Company registration number 09670128 (England and Wales)
GEORGE COX LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GEORGE COX LIMITED
COMPANY INFORMATION
Directors
Mr C F Cox
Mr M J Holroyd
Mr J P Walsh
Mr M A Edwards
Mr R D Boothby
Company number
09670128
Registered office
Hall Lane Works
Farnworth
Bolton
Auditor
Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
Bankers
Svenska Handelsbanken AB
6 The Courtyard
Calvin Street
Bolton
GEORGE COX LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group profit and loss account
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
GEORGE COX LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Review of the business
The key performance indicators for the group are as follows:
2024
2023
£
£
Turnover
25,598,686
17,500,938
Gross profit
3,657,768
3,364,954
Gross profit margin
14.29%
19.23%
2024 saw yet another significant rise in turnover with an increase of 46.3% on the previous year. This means over the past two years the group has seen an overall increase of 131%. The long-term strategic plan of broadening its client base and undertaking larger projects continues to be successful. Gross Profit has increased to £3.7m (2023: £3.4m), though there was a fall in the gross profit margin percentage, due to the nature of works being undertaken, it remains well above industry averages. Net Profits remain strong at £1.1m (2023: £1.3m). The group saw an increase in indirect costs to £2.6m from £2.0m split between one-off development costs and an increase in staffing numbers.
The group’s growth has been underpinned by long-term framework contracts with Local Authorities, which have provided surety of work streams for forthcoming years. This has provided the directors with the confidence to invest heavily in the future growth of the group, including the purchase and development of a new ERP system and the expansion/refurbishment of its offices.
Cash balances remained strong throughout the year, with yet further improvements on prior historic highs. More effective cash collection has resulted in an 11% reduction of debtor days.
The group secured long-term direct award contracts with both Local Authority and Utility Providers as well as successfully negotiating extensions to a number of its existing direct-award frameworks. It has a historically high forward order book with works well into 2026.
The group continues to develop its training and apprentice programme which it has expanded to include professional and management positions. 12% of the workforce are apprentices or on a recognised training or development programme.
The group continues to meet (or in most cases exceed) agreed Social Value targets, undertaking a wide range of community and educational projects.
Principal risks and uncertainties
The group has a strong forward order book covering forthcoming years. It regularly reviews and updates its working practices in consultation with its workforce, its professional advisors, industry bodies and its supply chain.
Our client’s future budget spending looks to increase from current levels, which is an indication of the strength within our market. All long-term contracts have an inflationary mechanism which provides protection from any significant fluctuation in costs.
Mr C F Cox
Director
27 March 2025
GEORGE COX LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company is the management and co-ordination of activities of a subsidiary company engaged in public and private works contracting.
The principal activity of the company's subsidiary during the period was:
George Cox & Sons Limited - Highway contractors
Results and dividends
Ordinary dividends were paid amounting to £67,000. The directors recommend payment of a final dividend amounting to £125,381.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr C F Cox
Mr M J Holroyd
Mr J P Walsh
Mr M A Edwards
Mr R D Boothby
(Appointed 1 September 2024)
Financial instruments
Liquidity risk
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Future developments
The group has successfully expanded the number of framework contracts it now undertakes with local authority councils. These clients have secured funding for a number of large long-term schemes for which we have been appointed preferred Contractor status and in doing so this provides security of work flows for the next three to five years maintaining the recent growth we have enjoyed.
In addition to our local authority clients, we have expanded our number of blue chip, private sector clients.
Auditor
The auditor, Barlow Andrews LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
GEORGE COX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
On behalf of the board
Mr C F Cox
Director
27 March 2025
GEORGE COX LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
GEORGE COX LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GEORGE COX LIMITED
- 5 -
Opinion
We have audited the financial statements of George Cox Limited (the 'parent company') and its subsidiary (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2024 and of the group's 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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial 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.
GEORGE COX LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GEORGE COX LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company and group through discussions with directors and other management, and from our commercial knowledge and experience;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company and group, including the Companies Act 2006 and taxation legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
GEORGE COX LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GEORGE COX LIMITED
- 7 -
We assessed the susceptibility of the company and group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
Alison Cornes (Senior Statutory Auditor)
For and on behalf of Barlow Andrews LLP, Statutory Auditor
Carlyle House
78 Chorley New Road
Bolton
27 March 2025
GEORGE COX LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
25,598,686
17,500,938
Cost of sales
(21,940,918)
(14,135,984)
Gross profit
3,657,768
3,364,954
Administrative expenses
(2,573,114)
(2,019,930)
Other operating income
35,645
24,185
Operating profit
4
1,120,299
1,369,209
Interest receivable and similar income
8
13,406
6
Interest payable and similar expenses
9
14,013
(21,496)
Profit before taxation
1,147,718
1,347,719
Tax on profit
10
(329,726)
(329,129)
Profit for the financial year
817,992
1,018,590
Profit for the financial year is all attributable to the owners of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
There is no other comprehensive income for the period. The total comprehensive income is the profit for the financial period shown above.
GEORGE COX LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
752,092
877,441
Tangible assets
13
220,610
1,564
972,702
879,005
Current assets
Stocks
16
181,700
372,476
Debtors
17
5,673,641
6,052,915
Cash at bank and in hand
2,524,849
1,353,032
8,380,190
7,778,423
Creditors: amounts falling due within one year
18
(6,749,804)
(6,655,799)
Net current assets
1,630,386
1,122,624
Total assets less current liabilities
2,603,088
2,001,629
Creditors: amounts falling due after more than one year
19
(95,761)
-
Provisions for liabilities
Provisions
21
(35,025)
(35,472)
Deferred tax liability
22
(55,153)
-
(90,178)
(35,472)
Net assets
2,417,149
1,966,157
Capital and reserves
Called up share capital
24
263,158
274,854
Capital redemption reserve
25
29,240
17,544
Profit and loss reserves
25
2,124,751
1,673,759
Total equity
2,417,149
1,966,157
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
27 March 2025
Mr C F Cox
Director
Company registration number 09670128 (England and Wales)
GEORGE COX LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
220,610
1,564
Investments
14
2,110,500
2,110,500
2,331,110
2,112,064
Current assets
Debtors
17
179,802
192,081
Cash at bank and in hand
98,701
53,155
278,503
245,236
Creditors: amounts falling due within one year
18
(283,034)
(673,926)
Net current liabilities
(4,531)
(428,690)
Total assets less current liabilities
2,326,579
1,683,374
Creditors: amounts falling due after more than one year
19
(95,761)
-
Provisions for liabilities
Deferred tax liability
22
55,153
(55,153)
-
Net assets
2,175,665
1,683,374
Capital and reserves
Called up share capital
24
263,158
274,854
Capital redemption reserve
25
29,240
17,544
Profit and loss reserves
1,883,267
1,390,976
Total equity
2,175,665
1,683,374
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £859,291 (2023 - £455,603 profit).
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
27 March 2025
Mr C F Cox
Director
Company Registration No. 09670128
GEORGE COX LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
292,398
579,339
667,990
1,539,727
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
-
1,018,590
1,018,590
Dividends
11
-
-
-
(142,160)
(142,160)
Own shares acquired
-
-
-
(450,000)
(450,000)
Redemption of shares
24
(17,544)
-
17,544
-
Other movements
-
(579,339)
-
579,339
-
Balance at 30 September 2023
274,854
17,544
1,673,759
1,966,157
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
817,992
817,992
Dividends
11
-
-
-
(67,000)
(67,000)
Own shares acquired
-
-
-
(300,000)
(300,000)
Redemption of shares
24
(11,696)
-
11,696
-
Balance at 30 September 2024
263,158
29,240
2,124,751
2,417,149
GEORGE COX LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
292,398
579,339
948,194
1,819,931
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
-
455,603
455,603
Dividends
11
-
-
-
(142,160)
(142,160)
Own shares acquired
-
-
-
(450,000)
(450,000)
Redemption of shares
24
(17,544)
-
17,544
-
Other movements
-
(579,339)
-
579,339
-
Balance at 30 September 2023
274,854
17,544
1,390,976
1,683,374
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
859,291
859,291
Dividends
11
-
-
-
(67,000)
(67,000)
Own shares acquired
-
-
-
(300,000)
(300,000)
Redemption of shares
24
(11,696)
-
11,696
-
Balance at 30 September 2024
263,158
29,240
1,883,267
2,175,665
GEORGE COX LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,188,057
1,178,516
Interest paid
14,013
(21,496)
Income taxes paid
(408,485)
(72,021)
Net cash inflow from operating activities
1,793,585
1,084,999
Investing activities
Purchase of tangible fixed assets
(240,075)
-
Interest received
13,406
6
Net cash (used in)/generated from investing activities
(226,669)
6
Financing activities
Purchase of own shares
(300,000)
(450,000)
Proceeds from borrowings
120,000
-
Repayment of borrowings
(5,939)
(115,667)
Dividends paid to equity shareholders
(209,160)
Net cash used in financing activities
(395,099)
(565,667)
Net increase in cash and cash equivalents
1,171,817
519,338
Cash and cash equivalents at beginning of year
1,353,032
833,694
Cash and cash equivalents at end of year
2,524,849
1,353,032
GEORGE COX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
1
Accounting policies
Company information
George Cox Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Hall Lane Works, Farnworth, Bolton.
The group consists of George Cox Limited and its subsidiary.
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 is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Basis of consolidation
The consolidated financial statements incorporate those of George Cox Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).
All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
GEORGE COX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Profit is recognised on long term contracts if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of the contract value which is estimated to have been completed.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business 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 10 years.
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% straight line
Fixtures and fittings
25% straight line
Motor vehicles
25% 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 recognised in the profit and loss account.
1.7
Fixed asset investments
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
GEORGE COX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Stocks
Stocks are stated at the lower of cost and net realisable value and are recognised on a FIFO 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.
1.10
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract works and claims are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.
1.11
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
GEORGE COX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, loans due from connected companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, loans and loans from fellow group companies, 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.
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.
GEORGE COX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
When the company receives claims from third parties or employees, it makes a provision for the estimated uninsured element of each claim.
1.16
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.
GEORGE COX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.17
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.18
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 leased asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Amounts recoverable on long term contracts
Profit on long term contracts is recognised in the profit or loss account based on the amount of chargeable work carried out by the end of the financial period less any amounts already invoiced to the customer. A level of judgement is applied in assessing the likely overall outcome of the project.
3
Turnover
The total turnover of the group has been derived from its principal activity wholly undertaken in the United Kingdom. An analysis of the group's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Highway contractor
25,598,686
17,500,938
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
21,029
1,621
Amortisation of intangible assets
125,349
125,349
Operating lease charges
116,482
108,242
GEORGE COX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 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 group and company
6,825
6,500
Audit of the financial statements of the company's subsidiaries
15,600
13,200
22,425
19,700
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
27
21
3
3
Administration
16
12
-
-
Site operatives
60
45
-
-
Total
103
78
3
3
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,086,356
2,845,429
279,100
254,660
Social security costs
401,326
292,785
35,344
32,861
Pension costs
297,812
172,876
213,160
107,122
4,785,494
3,311,090
527,604
394,643
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
295,638
254,660
Company pension contributions to defined contribution schemes
213,270
107,122
508,908
361,782
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).
GEORGE COX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
7
Directors' remuneration
(Continued)
- 21 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
179,740
144,528
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
13,406
6
9
Interest payable and similar expenses
2024
2023
£
£
Interest on loans and other payables
(15,583)
21,496
Other interest on financial liabilities
1,570
-
Total finance costs
(14,013)
21,496
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
274,573
329,129
Deferred tax
Origination and reversal of timing differences
55,153
Total tax charge
329,726
329,129
GEORGE COX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
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
1,147,718
1,347,719
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
286,930
296,609
Tax effect of expenses that are not deductible in determining taxable profit
42,405
32,208
Permanent capital allowances in excess of depreciation
391
357
Tax at marginal rate
(45)
Taxation charge
329,726
329,129
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
67,000
142,160
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
1,592,398
Amortisation and impairment
At 1 October 2023
714,957
Amortisation charged for the year
125,349
At 30 September 2024
840,306
Carrying amount
At 30 September 2024
752,092
At 30 September 2023
877,441
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
GEORGE COX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
13
Tangible fixed assets
Group and company
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
6,095
1,321
7,416
Additions
5,352
10,938
223,785
240,075
At 30 September 2024
11,447
12,259
223,785
247,491
Depreciation and impairment
At 1 October 2023
4,531
1,321
5,852
Depreciation charged in the year
1,108
1,272
18,649
21,029
At 30 September 2024
5,639
2,593
18,649
26,881
Carrying amount
At 30 September 2024
5,808
9,666
205,136
220,610
At 30 September 2023
1,564
1,564
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
2,110,500
2,110,500
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
2,110,500
Carrying amount
At 30 September 2024
2,110,500
At 30 September 2023
2,110,500
15
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
George Cox & Sons Limited
Hall Lane Works, Bolton
Ordinary shares
100.00
GEORGE COX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
181,700
372,476
-
-
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,292,472
2,559,137
Gross amounts owed by contract customers
1,548,438
2,615,544
Corporation tax recoverable
4,500
4,500
Other debtors
728,283
729,747
49,921
49,921
Prepayments and accrued income
99,948
148,487
125,381
142,160
5,673,641
6,052,915
179,802
192,081
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
20
23,490
5,190
23,490
5,190
Payments received on account
398,514
52,324
Trade creditors
4,202,253
4,505,099
Amounts owed to group undertakings
227,097
217,901
Corporation tax payable
199,717
329,129
16,936
Other taxation and social security
1,030,149
587,311
15,279
15,158
Dividends payable
142,160
142,160
Other creditors
27,776
278,375
2,371
260,636
Accruals and deferred income
867,905
756,211
14,797
15,945
6,749,804
6,655,799
283,034
673,926
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
20
95,761
95,761
GEORGE COX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
119,251
5,190
119,251
5,190
Payable within one year
23,490
5,190
23,490
5,190
Payable after one year
95,761
95,761
Other loans include amounts received in the current year which are repayable over 6 years. Interest is being charged on the loan at a rate of 4% per annum and, at 30 September 2024, £114,061 was outstanding in respect of this loan (2023: £nil).
21
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Personal injury and damage claims
35,025
35,472
-
-
Movements on provisions:
Group
£
At 1 October 2023
35,472
Additional provisions in the year
24,525
Reversal of provision
(22,600)
Utilisation of provision
(2,372)
At 30 September 2024
35,025
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
55,153
-
GEORGE COX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
22
Deferred taxation
(Continued)
- 26 -
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
55,153
-
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 October 2023
-
-
Charge to profit or loss
55,153
55,153
Liability at 30 September 2024
55,153
55,153
The deferred tax liability set out above is expected to reverse over the useful economic life of the fixed assets and relates to accelerated capital allowances that are expected to mature within the same period.
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
297,812
172,876
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
24
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
263,158
263,158
263,158
263,158
Ordinary A shares of £1 each
-
11,696
-
11,696
263,158
274,854
263,158
274,854
The holders of ordinary shares are entitled to receive dividends and are entitled to one vote per share at the meetings of the company. The holders of the ordinary "A" shares had no voting rights, however they were entitled to participate in the distribution of dividends which were paid during the year, before ceasing to own the shares.
All shares rank equally with regard to the company's residual assets.
During the year, 11,696 ordinary "A" shares were repurchased by the company for a consideration of £300,000.
GEORGE COX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
25
Reserves
Share premium
The share premium account includes any premiums received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the share premium.
The company undertook a capital reduction in the prior year to reduce share premium by £579,339 against profit and loss reserves. The share premium balance at 30 September 2023 and 30 September 2024 was £nil.
Capital redemption reserve
The company has repurchased the remainder of its 11,696 ordinary "A" shares (2023: 17,544 ordinary "A" shares) during the year. The capital redemption reserve balance at the year end is £29,240 (2023: £17,544).
26
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
98,300
98,470
-
-
Between two and five years
170,425
268,738
-
-
268,725
367,208
-
-
GEORGE COX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
27
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
900,806
694,033
Transactions with related parties
During the year, the group entered into the following transactions with related parties:
Companies associated through the directors
During the year, the group incurred expenses of £721,946 (2023: £729,446) and made sales/recharges of £41,868 (2023: £65,768), to companies associated through common directorship.
At the year end, the group was owed £58,503 (2023: £143,196) from the connected company. In addition, £192,546 was included in accruals in respect of management charges from the connected company (2023: £154,360).
In 2024, a company controlled by a director lent the group £120,000. Interest is being charged on the loan at a rate of 4%. The balance due at the year end was £114,061 (2023: £nil). The loan is due to be repaid within 6 years of the initial advance.
28
Directors' transactions
At the year end there was a total balance of £2,371 due to the directors (2023: £402,796).
Dividends totalling £67,000 (2023: £142,160) were declared in the year in respect of shares held by the company's directors.
GEORGE COX LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
29
Cash generated from group operations
2024
2023
£
£
Profit after taxation
817,992
1,018,590
Adjustments for:
Taxation charged
329,726
329,129
Finance costs
(14,013)
21,496
Investment income
(13,406)
(6)
Amortisation and impairment of intangible assets
125,349
125,349
Depreciation and impairment of tangible fixed assets
21,029
1,621
(Decrease)/increase in provisions
(447)
3,022
Movements in working capital:
Decrease/(increase) in stocks
190,776
(152,490)
Decrease/(increase) in debtors
383,774
(2,974,932)
Increase in creditors
347,277
2,806,737
Cash generated from operations
2,188,057
1,178,516
30
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
1,353,032
1,171,817
2,524,849
Borrowings excluding overdrafts
(5,190)
(114,061)
(119,251)
1,347,842
1,057,756
2,405,598
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