Company registration number 14085329 (England and Wales)
PNEUMA GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PNEUMA GROUP LIMITED
COMPANY INFORMATION
Directors
K Turner
Mr S Brooks
(Appointed 1 July 2024)
L Hutchinson
(Appointed 1 May 2024)
Company number
14085329
Registered office
Central Point
202-206 Linthorpe Road
Middlesbrough
United Kingdom
TS1 3QW
Auditor
Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
PNEUMA GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Group income statement
11
Group statement of comprehensive income
12
Group statement of financial position
13
Company statement of financial position
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 40
PNEUMA GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

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

Principal activities

The company has a diverse portfolio of companies, operating in multiple sectors including video games development, hospitality, property management, construction and business services.

Business Review

During the year ended 30 September 2024, Pneuma Group delivered a resilient financial performance in the face of macroeconomic headwinds, underpinned by strategic investments across its property and games divisions. The Group's consolidated turnover for the year was £52,986,110 (2023: £49,465,974), with a gross profit of £13,442,501 (2023: £7,279,075) and an operating profit of £1,570,672 (2023: profit of £8,195,221). Whilst turnover and profitability is predominantly driven by the Games Group, FY24 has paved the way for the overall development of the group, with significant investment in company infrastructure and assets which will set up the group to achieve long term success.

The property division made significant strides, with key acquisitions including the Debenhams building and Dr. Browns pub, both earmarked for transformative developments. These acquisitions serve dual roles in revenue generation and social impact, aligning with our strategy to blend commercial success with community uplift. These developments will commence in 2025, with the completion of “Pitch Sports Bar” within FY26 and the development of our flagship Debenhams planned to commence in 2026. The launch of 'Pitch Sports Bar' and the major collaborative regeneration scheme at Debenhams, exemplify our vision for inclusive urban revitalisation. The development of new group headquarters at the Central Point building signified further investment in our properties and the continued commercialisation of the property group.

Pneuma Business Services, inclusive of commercial cleaning, facilities management and commercial security continue to establish themselves in the market place with a view to securing further external contracts within the next 24 months. The foundations have been laid during the financial year securing the accreditations needed to operate in the commercial market space.

In parallel, within the games group, Double Eleven, continued to outperform despite industry turbulence. Double Eleven has solidified its reputation as a trusted partner in AAA video game development and publishing, with over 430 employees across two continents. Strategic moves, such as the development of a new HQ and the company’s first original IP in almost 15 years, highlight their forward-focused investment philosophy.

The hospitality sector remains volatile with Pneuma Hospitality group closing one entity within the year and focussing on its core offering within Fresh Element. Strategic plans for growth of the division include a stable offering and stable customer base at the SIX restaurant and the opening of Pitch Sports Bar.

While certain investments have weighed on short-term profitability, we are well positioned for future growth with scalable infrastructure and a robust portfolio of projects, including ongoing development of high-profile franchises.

PNEUMA GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Principal risks and uncertainties

The Group operates across a number of sectors including hospitality, property services, and facilities management. While this diversified model creates opportunity, it also exposes the business to a range of external risks. The principal risks currently facing the Group fall under two broad categories: market risks and legislative and regulatory risks.

Market Risks

The Group is exposed to fluctuations in the wider economic environment, which can impact demand across all business areas. In particular, the hospitality and property improvement sectors are sensitive to changes in consumer confidence, disposable income levels, and broader market sentiment. Inflation, interest rate changes, and supply chain pressures may also affect the cost of goods, materials, and labour.

We seek to mitigate these risks by monitoring our cost structures, and reviewing and diversifying income streams, where possible. The phased development of new commercial service lines, including cleaning and security, allows for cautious market entry based on clear demand signals and operational readiness.

In the games sector diversification of our client base is critical and the continuous development of new partnerships is key in managing the rapid market changes.

In addition, the Group recognises the competitive nature of the markets in which it operates. There is a risk of new entrants or changing customer expectations affecting performance. This is managed through a continued focus on service quality, customer relationships, and brand reputation.

Legislative and Regulatory Risks

Operating across multiple sectors brings exposure to a range of legislative and regulatory frameworks. This includes health and safety regulations, employment law, food safety standards, construction and environmental compliance, and data protection obligations. Changes in legislation or failure to comply may lead to financial penalties, reputational damage, or operational disruption. Additionally in the games sector, further risks in this area include content restrictions, tax compliance and labour laws but domestically and internationally.

The Group actively monitors its compliance obligations and engages professional advisors as needed to ensure awareness of relevant regulatory developments. Internal policies and procedures are regularly reviewed and updated, with staff training provided to support understanding and compliance. Where required, licences, accreditations and insurances are maintained to meet industry standards.

There is also a risk of increased regulatory scrutiny as the Group seeks to expand its operations into external markets. The commercialisation of internal services such as cleaning and security will introduce additional compliance considerations, including sector-specific licensing, training, and data handling protocols. These are being factored into the planning and resourcing of each business unit to ensure readiness and compliance from the outset.

Development and performance

Property Group: The acquisition and redevelopment of landmark properties like Debenhams and Dr. Browns are central to our growth strategy. The Debenhams site will undergo a multi-use transformation featuring retail, hospitality, and community-oriented spaces. A social improvement initiative supported by local partnerships aims to make this project a flagship for urban renewal. In addition to this the launch of the first ‘Pitch’ Sports bar in Middlesbrough. The assets once developed represent strong opportunities for brand growth.

Hospitality: Despite challenges within the hospitality sector, Pneuma group are committed to its goals of achieving success both for the current operations and future operations. Significant changes have been made this year, the benefits of which will be seen in FY25 and beyond. The launch of Pitch within the hospitality company will be a significant landmark for the group with plans for further expansion of this brand.

Games Group (Double Eleven): Despite sector challenges, Double Eleven has continued to thrive. Reduced profitability reflects investment in a 70,000 sq ft HQ and ongoing development costs for new IPs and licensing projects such as "Rust: Console Edition". Headcount has grown, positioning the studio for scale as new projects come online post-year-end.

PNEUMA GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Key performance indicators

The Board uses a set of financial and operational KPIs to measure progress against strategic objectives:

KPI

2024

2023

Commentary

Group Turnover

£53.0m

£49.5m

Stable revenue despite sectoral volatility

Operating Profit/(Loss)

£1.6m

£8.2m

Reflects planned investment in HQ, acquisitions, and IP development

Property Acquisitions

2

0

Significant additions in Debenhams and Dr. Browns

Double Eleven Headcount

459

348

Strategic hiring to support expansion

We expect these KPIs to strengthen in 2025 as investments begin to yield operational efficiencies and revenue growth.

Section 172(1) statement

The Directors of the Company are mindful of their duties under Section 172 of the Companies Act 2006. In performing their duties during the year, the Directors have acted in good faith to promote the success of the Company for the benefit of its members as a whole, and have had regard to the matters set out in section 172(1), summarised below.

The Directors consider the long-term impact of strategic and operational decisions, ensuring they align with the Company’s growth objectives and support the sustainability of each business unit. Investments made during the year—particularly in property, systems, and people—were evaluated with a view to delivering long-term value, strengthening the Group’s core offering, and positioning it for future commercial opportunities.

The Group’s workforce is critical to its success. The Directors are committed to fostering a positive working environment that supports engagement, training, and development. Regular communication, open feedback channels, and structured support have been key in employee satisfaction and retention across all areas of the business. Health, safety, and wellbeing continue to be core priorities.

The Group values strong, long-term relationships with its key stakeholders. Whether in hospitality, construction, or facilities services, our businesses rely on trusted suppliers and customer loyalty. The Directors take care to ensure that the Group acts fairly and responsibly in all dealings, with a focus on reliability, transparency, and professionalism. Feedback from customers and suppliers is routinely considered in decision-making processes.

The Directors are aware of the impact the Group’s activities may have on the local community and environment. Efforts are made to operate responsibly and sustainably, with a focus on reducing waste, sourcing responsibly, and ensuring minimal environmental disruption, particularly in construction and landscaping activities. The restaurant and services teams also seek to support the local economy through local sourcing and employment.

Maintaining a strong reputation is vital for the Group, particularly as it looks to grow its external customer base. The Directors strive to ensure high standards of conduct, professionalism, and compliance across all areas of the business. Staff are expected to act with integrity, and operational procedures are designed to ensure consistent service quality and accountability.

The Directors are committed to treating all shareholders fairly and equitably, ensuring that decisions are made in the interests of the Company as a whole. Transparent financial reporting, regular Board oversight, and strategic planning underpin the Group’s governance approach.

The Board continues to consider the views and interests of stakeholders in shaping the Group’s strategy and believes this approach supports long-term value creation and responsible business practices.

PNEUMA GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

The Directors are confident that the Group remains well-positioned for future growth, supported by a strong asset base, diversified income streams, and a robust innovation pipeline. The year ahead will focus on consolidating gains, delivering flagship developments, and capitalising on opportunities across both core sectors.

On behalf of the board

K Turner
Director
1 May 2025
PNEUMA GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -

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

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £800,000. The directors do not recommend payment of a further dividend.

Directors

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

K Turner
Mr S Brooks
(Appointed 1 July 2024)
L Hutchinson
(Appointed 1 May 2024)
K Nicholson
(Appointed 1 July 2024 and resigned 13 September 2024)
Disabled persons

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

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Future developments

See disclosures within the Strategic Report regarding future developments of the company.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

Within the group there is one large subsidiary company which the disclosure requirements apply, Double Eleven Limited. The other subsidiaries within the group are not required to report their own energy and carbon information due to their individual company size. Pneuma Group itself does not consume in excess of 44,000Kwh of energy. The group will look to voluntary adopt further disclosure in future reporting and are committed to behaving responsibly and at high standard.

 

During the year ended 30 September 2024, Double Eleven Limited has gathered data regrading scope one, two and three carbon emissions (as defined by the GHG protocol) from its UK operations as defined by the requirement of the Streamlined Energy and Carbon Reporting (SECR) legislation.

PNEUMA GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
1,159,187
768,444
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
-
-
-
-
Scope 2 - indirect emissions
- Electricity purchased
261.00
159.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
-
-
Total gross emissions
261.00
159.00
Intensity ratio
Tonnes C02e per £000 revenue
0.005
0.003
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting

Measures taken to improve energy efficiency

There were no energy efficiency actions reported in 2024.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
K Turner
Director
1 May 2025
PNEUMA GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -

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.

PNEUMA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PNEUMA GROUP LIMITED
- 8 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

PNEUMA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PNEUMA GROUP LIMITED
- 9 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

PNEUMA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PNEUMA GROUP LIMITED
- 10 -

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

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

 

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

 

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

 

 

Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); anti-bribery and corruption; and compliance with the UK Companies Act.

 

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

Use of our report

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

Claire Hinshaw ACCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
1 May 2025
Chartered Accountants
Statutory Auditor
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
PNEUMA GROUP LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
52,986,110
49,465,974
Cost of sales
(39,543,609)
(34,507,716)
Gross profit
13,442,501
14,958,258
Administrative expenses
(12,480,613)
(7,279,075)
Other operating income
608,784
516,038
Operating profit
4
1,570,672
8,195,221
Interest receivable and similar income
8
52,077
59,324
Interest payable and similar expenses
9
(222,841)
(23,224)
Profit before taxation
1,399,908
8,231,321
Tax on profit
10
3,302,662
3,851,058
Profit for the financial year
27
4,702,570
12,082,379
Profit for the financial year is all attributable to the owners of the parent company.

The notes on pages 18 to 40 form part of these financial statements.

PNEUMA GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
2024
2023
£
£
Profit for the year
4,702,570
12,082,379
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
12,212
(48,498)
Total comprehensive income for the year
4,714,782
12,033,881
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 18 to 40 form part of these financial statements.

PNEUMA GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
478,160
532,291
Tangible assets
13
11,428,071
5,423,680
Investment property
14
2,305,390
-
0
Investments
15
12,404,602
12,163,952
26,616,223
18,119,923
Current assets
Stocks
17
13,211
10,337
Debtors
18
11,285,555
12,572,847
Cash at bank and in hand
20,035,729
21,196,569
31,334,495
33,779,753
Creditors: amounts falling due within one year
19
(6,971,036)
(5,764,459)
Net current assets
24,363,459
28,015,294
Total assets less current liabilities
50,979,682
46,135,217
Creditors: amounts falling due after more than one year
20
(2,660,099)
(1,807,993)
Provisions for liabilities
Deferred tax liability
23
977,164
799,587
(977,164)
(799,587)
Net assets
47,342,419
43,527,637
Capital and reserves
Called up share capital
26
198
199
Capital redemption reserve
27
2
1
Other reserves
27
1
1
Profit and loss reserves
27
47,342,218
43,527,436
Total equity
47,342,419
43,527,637

The notes on pages 18 to 40 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 1 May 2025 and are signed on its behalf by:
01 May 2025
K Turner
Director
Company registration number 14085329 (England and Wales)
PNEUMA GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
30 September 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
110,237
-
0
Investments
15
900
800
111,137
800
Current assets
Debtors
18
5,400,301
1,097,492
Cash at bank and in hand
103,345
42,785
5,503,646
1,140,277
Creditors: amounts falling due within one year
19
(5,523,452)
(1,070,108)
Net current (liabilities)/assets
(19,806)
70,169
Total assets less current liabilities
91,331
70,969
Creditors: amounts falling due after more than one year
20
(79,718)
-
Net assets
11,613
70,969
Capital and reserves
Called up share capital
26
198
199
Capital redemption reserve
27
2
1
Other reserves
27
1
1
Profit and loss reserves
27
11,412
70,768
Total equity
11,613
70,969

The notes on pages 18 to 40 form part of these financial statements.

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 period was £840,644 (2023 - £1,170,768 profit).

The financial statements were approved by the board of directors and authorised for issue on 1 May 2025 and are signed on its behalf by:
01 May 2025
K Turner
Director
Company registration number 14085329 (England and Wales)
PNEUMA GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
Share capital
Capital redemption reserve
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
200
-
0
-
32,593,555
32,593,755
Year ended 30 September 2023:
Profit for the year
-
-
-
12,082,379
12,082,379
Other comprehensive income:
Currency translation differences
-
-
-
(48,498)
(48,498)
Total comprehensive income
-
-
-
12,033,881
12,033,881
Dividends
11
-
-
-
(1,000,000)
(1,000,000)
Redemption of shares
26
(1)
1
-
(100,000)
(100,000)
Transfers
-
-
1
-
1
Balance at 30 September 2023
199
1
1
43,527,436
43,527,637
Year ended 30 September 2024:
Profit for the year
-
-
-
4,702,570
4,702,570
Other comprehensive income:
Currency translation differences
-
-
-
12,212
12,212
Total comprehensive income
-
-
-
4,714,782
4,714,782
Dividends
11
-
-
-
(800,000)
(800,000)
Redemption of shares
26
(1)
1
-
(100,000)
(100,000)
Balance at 30 September 2024
198
2
1
47,342,218
47,342,419

The notes on pages 18 to 40 form part of these financial statements.

PNEUMA GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
Share capital
Capital redemption reserve
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
-
0
-
0
-
-
0
-
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
-
1,170,768
1,170,768
Issue of share capital
26
200
-
-
-
200
Dividends
11
-
-
-
(1,000,000)
(1,000,000)
Redemption of shares
26
(1)
1
-
(100,000)
(100,000)
Transfers
-
-
1
-
1
Balance at 30 September 2023
199
1
1
70,768
70,969
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
840,644
840,644
Dividends
11
-
-
-
(800,000)
(800,000)
Redemption of shares
26
(1)
1
-
(100,000)
(100,000)
Balance at 30 September 2024
198
2
1
11,412
11,613

The notes on pages 18 to 40 form part of these financial statements.

PNEUMA GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
5,478,002
8,473,016
Interest paid
(222,841)
(23,224)
Income taxes refunded
3,768,394
3,660,921
Net cash inflow from operating activities
9,023,555
12,110,713
Investing activities
Purchase of business
-
(170,781)
Purchase of tangible fixed assets
(7,844,898)
(3,706,002)
Proceeds from disposal of tangible fixed assets
14,665
7,660
Purchase of investment property
(2,305,390)
-
Purchase of investments
(240,650)
(1,045,380)
Proceeds from disposal of investments
-
25,003
Interest received
52,077
59,324
Net cash used in investing activities
(10,324,196)
(4,830,176)
Financing activities
Proceeds from issue of shares
-
1
Redemption of shares
(100,000)
(100,000)
Proceeds from new bank loans
1,350,000
-
Repayment of bank loans
(72,682)
(626)
Payment of finance leases obligations
(237,637)
(150,571)
Dividends paid to equity shareholders
(800,000)
(1,000,000)
Net cash generated from/(used in) financing activities
139,681
(1,251,196)
Net (decrease)/increase in cash and cash equivalents
(1,160,960)
6,029,341
Cash and cash equivalents at beginning of year
21,196,569
15,167,228
Cash and cash equivalents at end of year
20,035,609
21,196,569
Relating to:
Cash at bank and in hand
20,035,729
21,196,569
Bank overdrafts included in creditors payable within one year
(120)
-

The notes on pages 18 to 40 form part of these financial statements.

PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
1
Accounting policies
Company information

Pneuma Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Central Point, 202 - 206 Linthorpe Road, Middlesbrough, England, TS1 3QW.

 

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

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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:

 

 

The parent company has taken advantage of the exemption available under paragraph 33.1A of FRS 102 and does not disclose related party transactions with members of the same group that are wholly owned.

 

The parent has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual income statement.

PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.2
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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Pneuma 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 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

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

1.4
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.

1.5
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.

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as the proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Full provision is made for losses on all contracts in the year in which they are first foreseen.

PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

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

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Freehold land and buildings
2% straight line
Leasehold improvements
Over the period of the lease
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Computers
25% / 33.3% straight line
Motor vehicles
25% straight line

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

1.8
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.

 

1.9
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 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.

Other investments in gold and silver bullion where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.

 

Other investments in classic cars where, due to the unique nature of the individual vehicles fair value cannot be measured reliably, are measured at cost less impairment.

PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.10
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.

1.11
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.

1.12
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.

PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.13
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 statement of financial position 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.

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.

PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 23 -
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 group's contractual obligations expire or are discharged or cancelled.

1.14
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.

1.15
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 income statement 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.

PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 24 -
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 income statement, 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.

1.16
Employee benefits

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

 

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

 

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.

1.17
Retirement benefits

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

1.18
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 statement of financial position 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.

1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 25 -
1.20
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.

1.21

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

1.22

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

No key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year have been identified.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Licensing and Publishing
31,816,128
30,521,522
Contracted Work for Hire
21,169,982
18,944,452
52,986,110
49,465,974
2024
2023
£
£
Turnover analysed by geographical market
UK
18,362,183
7,512,465
Europe
511,165
1,556,082
Rest of world
34,112,762
40,397,427
52,986,110
49,465,974
PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Turnover and other revenue
(Continued)
- 26 -
2024
2023
£
£
Other revenue
Interest income
52,077
59,324
Grants received
440,000
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
262,994
147,681
Government grants
(440,000)
-
Depreciation of owned tangible fixed assets
1,860,567
797,778
(Profit)/loss on disposal of tangible fixed assets
-
176
Amortisation of intangible assets
54,131
9,022
Operating lease charges
1,426,698
602,638
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
10,000
8,500
Audit of the financial statements of the company's subsidiaries
49,326
43,500
59,326
52,000
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration and support
23
21
3
1
Research and development
371
321
-
-
Other departments
43
54
-
-
Total
437
396
3
1
PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Employees
(Continued)
- 27 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
16,854,174
13,538,888
241,699
20,600
Social security costs
1,751,047
1,293,122
29,335
2,529
Pension costs
303,545
222,277
2,096
-
0
18,908,766
15,054,287
273,130
23,129
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
304,050
271,687
Company pension contributions to defined contribution schemes
660
-
304,710
271,687
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
205,883
271,687
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
52,077
59,324
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
110,083
761
Other interest on financial liabilities
116
-
Interest on finance leases and hire purchase contracts
112,642
22,463
Total finance costs
222,841
23,224
PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(3,489,323)
(3,876,235)
Adjustments in respect of prior periods
-
0
(778,481)
Double tax relief
-
0
13,559
Total current tax
(3,489,323)
(4,641,157)
Deferred tax
Origination and reversal of timing differences
186,716
693,495
Changes in tax rates
-
0
96,604
Adjustment in respect of prior periods
(55)
-
0
Total deferred tax
186,661
790,099
Total tax credit
(3,302,662)
(3,851,058)

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

2024
2023
£
£
Profit before taxation
1,399,908
8,231,321
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.40%)
349,977
1,761,621
Tax effect of expenses that are not deductible in determining taxable profit
38,048
145,483
Depreciation on assets not qualifying for tax allowances
(79,737)
-
0
Deferred tax adjustments in respect of prior years
1,078
-
0
VGTR deduction
(3,991,311)
(4,386,322)
VGTR tax credit
(3,489,325)
(3,804,085)
Effect of tax losses
3,489,325
2,885,924
Deferred tax not provided for
470,115
282,486
Other reconciliation differences
(90,832)
(831,942)
Tax rate changes
-
95,777
Taxation credit
(3,302,662)
(3,851,058)
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
800,000
1,000,000
PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
541,313
Amortisation and impairment
At 1 October 2023
9,022
Amortisation charged for the year
54,131
At 30 September 2024
63,153
Carrying amount
At 30 September 2024
478,160
At 30 September 2023
532,291
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost
At 1 October 2023
415,188
1,975,874
-
0
251,984
2,178,667
3,557,153
281,007
8,659,873
Additions
-
0
4,076,526
936,598
66,271
1,120,391
1,053,853
591,259
7,844,898
Disposals
-
0
-
0
-
0
-
0
-
0
(11,665)
(3,000)
(14,665)
Exchange adjustments
-
0
24,340
-
0
-
0
16
12,273
-
0
36,629
At 30 September 2024
415,188
6,076,740
936,598
318,255
3,299,074
4,611,614
869,266
16,526,735
Depreciation and impairment
At 1 October 2023
-
0
105,384
-
0
224,159
741,813
2,151,418
13,419
3,236,193
Depreciation charged in the year
-
0
308,902
-
0
14,343
651,026
708,456
177,840
1,860,567
Exchange adjustments
-
0
3,854
-
0
-
0
6
(1,956)
-
0
1,904
At 30 September 2024
-
0
418,140
-
0
238,502
1,392,845
2,857,918
191,259
5,098,664
Carrying amount
At 30 September 2024
415,188
5,658,600
936,598
79,753
1,906,229
1,753,696
678,007
11,428,071
At 30 September 2023
415,188
1,870,490
-
0
27,825
1,436,854
1,405,735
267,588
5,423,680
PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
Company
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
-
0
-
0
-
0
-
0
Additions
4,286
1,890
118,580
124,756
At 30 September 2024
4,286
1,890
118,580
124,756
Depreciation and impairment
At 1 October 2023
-
0
-
0
-
0
-
0
Depreciation charged in the year
949
223
13,347
14,519
At 30 September 2024
949
223
13,347
14,519
Carrying amount
At 30 September 2024
3,337
1,667
105,233
110,237

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
616,856
267,588
105,233
-
0
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 October 2023 and 30 September 2024
-
-
Additions through external acquisition
2,305,390
-
At 30 September 2024
2,305,390
-

The fair value of the investment property has been arrived at on the basis of initial cost plus renovation expenditure incurred to bring the properties to a state where they can be used to generate rental income. No formal valuation has been carried out as the directors are satisfied that this is a reasonable estimate of the fair value at the reporting date.

PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 32 -
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
900
800
Other investments at fair value through profit and loss
444,138
444,138
-
0
-
0
Other investments at cost less impairment
11,960,464
11,719,814
-
0
-
0
12,404,602
12,163,952
900
800
Listed investments carrying amount
444,138
300
-
-

Included within other investments are classic cars held as investments at a cost of £11,934,814 (2023 - £11,719,814), a watch held at £25,650 (2023 - £nil) and bullion held at fair value of £444,138 (2023 - £444,138).

 

The directors consider that the carrying value of the classic cars is an accurate reflection of the market value at 30 September 2024.

Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 October 2023
12,163,952
Additions
240,650
At 30 September 2024
12,404,602
Carrying amount
At 30 September 2024
12,404,602
At 30 September 2023
12,163,952
PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
15
Fixed asset investments
(Continued)
- 33 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023
800
Additions
300
Disposals
(200)
At 30 September 2024
900
Carrying amount
At 30 September 2024
900
At 30 September 2023
800
16
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Double Eleven Limited
Boho X, Gosford Street, Middlesbrough, England, TS2 1BB
Ordinary
0
100.00
Double Eleven Development Limited
Boho X, Gosford Street, Middlesbrough, England, TS2 1BB
Ordinary
0
100.00
Double Eleven Developing Limited
Boho X, Gosford Street, Middlesbrough, England, TS2 1BB
Ordinary
0
100.00
Double Eleven Malaysia SDN. BHD
B-11-1, Megan Avenue II, 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur, Wilayah Persekutuan, Malaysia
Ordinary
0
100.00
Pneuma Property Group Limited
Central Point, 202 - 206 Linthorpe Road, Middlesbrough, England, TS1 3QW
Ordinary
100.00
-
Pneuma Commercial Property Limited
As above
Ordinary
0
100.00
Pneuma Residential Properties Limited
As above
Ordinary
0
100.00
Pneuma Hospitality Group Limited
As above
Ordinary
100.00
-
Hit the Space Bar Limited
As above
Ordinary
0
100.00
Fresh Element Limited
As above
Ordinary
0
100.00
Boho X Hospitality Limited
As above
Ordinary
0
100.00
1866 Limited
As above
Ordinary
0
100.00
Pneuma Business Services Limited
As above
Ordinary
100.00
-
Pneuma Commercial Security Limited
As above
Ordinary
0
100.00
Pneuma Commercial Cleaning Limited
As above
Ordinary
0
100.00
Pneuma Automotive Group Limited
As above
Ordinary
100.00
-
Pneuma Games Group Limited
As above
Ordinary
100.00
-
Cast Iron Games Limited
Cutter Mill, 7 Tileyard North, Wakefield, England, WF1 5FY
Ordinary
0
100.00
PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
16
Subsidiaries
(Continued)
- 34 -

For the year ended 30 September 2023 the following subsidiaries were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies:

 

Pneuma Property Group Limited (company registration number 14721335)

Pneuma Hospitality Group Limited (company registration number 14718517)

Pneuma Commercial Property Limited (company registration number 14729720)

Hit The Space Bar Limited (company registration number 14729979)

Pneuma Games Group Limited (company registration number 15297859)

Pneuma Commercial Security Limited (company registration number 14875883)

Pneuma Commercial Cleaning Limited (company registration number 14872548)

Pneuma Residential Properties Limited (company registration number 14845915)

Fresh Element Limited (company registration number 05099000)

Boho X Hospitality Limited (company registration number 15151250)

Double Eleven Developing Limited (company registration number 14382133)

Double Eleven Development Limited (company registration number 13533413)

 

 

17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
13,211
10,337
-
0
-
0
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,755,766
2,636,912
-
0
-
0
Gross amounts owed by contract customers
-
0
492,286
-
0
-
0
Corporation tax recoverable
4,628,398
4,916,553
-
0
-
0
Amounts owed by group undertakings
-
-
5,333,578
1,092,507
Other debtors
581,404
901,799
-
0
129
Prepayments and accrued income
2,319,987
3,625,297
12,324
734
11,285,555
12,572,847
5,345,902
1,093,370
Deferred tax asset (note 23)
-
0
-
0
54,399
4,122
11,285,555
12,572,847
5,400,301
1,097,492
PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 35 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
96,645
5,000
-
0
-
0
Obligations under finance leases
22
713,380
617,330
11,348
-
0
Trade creditors
522,209
371,260
4,045
2,700
Amounts owed to group undertakings
-
0
-
0
5,481,939
1,062,408
Other taxation and social security
127,445
66,626
13,241
-
Government grants
24
1,000,000
-
0
-
0
-
0
Other creditors
2,013,270
1,047,658
-
0
-
0
Accruals and deferred income
2,498,087
3,656,585
12,879
5,000
6,971,036
5,764,459
5,523,452
1,070,108

Obligations under finance leases are secured against the assets to which they relate.

20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
1,223,513
37,720
-
0
-
0
Obligations under finance leases
22
1,436,586
1,770,273
79,718
-
0
2,660,099
1,807,993
79,718
-

Obligations under finance leases are secured against the assets to which they relate.

21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,320,038
42,720
-
0
-
0
Bank overdrafts
120
-
0
-
0
-
0
1,320,158
42,720
-
-
Payable within one year
96,645
5,000
-
0
-
0
Payable after one year
1,223,513
37,720
-
0
-
0
PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
21
Loans and overdrafts
(Continued)
- 36 -

The Coutts bank loan is denominated in sterling with a variable interest rate of 3.75% per annum over the Coutts base rate, and the final instalment is due in October 2038. The carrying amount at the year end is £1,281,356 (2023 - £Nil)

 

The Lloyds bounce back bank loan is subject to interest at 2.50% per annum and is repayable over 10 years by monthly instalments, with the final instalment due in June 2030. The carrying amount at the year end is £38,682 (2023 - £42,720)

 

The Coutts bank loan is secured by a mortgage debenture including a fixed and floating charge over all the assets of Pneuma Commercial Property Limited and Double Eleven Limited including the book debts, as well as a first ranking legal charge over the freehold property known as Central Point, Linthorpe Road, Middlesbrough, TS1 3QW.

 

 

22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
713,380
617,330
11,348
-
0
In two to five years
1,436,586
1,770,273
79,718
-
0
2,149,966
2,387,603
91,066
-

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

23
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Fixed asset timing differences
1,230,221
822,478
-
-
Short term timing differences
(43,760)
(6,704)
-
-
Losses and other deductions
(209,297)
(16,187)
-
-
977,164
799,587
-
-
PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
23
Deferred taxation
(Continued)
- 37 -
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Fixed asset timing differences
-
-
57,610
4,122
Retirement benefit obligations
-
-
80
-
Investments
-
-
(3,291)
-
-
-
54,399
4,122
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 October 2023
799,587
(4,122)
Charge/(credit) to profit or loss
177,577
(50,277)
Liability/(Asset) at 30 September 2024
977,164
(54,399)

 

24
Government grants
Group
Company
2024
2023
2024
2023
£
£
£
£
Arising from government grants
1,000,000
-
-
-
25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
303,545
222,277

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.

 

Contributions totalling £59,533 (2023 - £48,282) were payable to the scheme at the end of the year and are included in creditors.

26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
19,800
19,900
198
199
PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
26
Share capital
(Continued)
- 38 -

During the prior year and the current year, one of our shareholders granted share options to the company over 1,000 ordinary shares of £0.01 each in the capital of the company, for the company to buy and cancel shares.

 

On 21 September 2023, the company exercised its option over 100 option shares and on this date the company repurchased and subsequently cancelled 100 £0.01 ordinary shares.

 

In 17 September 2024, the company exercised its option over a further 100 option shares and on this date the company repurchased and subsequently cancelled 100 £0.01 ordinary shares.

 

The call option is a financial contract that gives the company the right, but not the obligation to buy these shares. The call option agreement was dated 28 June 2023 and the long stop date falls on the 10th anniversary of this date. Any share repurchase is accounted for once the company has issued an exercise notice to the shareholder.

27
Reserves
Profit and loss reserves

This reserve records retained earnings and accumulated losses.

 

Called up share capital

This represents the nominal value of shares that have been issued.

 

Merger reserve

This reserve records the amount above the nominal value received for shares sold by way of a share-for-share exchange as part of a group re-organisation to make the company the parent of the group.

 

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

28
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,900,713
694,546
-
-
Between two and five years
3,365,547
2,821,916
-
-
In over five years
3,220,000
4,060,000
-
-
8,486,260
7,576,462
-
-
PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 39 -
29
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
74,207
4,332,215
74,207
-
30
Controlling party

The ultimate controlling party is L Hutchinson.

31
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
4,702,570
12,082,379
Adjustments for:
Taxation credited
(3,302,662)
(3,851,058)
Finance costs
222,841
23,224
Investment income
(52,077)
(59,324)
(Gain)/loss on disposal of tangible fixed assets
-
176
Amortisation and impairment of intangible assets
54,131
9,022
Depreciation and impairment of tangible fixed assets
1,860,567
797,778
Foreign exchange gains on cash equivalents
(22,513)
11,992
Movements in working capital:
Increase in stocks
(2,874)
(10,337)
Decrease/(increase) in debtors
999,137
(713)
Increase/(decrease) in creditors
18,882
(530,123)
Increase in deferred income
1,000,000
-
Cash generated from operations
5,478,002
8,473,016
PNEUMA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 40 -
32
Analysis of changes in net funds - group
1 October 2023
Cash flows
Exchange rate movements
30 September 2024
£
£
£
£
Cash at bank and in hand
21,196,569
(1,183,353)
22,513
20,035,729
Bank overdrafts
-
0
(120)
-
(120)
21,196,569
(1,183,473)
22,513
20,035,609
Borrowings excluding overdrafts
(42,720)
(1,277,318)
-
(1,320,038)
Obligations under finance leases
(2,387,603)
237,637
-
(2,149,966)
18,766,246
(2,223,154)
22,513
16,565,605
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