CAMPEYS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
Company registration number 15150395 (England and Wales)
CAMPEYS GROUP LIMITED
COMPANY INFORMATION
Directors
Mr P D Campey
(Appointed 20 September 2023)
Mrs E A Campey
(Appointed 20 September 2023)
Company number
15150395
Registered office
Southlands
Leeds Road
Thorpe Willoughby
Selby
YO8 9PZ
Auditor
Hunter Gee Holroyd
Club Chambers
Museum Street
York
YO1 7DN
CAMPEYS GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
CAMPEYS GROUP LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 1 -

The directors present the strategic report for the Period ended 31 October 2024.

Principle activity

The principal activity of the group is haulage.

Fair Review of the Business

The results contained in the group financial statements reflect the success of the strategy adopted by the leadership team.

 

Despite the haulage market continuing to face many challenges, including driver shortages and fluctuating fuel price changes during the year, management have been successful by generating turnover of £25 million.

 

Continuing with the strength generated by organisational changes, including the ongoing investment, this has led to greater control and flexibility of the services offered to the widening customer base.

 

Advancements in the strength of the group’s operating and management systems have assisted with the planned controlled growth and success of the group.

 

The group has enjoyed the benefits of its reinvestment in significant assets and customers to build on its unique transport network, strengthening its customer base and continuing to focus its priorities on the key strategies of:

 

· Controlling overheads and head office costs.

 

· Optimising and maintaining warehouse utilisation levels, and

 

· Concentrating on maximising efficiencies and improving profitability in the transport network through alteration of the customer base, which ensures both customers and industry sectors remain profitable throughout the diverse network.

 

As highlighted in the principal risks and uncertainties section of the Strategic Report, the challenging market conditions continue to impact the business, however the directors are satisfied that the group continues to provide its customers with a market leading service through its ability to adapt to change. The group is well funded and financially robust, so the directors are confident the group is well placed to meet the challenges of the on-going economic climate and market conditions.

CAMPEYS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 2 -
Financial KPIs
The group's key financial and other performance indicators during the year are as follows
2024
2023
Turnover
£24,429,532
£20,421,389
Gross profit as a percentage of turnover
8%
9%
Operating profit as a percentage of turnover
4%
5%
Current assets over current liabilities
1.3:1
1.3:1

Whilst we are mindful of the constant challenges facing the haulage industry, we are confident that our unique operating model provides us with the flexibility to respond rapidly to changing market conditions.

 

Our constant reinvestment into new assets has enabled the group to operate in new and varying markets that would otherwise have not been serviceable. We are proud of the varying services that we can offer.

 

We continue to follow central Government guidance and advice and manage our operations in the safest possible way, prioritising the health and safety of our people and those of our customers.

 

We have found it necessary to make a key decision with regards to the impact of inflation over recent years. Due to the recent increases in the Consumer Price Index (CPI) over the past few years and during this year, the group has increased its focus on managing its costs in order to effectively ensure the impact on its customer base was mitigated wherever possible. All significant costs, for example energy, have been reviewed and appropriate strategies have been adopted to minimise the impact on the group’s cost base

Principal risks and uncertainties

The group continues to face risks which, although emphasised by the media, have become typical for the haulage industry. These are predominantly the supply of drivers with the necessary qualifications and safety record to continue with the excellent service offered by the group. The group has continued to employ a full workforce which has expanded in line with the additions to its fleet. The ongoing fluctuation in fuel prices and overheads, in part due to the effects of the conflict between Ukraine and Russia as well as the adverse effects of inflation, has been a further industry variant that the group has had to manage in order to offer a cost-effective service to its expanding customer base.

Our profits generated in 2024 have been significantly reinvested into the fleet as we endeavour to continue to offer the best service possible to our existing and future customer base. We continue to adopt a greener investment strategy where significant assets are now not fossil fuel based. We have progressed with greater utilisation of gas fuelled vehicles and electric vehicles in our fleet as we become more aware of our commitment to be green.

 

On behalf of the board

Mr P D Campey
Director
9 April 2025
CAMPEYS GROUP LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 3 -

The directors present their annual report and financial statements for the Period ended 31 October 2024.

Principal activities

The principal activity of the company and group continued to be that of Haulage

Results and dividends

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

Ordinary dividends were paid amounting to £36,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr P D Campey
(Appointed 20 September 2023)
Mrs E A Campey
(Appointed 20 September 2023)
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.

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.

Medium-sized companies exemption

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

CAMPEYS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 4 -
On behalf of the board
Mr P D Campey
Director
9 April 2025
CAMPEYS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAMPEYS GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Campeys Group Limited (the 'parent company') and its subsidiaries (the 'group') for the Period ended 31 October 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.

CAMPEYS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAMPEYS GROUP LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including

fraud and non-compliance with laws and regulations, was as follows:

 

CAMPEYS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CAMPEYS GROUP LIMITED
- 7 -

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining

an understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures

which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may

involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Nigel Everard
For and on behalf of
9 April 2025
Hunter Gee Holroyd
Chartered Accountants
Statutory Auditor
Club Chambers
Museum Street
York
YO1 7DN
CAMPEYS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 8 -
Period
ended
31 October
2024
Notes
£
Turnover
3
24,429,532
Cost of sales
(22,379,240)
Gross profit
2,050,292
Administrative expenses
(4,011,998)
Other operating income
123,869
Operating loss
4
(1,837,837)
Interest receivable and similar income
6
24,024
Interest payable and similar expenses
7
(414,301)
Loss before taxation
(2,228,114)
Tax on loss
8
(140,105)
Loss for the financial Period
(2,368,219)
(Loss)/profit for the financial Period is all attributable to the owners of the parent company.
Total comprehensive income for the Period is all attributable to the owners of the parent company.
CAMPEYS GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 9 -
2024
Notes
£
£
Fixed assets
Negative goodwill
10
(8,187,160)
Tangible assets
11
10,041,652
Investment property
12
473,374
2,327,866
Current assets
Stocks
15
60,350
Debtors
16
5,052,477
Cash at bank and in hand
369,586
5,482,413
Creditors: amounts falling due within one year
17
(4,362,809)
Net current assets
1,119,604
Total assets less current liabilities
3,447,470
Creditors: amounts falling due after more than one year
18
(4,548,706)
Provisions for liabilities
Deferred tax liability
21
1,302,883
(1,302,883)
Net liabilities
(2,404,119)
Capital and reserves
Called up share capital
23
100
Profit and loss reserves
(2,404,219)
Total equity
(2,404,119)

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 9 April 2025 and are signed on its behalf by:
09 April 2025
Mr P D Campey
Director
Company registration number 15150395 (England and Wales)
CAMPEYS GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 10 -
2024
Notes
£
£
Fixed assets
Investments
13
20
Current assets
Debtors
16
464,080
Net current assets
464,080
Net assets
464,100
Capital and reserves
Called up share capital
23
100
Profit and loss reserves
464,000
Total equity
464,100

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 £500,000.

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 by the board of directors and authorised for issue on 9 April 2025 and are signed on its behalf by:
09 April 2025
Mr P D Campey
Director
Company registration number 15150395 (England and Wales)
CAMPEYS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 20 September 2023
-
-
-
Period ended 31 October 2024:
Loss and total comprehensive income
-
(2,368,219)
(2,368,219)
Issue of share capital
23
100
-
100
Dividends
9
-
(36,000)
(36,000)
Balance at 31 October 2024
100
(2,404,219)
(2,404,119)
CAMPEYS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 20 September 2023
-
-
-
Period ended 31 October 2024:
Profit and total comprehensive income
-
500,000
500,000
Issue of share capital
23
100
-
100
Dividends
9
-
(36,000)
(36,000)
Balance at 31 October 2024
100
464,000
464,100
CAMPEYS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 13 -
2024
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(55,719)
Interest paid
(414,301)
Income taxes refunded
1,100,291
Net cash inflow/(outflow) from operating activities
630,271
Investing activities
Purchase of intangible assets
5,411,148
Purchase of tangible fixed assets
(13,593,358)
Proceeds from disposal of tangible fixed assets
154,547
Interest received
24,024
Net cash used in investing activities
(8,003,639)
Financing activities
Proceeds from issue of shares
100
Payment of finance leases obligations
6,917,768
Dividends paid to equity shareholders
(36,000)
Net cash generated from/(used in) financing activities
6,881,868
Net (decrease)/increase in cash and cash equivalents
(491,500)
Cash and cash equivalents at beginning of Period
-
Cash and cash equivalents at end of Period
(491,500)
Relating to:
Cash at bank and in hand
369,586
Bank overdrafts included in creditors payable within one year
(861,086)
CAMPEYS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 14 -
1
Accounting policies
Company information

Campeys Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Southlands, Leeds Road, Thorpe Willoughby, Selby, YO8 9PZ.

 

The group consists of Campeys Group Limited and all of its subsidiaries.

1.1
Reporting period

The accounting period covers the date of incorporation (20th September 2023) to the period ending 31st October 2024. This is an extended period to account for the first period of operation and to bring the period end in line with the subsidiary company.

1.2
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

CAMPEYS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Business combinations

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.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Campeys Group 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 31 October 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.

1.5
Going concern

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

1.6
Turnover

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

 

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on 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.

CAMPEYS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.8
Intangible fixed assets - goodwill

Negative goodwill attributable to monetary assets is written off to the profit and loss account immediately. That which is attributable to non-monetary assets is written off in the period over which the profit and loss account will be benefited in equal instalments.

1.9
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
15 years straight line
Property improvements
7% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance

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.

1.10
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.11
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

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.

CAMPEYS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.12
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.

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.

CAMPEYS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
1.13
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.14
Cash and cash equivalents

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

1.15
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

CAMPEYS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

CAMPEYS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

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

1.16
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.

1.17
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.

1.18
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.

1.19
Retirement benefits

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

CAMPEYS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 21 -
1.20
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 straight 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.

3
Turnover and other revenue
2024
£
Turnover analysed by class of business
Haulage
19,551,864
Palletforce
4,636,178
Warehouse storage
241,490
24,429,532
2024
£
Turnover analysed by geographical market
United Kingdom
24,429,532
CAMPEYS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
3
Turnover and other revenue
(Continued)
- 22 -
2024
£
Other revenue
Interest income
24,024
Rental income arising from investment properties
60,000
4
Operating loss
2024
£
Operating loss for the period is stated after charging:
Research and development costs
38,670
Fees payable to the group's auditor for the audit of the group's financial statements
-
Depreciation of owned tangible fixed assets
2,902,554
Loss on disposal of tangible fixed assets
21,231
Amortisation of intangible assets
2,776,012
Operating lease charges
309,912
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the Period was:

Group
Company
2024
2024
Number
Number
Directors
4
2
Haulage
152
-
Administration
23
-
Warehouse
5
-
Total
184
2

Their aggregate remuneration comprised:

Group
Company
2024
2024
£
£
Wages and salaries
7,345,726
-
0
Social security costs
746,372
-
Pension costs
131,483
-
0
8,223,581
-
0
CAMPEYS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 23 -
6
Interest receivable and similar income
2024
£
Interest income
Interest on bank deposits
11,085
Other interest income
12,939
Total income
24,024
7
Interest payable and similar expenses
2024
£
Interest on bank overdrafts and loans
67,491
Interest on finance leases and hire purchase contracts
346,810
Total finance costs
414,301
8
Taxation
2024
£
Deferred tax
Origination and reversal of timing differences
140,105

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

2024
£
Loss before taxation
(2,228,114)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00%
(557,029)
Tax effect of expenses that are not deductible in determining taxable profit
1,439
Tax effect of utilisation of tax losses not previously recognised
(19,125)
Permanent capital allowances in excess of depreciation
(119,289)
Amortisation on assets not qualifying for tax allowances
694,004
Deferred tax
140,105
Taxation charge
140,105
9
Dividends
2024
Recognised as distributions to equity holders:
£
Final paid
36,000
CAMPEYS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 24 -
10
Intangible fixed assets
Group
Negative goodwill
£
Cost
At 20 September 2023
-
0
Additions
(5,411,148)
At 31 October 2024
(5,411,148)
Amortisation and impairment
At 20 September 2023
-
0
Amortisation charged for the Period
2,776,012
At 31 October 2024
2,776,012
Carrying amount
At 31 October 2024
(8,187,160)
The company had no intangible fixed assets at 31 October 2024.
CAMPEYS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 25 -
11
Tangible fixed assets
Group
Freehold land and buildings
Property improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 20 September 2023
-
0
293,563
313,858
57,832
199,136
16,705,069
17,569,458
Additions
18,057
41,589
334,610
6,360
4,575
2,388,080
2,793,271
Disposals
-
0
-
0
(44,000)
-
0
-
0
(437,683)
(481,683)
At 31 October 2024
18,057
335,152
604,468
64,192
203,711
18,655,466
19,881,046
Depreciation and impairment
At 20 September 2023
-
0
186,307
126,627
49,432
59,745
6,820,634
7,242,745
Depreciation charged in the Period
376
3,627
72,111
2,969
34,843
2,788,628
2,902,554
Eliminated in respect of disposals
-
0
-
0
(29,875)
-
0
-
0
(276,030)
(305,905)
At 31 October 2024
376
189,934
168,863
52,401
94,588
9,333,232
9,839,394
Carrying amount
At 31 October 2024
17,681
145,218
435,605
11,791
109,123
9,322,234
10,041,652
The company had no tangible fixed assets at 31 October 2024.
CAMPEYS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
11
Tangible fixed assets
(Continued)
- 26 -

The opening balances are in respect of fixed assets owned by the subsidiary which on the date of acquisition by the group, being 1st November 2023, became group assets.

12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 20 September 2023 and 31 October 2024
473,374
-

Investment property comprises of property on Mill Lane, Brayton, Selby. The fair value of the investment property has been arrived at on the basis of a valuation carried out at cost price plus related fees regarding the purchase of the property. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties

 

The carrying value of land and buildings comprises:

Group
Company
2024
2024
£
£
Freehold
473,374
-
13
Fixed asset investments
Group
Company
2024
2024
Notes
£
£
Investments in subsidiaries
14
-
0
20
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 20 September 2023
-
Additions
20
At 31 October 2024
20
Carrying amount
At 31 October 2024
20
14
Subsidiaries

Details of the company's subsidiaries at 31 October 2024 are as follows:

CAMPEYS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
14
Subsidiaries
(Continued)
- 27 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Campeys of Selby Limited
United Kingdom
Ordinary shares
100.00
15
Stocks
Group
Company
2024
2024
£
£
Raw materials and consumables
60,350
-
16
Debtors
Group
Company
2024
2024
Amounts falling due within one year:
£
£
Trade debtors
4,521,624
-
0
Corporation tax recoverable
62,487
-
0
Amounts owed by group undertakings
-
464,080
Other debtors
145,167
-
0
Prepayments and accrued income
323,199
-
0
5,052,477
464,080
17
Creditors: amounts falling due within one year
Group
Company
2024
2024
Notes
£
£
Bank loans and overdrafts
19
861,086
-
0
Obligations under finance leases
20
2,369,062
-
0
Trade creditors
898,331
-
0
Other taxation and social security
361,319
-
Other creditors
(473,812)
-
0
Accruals and deferred income
346,823
-
0
4,362,809
-
0
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2024
Notes
£
£
Obligations under finance leases
20
4,548,706
-
0
CAMPEYS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
18
Creditors: amounts falling due after more than one year
(Continued)
- 28 -

Net obligations under hire purchase agreements are secured on the assets of the subsidiary, Campeys of Selby Limited

19
Loans and overdrafts
Group
Company
2024
2024
£
£
Bank overdrafts
861,086
-
0
Payable within one year
861,086
-
0

The loan balance relates to amounts drawn down on the invoice discounting arrangement and is repayable within one year.

20
Finance lease obligations
Group
Company
2024
2024
£
£
Future minimum lease payments due under finance leases:
Within one year
2,369,062
-
0
In two to five years
4,548,706
-
0
6,917,768
-

Finance lease payments represent hire purchase arrangements utilised by the subsidiary, Campeys of Selby, for certain items of motor vehicles, trailers, plant and machinery.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
2024
Group
£
Accelerated capital allowances
2,219,340
Tax losses
(916,457)
1,302,883
The company has no deferred tax assets or liabilities.
CAMPEYS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
21
Deferred taxation
(Continued)
- 29 -
Group
Company
2024
2024
Movements in the Period:
£
£
Asset at 20 September 2023
-
-
Asset acquired on acquisition 1 Novemeber 2023
1,162,778
Charge to profit or loss
140,105
-
Liability at 31 October 2024
1,302,883
-
22
Retirement benefit schemes
2024
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
131,483

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.

23
Share capital
Group and company
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
24
Operating lease commitments
Lessee

Officially, the lease surrender agreement for Unit 200 Premier Way, Premier Park, Stanley, Leeds was signed on the 4th November 2024, and so, these commitments will no longer be paid in the following year. The commitments that would have been due have been included in the disclosure note below for completeness.

Group
Company
2024
2024
£
£
Within one year
1,269,166
-
Between two and five years
4,965,000
-
In over five years
4,853,334
-
11,087,500
-
CAMPEYS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2024
- 30 -
25
Cash absorbed by group operations
2024
£
Loss for the Period after tax
(2,368,219)
Adjustments for:
Taxation charged
140,105
Finance costs
414,301
Investment income
(24,024)
Loss on disposal of tangible fixed assets
21,231
Amortisation and impairment of intangible assets
2,776,012
Depreciation and impairment of tangible fixed assets
2,902,554
Movements in working capital:
Increase in stocks
(60,350)
Increase in debtors
(4,989,990)
Increase in creditors
1,132,661
Cash absorbed by operations
(55,719)
26
Analysis of changes in net debt - group
20 September 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
-
369,586
369,586
Bank overdrafts
-
(861,086)
(861,086)
-
(491,500)
(491,500)
Obligations under finance leases
-
(6,917,768)
(6,917,768)
-
(7,409,268)
(7,409,268)
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