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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.
1.15
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.
EUROPA COMPONENTS & EQUIPMENT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
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.
Trade debtor recoverability
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Stock provision
The company makes an estimate of the recoverable value of stock. When assessing impairment of stock, management considers factors including the sales activity of each line over the past three years and historical experience.
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sale of electrical components
16,647,988
17,413,044
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
16,568,351
17,352,101
Rest of Europe
15,886
29,719
Rest of World
63,751
31,224
16,647,988
17,413,044
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
59,554
190,994
Depreciation of owned tangible fixed assets
64,405
103,847
Profit on disposal of tangible fixed assets
-
(1,060)
Operating lease charges
445,095
369,795
EUROPA COMPONENTS & EQUIPMENT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
23,970
24,280
For other services
Taxation compliance services
2,690
2,560
All other non-audit services
2,500
2,475
5,190
5,035
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Administration and distribution
69
70
Management
5
5
74
75
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,412,498
3,395,650
Social security costs
311,760
298,310
Pension costs
146,323
151,727
3,870,581
3,845,687
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
613,869
624,135
Company pension contributions to defined contribution schemes
40,352
39,795
654,221
663,930
EUROPA COMPONENTS & EQUIPMENT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
7
Directors' remuneration
(Continued)
- 21 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
190,359
201,824
Company pension contributions to defined contribution schemes
12,782
12,194
As part of the company's long term incentive scheme for key management, there are 3 (2023- 2) directors who own '"Growth Shares" in the company and earn bonus' in proportion to their shareholdings. A charge of £37,651 (2023: £46,428) has been recorded in the current year in respect of these shares.
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
13,175
16,079
Other interest on financial liabilities
52,227
31,666
65,402
47,745
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
245,062
190,707
Deferred tax
Origination and reversal of timing differences
8,965
(28,799)
Total tax charge
254,027
161,908
EUROPA COMPONENTS & EQUIPMENT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 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
942,763
772,906
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.52%)
235,691
174,041
Tax effect of expenses that are not deductible in determining taxable profit
13,748
3,802
Depreciation on assets not qualifying for tax allowances
(140)
Deferred tax adjustments in respect of prior years
4,588
(14,362)
Adjust deferred tax to average rate
(1,433)
Taxation charge for the year
254,027
161,908
10
Dividends
2024
2023
£
£
Interim paid
264,435
385,049
11
Intangible fixed assets
Patents & licences
£
Cost
At 1 November 2023
Additions
24,514
At 31 October 2024
24,514
Amortisation and impairment
At 1 November 2023 and 31 October 2024
Carrying amount
At 31 October 2024
24,514
At 31 October 2023
EUROPA COMPONENTS & EQUIPMENT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 November 2023
455,100
892,474
1,347,574
Additions
29,189
57,675
86,864
At 31 October 2024
484,289
950,149
1,434,438
Depreciation and impairment
At 1 November 2023
401,092
812,485
1,213,577
Depreciation charged in the year
19,670
44,735
64,405
At 31 October 2024
420,762
857,220
1,277,982
Carrying amount
At 31 October 2024
63,527
92,929
156,456
At 31 October 2023
54,008
79,989
133,997
13
Stocks
2024
2023
£
£
Finished goods and goods for resale
4,994,244
5,779,812
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,779,731
3,242,331
Amounts owed by group undertakings
102,438
Other debtors
138
2,561
Prepayments and accrued income
209,344
358,511
3,989,213
3,705,841
EUROPA COMPONENTS & EQUIPMENT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
17
42,391
39,174
Trade creditors
821,928
1,005,929
Amounts owed to group undertakings
617,616
692,094
Corporation tax
114,052
79,786
Other taxation and social security
581,276
260,863
Dividends payable
264,435
385,049
Other creditors
1,606,478
2,516,397
Accruals and deferred income
589,688
505,061
4,637,864
5,484,353
Included within other creditors is £1,233,905 (2023: £1,661,015) relating to an invoice discounting facility which is secured by way of a fixed and floating charge over the assets of the group.
In January 2024 the company entered into cross guarantees in respect of debentures in a group company. The assets of this company are pledged as security.
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
104,706
147,097
17
Loans and overdrafts
2024
2023
£
£
Bank loans
147,097
186,271
Payable within one year
42,391
39,174
Payable after one year
104,706
147,097
EUROPA COMPONENTS & EQUIPMENT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
18
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
38,013
32,203
Short term timing difference
(8,495)
(11,650)
29,518
20,553
2024
Movements in the year:
£
Liability at 1 November 2023
20,553
Charge to profit or loss
8,965
Liability at 31 October 2024
29,518
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
146,323
151,727
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.
EUROPA COMPONENTS & EQUIPMENT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
19
Retirement benefit schemes
(Continued)
- 26 -
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
91,500
91,500
91,500
91,500
Ordinary A shares of 1p each
5,028
5,028
50
50
Ordinary B shares of 1p each
8,000
6,000
80
60
104,528
102,528
91,630
91,610
During the year 2,000 Ordinary B shares were issued.
1,000 Ordinary B shares were allotted to Steven Mason on 23rd January 2024. Each with nominal value of 1p, with an aggregate nominal value of £10.
1,000 Ordinary B shares were allotted to Matthew Carrington-Moore on 17th April 2024. Each with nominal value of 1p, with an aggregate nominal value of £10.
Each Ordinary B share has no voting rights in any circumstance, and have no rights to receive income and distributions.
21
Reserves
Share premium
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company.
Profit and loss account
Includes all current and prior period retained profits and losses.
22
Financial commitments, guarantees and contingent liabilities
There is a cross guarantee and debenture in operation to guarantee the borrowings of the holding company. The group borrowings as at 31 October 2024 totalled £nil (2023: £nil).
EUROPA COMPONENTS & EQUIPMENT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
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:
2024
2023
£
£
Within one year
99,463
242,536
Between two and five years
80,525
87,998
179,988
330,534
24
Related party transactions
Transactions with related parties
During the year, the company entered into transactions on a commercial basis with an associate company of Veruth Holdings Limited, the immediate parent undertaking.
During the year, Europa paid rent totalling £172,000 (2023: £172,000) at a commercial rate to Veruth Holdings Limited, the parent company. At the balance sheet date an amount of £nil (2023: £102,438) was payable by Veruth Holdings Limited. At the balance sheet date an amount of £467,616 (2023: £692,094) was payable to Veruth Holdings Limited. During the year interest was charged on the loan payable amount of £37,172 (2023: £31,666).
In addition, Europa received a loan from fellow group company Oracle Drive Systems Limited in the year. At the balance sheet date an amount of £150,000 (2023: £nil) was payable to Oracle Drive Systems Limited. During the year interest was charged on the loan payable amount of £15,055 (2023: £nil).
All transactions have taken place on a commercial basis at arm's length.
25
Ultimate controlling party
The immediate parent undertaking is Veruth Holdings Limited, a company incorporated in England and Wales. Veruth Holdings Limited prepares group accounts and copies can be obtained from Companies House.
The ultimate controlling party is D.M. Sheridan by virtue of his shareholdings in the immediate parent undertaking.
EUROPA COMPONENTS & EQUIPMENT PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 28 -
26
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
688,736
610,998
Adjustments for:
Taxation charged
254,027
161,908
Finance costs
65,402
47,745
Gain on disposal of tangible fixed assets
-
(1,060)
Depreciation and impairment of tangible fixed assets
64,405
103,847
Movements in working capital:
Decrease/(increase) in stocks
785,568
(1,024,437)
(Increase)/decrease in debtors
(283,372)
216,982
(Decrease)/increase in creditors
(763,358)
590,759
Cash generated from operations
811,408
706,742
27
Analysis of changes in net funds
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
375,788
(371)
375,417
Borrowings excluding overdrafts
(186,271)
39,174
(147,097)
189,517
38,803
228,320
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