Company registration number SC057943 (Scotland)
LUDDON CONSTRUCTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
LUDDON CONSTRUCTION LIMITED
COMPANY INFORMATION
Directors
T B Dougall
A Randall
A Morrison
I Barclay
A Waddell
Company number
SC057943
Registered office
Balmore House
1497 Balmore Road
Glasgow
United Kingdom
G23 5HD
Auditor
Azets Audit Services
Chartered Accountants
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
LUDDON CONSTRUCTION LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 27
LUDDON CONSTRUCTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -
The directors present the strategic report for the year ended 31 August 2024.
Fair review of the business
The principal activity of the company is civil engineering.
The results for the year are shown on the Statement of Comprehensive Income on page 10.
The directors are pleased to report that the company has continued to improve both turnover and profitability in the year to 31 August 2024.
Gross profit and net profit margins remain healthy, resulting in an increase in annual turnover to £157 million (2023 - £144.2m) generating a net profit after tax of £4,488,970 (2023 - £3,738,597).
These progressive results reflect the company's focus and further establishment within a targeted and diverse range of civil engineering and building market sectors including power and energy, new roads and infrastructure, retail, leisure, transport, and manufacturing project opportunities.
Market conditions provided a wide and buoyant range of tendering opportunities with associated successful awards, however the recruitment of additional skilled management and workforce resources proved challenging in comparison to previous years.
The Board continue to monitor and measure past performance and results against current market conditions and opportunities, with the aim of increasing turnover whilst maintaining a comparative profit margin to the year ended 31 August 2025, albeit against a backdrop which still remains challenging and competitive.
Principal risks and uncertainties
Recruitment of suitably skilled staff and labour resources will again factor as a business risk in the year to 31 August 2025.
These matters are being monitored and managed by the Board accordingly to mitigate the effects on our trading position.
Financial key performance indicators
The key financial performance indicators monitored by the Board and the company's management team are: contract performance; divisional contribution; overheads; net profit margin and liquidity ratios.
Other key performance indicators
The directors believe that non-financial performance indicators are as important as financial ones. These include but are not limited to: the retention of a skilled workforce; maintaining a good reputation with clients through the company’s commitment to providing quality work; and achieving the highest possible standards in both Health and Safety and Environmental performance.
LUDDON CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
Directors' statement of compliance with duty to promote the success of the company
Section 172(1) of the Companies Act 2006 imposes an obligation on the company's Board of Directors to promote the success of the company as a whole for the benefit of all stakeholders.
The following disclosure describes how the directors have responded to the requirements of Section 172(1) and details the actions and procedures now in place to ensure compliance.
The company is headed by an experienced and effective Board, which controls and leads the company.
Board members present the annual business plan to shareholders for discussion and approval. Thereafter the Board meets with shareholders on a monthly basis to report progress. Shareholders are provided with the management information and reports used by the directors.
The Board then meets weekly, reviewing all current and future contracts as well as tender opportunities in the short to medium term.
The company's employees are also involved in this process where the information considered by the shareholders and directors is communicated to them through a series of meetings and events.
The company also has a variety of employee engagement processes in place to provide employee voice and feedback on a number of issues, these include: regular performance appraisals, e-mail communication, site/line manager briefings, safety observation reporting and regular workforce representative meetings. Over the last number of years we have made increased use of digital technology such as mobile apps and video conferencing to maintain engagement levels with all sections of our workforce.
The company is committed to ensuring that we have a positive impact on the local environment and communities in which we operate. We proactively engage with community groups, local authorities, and other relevant organisations. In addition, we have provided a variety of financial and non-financial contributions to charities, social enterprises and schools, including work experience, employment opportunities and delivery of community projects.
The company continues to foster close relationships with both suppliers and customers. Communication with all customers and suppliers is key to the success of the business. We maintain strong, long standing and mutually beneficial relationships with clients, suppliers and sub-contractors.
In summary, the Board recognises that it must understand the views and needs of all of the company's stakeholders including shareholders, employees, customers and suppliers, and the effect on these interested parties of the principal decisions taken by the company during the financial year.
T B Dougall
Director
22 May 2025
LUDDON CONSTRUCTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 August 2024.
The information regarding the business review and future developments, principal risks and uncertainties, financial key performance indicators and other key performance indicators is included in the Strategic Report and not the Directors' Report.
Results and dividends
The results for the year are set out on page 10.
No ordinary dividends were paid. 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:
T B Dougall
A Randall
A Morrison
I Barclay
A Waddell
S Lafferty
(Retired 31 December 2023)
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 company continues and that the appropriate training is arranged. It is the policy of the company 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 company places considerable value on the involvement of its employees and has continued its previous practice of keeping them informed on matters affecting them as employees and on the various factors affecting the performance of the company.
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
LUDDON CONSTRUCTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
Energy and carbon report
Reasons for Change in Emissions
Our reported gross emissions have increased this year in comparison to our base year and against the previous year. Our chosen intensity measurement shows an increase of 14% when compared to the previous year.
Base Year
The company have a fixed base year of 2014/15. We chose this year as it was the first year for which we required to comply with the Energy Savings Opportunities Scheme Regulations and therefore the required information to compile the detail above was available and accurate and was typical in respect of our operations. Our base year recalculation policy is to recalculate our base year and prior year emissions for relevant significant changes, which meet our significant threshold of 15% of base year emissions.
Targets
Our emissions reduction target is to reduce our gross emissions in tonnes of CO2e per £100,000 turnover by 5% annually. Allan Randall, Alex Morrison, Joint Managing Directors, and Ian Barclay, Director, are responsible for the achievement of the target.
Organisational Boundary
The company have used the operational control approach.
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
531,670
517,370
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
3,789.34
2,854.84
- Fuel consumed for owned transport
5,080.89
3,387.29
8,870.23
6,242.13
Scope 2 - indirect emissions
- Electricity purchased
110.08
60.01
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
97.68
Total gross emissions
8,980.31
6,399.82
Intensity ratio
Tonnes CO2e per £100,000 turnover
5.7
4.45
Quantification and reporting methodology
The company have followed the 2019 UK Government environmental reporting guidance. We also used the ESOS guidance.
The company have used the 2024 UK Government GHG Conversion Factors for Company Reporting.
LUDDON CONSTRUCTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
Intensity measurement
For continuity we have chosen the same metric gross emissions in tonnes of CO2e per £100,000 turnover, as per the previous year. This is the most likely to be a common business metric for our industry and also the most likely to be constant.
Measures taken to improve energy efficiency
We as a company will continue to implement some of the energy saving opportunities identified within our ESOS Audit report for the year 2014-2015 and 2018-2019, details are identified below:
Speed Limiters: Continued with the programme of new vehicles purchased with speed limiters thus increasing the fuel economy of each vehicle and therefore reducing the emissions.
Employee behaviours: With the tracking systems installed in our company vehicles and some items of large plant initially for insurance purposes, the tracking system allows the company to monitor speed of the vehicle, braking behaviours, driving behaviours such as cornering, idling times etc. This then allows the company to coach employees to drive more efficiently and therefore reduce emissions from vehicles and construction plant.
The continued use of Self-Contained Welfare Units (Energy Savers) on construction sites which reduces the fuel quantities used and therefore reduce emissions from the use of diesel generators on construction sites.
Furthermore the ESOS Phase 3 measures have been committed to and will be implemented in stages throughout the 2024-25 period, which will further reduce our carbon impact.
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
T B Dougall
Director
22 May 2025
LUDDON CONSTRUCTION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
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 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;
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.
LUDDON CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LUDDON CONSTRUCTION LIMITED
- 7 -
Opinion
We have audited the financial statements of Luddon Construction Limited (the 'company') for the year ended 31 August 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 FRS 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 August 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.
LUDDON CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LUDDON CONSTRUCTION LIMITED
- 8 -
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.
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.
LUDDON CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LUDDON CONSTRUCTION LIMITED
- 9 -
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:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
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.
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.
Jennifer Alexander
Senior Statutory Auditor
For and on behalf of Azets Audit Services
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
LUDDON CONSTRUCTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
157,019,763
144,229,439
Cost of sales
(137,200,334)
(124,568,406)
Gross profit
19,819,429
19,661,033
Administrative expenses
(16,198,342)
(16,217,196)
Operating profit
4
3,621,087
3,443,837
Interest receivable and similar income
8
482,022
187,889
Interest payable and similar expenses
9
(44,318)
(26,553)
Profit before taxation
4,058,791
3,605,173
Tax on profit
10
430,179
133,424
Profit for the financial year
4,488,970
3,738,597
The profit and loss account has been prepared on the basis that all operations are continuing operations.
LUDDON CONSTRUCTION LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
6,285,700
5,428,668
Investments
12
100
100
6,285,800
5,428,768
Current assets
Stocks
14
97,906
93,407
Debtors
15
28,305,245
28,519,694
Cash at bank and in hand
17,069,324
20,561,448
45,472,475
49,174,549
Creditors: amounts falling due within one year
16
(31,483,392)
(36,842,309)
Net current assets
13,989,083
12,332,240
Total assets less current liabilities
20,274,883
17,761,008
Creditors: amounts falling due after more than one year
17
(75,243)
(1,700,000)
Provisions for liabilities
Deferred tax liability
20
243,018
593,356
(243,018)
(593,356)
Net assets
19,956,622
15,467,652
Capital and reserves
Called up share capital
22
90,000
90,000
Capital redemption reserve
23
10,000
10,000
Profit and loss reserves
23
19,856,622
15,367,652
Total equity
19,956,622
15,467,652
The financial statements were approved by the board of directors and authorised for issue on 22 May 2025 and are signed on its behalf by:
T B Dougall
Director
Company Registration No. SC057943
LUDDON CONSTRUCTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 September 2022
90,000
10,000
11,629,055
11,729,055
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
-
3,738,597
3,738,597
Balance at 31 August 2023
90,000
10,000
15,367,652
15,467,652
Year ended 31 August 2024:
Profit and total comprehensive income for the year
-
-
4,488,970
4,488,970
Balance at 31 August 2024
90,000
10,000
19,856,622
19,956,622
LUDDON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
1
Accounting policies
Company information
Luddon Construction Limited is a private company limited by shares incorporated in Scotland. The registered office is Balmore House, 1497 Balmore Road, Glasgow, United Kingdom, G23 5HD.
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.
This 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;
Section 26 ‘Share based Payment’: Share based payment arrangements required under FRS 102 paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Dougall Holdings Limited. These consolidated financial statements are available from its registered office, 1497 Balmore Road, Glasgow, G23 5HD.
1.2
Going concern
The company has a satisfactory level of financial resources together with a solid base of existing customers, and expertise in its field of operations. As a consequence the directors believe that the company is well placed to manage its business risks successfully despite the current uncertain economic outlook.true
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and so continue to adopt the going concern basis of accounting in preparing the annual financial statements.
LUDDON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
Construction contracts
When the outcome of a construction contract can be estimated reliably, the company shall recognise contract revenue and contract costs associated with the construction contract as revenue and expenses respectively by reference to the stage of completion of the contract activity at the end of the reporting period.
The company shall determine the stage of completion of a transaction or contract through performing surveys of the work performed to date.
When the outcome of a construction contract cannot be estimated reliably:
the company shall recognise revenue only to the extent of contract costs incurred that it is probable will be recoverable; and
the company shall recognise contract costs as an expense in the period in which are incurred.
The company will recognise as an expense immediately any costs whose recovery is not probable. When it is probable that total contract costs will exceed total contract revenue on a construction contract, the expected loss shall be recognised as an expense immediately.
1.4
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
1-10% on cost
Plant and equipment
10-50% on cost
Office equipment
12.5-25% on cost
Motor vehicles
25-33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
LUDDON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 15 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined by which is higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying value exceeds the recoverable amount.
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.
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.
LUDDON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -
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.
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.
LUDDON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has 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.
LUDDON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 18 -
1.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
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.
1.16
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.
1.17
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
LUDDON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -
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.
The directors are satisfied that accounting policies are appropriate and applied consistently. Key sources of accounting estimation have been applied to the valuation of work in progress based on surveyors' valuations of work performed at the end of each accounting period and the recognition of revenue due on contracts.
3
Turnover
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
157,019,763
144,229,439
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
1,471,485
1,388,252
Depreciation of tangible fixed assets held under finance leases
494,700
255,625
Profit on disposal of tangible fixed assets
(239,502)
(270,254)
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
47,000
44,500
For other services
Taxation compliance services
12,000
11,200
Other taxation services
10,575
All other non-audit services
4,200
26,775
11,200
LUDDON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Office and management
224
196
Technical
330
319
Total
554
515
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
30,535,524
29,669,449
Social security costs
3,634,917
3,597,209
Pension costs
1,454,447
919,937
35,624,888
34,186,595
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
4,009,623
6,573,062
Company pension contributions to defined contribution schemes
137,000
40,000
4,146,623
6,613,062
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
855,036
1,644,509
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
482,022
187,889
LUDDON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
44,318
26,553
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(79,841)
(726,780)
Deferred tax
Origination and reversal of timing differences
350,197
593,356
Adjustment in respect of prior periods
(700,535)
Total deferred tax
(350,338)
593,356
Total tax credit
(430,179)
(133,424)
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
4,058,791
3,605,173
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.52%)
1,014,698
775,833
Tax effect of expenses that are not deductible in determining taxable profit
51,449
40,257
Other permanent differences
4,217
565
Deferred tax adjustments in respect of prior years
(700,535)
Deferred tax not recognised
113,184
Remeasurement of deferred tax for changes in tax rates
66,934
Fixed asset differences
2,345
(38,414)
Over provision in prior year
(79,841)
(726,780)
Additional deduction for R&D expenditure
(722,512)
(365,003)
Taxation credit for the year
(430,179)
(133,424)
LUDDON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 22 -
11
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2023
1,229,678
4,845,088
858,387
7,468,638
14,401,791
Additions
174,777
235,162
98,341
2,387,718
2,895,998
Disposals
(476,783)
(148,587)
(589,317)
(1,214,687)
At 31 August 2024
1,404,455
4,603,467
808,141
9,267,039
16,083,102
Depreciation and impairment
At 1 September 2023
201,635
3,320,655
593,013
4,857,820
8,973,123
Depreciation charged in the year
127,913
525,291
91,336
1,221,645
1,966,185
Eliminated in respect of disposals
(430,476)
(147,331)
(564,099)
(1,141,906)
At 31 August 2024
329,548
3,415,470
537,018
5,515,366
9,797,402
Carrying amount
At 31 August 2024
1,074,907
1,187,997
271,123
3,751,673
6,285,700
At 31 August 2023
1,028,043
1,524,433
265,374
2,610,818
5,428,668
Included within the above depreciation charge is depreciation of assets held under hire purchase contracts being £494,700 (2023 - £255,625).
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and equipment
158,667
383,742
Motor vehicles
1,519,948
415,246
1,678,615
798,988
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
100
100
LUDDON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
13
Subsidiaries
Details of the company's subsidiaries at 31 August 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Luddon Estates Limited
Balmore House, 1497 Balmore Road, Glasgow, G23 5HD
Ordinary
100.00
14
Stocks
2024
2023
£
£
Raw materials and consumables
97,906
93,407
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
27,011,748
26,892,750
Corporation tax recoverable
386,840
867,200
Amounts owed by group undertakings
285,633
235,633
Amounts owed by undertakings in which the company has a participating interest
192,332
104,142
Other debtors
37,347
63,377
Prepayments and accrued income
391,345
356,592
28,305,245
28,519,694
Included within trade debtors are allowances for estimated irrecoverable amounts have been determined by reference to past experience and the information on specific contracts and balances and is calculated by reference to the present value of anticipated future proceeds. Trade terms are determined on a contract by contract basis.
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
19
1,002,112
356,853
Payments received on account
1,314,248
1,055,585
Trade creditors
8,895,463
5,588,859
Amounts owed to undertakings in which the company has a participating interest
159,192
1,159,336
Taxation and social security
2,218,776
4,544,393
Accruals and deferred income
17,893,601
24,137,283
31,483,392
36,842,309
LUDDON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
16
Creditors: amounts falling due within one year
(Continued)
- 24 -
The company has facilities which are secured by a counter indemnity and two floating charges over the assets and undertaking of the company.
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
19
75,243
Other borrowings
18
1,700,000
75,243
1,700,000
18
Loans and overdrafts
2024
2023
£
£
Loans from group undertakings
1,700,000
Payable after one year
1,700,000
Amounts owed to group and related undertakings are repayable in between one and two years.
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
1,002,112
356,853
In two to five years
75,243
1,077,355
356,853
Hire purchase creditors are secured over the assets that they are in relation to.
LUDDON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
920,812
632,567
Losses and other deductions
(677,794)
(39,211)
243,018
593,356
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,454,447
919,937
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. Contributions totalling £nil (2023 - £nil) were payable to the fund at the balance sheet date.
22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
90,000
90,000
90,000
90,000
The ordinary shareholders are entitled to dividends and shares rank equally for voting purposes.
23
Capital redemption reserve
The capital redemption reserve relates to the equity component of shares bought back by the company in the prior years.
Profit and loss account
The profit and loss account includes all current and prior year retained profits or losses.
24
Contingent liabilities
At 31 August 2024 there were performance bonds outstanding of £3,983,589 (2023 - £5,209,754).
LUDDON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
25
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
-
1,519,751
26
Transactions with directors
Included within amounts owed to related undertakings at the prior year end was a loan from a director. The loan was interest free and was repayable on demand. The principal loan amount was £1,000,000. This loan was repaid in full in the year and at the year end the loan balance is £nil (2023 - £1,000,000).
27
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Exemption has been taken from disclosing transactions with group companies on the basis that consolidated financial statements are publicly available.
T B Dougall was also a director of James Strang Limited, Legge Steel (Fabrications) Limited, Craighall Developments Limited, Craighall Energy Limited and Lednathie Estate Limited during the year. During the year to 31 August 2024 the company was involved in the following transactions:
James Strang Limited
During the year the company made purchases of £3,975 (2023 - £159) and £1,669,359 (2023 - £1,461,291) of subcontracting services from James Strang Limited. Sales to James Strang Limited amounted to £2,519 (2023 - £2,457).
At the year end amounts due from James Strang Limited to the company were £nil (2023 - £nil) and £606,745 (2023 - £254,784) was included within accruals in respect of subcontracting services from James Strang Limited.
Legge Steel (Fabrications) Limited
During the year the company made purchases of £20,202 (2023 - £4,969) and £316,722 (2023 - £200,617) of subcontracting services from Legge Steel (Fabrications) Limited. Sales to Legge Steel (Fabrications) Limited amounted to £nil (2023 - £nil).
At the year end amounts due to Legge Steel (Fabrications) Limited by the company were £nil (2023 - £nil) and £176,340 (2023 - £4,772) was included within accruals in respect of subcontracting services from Legge Steel (Fabrications) Limited.
Craighall Developments Limited
During the year the company made sales to Craighall Developments Limited which amounted to £23,722 (2023 - £28,762).
At the year end amounts due from Craighall Developments Limited to the company were £118,960 (2023 - £65,112) and there is Work in Progress totalling £291,017 (2023 - £268,143) for works carried out by the company on behalf of Craighall Developments Limited.
LUDDON CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
27
Related party transactions
(Continued)
- 27 -
Craighall Energy Limited
During the year the company made sales to Craighall Energy Limited which amounted to £nil (2023 - £1,945).
At the year end amounts due from Craighall Energy Limited to the company were £49,789 (2023 - £39,030).
Lednathie Estate Limited
During the year the company made purchases of £172,392 (2023 - £169,336) from Lednathie Estate Limited.
At the year end amounts due by the company to Lednathie Estate Limited were £159,192 (2023 - £159,336).
R Lindsay and Company (Contractors) Limited
During the year the company made purchases of £nil (2023 - £150) and £nil (2023 - £1,450) of subcontracting services from R Lindsay and Company (Contractors) Limited. Sales to R Lindsay and Company (Contractors) Limited amounted to £nil (2023 - £748).
28
Ultimate controlling party
The ultimate parent company is Dougall Holdings Limited, a company incorporated in Scotland. There is no ultimate controlling party.
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