L GILBERT HOLDINGS LTD
Company registration number 09124070 (England and Wales)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
L GILBERT HOLDINGS LTD
COMPANY INFORMATION
Director
Mr L P Gilbert
Company number
09124070
Registered office
c/o Fowler & Gilbert Ltd
Western Way
Market Drayton
Shropshire
TF9 3UY
Auditor
Dyke Yaxley Limited
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
L GILBERT HOLDINGS LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 32
L GILBERT HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The Director has pleasure in presenting the report and financial statements for the group for year ended 30th September 2024 in accordance with s172 of the Companies Act 2006.

Review of the business

The principal activity of the group is the fabrication and erection of Agricultural and Steel framed buildings.

The registered office is L Gilbert Holdings Ltd, Western Way, Market Drayton, Shropshire, TF9 3UY.

The group has been working to maintain the margin, operating costs and improve the quality of production and client service. To achieve this the group has continued to invest in additional training for its staff.

The senior management team are committed to continuous improvement and recognise that investment in equipment, technology and people are important to enable the company to deliver a quality of service for which it is known.

It has been the group’s strategy to retain and develop the skills within the business whilst investing in its apprentices. L Gilbert Holdings Ltd will continue to invest in the apprenticeship scheme to maintain and develop the workforce.

Principal risks and uncertainties

The market conditions in which the group operates are still challenging due to the current global economic climate and the impact of recent political changes affecting confidence of businesses in the UK.

With the risks and uncertainties in the current global economy, the director is aware that any plans, for the future development of the business could be subject to unforeseen events outside of their control.

Financial Risk

The groups’ operations are exposed to a variety of financial risks including credit and interest rate risk. By the monitoring of debt finance and costs this is mitigated.

Liquidity Risk

The director believes that the group has sufficient funds available to support its activities in the future.

Financial key performance indicators

The key financial indicators are those that show the strength and financial performance of the group, turnover and gross margin.

Turnover has decreased slightly by 5% in 2024. This decrease in sales was in line with expectations.

The gross profit margin has decreased from 30.4% in 2023 to 29.8% in 2024. This is due largely to the changes in material costs.

Non-financial key performance indicators

Staff training and retention is important to the group’s success.

19% of the group’s workforce have above 10 years of service.

14% of the group’s workforce have 5 – 9 years of service.

Director's statement of compliance with duty to promote the success of the Group

It is the belief of the Director in sustaining and building product knowledge and long-term relationships with contractors, suppliers, and clients. This approach enables the group to give a quality of service to the client and knowledge of their requirements ensuring long lasting relationships and recurring work. The group is committed to employing from within the local community and utilising service from the surrounding area. The director is committed to employees' health, well-being and training, engaging external specialists to complete in-house sessions where required.

L GILBERT HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

On behalf of the board

Mr L P Gilbert
Director
31 March 2025
L GILBERT HOLDINGS LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

The director presents his annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activity of the company and group continued to be the nationwide supply of steel portal framed buildings for a variety of agricultural and industrial uses.

Results and dividends

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

Ordinary dividends were paid amounting to £125,000. The director does not recommend payment of a further dividend.

Director

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

Mr L P Gilbert
Statement of disclosure to auditor

So far as the 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 director has taken all the necessary steps that he ought to have taken as director in order to make himself aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr L P Gilbert
Director
31 March 2025
L GILBERT HOLDINGS LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

L GILBERT HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF L GILBERT HOLDINGS LTD
- 5 -
Opinion

We have audited the financial statements of L Gilbert Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 director's 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 director 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 director is 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:

L GILBERT HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF L GILBERT HOLDINGS LTD
- 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 director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

 

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.

 

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation and health and safety legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

 

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

 

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

L GILBERT HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF L GILBERT HOLDINGS LTD
- 7 -

We did not identify any matters relating to irregularities, including fraud.

 

 

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.

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.

Stacey Lea FCA
For and on behalf of
31 March 2025
Dyke Yaxley Limited
Chartered Accountants
Statutory Auditor
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
L GILBERT HOLDINGS LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
13,384,077
14,069,500
Cost of sales
(9,262,105)
(9,785,389)
Gross profit
4,121,972
4,284,111
Administrative expenses
(3,059,813)
(2,870,990)
Operating profit
4
1,062,159
1,413,121
Interest receivable and similar income
8
6,652
-
0
Interest payable and similar expenses
9
(132,639)
(114,572)
Profit before taxation
936,172
1,298,549
Tax on profit
10
(299,549)
(327,779)
Profit for the financial year
636,623
970,770
Profit for the financial year is all attributable to the owner of the parent company.
L GILBERT HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
636,623
970,770
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
636,623
970,770
Total comprehensive income for the year is all attributable to the owner of the parent company.
L GILBERT HOLDINGS LTD
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
4,045,931
3,758,153
Biological assets
15
278,598
185,120
Investments
14
-
0
224,000
4,324,529
4,167,273
Current assets
Stocks
17
416,620
438,211
Debtors
18
4,037,316
3,036,244
Cash at bank and in hand
1,061,102
1,458,360
5,515,038
4,932,815
Creditors: amounts falling due within one year
19
(3,394,676)
(2,919,491)
Net current assets
2,120,362
2,013,324
Total assets less current liabilities
6,444,891
6,180,597
Creditors: amounts falling due after more than one year
20
(1,616,086)
(1,864,178)
Provisions for liabilities
23
(97,901)
(97,138)
Net assets
4,730,904
4,219,281
Capital and reserves
Called up share capital
25
500
500
Profit and loss reserves
4,730,404
4,218,781
Total equity
4,730,904
4,219,281
The financial statements were approved and signed by the director and authorised for issue on 31 March 2025
31 March 2025
Mr L P Gilbert
Director
L GILBERT HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
3,563,115
3,313,977
Investments
14
225,100
225,100
3,788,215
3,539,077
Current assets
Debtors
18
2,355,457
1,948,370
Cash at bank and in hand
16,792
15,361
2,372,249
1,963,731
Creditors: amounts falling due within one year
19
(369,518)
(318,450)
Net current assets
2,002,731
1,645,281
Total assets less current liabilities
5,790,946
5,184,358
Creditors: amounts falling due after more than one year
20
(1,516,127)
(1,614,444)
Net assets
4,274,819
3,569,914
Capital and reserves
Called up share capital
25
500
500
Profit and loss reserves
4,274,319
3,569,414
Total equity
4,274,819
3,569,914

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 £829,905 (2023 - £967,143 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 31 March 2025
31 March 2025
Mr L P Gilbert
Director
Company registration number 09124070 (England and Wales)
L GILBERT HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
500
3,503,011
3,503,511
Year ended 30 September 2023:
Profit and total comprehensive income
-
970,770
970,770
Dividends
11
-
(255,000)
(255,000)
Balance at 30 September 2023
500
4,218,781
4,219,281
Year ended 30 September 2024:
Profit and total comprehensive income
-
636,623
636,623
Dividends
11
-
(125,000)
(125,000)
Balance at 30 September 2024
500
4,730,404
4,730,904
L GILBERT HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
500
2,857,271
2,857,771
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
967,143
967,143
Dividends
11
-
(255,000)
(255,000)
Balance at 30 September 2023
500
3,569,414
3,569,914
Year ended 30 September 2024:
Profit and total comprehensive income
-
829,905
829,905
Dividends
11
-
(125,000)
(125,000)
Balance at 30 September 2024
500
4,274,319
4,274,819
L GILBERT HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
1,299,885
1,678,542
Interest paid
(132,639)
(114,572)
Income taxes paid
(418,200)
(352,260)
Net cash inflow from operating activities
749,046
1,211,710
Investing activities
Purchase of tangible fixed assets
(570,365)
(422,054)
Proceeds from disposal of tangible fixed assets
5,000
91,932
Purchase of biological assets
(93,478)
-
Repayment of loans
(104,321)
(553)
Interest received
6,652
-
0
Net cash used in investing activities
(756,512)
(330,675)
Financing activities
Repayment of bank loans
(240,647)
(235,584)
Payment of finance leases obligations
(24,145)
(19,942)
Dividends paid to equity shareholders
(125,000)
(255,000)
Net cash used in financing activities
(389,792)
(510,526)
Net (decrease)/increase in cash and cash equivalents
(397,258)
370,509
Cash and cash equivalents at beginning of year
1,458,360
1,087,851
Cash and cash equivalents at end of year
1,061,102
1,458,360
L GILBERT HOLDINGS LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
29
132,697
(140,546)
Interest paid
(127,090)
(67,285)
Income taxes paid
(49,581)
(22,725)
Net cash outflow from operating activities
(43,974)
(230,556)
Investing activities
Purchase of tangible fixed assets
(346,957)
(270,979)
Repayment of loans
(104,321)
(553)
Dividends received
720,000
895,000
Net cash generated from investing activities
268,722
623,468
Financing activities
Repayment of bank loans
(98,317)
(138,084)
Dividends paid to equity shareholders
(125,000)
(255,000)
Net cash used in financing activities
(223,317)
(393,084)
Net increase/(decrease) in cash and cash equivalents
1,431
(172)
Cash and cash equivalents at beginning of year
15,361
15,533
Cash and cash equivalents at end of year
16,792
15,361
L GILBERT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
1
Accounting policies
Company information

L Gilbert Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Western Way, Market Drayton, Shropshire, TF9 3UY.

 

The group consists of L Gilbert Holdings Ltd and all of its subsidiaries.

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

The consolidated group financial statements consist of the financial statements of the parent company L Gilbert Holdings Ltd 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.

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

1.3
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from construction contracts is recognised by reference to the stage of completion when the stage of completion and costs incurred can be estimated reliably. The stage of completion is calculated by reference to the completion of physical proportion of the contract work.

L GILBERT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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.

 

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
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
Nil
Freehold buildings
4% straight line basis
Leasehold improvements
Straight line basis over 25 years
Plant and equipment
Straight line basis between 3 to 5 years
Fixtures and fittings
Straight line basis over 3 years
Motor vehicles
Straight line basis over 3 years to residual value 20% of cost price and reducing balance basis thereafter at 25%

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
Biological assets
Biological assets are recognised only when three recognition criteria have been fulfilled:
- the entity has control over the asset as a result of past events;
- it is probable that future economic benefits associated with the asset will flow to the entity; and
- the fair value or cost of the asset can be measured reliably.
The company opts to measure a biological assets under the fair value model. Changes in fair value less costs to sell are recognised in profit or loss at the end of each reporting period.
No depreciation is provided on biological assets.
1.8
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.

L GILBERT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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.

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.

1.10
Stocks

Costs for contracts on which the company has obtained a right to consideration through completion of physical proportion of contract work are recognised as costs of sale. Attributable revenue on such contracts is recognised as turnover.

 

Costs for contracts on which physical proportion of contract work have not been completed are recognised in work in progress.

 

Stocks and work in progress 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 and work in progress 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 and cash equivalents

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

L GILBERT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
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.

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.

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.

L GILBERT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
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.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction
13,087,943
13,969,970
Farming
166,644
92,530
Rental
129,490
7,000
13,384,077
14,069,500
2024
2023
£
£
Other revenue
Interest income
6,652
-
L GILBERT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
277,090
294,393
Loss/(profit) on disposal of tangible fixed assets
497
(58,404)
Amortisation of intangible assets
224,000
-
Movement in cattle
(93,478)
(185,120)
Operating lease charges
7,505
116,575
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
13,125
14,750
For other services
Other assurance services
6,550
6,250
Taxation compliance services
2,900
2,750
9,450
9,000
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
44
44
1
1

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,482,864
1,266,569
39,557
16,667
Social security costs
140,173
126,647
4,254
1,777
Pension costs
30,815
28,041
1,050
167
1,653,852
1,421,257
44,861
18,611
L GILBERT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
153,261
149,532
Company pension contributions to defined contribution schemes
3,619
7,104
156,880
156,636
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
6,639
-
0
Other interest income
13
-
Total income
6,652
-
0
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
6,639
-
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
130,713
104,842
Other finance costs:
Interest on finance leases and hire purchase contracts
1,926
2,204
Other interest
-
7,526
Total finance costs
132,639
114,572
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
316,483
335,763
Adjustments in respect of prior periods
(17,697)
17,668
Total current tax
298,786
353,431
L GILBERT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Taxation
2024
2023
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
763
(25,652)
Total tax charge
299,549
327,779

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
936,172
1,298,549
Expected tax charge based on the standard rate of corporation tax in the UK of 24.87% (2023: 22.00%)
232,831
285,681
Tax effect of expenses that are not deductible in determining taxable profit
4,315
8,817
Adjustments in respect of prior years
(17,697)
-
0
Effect of change in corporation tax rate
-
(2,802)
Permanent capital allowances in excess of depreciation
23,627
57,567
Depreciation on assets not qualifying for tax allowances
55,710
-
Deferred tax adjustments in respect of prior years
763
(29,404)
Dividend income
-
6,600
Capital gain
-
0
1,320
Taxation charge
299,549
327,779
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
125,000
255,000
L GILBERT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023
-
0
Reclassification
224,000
At 30 September 2024
224,000
Amortisation and impairment
At 1 October 2023
-
0
Amortisation charged for the year
224,000
At 30 September 2024
224,000
Carrying amount
At 30 September 2024
-
0
At 30 September 2023
-
0
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.

Goodwill arose on the acquisition of shares in Fowler & Gilbert Ltd.

 

During the year, it was reclassified from investments to goodwill.

L GILBERT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
13
Tangible fixed assets
Group
Freehold land
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
3,381,609
58,181
378,648
129,689
879,172
4,827,299
Additions
346,957
1,504
66,281
21,928
133,695
570,365
Disposals
-
0
-
0
-
0
(15,754)
(20,196)
(35,950)
At 30 September 2024
3,728,566
59,685
444,929
135,863
992,671
5,361,714
Depreciation and impairment
At 1 October 2023
67,632
2,557
279,141
72,886
646,930
1,069,146
Depreciation charged in the year
97,819
2,337
52,127
34,302
90,505
277,090
Eliminated in respect of disposals
-
0
-
0
-
0
(10,888)
(19,565)
(30,453)
At 30 September 2024
165,451
4,894
331,268
96,300
717,870
1,315,783
Carrying amount
At 30 September 2024
3,563,115
54,791
113,661
39,563
274,801
4,045,931
At 30 September 2023
3,313,977
55,624
99,507
56,803
232,242
3,758,153
Company
Freehold land
£
Cost
At 1 October 2023
3,381,609
Additions
346,957
At 30 September 2024
3,728,566
Depreciation and impairment
At 1 October 2023
67,632
Depreciation charged in the year
97,819
At 30 September 2024
165,451
Carrying amount
At 30 September 2024
3,563,115
At 30 September 2023
3,313,977
L GILBERT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
224,000
225,100
225,100

The subsidiary company L G Farms Limited (company number 10333974) was exempt from audit under section 479A of the Companies Act 2006 for the year ended 30 September 2024.

Movements in fixed asset investments
Group
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023
224,000
Goodwill on investment
(224,000)
At 30 September 2024
-
Carrying amount
At 30 September 2024
-
At 30 September 2023
224,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
225,100
Carrying amount
At 30 September 2024
225,100
At 30 September 2023
225,100
L GILBERT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
15
Biological assets
Cattle
£
Cost
At 1 October 2023
185,120
Additions
139,358
Disposals
(45,880)
At 30 September 2024
278,598
Depreciation and impairment
At 1 October 2023 and 30 September 2024
-
Carrying amount
At 30 September 2024
278,598
At 30 September 2023
185,120
16
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
Fowler & Gilbert Ltd
Western Way, Market Drayton, Shropshire
Ordinary
100.00
L G Farms limited
Western Way, Market Drayton, Shropshire
Ordinary
100.00
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
146,199
146,199
-
-
Work in progress
245,471
277,012
-
-
Finished goods and goods for resale
24,950
15,000
-
0
-
0
416,620
438,211
-
-
L GILBERT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,284,860
1,366,836
2,100
3,272
Amounts owed by group undertakings
-
-
1,763,924
1,517,379
Other debtors
2,668,290
1,604,560
589,433
426,721
Prepayments and accrued income
84,166
64,848
-
0
998
4,037,316
3,036,244
2,355,457
1,948,370
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
273,141
273,141
138,084
138,084
Obligations under finance leases
22
10,917
27,617
-
0
-
0
Trade creditors
1,247,207
953,587
3,126
-
0
Corporation tax payable
144,016
263,430
60,669
67,278
Other taxation and social security
430,006
301,535
16,971
36,186
Other creditors
1,053,732
904,714
76,168
18,610
Accruals and deferred income
235,657
195,467
74,500
58,292
3,394,676
2,919,491
369,518
318,450
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
1,600,406
1,841,053
1,516,127
1,614,444
Obligations under finance leases
22
15,680
23,125
-
0
-
0
1,616,086
1,864,178
1,516,127
1,614,444
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,873,547
2,114,194
1,654,211
1,752,528
Payable within one year
273,141
273,141
138,084
138,084
Payable after one year
1,600,406
1,841,053
1,516,127
1,614,444
L GILBERT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
21
Loans and overdrafts
(Continued)
- 29 -

Assets acquired under Hire Purchase contracts are held as security over the debt to which they relate.

An amount of £135,057 (2023: £135,057) included in creditors due within one year and £84,279 (2023: £226,609) included in creditors due after more than one year is subject to a UK Government guarantee. The facility is provided through the Coronavirus Business Interruption Loan Scheme (CBILS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The CBILS guarantee is provided to the lender.

 

There are fixed and floating charges held over all company property and undertakings.

22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
10,917
27,617
-
0
-
0
In two to five years
15,680
23,125
-
0
-
0
26,597
50,742
-
-

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. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

23
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
97,901
97,138
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
97,138
-
Charge to profit or loss
763
-
Liability at 30 September 2024
97,901
-
L GILBERT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
30,815
28,041

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.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
500
500
500
500
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
-
6,675
-
-
Between two and five years
-
18,000
-
-
-
24,675
-
-
27
Related party transactions
Transactions with related parties

All related parties disclosed are under the common control of director, Lee Gilbert.

 

A balance of £2,365 (2023: £1,615) was owing from LG1 Limited at the year-end.

 

A balance of £1,190 (2023: £665) was owing from West Oak Developments Limited at the year-end.

 

A balance of £2,555,355 (2023: £1,573,060) was owing from Evergreen Developments Shropshire Limited at the year-end. During the year, there were intercompany sales of £608,849 (2023: £143,329) and purchases of £Nil (2023: £72,178).

 

A balance of £271,484 (2023: £169,292) was owed to Trent (Fasteners & Fixings) Limited at the year-end. During the year, there were intercompany sales of £822 (2023: £4,020) and purchases of £1,623,576 (2023: £556,303).

 

A balance of £26,219 (2023: £65,600), was owed to Some Nice Productions Limited at the year-end. During the year, there intercompany sales of £25,910 (2023: £14,400) and purchases of £Nil (2023: £80,000).

L GILBERT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
28
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Director's Loan Account
2.25
-
104,874
104,874
-
104,874
104,874
29
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
Profit for the year after tax
829,905
967,143
Adjustments for:
Taxation charged
42,972
67,279
Finance costs
127,090
67,285
Investment income
(720,000)
(895,000)
Depreciation and impairment of tangible fixed assets
97,819
67,632
Movements in working capital:
Increase in debtors
(302,766)
(378,208)
Increase/(decrease) in creditors
57,677
(36,677)
Cash generated from/(absorbed by) operations
132,697
(140,546)
30
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
636,623
970,770
Adjustments for:
Taxation charged
299,549
327,779
Finance costs
132,639
114,572
Investment income
(6,652)
-
0
Loss/(gain) on disposal of tangible fixed assets
497
(58,404)
Amortisation and impairment of intangible assets
224,000
-
Depreciation and impairment of tangible fixed assets
277,090
294,393
Movements in working capital:
(Increase)/decrease in stocks
(70,051)
17,076
Decrease/(increase) in biological assets
91,642
(185,120)
Increase in debtors
(896,751)
(23,163)
Increase in creditors
611,299
220,639
Cash generated from operations
1,299,885
1,678,542
L GILBERT HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 32 -
31
Analysis of changes in net debt - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
1,458,360
(397,258)
1,061,102
Borrowings excluding overdrafts
(2,114,194)
240,647
(1,873,547)
Obligations under finance leases
(50,742)
24,145
(26,597)
(706,576)
(132,466)
(839,042)
32
Analysis of changes in net debt - company
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
15,361
1,431
16,792
Borrowings excluding overdrafts
(1,752,528)
98,317
(1,654,211)
(1,737,167)
99,748
(1,637,419)
2024-09-302023-10-01falsefalseCCH SoftwareCCH Accounts Production 2024.310Mr L P 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