Company registration number 03403428 (England and Wales)
M R SALES PUBLIC LIMITED COMPANY
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
M R SALES PUBLIC LIMITED COMPANY
COMPANY INFORMATION
Directors
C Bishop
E Rossetti
Secretary
L Yule
Company number
03403428
Registered office
383 - 385 Liverpool Road
London
N1 1NP
Auditor
Glazers
843 Finchley Road
London
NW11 8NA
M R SALES PUBLIC LIMITED COMPANY
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
M R SALES PUBLIC LIMITED COMPANY
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The directors present the strategic report for the year ended 31 October 2024.
Review of the business
Financial Position
Despite challenges in the UK IT sector, M R Sales PLC maintains a strong financial standing, supported by prior reserves. Turnover increased from £8,981,120 to £9,427,633, with a significant rise in gross profit margin to 10.8% (2023: 9.2%), reflecting our strategic emphasis on high-margin sales.
Business Strength and Expansion
M R Sales PLC is a trusted and well-respected brand, supplying IT solutions to leading businesses, including many household names. As an Apple Value-Added Reseller, we continue to excel in Apple product sales and services, leveraging our specialist technical expertise. We invest in enterprise solutions to meet increasing market demand and have successfully expanded into the EU via our Netherlands branch, reinforcing our global reach.
Our strong partnerships and accreditations with major IT vendors, alongside exceptional client and employee retention, further cement our market leadership
Principal risks and uncertainties
The directors recognise the difficulties created by the present economic environment. To navigate these challenges, management meets monthly to assess current performance and adjust our future strategy accordingly. This proactive approach ensures we remain agile, responsive, and prepared for market shifts. Senior management also takes a hands-on approach to risk management, addressing economic downturns, supply chain disruptions, and evolving IT market conditions.
We continue to optimise staff, refine strategies, and maintain service continuity, reinforcing our long-term stability.
Strategic Management and Future Outlook
Despite economic headwinds, the leadership team remains confident in the company’s strategic direction and future growth. Our commitment to investment in technology, operational efficiency, and service excellence ensures M R Sales PLC remains a key industry player.
Development and performance
We take a forward-thinking approach, continually adapting to market conditions to drive growth and profitability. Our investments in cutting-edge technology and process efficiency remain central to our strategy for long-term success.
Key performance indicators
Senior management rigorously monitors key financial and operational metrics, including:
Revenue growth
Gross profit margins
Cash flow stability
Regular performance reviews ensure that M R Sales PLC remains resilient, strategically agile, and well-positioned for sustained success in an ever-evolving industry.
Section 172(1) statement
The Companies (Miscellaneous Reporting) Regulations 2018 ('2018 MRR') requires Directors to explain how they considered the interests of key stakeholders and the broader matters set below in the section 172 statement.
The directors:
Have engaged with employees, suppliers, customers and others
Have had regard to employee interests, the need to foster the company’s business relationships with suppliers, customers and others and the effect of that regards, including the principal decisions taken by the company during the financial period
In performing their duties under Section 172(1) of the Companies Act 2006, the directors of M R Sales PLC have acted in a way they consider, in good faith, to promote the success of the company for the benefit of its members as a whole. In doing so, the directors have had regard to the following matters:
M R SALES PUBLIC LIMITED COMPANY
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
S172 (a) The likely consequences of any decisions in the long term, S172(1)(b) The interest of the company's employees & S172 (c) The need to foster the company's business relationships with suppliers, customers and others
a) The Likely Consequences of Any Decision in the Long Term
The board ensures that all significant decisions are considered in light of their potential long-term impact. This includes investment in technology, expansion into new markets such as the EU, and maintaining sustainable supplier relationships to support future growth. We remain focused on ensuring long-term profitability and market relevance.
b) The Interests of the Company’s Employees
Employees are key to the company’s continued success. We have implemented policies focused on staff wellbeing, training, and development to retain and attract skilled talent. Regular internal communication ensures employees are engaged and informed about company developments and strategy.
c) The Need to Foster the Company’s Business Relationships with Suppliers, Customers, and Others
We maintain open, collaborative, and mutually beneficial relationships with our suppliers, customers, and partners. As an Apple Value-Added Reseller and partner to other major vendors, our reputation for reliability and quality is critical. Customer satisfaction and long-term partnerships remain a core focus.
S172 (d) & (e)The impact of the company on the community and the environment and the desirability of maintaining a reputation for high standards of business conduct & S172 (F) The need to act fairly as between members of the company
d) The Impact of the Company’s Operations on the Community and the Environment
We are committed to reducing our environmental impact by adopting sustainable practices, including responsible sourcing, efficient logistics, and minimising waste. Our expansion into the EU considers both economic and environmental factors, including reducing carbon footprints in distribution.
e) The Desirability of the Company Maintaining a Reputation for High Standards of Business Conduct
Integrity and professionalism are central to M R Sales PLC’s operations. We ensure full compliance with applicable regulations and best practices, promoting ethical conduct in all dealings with stakeholders.
f) The Need to Act Fairly Between Members of the Company
The board remains committed to ensuring all members are treated fairly and equally. Regular communication and transparent reporting ensure that members are kept informed and their interests are safeguarded.
Corporate Social and Environmental responsibility has been a longstanding priority for the company and the Directors continue to review the professionalism that we offer and have a robust internal quality system to ensure we provide adequate services.
Our human resources department ensures that staff are treated fairly.
.............................................
E Rossetti
Director
Date: .............................................
M R SALES PUBLIC LIMITED COMPANY
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 October 2024.
Principal activities
The company continued in its main trade in the sale and maintenance of computer equipment throughout the year.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £4,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C Bishop
E Rossetti
Financial instruments
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.
Foreign currency risk
The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.
Credit risk
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Future developments
There are no changes anticipated in the way that the company will operate in the future.
Auditor
Glazers were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
M R SALES PUBLIC LIMITED COMPANY
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
E Rossetti
Director
14 April 2025
M R SALES PUBLIC LIMITED COMPANY
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF M R SALES PUBLIC LIMITED COMPANY
- 5 -
Opinion
We have audited the financial statements of M R Sales Public Limited Company (the 'company') for the year ended 31 October 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
M R SALES PUBLIC LIMITED COMPANY
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF M R SALES PUBLIC LIMITED COMPANY (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
M R SALES PUBLIC LIMITED COMPANY
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF M R SALES PUBLIC LIMITED COMPANY (CONTINUED)
- 7 -
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
1) Enquiries of management concerning the company's policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
2) Discussions among the engagement team regarding how and when fraud might occur in the financial statements and any potential indicators of fraud.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and United Kingdom Generally Accepted Accounting Practice.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or avoid a material penalty.
As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.
In addition to the above, our procedures to respond to risks identified included the following:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.
Enquiring of management concerning actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant tax authorities; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the directors and other management are responsible for such internal control as the directors and other management of the company determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
M R SALES PUBLIC LIMITED COMPANY
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF M R SALES PUBLIC LIMITED COMPANY (CONTINUED)
- 8 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Philippe Herszaft ACA (Senior Statutory Auditor)
For and on behalf of Glazers, Statutory Auditor
Chartered Accountants
843 Finchley Road
London
NW11 8NA
14 April 2025
M R SALES PUBLIC LIMITED COMPANY
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
9,427,633
8,981,120
Cost of sales
(8,409,258)
(8,155,183)
Gross profit
1,018,375
825,937
Distribution costs
(69,648)
(70,297)
Administrative expenses
(936,292)
(799,815)
Other operating income
3
71
6,000
Operating profit/(loss)
4
12,506
(38,175)
Interest receivable and similar income
8
8,293
4,181
Interest payable and similar expenses
9
(8,417)
(8,307)
Profit/(loss) before taxation
12,382
(42,301)
Tax on profit/(loss)
10
(5,596)
(14,736)
Profit/(loss) for the financial year
6,786
(57,037)
Other comprehensive income
Revaluation of tangible fixed assets
64,082
Total comprehensive income for the year
6,786
7,045
The profit and loss account has been prepared on the basis that all operations are continuing operations.
M R SALES PUBLIC LIMITED COMPANY
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
61,637
78,127
Tangible assets
13
1,021,571
1,001,175
1,083,208
1,079,302
Current assets
Stocks
14
79,360
81,789
Debtors
15
931,382
838,881
Cash at bank and in hand
123,259
390,184
1,134,001
1,310,854
Creditors: amounts falling due within one year
16
(935,440)
(1,104,611)
Net current assets
198,561
206,243
Total assets less current liabilities
1,281,769
1,285,545
Creditors: amounts falling due after more than one year
17
(76,325)
(90,574)
Provisions for liabilities
Deferred tax liability
20
90,502
82,815
(90,502)
(82,815)
Net assets
1,114,942
1,112,156
Capital and reserves
Called up share capital
23
50,000
50,000
Revaluation reserve
443,014
443,014
Own shares
(120,000)
(120,000)
Profit and loss reserves
741,928
739,142
Total equity
1,114,942
1,112,156
The financial statements were approved by the board of directors and authorised for issue on 14 April 2025 and are signed on its behalf by:
E Rossetti
Director
Company registration number 03403428 (England and Wales)
M R SALES PUBLIC LIMITED COMPANY
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
Share capital
Revaluation reserve
Own shares
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2022
50,000
409,085
(120,000)
766,026
1,105,111
Year ended 31 October 2023:
Loss
-
-
-
(57,037)
(57,037)
Other comprehensive income:
Revaluation of tangible fixed assets
-
64,082
-
-
64,082
Total comprehensive income
-
64,082
-
(57,037)
7,045
Deferred tax on revaluation
-
(30,153)
-
30,153
-
Balance at 31 October 2023
50,000
443,014
(120,000)
739,142
1,112,156
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
-
6,786
6,786
Dividends
11
-
-
-
(4,000)
(4,000)
Balance at 31 October 2024
50,000
443,014
(120,000)
741,928
1,114,942
M R SALES PUBLIC LIMITED COMPANY
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
26
(221,479)
387,377
Interest paid
(8,417)
(8,307)
Income taxes refunded
3,764
Net cash (outflow)/inflow from operating activities
(229,896)
382,834
Investing activities
Purchase of tangible fixed assets
(44,178)
(57,781)
Repayment of loans
9,012
(9,012)
Interest received
8,293
4,181
Net cash used in investing activities
(26,873)
(62,612)
Financing activities
Repayment of bank loans
(35,129)
(35,157)
Payment of finance leases obligations
28,659
Dividends paid
(4,000)
Net cash used in financing activities
(10,470)
(35,157)
Net (decrease)/increase in cash and cash equivalents
(267,239)
285,065
Cash and cash equivalents at beginning of year
390,184
105,119
Cash and cash equivalents at end of year
122,945
390,184
Relating to:
Cash at bank and in hand
123,259
390,184
Bank overdrafts included in creditors payable within one year
(314)
M R SALES PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
1
Accounting policies
Company information
M R Sales Public Limited Company is a private company limited by shares incorporated in England and Wales. The registered office is 383 - 385 Liverpool Road, London, N1 1NP.
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, [modified to include the revaluation of freehold properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
10% straight line basis
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The land and buildings freehold is measured at valuation. The land and buildings leasehold and fixtures, fittings and equipment are measured at cost, net of depreciation and any impairment losses.
M R SALES PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 14 -
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:
Land and buildings Freehold
Nil
Land and buildings Leasehold
10 years straight line
Fixtures, fittings & equipment
15% per annum
Motor vehicles
25% per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Freehold property is not depreciated on the basis that the estimated residual value of the property at the end of its estimated useful life is such that any depreciation would be immaterial.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, 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.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
M R SALES PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
M R SALES PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
M R SALES PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differencies can be deducted.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
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.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.16
Factored debts and factoring charges.
Factored debts are shown gross within current assets and proceeds received from the factoring company are included in current liabilities. Interest and other factoring charges are recognised as they accrue.
M R SALES PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Sale of goods and services
9,427,633
8,981,120
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
8,620,713
8,188,370
Other
806,920
792,750
9,427,633
8,981,120
2024
2023
£
£
Other revenue
Interest income
8,293
4,181
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the year is stated after charging:
£
£
Exchange losses
15,109
8,603
Depreciation of owned tangible fixed assets
23,782
29,678
Amortisation of intangible assets
16,490
16,490
M R SALES PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 19 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
18,971
14,144
For other services
All other non-audit services
5,899
3,708
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Administration
3
4
Sales
4
8
Technical
22
20
Total
29
32
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
915,634
1,053,095
Social security costs
88,346
107,605
Pension costs
107,551
91,320
1,111,531
1,252,020
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
102,298
111,909
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
8,293
Other interest income
4,181
Total income
8,293
4,181
M R SALES PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
8
Interest receivable and similar income
(Continued)
- 20 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
8,293
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
7,135
8,307
Other finance costs:
Interest on finance leases and hire purchase contracts
1,282
-
8,417
8,307
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
2,091
Adjustments in respect of prior periods
(2,091)
Total current tax
(2,091)
2,091
Deferred tax
Origination and reversal of timing differences
7,687
12,645
Total tax charge
5,596
14,736
M R SALES PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
10
Taxation
(Continued)
- 21 -
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit/(loss) before taxation
12,382
(42,301)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2023: 19.00%)
2,353
(8,037)
Tax effect of expenses that are not deductible in determining taxable profit
8,372
12,501
Tax effect of utilisation of tax losses not previously recognised
(2,307)
Permanent capital allowances in excess of depreciation
(8,418)
(2,373)
Under/(over) provided in prior years
(2,091)
Deferred tax adjustments in respect of current year
7,687
12,645
Taxation charge for the year
5,596
14,736
11
Dividends
2024
2023
£
£
Interim paid
4,000
12
Intangible fixed assets
Software
£
Cost
At 1 November 2023 and 31 October 2024
168,901
Amortisation and impairment
At 1 November 2023
90,774
Amortisation charged for the year
16,490
At 31 October 2024
107,264
Carrying amount
At 31 October 2024
61,637
At 31 October 2023
78,127
Impairment has been considered and reviewing during the year. It is considered there have been no indications of impairment of the assets in the year.
M R SALES PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
13
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 November 2023
945,000
53,093
343,816
1,341,909
Additions
9,009
35,169
44,178
At 31 October 2024
945,000
53,093
352,825
35,169
1,386,087
Depreciation and impairment
At 1 November 2023
29,249
311,485
340,734
Depreciation charged in the year
10,225
8,426
5,131
23,782
At 31 October 2024
39,474
319,911
5,131
364,516
Carrying amount
At 31 October 2024
945,000
13,619
32,914
30,038
1,021,571
At 31 October 2023
945,000
23,844
32,331
1,001,175
The freehold property is included in the balance sheet at the external valuation carried out by Stiles Harold Williams Partnership LLP on 8 January 2024, the valuation was based on their knowledge of the current market values. In the opinion of the directors, the market value at the year end is equivalent to the valuation carried out by Stiles Harold Williams Partnership LLP.
The historical cost of the freehold property is: £396,159.
14
Stocks
2024
2023
£
£
Finished goods and goods for resale
79,360
81,789
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
830,937
760,200
Other debtors
84,300
49,559
Prepayments and accrued income
16,145
29,122
931,382
838,881
M R SALES PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
36,904
34,025
Obligations under finance leases
19
5,214
Trade creditors
703,263
939,144
Corporation tax
2,091
Other taxation and social security
123,112
90,777
Deferred income
21
7,173
Other creditors
12,819
7,911
Accruals and deferred income
54,128
23,490
935,440
1,104,611
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
52,880
90,574
Obligations under finance leases
19
23,445
76,325
90,574
The bank loan is for a term of 10 years. Interest is charged at 3.00% per annum over the Bank of England Base Rate. The bounce back loan is for a term of 6 years. Interest is charged at 2.50% per annum.
18
Loans and overdrafts
2024
2023
£
£
Bank loans
89,470
124,599
Bank overdrafts
314
89,784
124,599
Payable within one year
36,904
34,025
Payable after one year
52,880
90,574
Bank overdrafts and loans are secured by a first charge over the freehold property of the company as well as by a fixed and floating charge over all other assets.
M R SALES PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
5,214
In two to five years
23,445
28,659
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
20
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
15,593
7,906
Freehold Property
74,909
74,909
90,502
82,815
2024
Movements in the year:
£
Liability at 1 November 2023
82,815
Charge to profit or loss
7,687
Liability at 31 October 2024
90,502
21
Deferred income
2024
2023
£
£
Other deferred income
-
7,173
M R SALES PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
107,551
91,320
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
43,750
43,750
43,750
43,750
'A' Ordinary shares of £1 each
6,250
6,250
6,250
6,250
50,000
50,000
50,000
50,000
Each share is entitled to one vote in any circumstances. Each has equal rights to dividends. Each share is entitled to participate in a distribution arising from a winding up of the company.
24
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
50,000
50,000
Between two and five years
50,000
100,000
100,000
150,000
25
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Dividends totalling £2,000 (2023 - £0) were paid in the year in respect of shares held by the company's directors.
At the year end £2,000 was owing to the directors (2023 - directors owed £7,012) to the company, the loan is interest free and is repayable on demand.
M R SALES PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
26
Cash (absorbed by)/generated from operations
2024
2023
£
£
Profit/(loss) after taxation
6,786
(57,037)
Adjustments for:
Taxation charged
5,596
14,736
Finance costs
8,417
8,307
Investment income
(8,293)
(4,181)
Amortisation and impairment of intangible assets
16,490
16,490
Depreciation and impairment of tangible fixed assets
23,782
29,678
Movements in working capital:
Decrease in stocks
2,429
27,038
(Increase)/decrease in debtors
(101,513)
903,629
Decrease in creditors
(168,000)
(558,456)
(Decrease)/increase in deferred income
(7,173)
7,173
Cash (absorbed by)/generated from operations
(221,479)
387,377
27
Analysis of changes in net funds
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
390,184
(266,925)
123,259
Bank overdrafts
(314)
(314)
390,184
(267,239)
122,945
Borrowings excluding overdrafts
(124,599)
35,129
(89,470)
Obligations under finance leases
-
(28,659)
(28,659)
265,585
(260,769)
4,816
M R SALES PUBLIC LIMITED COMPANY
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024
M R SALES PUBLIC LIMITED COMPANY
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 OCTOBER 2024
2024
2023
£
£
Distribution costs
Postage, courier and delivery charges
69,648
70,297
69,648
70,297
Administrative expenses
Wages and salaries
114,700
133,237
Staff recruitment costs
525
316
Staff training
477
157
Staff pension costs defined contribution
107,551
91,320
Directors' remuneration
102,298
111,909
Rent and rates
65,891
66,439
Power, light and heat
18,343
12,252
Property repairs and maintenance
19,655
889
Insurances
21,398
9,457
Computer running costs
13,206
14,210
Hire of equipment
3,012
4,332
Travelling expenses
16,480
17,258
Legal and professional fees
2,830
5,795
Factoring charges
54,018
47,554
Consultancy fees
122,240
93,023
Accountancy
6,259
3,817
Audit fees
18,971
14,144
Bank charges
8,553
9,603
Credit card charges
19,086
11,950
Bad and doubtful debts
10,183
(8,213)
Printing and stationery
2,520
3,207
Advertising
118,680
68,817
Telecommunications
7,213
8,462
Entertaining
6,988
8,037
Sundry expenses
19,834
17,072
Amortisation
16,490
16,490
Depreciation
23,782
29,678
Profit or loss on foreign exchange
15,109
8,603
936,292
799,815
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