Company registration number SC303441 (Scotland)
NWH HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
NWH HOLDINGS LIMITED
COMPANY INFORMATION
Directors
C D Williams
R A Williams
G A Hill
Mr C D Robertson
R F D Ray
N G Black
G Money
(Appointed 24 January 2024)
N I Williams
(Appointed 24 January 2024)
Company number
SC303441
Registered office
Unit 5 Mayfield Industrial Estate
Mayfield
Dalkeith
Midlothian
United Kingdom
EH22 4AD
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
Bankers
The Royal Bank of Scotland PLC
36 St Andrew Square
Edinburgh
United Kingdom
EH2 2YB
NWH HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 6
Directors' report
7 - 10
Independent auditor's report
11 - 13
Group statement of comprehensive income
14
Group balance sheet
15
Company balance sheet
16
Group statement of changes in equity
17
Company statement of changes in equity
18
Group statement of cash flows
19
Notes to the financial statements
20 - 38
NWH HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

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

Principal activities

The principal activity of the group in the year under review was the collection, recycling, and production of resources in addition to other ancillary services. Waste collection services to the hospitality, retail, energy, healthcare, local authorities, commercial, industrial and construction sectors are provided.

 

Waste such as glass, food, dry mixed recycling, general residual, cardboard, paper, plastics, inert demolition spoil, soils, wood, green garden, asbestos, incinerator bottom ash, household, road sweepings, civic amenity is collected. This is undertaken by the fleet of trade refuse vehicles, skips, tippers, grabs and articulated vehicles which transport it to the Material Recycling Facilities and energy from waste facilities.

 

Valuable products - cardboard, paper, washed sands & gravels, concrete, metals, refuse derived fuel, biomass, and topsoil - are produced.

 

Headquartered in Midlothian, in central Scotland, the business services all of Scotland and the North East of England from ten sites.

 

Review of the business

The group generated the best trading performance in its history with record turnover of £55.6m (2023: £52.2m) in the year to 30 September 2024; an increase of 6%. This delivered an operating profit of £4.2m (2023: £3.4m) and a profit after tax of £1.8m (2023: £1.3m), increases of 24% and 38% respectively.

 

It was a challenging year for the whole Group following the passing of our CEO, Mark Williams, in October 2023. He led and grew the business with knowledge, commitment and purpose for over 20 years. His passing touched everyone in the business.

 

Under the stewardship of the senior management team that Mark established and developed during his tenure, the business produced a resilient trading performance. Gavin Money moved in to a Managing Director role and continued the recent track record of delivering increasing revenues, profits and net assets.

 

In Collection, Processing & Disposal (CPD), increased sales and hook activity and the new processing line in Newcastle more than offset both the weak external aggregate market and lower sales of our processed wood. In a fragile Construction and Demolition sector, a large muckshifting job in the energy transmission sector drove a strong Complementary Services (CS) trading performance. Sales in the Collection and Compaction (C&C) Trade Waste division were up over 10% on prior year from both new customer wins and improved retention rates.

 

2025 Outlook

Entering the new year, we are well positioned to keep growing the business and drive value creation. The FY25 trading performance will be built on the already embedded growth secured from prior years and a continuation of winning new business which accelerated in H2 FY24.

 

Subject to geopolitical tensions and positive fiscal stimulus, conditions in the markets in which we operate are considered neutral with the exception of the Construction and Demolition sector which remains sluggish; this will continue to hit sales from our aggregate processing plant. As the business continues to lose its dependence on any one sector or geography as well as increasing the quantum of repeat work, growth will accelerate.

 

The business invests in technology. Artificial Intelligence assisted material recovery facility operatives, embedding Business Intelligence throughout the business and new processing lines all drive growth without the need for a proportionate investment in resource.

 

Our Purpose, Values, Mission and Vision hold true. The strategy will be refined, and confirmed, before being rolled out to the whole company.  

 

The business remains committed to delivering sustainable growth across all three divisions. Continued new business wins for our skips and hooks complemented by consistent processing performance will drive significant gains in CPD. C&C margin improvement will come from continued revenue momentum and a focus on retention.​ CS gross profit will remain broadly static through high vehicle utilisation.

 

Acquisition targets which meet the business’ strategy will continue to be considered.

NWH HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
2025 Outlook (continued)

Our processing diverts waste from landfill and our production of secondary materials results in the avoidance of CO2 in displacing traditional, extractive raw materials. We shall continue to promote and leverage our work that significantly reduces carbon emissions and pressure on the Earth’s limited natural resources through our business model.

Key Performance Indicators ("KPIs")

One of the main tools to address risk is the extensive use of KPIs and continuous commercial planning within the long term strategic framework. As part of a rolling monthly performance cycle, the company monitors KPIs such as new business pipeline, service levels, collection movements and tonnages, vehicle and plant utilisation, processing throughput, profitability and liquidity on a daily and weekly basis which are reviewed both operationally and at board level.

 

Principal Risks and Uncertainties

The nature of the company's business and strategy are subject to a number of risks. The directors are of the opinion that the adopted risk management processes assist to identify, monitor and mitigate these risks.

 

Risk Management Commitees

The company operates a Risk, Health and Safety Committee with the purpose of reviewing and making recommendations on the adequacy and reliability of risk identification, mitigation and reporting. It fulfils the Board’s corporate governance and supervisory responsibility for risk, health and safety and for developing policy to ensure best practice as well as the health and wellbeing of staff, contractors and visitors to the sites.

 

The committee meets quarterly ensuring the objectives, measures and targets of the company’s policy are appropriate, adhered to and reported on. Risks addressed include regulatory, people & safety, business continuity, legal, reputational, environmental and community. A risk management plan is prepared and reviewed annually.

 

The Safety, Health, Environment, Fire and Quality Committee meets monthly and comprises all site managers. Its findings feed into the monthly Operational and Main Board meetings as well as the Risk, Health and Safety Committee.

 

The principal risks and uncertainties that affect the business are:

 

Compliance

This is the largest risk facing the business whether it is from health and safety legalisation, environmental regulation or vehicular rules. Compliance has maximum focus in the business and is addressed through constant review and can be seen in the company’s core values. The Compliance Director sits on the Board with responsibility for delivering a fully compliant business.

 

Macroeconomic climate

The economic environment remains unpredictable. It is especially susceptible to geopolitical crises. The company’s strategy is robust enough to counter these headwinds.

 

Environment

The company is cognisant of its environmental responsibilities and processes and systems are in place to manage the impact on, as well as protect and enhance, the environment. There is strict adherence to the SEPA and EA waste management regulations.

 

Credit risk

The company's principal financial assets are bank balances, cash and trade debtors. The company's credit risk is primarily attributable to its trade debtors. Credit Risk is managed by monitoring the aggregate amount and duration of exposure to any one customer. Trade debtors are insured on an individual account basis. The amounts presented in the balance sheet are net of allowances for doubtful debts, estimated by company's management based on prior experiences and their assessment of the current environment.

NWH HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Risk Management Commitees

Liquidity risk

The financial risk management policy is to ensure continuity of funding for operations via facilities where limits have been established based on growth requirements of the business, together with inter-company debt and through acquiring an element of the Group's fixed assets under finance leases as appropriate. The group has an Invoice Finance Facility with RBS, providing flexibility to meet the growth requirements of the business. No treasury transactions or derivatives are entered into.

Legislation

Waste recycling is a regulated sector which can impact the revenue opportunities. The Scottish Government has introduced ambitious waste recycling legislation. A landfill ban on biodegradable municipal waste comes into effect on 31 December 2025. In addition, the new Simpler Recycling initiative in England forces businesses to separate metal, plastics, paper, card, food waste and residual waste at source. Currently a new mandatory digital system for tracking waste is scheduled to be implemented in April 2026. Also, both SEPA and the EA are tightening the sampling and testing of waste to ensure compliance and improve classification accuracy. Major Scottish cities continue to introduce Low Emission Zones which are designed to target the most polluting vehicles. We are fully aware of all the proposed legislative changes and can adjust our business model to ensure full compliance without compromising revenue generation.

 

Human resources

People are the company’s greatest asset, and as the business expands, the reliance on high-calibre employees becomes increasingly crucial. To support this growth, significant investment has been made and will continue to be directed towards enhancing both capacity and capability throughout the organisation. Furthermore, the apprenticeship program and the Driver Academy play a pivotal role in this strategy. These initiatives not only bolster the workforce but also ensure a steady influx of skilled, dedicated drivers, meeting the ongoing demand for quality and efficiency in operations.

 

End markets

The company operates in the construction sector which has experienced challenges in previous years. The risk faced by the company is significantly diversified as there is increasing sales activity in other markets eg hospitality, local government, facilities management, utilities, manufacturing, healthcare, industrial, commercial, retail and leisure.

 

Commodities market

Volatility in global commodity prices can impact the revenues generated from the resource produced. Working with industry partners helps to mitigate any downside risk.

 

Business infrastructure

The business is reliant on various software and IT systems. Further improvements to our operational systems continued to be implemented throughout the business offering greater stability, analysis and reporting capability.

 

Acquisitions

A key pillar of the growth strategy is through acquisitions. There are many potential deals sourced and only those that are aligned to the strategy of, and have a strong culture fit with, NWH are progressed. This disciplined approach limits the risk of poor integration.

 

NWH HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
S172 statement

The directors of the company, in line with their duties under s172 of the Companies Act 2006, believe that they have acted in the way they consider to be both in good faith and would be most likely to promote the success of the company for the benefit of its members as a whole. In doing so have regard (amongst other matters) to the:

 

The Board understands the importance of engaging with all its stakeholders and regularly discusses issues concerning employees, customers, suppliers, environment and community, regulators and shareholders which inform its decision-making processes.

 

Sustainability is central to the company’s vision “to secure a sustainable future by improving the social, economic and environmental wellbeing of our communities." This will be achieved by our commitment to our people, our communities and our planet.

 

This is underpinned by the five values of the business:

 

Employees

We believe the core strength of the group is its people, and we are committed to being a responsible business and employer. The Group strives to recruit, develop, motivate, and retain the best talent, ensuring that our employees are empowered to perform at their best, grow their skills, and contribute to a highly efficient and productive organisation.

 

Our commitment to fostering an inclusive and supportive workplace has been recognised through our Disability Confident accreditation and nomination as finalists in the Disability Confident Awards. Additionally, we were recognised as finalists in the Top Employer Awards 2024 for our dedication to apprenticeship programmes and for creating an inspiring workplace culture.

 

Training remains a key priority, and we continue to invest in the development of our employees. We actively encourage participation in training courses and, whenever possible, offer work experience placements in collaboration with local schools to support future talent.

 

Effective communication is essential to our culture, and we maintain an open and transparent approach. Regular email updates keep all staff informed of the latest business developments, CSR activities and recruitment news, before public release. Drivers receive periodic updates via in-vehicle software, focusing on business performance and safety initiatives. Our internal Facebook page fosters two-way communication, while monthly business reviews and Q&A sessions — open to both drivers and non-drivers — provide direct access to the Managing Director for updates and feedback.

NWH HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
Customers

We continue to work closely with our customers, fostering strong partnerships that drive mutual growth and success. Through proactive engagement, our team of business development managers and account managers regularly collaborates with customers to support their needs and enhance service delivery.

 

Our commitment to long-term relationships is reflected in our year-on-year increase in contracted customers, which underpins the sustainability of our forecasted revenues. This continued growth reinforces our position in the industry and ensures stability for both our business and our customers.

 

We are proud to maintain a third-party review status of 'Excellent'—the highest rating in the industry, reflecting our dedication to exceptional service and operational excellence.

 

In addition to direct engagement, we keep customers informed through regular business updates and service enhancements, leveraging social media and marketing channels to maintain an open and transparent dialogue.

 

Suppliers

We value the supplier base as partners and our aim is to have strong stable working relationships with them. We seek to be fair and transparent in our dealings and we honour our arrangements with them.

 

The company undertakes regular meetings and calls with our suppliers as well as engage with them on social media.

 

Environment and community

The company is committed to positive and responsible courses of action regarding those aspects of the business which impact upon the environment. This is demonstrated by maintaining an Environmental Management System, which meets the requirements of ISO 14001 and is focused on preventing pollution and continuously improving the company performance. The strategy addresses the following key areas:

 

Our dedication to supporting local private charities and the communities we serve remains a key focus area for The NWH Group. In 2024, we proudly continued our longstanding partnership with Entrepreneurial Scotland, extending support to an intern for the fifth consecutive year. Additionally, we embarked on educational initiatives, visiting primary schools to impart valuable lessons on recycling practices and the importance of minimising landfill. Recognising the significance of investing in our workforce, we facilitated and funded the training of four new driver apprentices. Further we continued our ongoing support for Children 1st, our partner charity. We also set up our community fund program which enables the business to contribute funds to the most deserving charities within the regions we serve, fostering positive change and a meaningful impact in our communities.

 

Governance and regulation

The Board’s intention is to behave responsibly and to ensure that the management team operates the business in a responsible manner, acting with the high standards of business conduct and the good governance expected of a business of our nature and size and in full alignment with the laws and regulations. In doing so, we believe we will deliver our long-term business strategy and further develop our reputation in the waste recycling sector.

 

We are accredited to the industry’s leading Safety Schemes in Procurement (SSIP) schemes. All aspects of our business operations, from our financial stability and quality management systems to health and safety practices and employment policies have been assessed and approved. Our management processes comply with the stringent requirements of both ISO 14001 and ISO 9001 (Quality Management System Standard). These accreditations from leading industry bodies provide independent assurance that we meet the rigorous criteria for private and public sector projects, both regionally and nationally.

 

We have a risk and control framework to ensure that the company complies with all legal and regulatory requirements pertinent to our industry.

NWH HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
Shareholders

The Board has a close working relationship with the shareholders and hold regular meetings and discussions to drive the business towards its long-term business strategy. The company is committed to considering properly their input and challenges.

The Board provides relevant information to the shareholders on a regular basis, including monthly Board packs containing analysis of performance against the key metrics.

On behalf of the board

N G Black
Director
31 March 2025
NWH HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -

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

Results and dividends

The results for the year are set out on page 14.

Ordinary dividends were paid amounting to £540,000. The directors do not recommend payment of a further dividend.

Directors

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

M P Williams
(Deceased 31 October 2023)
C D Williams
R A Williams
G A Hill
Mr C D Robertson
R F D Ray
N G Black
G Money
(Appointed 24 January 2024)
N I Williams
(Appointed 24 January 2024)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees in matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through a variety of mediums. Live interactive business updates, recorded video messages, newsletters, internal Facebook pages, culture sessions and company retreats are all used to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

NWH HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
Energy and carbon report

The group has worked with our advisers, Climate Springboard to independently assess greenhouse gas (GHG) emissions in accordance with the UK Governments “Environmental Reporting Guidelines, Including Streamlined Energy and Carbon reporting Guidance”. In addition, this reporting complies with the following UK legislation:

NWH Holdings Limited has improved reporting processes in the year. The improved granularity of the data has given increased transparency of the emissions reported, especially in Scope 2 and Scope 3 eg electricity generation as well as allowing us to update data from prior years eg site gas.

 

This SECR carbon report was completed using the Greenhouse Gas Protocol for Carbon Accounting; the 2023 conversion factors from the UK Government guidelines were utilised.

 

The table below summarises the GHG emissions for 2024 and 2023:

 

Scope

Activity

Location Based tCO2e

2024

Location Based tCO2e

2023

Scope 1

Vehicle fuel usage

10,011

12,478

Site gas

66

5

Company car travel

25

24

Scope 1 Sub Total

10,102

 

12,507

 

Scope 2

Electricity generation

168

149

Scope 2 Sub Total

168

 

149

 

Scope 3

Well To Tank

2,407

2,901

Electricity transmission & distribution

14

14

 

 

 

Employee-owned car travel (grey fleet)

31

20

Waste

20

6

Flights

-

4

Scope 3 Sub Total

2,472

 

2,946

 

Total tonnes of CO2e

12,742

15,601

Tonnes of CO2e per employee

35

43

Tonnes of CO2e per £m turnover

232

294

Total energy consumption (kWh)*

122

49

 

* Total energy consumption UK Electricity, UK Site Gas and vehicles owned by the company and employees (grey fleet)

NWH HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
Energy Efficiency Actions

The group is fully aware of its obligations as a business user of electricity and gas and the associated CO2 greenhouse gas emissions. There is a desire to decrease fuel consumption where possible. New technologies, operational efficiencies in business processes and minimising unnecessary travel are all under constant review.

With sustainability at the core of its operations, the NWH Holdings upgraded its waste processing plant at the Newcastle site in May 2023. Increased capacity means a reduction in running time of up to 25%. Additionally, a reconfiguration of the plant layout allowed for a saving of c20% in fuel for the yellow plant.

In July 2024, NWH Holdings partnered with Mercedes-Benz to strengthen the Company’s commitment to sustainability by further transitioning the company car fleet to fully electric: 82% of the car fleet is now fully electric with the remainder hybrid electric.

Throughout the year NWH Holdings upgraded part of its HGV fleet to new vehicles. The improved fuel efficiency contributed to the reduction in fuel use.

Statement of directors' responsibilities

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

 

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

 

 

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

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments and risk.

 

 

 

 

 

 

 

 

 

 

 

NWH HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
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.

On behalf of the board
N G Black
Director
31 March 2025
NWH HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NWH HOLDINGS LIMITED
- 11 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

NWH HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NWH HOLDINGS LIMITED
- 12 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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.

NWH HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NWH HOLDINGS LIMITED
- 13 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

David MacCallum (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
31 March 2025
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
NWH HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
Turnover
3
55,552,735
52,221,830
Cost of sales
(45,922,334)
(42,550,117)
Gross profit
9,630,401
9,671,713
Administrative expenses
(6,529,026)
(6,333,990)
Other operating income
1,136,923
35,815
Operating profit
4
4,238,298
3,373,538
Interest payable and similar expenses
7
(1,769,466)
(1,595,436)
Profit before taxation
2,468,832
1,778,102
Tax on profit
8
(682,654)
(428,643)
Profit for the financial year
25
1,786,178
1,349,459
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
NWH HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
615,402
733,124
Other intangible assets
10
-
0
8,864
Total intangible assets
615,402
741,988
Tangible assets
11
29,455,684
26,738,409
30,071,086
27,480,397
Current assets
Stocks
14
311,891
367,957
Debtors
15
9,249,106
9,300,571
Cash at bank and in hand
502,209
1,307,015
10,063,206
10,975,543
Creditors: amounts falling due within one year
16
(21,112,370)
(20,318,518)
Net current liabilities
(11,049,164)
(9,342,975)
Total assets less current liabilities
19,021,922
18,137,422
Creditors: amounts falling due after more than one year
17
(12,189,987)
(13,234,322)
Provisions for liabilities
Deferred tax liability
20
2,209,711
1,527,057
(2,209,711)
(1,527,057)
Net assets
4,622,224
3,376,043
Capital and reserves
Called up share capital
22
809,618
809,615
Capital redemption reserve
24
202,408
202,408
Other reserves
(2,139,900)
(2,139,900)
Profit and loss reserves
25
5,750,098
4,503,920
Total equity
4,622,224
3,376,043
The financial statements were approved by the board of directors and authorised for issue on 31 March 2025 and are signed on its behalf by:
31 March 2025
N G Black
Director
Company registration number SC303441 (Scotland)
NWH HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 16 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
2,160,203
2,160,203
Current assets
Debtors
15
9,139,278
11,315,911
Cash at bank and in hand
140
346
9,139,418
11,316,257
Creditors: amounts falling due within one year
16
(5,032,664)
(5,100,769)
Net current assets
4,106,754
6,215,488
Total assets less current liabilities
6,266,957
8,375,691
Creditors: amounts falling due after more than one year
17
(5,192,424)
(7,301,161)
Net assets
1,074,533
1,074,530
Capital and reserves
Called up share capital
22
809,618
809,615
Capital redemption reserve
24
202,408
202,408
Profit and loss reserves
25
62,507
62,507
Total equity
1,074,533
1,074,530

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 £540,000 (2023 - £540,000 profit).

The financial statements were approved by the board of directors and authorised for issue on 31 March 2025 and are signed on its behalf by:
31 March 2025
N G Black
Director
Company registration number SC303441 (Scotland)
NWH HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
809,600
202,408
(2,139,900)
3,694,461
2,566,569
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
-
1,349,459
1,349,459
Issue of share capital
22
17
-
-
-
17
Dividends
9
-
-
-
(540,000)
(540,000)
Reduction of shares
22
(2)
-
-
-
(2)
Balance at 30 September 2023
809,615
202,408
(2,139,900)
4,503,920
3,376,043
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
1,786,178
1,786,178
Issue of share capital
22
4
-
-
-
4
Dividends
9
-
-
-
(540,000)
(540,000)
Reduction of shares
22
(1)
-
-
-
(1)
Balance at 30 September 2024
809,618
202,408
(2,139,900)
5,750,098
4,622,224
NWH HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
809,600
202,408
62,507
1,074,515
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
540,000
540,000
Issue of share capital
22
17
-
-
17
Dividends
9
-
-
(540,000)
(540,000)
Reduction of shares
22
(2)
-
-
(2)
Balance at 30 September 2023
809,615
202,408
62,507
1,074,530
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
540,000
540,000
Issue of share capital
22
4
-
-
4
Dividends
9
-
-
(540,000)
(540,000)
Reduction of shares
22
(1)
-
-
(1)
Balance at 30 September 2024
809,618
202,408
62,507
1,074,533
NWH HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
8,354,781
5,359,514
Interest paid
(1,769,466)
(1,595,436)
Income taxes refunded
4
148,800
Net cash inflow from operating activities
6,585,319
3,912,878
Investing activities
Purchase of tangible fixed assets
(799,967)
(767,314)
Proceeds on disposal of tangible fixed assets
817,660
1,661,099
Net cash generated from investing activities
17,693
893,785
Financing activities
Proceeds/ (repayment) of invoice finance borrowngs (net)
252,768
762,463
Repayment of bank loans
(2,000,757)
(509,091)
Payment of finance leases obligations
(5,119,829)
(3,735,707)
Dividends paid to equity shareholders
(540,000)
(540,000)
Net cash used in financing activities
(7,407,818)
(4,022,335)
Net (decrease)/increase in cash and cash equivalents
(804,806)
784,328
Cash and cash equivalents at beginning of year
1,307,015
522,687
Cash and cash equivalents at end of year
502,209
1,307,015
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
1
Accounting policies
Company information

NWH Holdings Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Unit 5 Mayfield Industrial Estate, Mayfield, Dalkeith, Midlothian, EH22 4AD.

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
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company NWH Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

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. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.3
Going concern

At 30 September 2024, the group had net current liabilities of £11,049,164 (2023 - £9,342,975).

 

The directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business. The directors’ assessment of going concern considers the group’s principal risks and is dependent on a number of factors including financial performance and access to funding facilities.

 

The directors have prepared detailed financial projections for a period extending over 12 months from the date of approval of these financial statements. These projections have also been sensitised to reflect plausible downside scenarios. Based on these projections, the directors have a reasonable expectation that the group has adequate resources with sufficient levers available to continue in operational existence for the foreseeable future and to meet its obligations as they fall due.

 

Taking all of the above into account, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

1.4
Turnover

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

 

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

Revenue relates to the collection and processing of materials, sale of recycled materials and skip hire.

 

Revenue from collection services is recognised when the materials have been collected and the loads weighed upon return to the processing facility. Revenue from processing services is recognised at the point in time when the processing service takes place. Revenue from the sale of recycled materials is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from skip hire is recognised on despatch of the skip to the customer.

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 ten years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
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.

NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 22 -

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

Software
33% on cost
1.7
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:

Freehold land and buildings
2% on cost
Leasehold land and buildings
20% on cost
Plant and equipment
10-20% on cost
Computer equipment
33% on cost
Motor vehicles
10-20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities 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.

1.9
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.

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.

NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 23 -
1.10
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.

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.

1.11
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

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

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 24 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

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

 

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

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 25 -
1.15
Employee benefits

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

 

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

 

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

1.16
Retirement benefits

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

1.17
Leases

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

 

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

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

Rental income from operating leases is recognised on a street line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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.

 

The key sources of estimation uncertainty in applying accounting policies in the financial statements are:

 

- Useful economic lives of intangible and tangible assets

- Residual values of tangible assets

 

The annual amortisation or depreciation charge for intangible and tangible assets is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are assessed annually and amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and physical condition of the assets.

NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Collection, processing and disposal
34,753,041
32,699,645
Complementary services
11,409,496
10,934,102
Collection and compaction
9,390,198
8,588,083
55,552,735
52,221,830

The directors consider there to be one geographical market of turnover, the United Kingdom.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
2,265,335
2,276,166
Depreciation of tangible fixed assets held under finance leases
1,935,284
1,617,248
Profit on disposal of tangible fixed assets
(542,707)
(626,366)
Amortisation of intangible assets
126,586
151,889
Operating lease charges
1,825,437
1,875,127
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
8,630
7,000
Audit of the financial statements of the company's subsidiaries
38,220
38,000
46,850
45,000
For other services
Taxation compliance services
12,075
12,500
All other non-audit services
1,250
1,650
13,325
14,150
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
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
Drivers
185
103
-
-
Recycling
89
166
-
-
Directors
8
8
-
-
Administration
74
81
-
-
Total
356
358
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
14,297,438
13,154,496
-
0
-
0
Social security costs
1,503,239
1,358,666
-
-
Pension costs
287,116
261,346
-
0
-
0
16,087,793
14,774,508
-
0
-
0
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
861,328
858,170
Interest on invoice finance arrangements
355,971
313,554
1,217,299
1,171,724
Other finance costs:
Interest on finance leases and hire purchase contracts
502,812
387,860
Other interest
49,355
35,852
Total finance costs
1,769,466
1,595,436
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
4
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Taxation
2024
2023
£
£
(Continued)
- 28 -
Deferred tax
Origination and reversal of timing differences
715,226
428,639
Adjustment in respect of prior periods
(32,572)
-
0
Total deferred tax
682,654
428,639
Total tax charge
682,654
428,643

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,468,832
1,778,102
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
617,208
391,329
Tax effect of expenses that are not deductible in determining taxable profit
17,427
6,484
Tax effect of income not taxable in determining taxable profit
(153,130)
-
0
Change in unrecognised deferred tax assets
50,625
-
0
Deferred tax adjustments in respect of prior years
(32,572)
-
0
Fixed asset timing differences
29,782
(74,215)
Chargeable gains / (losses)
148,353
53,750
Remeasurement of deferred tax to current tax rate
-
0
51,295
Other tax adjustments, reliefs and transfers
4,961
-
0
Taxation charge
682,654
428,643
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
540,000
540,000
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
10
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 October 2023
1,927,409
340,100
2,267,509
Disposals
-
0
(87,281)
(87,281)
At 30 September 2024
1,927,409
252,819
2,180,228
Amortisation and impairment
At 1 October 2023
1,194,285
331,236
1,525,521
Amortisation charged for the year
117,722
8,864
126,586
Disposals
-
0
(87,281)
(87,281)
At 30 September 2024
1,312,007
252,819
1,564,826
Carrying amount
At 30 September 2024
615,402
-
0
615,402
At 30 September 2023
733,124
8,864
741,988
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
2,252,282
2,033,392
24,523,513
1,323,699
15,643,763
45,776,649
Additions
76,700
368,650
2,338,287
56,091
4,353,119
7,192,847
Disposals
-
0
(27,987)
(885,995)
-
0
(434,363)
(1,348,345)
Transfers
(1,089,706)
1,089,702
642,872
-
0
(643,008)
(140)
At 30 September 2024
1,239,276
3,463,757
26,618,677
1,379,790
18,919,511
51,621,011
Depreciation and impairment
At 1 October 2023
688,245
1,126,851
10,878,009
1,082,312
5,262,823
19,038,240
Depreciation charged in the year
20,043
125,562
2,145,526
137,998
1,771,490
4,200,619
Eliminated in respect of disposals
-
0
(19,845)
(804,672)
-
0
(248,875)
(1,073,392)
Transfers
(187,844)
187,844
365,177
-
0
(365,317)
(140)
At 30 September 2024
520,444
1,420,412
12,584,040
1,220,310
6,420,121
22,165,327
Carrying amount
At 30 September 2024
718,832
2,043,345
14,034,637
159,480
12,499,390
29,455,684
At 30 September 2023
1,564,037
906,541
13,645,504
241,387
10,380,940
26,738,409
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
6,987,678
6,584,626
-
0
-
0
Motor vehicles
8,642,341
7,006,711
-
0
-
0
15,630,019
13,591,337
-
-
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
2,160,203
2,160,203
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12
Fixed asset investments
(Continued)
- 31 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
2,160,203
Carrying amount
At 30 September 2024
2,160,203
At 30 September 2023
2,160,203
13
Subsidiaries

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

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
City Truck Sales Limited*
(1)
Non-trading
Ordinary
100
Citysweep Limited
(1)
Dormant
Ordinary
100
NWH Construction Services Limited
(1)
Non-trading
Ordinary
100
NWH Plant Hire Limited*
(1)
Dormant
Ordinary
100
NWH Recycling (Philipstoun) Limited*
(1)
Non-trading
Ordinary
100
NWH Waste Services (Middleton) Limited
(1)
Dormant
Ordinary
100
NWH Group Limited
(1)
Waste management
Ordinary
100

(1) Unit 5, Mayfield Industrial Estate, Mayfield, Dalkeith, Midlothian, EH22 4AD.

 

* Subsidiary has been voluntary dissolved in the year to 31 December 2024.

14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
311,891
367,957
-
-
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 32 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
8,308,404
7,863,873
-
0
-
0
Amounts owed by group undertakings
-
-
9,139,260
11,315,896
Other debtors
118
115
18
15
Prepayments and accrued income
940,584
1,436,583
-
0
-
0
9,249,106
9,300,571
9,139,278
11,315,911

Included within trade debtors is £8,513,024 (2023: £8,082,153) which is subject to an invoice discounting arrangement.

16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
3,002,273
2,894,293
3,002,273
2,894,293
Obligations under finance leases
18
3,790,266
3,581,617
-
0
-
0
Invoice finance borrowings
19
5,343,083
5,090,315
-
0
-
0
Trade creditors
3,794,394
4,073,505
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
917,083
917,083
Corporation tax payable
239
235
-
0
-
0
Other taxation and social security
1,186,147
1,071,127
-
-
Other creditors
1,499,919
1,527,258
1,081,380
1,249,542
Accruals and deferred income
2,496,049
2,080,168
31,928
39,851
21,112,370
20,318,518
5,032,664
5,100,769
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
5,192,424
7,301,161
5,192,424
7,301,161
Obligations under finance leases
18
6,997,563
5,933,161
-
0
-
0
12,189,987
13,234,322
5,192,424
7,301,161
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 33 -
18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
3,790,266
3,581,617
-
0
-
0
In two to five years
6,997,563
5,933,161
-
0
-
0
10,787,829
9,514,778
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Hire purchase liabilities are secured over the assets they were used to acquire.

19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
8,194,697
10,195,454
8,194,697
10,195,454
Invoice financing borrowings
5,343,083
5,090,315
-
0
-
0
13,537,780
15,285,769
8,194,697
10,195,454
Payable within one year
8,345,356
7,984,608
3,002,273
2,894,293
Payable after one year
5,192,424
7,301,161
5,192,424
7,301,161

The Royal Bank of Scotland holds a bond and floating charge over the whole assets of the company together with cross guarantees between NWH Holdings Limited and other group companies. The total amount of debt over which group cross guarantees had been provided amounted to £8,194,697 (2022: £10,195,454).

 

RBS Invoice Finance Ltd (RBSIF) hold a floating charge in relation to the purchased debts. RBSIF's floating charge shall insofar as it relates to the purchased debts, but no further or otherwise, rank in priority to the bank's floating charge.

Bank loans are represented by term loans and revolving credit facilities. They are repayable over periods up to 72 months and attract interest at 1.75% to 3.4% over the base rate.

NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 34 -
20
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
4,799,868
3,843,441
Tax losses
(2,589,895)
(2,316,384)
Other timing differences
(262)
-
2,209,711
1,527,057
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
1,527,057
-
Charge to profit or loss
682,654
-
Liability at 30 September 2024
2,209,711
-
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
287,116
261,346

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.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
681,650
681,650
681,650
681,650
Ordinary A of £1 each
42,650
42,650
42,650
42,650
Ordinary B of £1 each
42,650
42,650
42,650
42,650
Ordinary C of £1 each
42,650
42,650
42,650
42,650
Growth shares of 1p each
1,800
1,500
18
15
811,400
811,100
809,618
809,615
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
22
Share capital
(Continued)
- 35 -

Ordinary shares hold the right to one vote. Dividends are allotted in proportion to shareholdings. If the company was to be dissolved on a winding up basis distributions would be shared in proportion to shareholdings. Issued shares hold no right of redemption.

 

Growth shares are held by certain members of senior management and have no dividend entitlement or voting rights.

 

23
Other reserves
2024
2023
Group
£
£
At the beginning and end of the year
(2,139,900)
(2,139,900)
2024
2023
Company
£
£
At the beginning and end of the year
-
-
NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 36 -
24
Capital redemption reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At beginning and end of year
202,408
202,408
202,408
202,408
25
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
4,503,920
3,694,461
62,507
62,507
Profit for the year
1,786,178
1,349,459
540,000
540,000
Dividends
(540,000)
(540,000)
(540,000)
(540,000)
At the end of the year
5,750,098
4,503,920
62,507
62,507
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
883,895
860,785
-
-
Between two and five years
2,282,153
2,188,840
-
-
In over five years
3,436,866
3,811,570
-
-
6,602,914
6,861,195
-
-
27
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
465,915
1,617,486
-
-
28
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
28
Related party transactions
(Continued)
- 37 -
Management charges received
2024
2023
£
£
Group
Other related parties
12,000
12,000
Other information

The company has taken advantage of the exemption provided by paragraph 33.1A of Financial Reporting Standard 102 and accordingly has not disclosed any transactions with 100% held group undertakings.

29
Directors' transactions

Dividends totalling £540,000 (2023 - £540,000) were paid in the year in respect of shares held by the company's directors and their partners.

 

The following loans with directors existed during the year. The loans are interest free and have no fixed date for repayment.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
M P Williams - Estate
-
(658,742)
243,281
(216,000)
(631,461)
C D Williams -
-
(269,411)
252,910
(216,000)
(232,501)
R A Williams -
-
(310,578)
212,061
(216,000)
(314,517)
(1,238,731)
708,252
(648,000)
(1,178,479)

 

30
Controlling party

The directors are of the opinion that there is no controlling party.

 

As at the balance sheet date, the company was under the control of the directors, C D Williams, R A Williams and the estate of M P Williams, by virtue of their majority shareholding in NWH Holdings Limited.

NWH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 38 -
31
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,786,178
1,349,459
Adjustments for:
Taxation charged
682,654
428,643
Finance costs
1,769,466
1,595,436
Gain on disposal of tangible fixed assets
(542,707)
(626,366)
Amortisation and impairment of intangible assets
126,586
151,889
Depreciation and impairment of tangible fixed assets
4,200,619
3,893,414
Movements in working capital:
Decrease in stocks
56,066
12,161
Decrease/(increase) in debtors
51,468
(1,122,347)
Increase/(decrease) in creditors
224,451
(322,775)
Cash generated from operations
8,354,781
5,359,514
2024-09-302023-10-01falsefalseCCH SoftwareCCH Accounts Production 2024.310No description of principal activityM P WilliamsC D WilliamsG A HillMr C D RobertsonR F D RayN G BlackG MoneyN I WilliamsN I WilliamsMr N G BlackMr R F D RayMr C D RobertsonMs N WilliamsR A WilliamsfalseSC303441bus:Consolidated2023-10-012024-09-30SC3034412023-10-012024-09-30SC303441bus:Director22023-10-012024-09-30SC303441bus:CompanySecretaryDirector12023-10-012024-09-30SC303441bus:Director32023-10-012024-09-30SC303441bus:Director42023-10-012024-09-30SC303441bus:Director52023-10-012024-09-30SC303441bus:Director62023-10-012024-09-30SC303441bus:Director72023-10-012024-09-30SC303441bus:Director82023-10-012024-09-30SC303441bus:Director12023-10-012024-09-30SC303441bus:Director92023-10-012024-09-30SC303441bus:Director102023-10-012024-09-30SC303441bus:Director112023-10-012024-09-30SC303441bus:Director122023-10-012024-09-30SC303441bus:Director132023-10-012024-09-30SC303441bus:CompanySecretary12023-10-012024-09-30SC303441bus:RegisteredOffice2023-10-012024-09-30SC303441bus:Agent12023-10-012024-09-30SC303441bus:Consolidated2024-09-30SC3034412024-09-30SC303441bus:Consolidated2022-10-012023-09-30SC3034412022-10-012023-09-30SC303441core:Goodwillbus:Consolidated2024-09-30SC303441core:Goodwillbus:Consolidated2023-09-30SC303441core:OtherResidualIntangibleAssetsbus:Consolidated2024-09-30SC303441core:OtherResidualIntangibleAssetsbus:Consolidated2023-09-30SC303441core:ComputerSoftwarebus:Consolidated2024-09-30SC303441core:ComputerSoftwarebus:Consolidated2023-09-30SC303441bus:Consolidated2023-09-30SC303441core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2024-09-30SC303441core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-09-30SC303441core:PlantMachinerybus:Consolidated2024-09-30SC303441core:ComputerEquipmentbus:Consolidated2024-09-30SC303441core:MotorVehiclesbus:Consolidated2024-09-30SC303441core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-09-30SC303441core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-09-30SC303441core:PlantMachinerybus:Consolidated2023-09-30SC303441core:ComputerEquipmentbus:Consolidated2023-09-30SC303441core:MotorVehiclesbus:Consolidated2023-09-30SC303441core:ShareCapitalbus:Consolidated2024-09-30SC303441core:ShareCapitalbus:Consolidated2023-09-30SC303441core:CapitalRedemptionReservebus:Consolidated2024-09-30SC303441core:CapitalRedemptionReservebus:Consolidated2023-09-30SC303441core:OtherMiscellaneousReservebus:Consolidated2024-09-30SC303441core:OtherMiscellaneousReservebus:Consolidated2023-09-30SC303441core:ShareCapital2024-09-30SC303441core:ShareCapital2023-09-30SC303441core:CapitalRedemptionReserve2024-09-30SC303441core:CapitalRedemptionReserve2023-09-30SC303441core:RetainedEarningsAccumulatedLosses2024-09-30SC303441core:ShareCapitalbus:Consolidated2022-09-30SC303441core:CapitalRedemptionReservebus:Consolidated2022-09-30SC303441core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-09-30SC303441core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-09-30SC303441core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-09-30SC303441core:ShareCapital2022-09-30SC303441core:CapitalRedemptionReserve2022-09-30SC303441core:RetainedEarningsAccumulatedLosses2022-09-30SC303441core:RetainedEarningsAccumulatedLosses2023-09-30SC3034412023-09-30SC303441core:ShareCapitalbus:Consolidated2022-10-012023-09-30SC303441core:ShareCapitalbus:Consolidated2023-10-012024-09-30SC303441core:ShareCapital2022-10-012023-09-30SC303441core:ShareCapital2023-10-012024-09-30SC303441bus:Consolidated2022-09-30SC303441core:Goodwill2023-10-012024-09-30SC303441core:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-30SC303441core:LandBuildingscore:OwnedOrFreeholdAssets2023-10-012024-09-30SC303441core:LandBuildingscore:LongLeaseholdAssets2023-10-012024-09-30SC303441core:PlantMachinery2023-10-012024-09-30SC303441core:ComputerEquipment2023-10-012024-09-30SC303441core:MotorVehicles2023-10-012024-09-30SC303441core:UKTaxbus:Consolidated2023-10-012024-09-30SC303441core:UKTaxbus:Consolidated2022-10-012023-09-30SC303441bus:Consolidated12023-10-012024-09-30SC303441bus:Consolidated12022-10-012023-09-30SC303441bus:Consolidated22023-10-012024-09-30SC303441bus:Consolidated22022-10-012023-09-30SC303441bus:Consolidated32023-10-012024-09-30SC303441bus:Consolidated32022-10-012023-09-30SC303441bus:Consolidated42023-10-012024-09-30SC303441bus:Consolidated42022-10-012023-09-30SC303441core:Goodwillbus:Consolidated2023-09-30SC303441core:ComputerSoftwarebus:Consolidated2023-09-30SC303441bus:Consolidated2023-09-30SC303441core:Goodwillbus:Consolidated2023-10-012024-09-30SC303441core:ComputerSoftwarebus:Consolidated2023-10-012024-09-30SC303441core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-09-30SC303441core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-09-30SC303441core:PlantMachinerybus:Consolidated2023-09-30SC303441core:ComputerEquipmentbus:Consolidated2023-09-30SC303441core:MotorVehiclesbus:Consolidated2023-09-30SC303441core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-10-012024-09-30SC303441core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-10-012024-09-30SC303441core:PlantMachinerybus:Consolidated2023-10-012024-09-30SC30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