Company registration number 07176945 (England and Wales)
JBMI GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
JBMI GROUP LIMITED
COMPANY INFORMATION
Directors
M T Brough
J M Brough
D J Brough
Secretary
H R Brough
Company number
07176945
Registered office
Kingsilver Refinery
Hixon Industrial Estate
Church Lane
Hixon
Staffordshire
ST18 0PY
Auditor
Black Fox Audit LLP
Fletchers Business Centre
Grendon Road
Polesworth
Tamworth
B78 1NS
JBMI GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 30
JBMI GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

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

Review of the business

The Group has enjoyed another strong years performance having entered the year in a much stronger position following the issues of the previous 12 months. We focussed on securing existing core customer requirements, and a strategically positioned stock holding to protect core customers from general shortages.

 

Whilst the conflict in Ukraine continued to impact energy prices in 2024 it had a less dramatic effect on market prices for the Group’s products than the previous year. Although the Group was largely protected from the increases in energy costs due to its hedged energy position up to the end Q3, it did suffer increases in energy costs in Q4 and significant price inflation from suppliers in certain key raw materials and pressure on wage costs due to the cost of living crisis that affected the broader economy.

 

Notwithstanding the events of the year, the demand for the Group’s products from its customer base remained strong.

 

The Group focussed on product optimisation, rather than maximised whilst ensuring core customers demand could be secured. The decision made previously to not compete for low margin business in uncertain economic times proved to be correct and this strategy was maintained this year. This enabled us to focus on maximising the efficiency of potential production capacity in future.

 

Large scale investment (circa £3m) in new plant and machinery was made between 2023 and 2024 to improving the efficiency and effectiveness of the Group’s existing core activities and facilities, and, continuing to develop and optimise existing projects focused on improving the marketability of the Group’s own bi-products to develop a greater self-sufficiency and closed-loop recycling capability which has progressed significantly during the last 24 months. Significant research and development and management time continues to be invested in progressing these matters through both investment of capital and expertise.

 

In addition, the property activities of the Group, through JBMI Properties Limited, have remained relatively stable, but plans for investment in property assets to further diversify activities will be implemented during 2025. The oldest buildings on site were demolished in Q4 making way for the new development by way of construction of 5 new buildings that have the benefit of planning permission. Construction is due to commence in 2025 and the building are expected to be brought into use in 2026.

 

All of the above factors contributed to an excellent financial result for the year given the turbulent nature of the period and the Group remains in excellent financial health. The Group’s underlying strategy continues to focus on sustainable development by refining and to further consolidate the energy efficiency of the operations of the established metals business, particularly in research and development into innovative uses and the technical enhancement of raw materials. The business forecast for the forthcoming year is significantly strong, and is very likely to exceed the levels of profit generated in the last financial year.

 

Demand for the Group’s products is forecasted to increase and remains strong for the next three years and for all these reasons we predict that 2025 will be another very strong year,

 

The directors have focused on positioning the Group to take advantage of areas of growth, but at the same time maintaining a robust balance sheet and cash position to absorb any potential short to medium term issues should they arise. However, the flexibility of the business’s operations, together with its:

 

 

 

 

 

JBMI GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -

Review of the business (continued)

 

has enabled the business to remain strong and profitable, despite changing market and economic conditions. Taking into consideration the above attributes the directors expect the Group to continue to trade very securely and profitably during the current financial year and beyond.

Key risks and uncertainties

 

The key risks to the businesses plans, are the levels of global demand for aluminium products and the impact on commodity prices, the volatility of exchange rates, continuing availability of raw materials and service providers for processing facility bi-products, and finally, the credit risk with customers. The Group has, and will continue to focus on:

 

 

 

 

 

 

Across the engineering and automotive industries in general, the supply of raw materials has varying degrees of uncertainty. The directors believe that the Group has a strong strategic benefit from offering an integrated, sustainable recycling solutions which encourages long term partnerships with customers and suppliers, enabling the Group to manage and mitigate these risks

Key performance indicators

 

The key performance indicators that the business measures to monitor its performance are:

 

 

JBMI GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

Key performance indicators (continued)

 

 

Financial instruments

 

The Group uses financial instruments, including cash, to finance the Group’s activities. In addition, the Group undertakes limited hedging, being largely naturally hedged, against foreign currency transactions to mitigate exposure to currency fluctuations. It is the Group’s policy not to enter into trading of a speculative nature in respect of financial instruments.

Credit risk

 

Credit risk refers to the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the Group. Management has a robust credit policy in place and the exposure to credit risk is monitored on an ongoing, regular basis. Credit evaluations are performed on all customers requiring credit, using information supplied by independent rating agencies where available. At the balance sheet date, there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet.

Cash flow and liquidity risk

 

Liquidity risk is the risk that the Group may not be able to meet its financial obligations as they fall due. The Group ensures that there are sufficient levels of committed facilities, cash and cash equivalents to ensure that the Group is, at all times, able to meet all of its financial commitments. Liquidity risk is managed by continuous monitoring of forecast and actual cashflows and matching the maturity profile of financial assets and liabilities. The Group has no significant interest-bearing assets and consequently, its income and cash flows are largely independent of changes in market interest rates. All interest-bearing borrowings comprising of shareholder loans have variable interest rates based upon the commercial bank base rate and are therefore subject to fluctuations in such rates. The Group does not currently use interest rate swaps or other instruments to manage its interest rate exposure.

 

Finally, the directors would like to emphasise that the continued success of the business would not have been possible without the sustained commitment, hard work and loyalty of the Group’s loyal employees to whom we pay tribute and express our sincere gratitude.

On behalf of the board

M T Brough
Director
9 May 2025
JBMI GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -

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

Principal activities

The principal activity of the company and group continued to be that of the recycling of aluminum-derived waste and other industrial hazardous and non-hazardous wastes from a wide range of business sectors into reusable products in a variety of industries.

Results and dividends

The results for the year are set out on page 9.

 

A final dividend of £1,000,000 was paid during the year an additional divided of £1,263,559 was declared and credited to a loan account in respect of ordinary shares (2023: £2,000,000 paid).

Directors

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

M T Brough
J M Brough
D J Brough
Future developments

An indication of likely future developments in the business and particulars of significant events which have occurred since the end of the financial year have been included in the Strategic Report on Page 1.

Auditor

Black Fox Audit LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

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

Medium-sized companies exemption

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

On behalf of the board
M T Brough
Director
9 May 2025
JBMI GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -

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.

JBMI GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JBMI GROUP LIMITED
- 6 -
Opinion

We have audited the financial statements of JBMI Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

JBMI GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JBMI GROUP LIMITED
- 7 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

 

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 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

JBMI GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JBMI GROUP LIMITED
- 8 -

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.

Susan Thomas-Walls BSc BFP FCA (Senior Statutory Auditor)
For and on behalf of Black Fox Audit LLP, Statutory Auditor
Chartered Accountants
Fletchers Business Centre
Grendon Road
Polesworth
Tamworth
B78 1NS
9 May 2025
JBMI GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
Notes
£'000
£'000
Turnover
3
29,804
30,397
Cost of sales
(23,720)
(24,258)
Gross profit
6,084
6,139
Distribution costs
(233)
(251)
Administrative expenses
(3,110)
(2,765)
Other operating income
761
267
Operating profit
4
3,502
3,390
Interest receivable and similar income
8
183
12
Interest payable and similar expenses
9
(267)
(253)
Profit before taxation
3,418
3,149
Tax on profit
10
(664)
(452)
Profit for the financial year
22
2,754
2,697
Profit for the financial year is all attributable to the owners of the parent company.
JBMI GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
2024
2023
£'000
£'000
Profit for the year
2,754
2,697
Other comprehensive income
-
-
Total comprehensive income for the year
2,754
2,697
Total comprehensive income for the year is all attributable to the owners of the parent company.
JBMI GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 11 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Fixed assets
Goodwill
12
168
200
Tangible assets
13
6,806
6,496
6,974
6,696
Current assets
Stocks
16
2,617
2,367
Debtors
17
3,879
5,126
Cash at bank and in hand
5,450
3,488
11,946
10,981
Creditors: amounts falling due within one year
18
(7,261)
(6,716)
Net current assets
4,685
4,265
Total assets less current liabilities
11,659
10,961
Provisions for liabilities
Deferred tax liability
19
(847)
(639)
(847)
(639)
Net assets
10,812
10,322
Capital and reserves
Called up share capital
21
-
0
-
0
Share premium account
22
115
115
Capital redemption reserve
22
1,500
1,500
Profit and loss reserves
22
9,197
8,707
Total equity
10,812
10,322

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

The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
09 May 2025
M T Brough
Director
Company registration number 07176945 (England and Wales)
JBMI GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 12 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Fixed assets
Investments
14
4,138
4,138
Current assets
Debtors
17
4,055
2,885
Cash at bank and in hand
17
156
4,072
3,041
Creditors: amounts falling due within one year
18
(2,784)
(1,538)
Net current assets
1,288
1,503
Net assets
5,426
5,641
Capital and reserves
Called up share capital
21
-
0
-
0
Share premium account
22
115
115
Capital redemption reserve
22
1,500
1,500
Profit and loss reserves
22
3,811
4,026
Total equity
5,426
5,641

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2.049m (2023: £1.041m).

The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
09 May 2025
M T Brough
Director
Company registration number 07176945 (England and Wales)
JBMI GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
£'000
Balance at 1 November 2022
-
0
115
1,500
8,010
9,625
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
-
2,697
2,697
Dividends
11
-
-
-
(2,000)
(2,000)
Balance at 31 October 2023
-
0
115
1,500
8,707
10,322
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
-
2,754
2,754
Dividends
11
-
-
-
(2,264)
(2,264)
Balance at 31 October 2024
-
0
115
1,500
9,197
10,812
JBMI GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
£'000
£'000
Balance at 1 November 2022
-
0
115
1,500
4,985
6,600
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
-
1,041
1,041
Dividends
11
-
-
-
(2,000)
(2,000)
Balance at 31 October 2023
-
0
115
1,500
4,026
5,641
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
-
2,049
2,049
Dividends
11
-
-
-
(2,264)
(2,264)
Balance at 31 October 2024
-
0
115
1,500
3,811
5,426
JBMI GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
2024
2023
Notes
£'000
£'000
£'000
£'000
Cash flows from operating activities
Cash generated from operations
27
3,782
4,308
Interest paid
(267)
(350)
Income taxes refunded/(paid)
349
(526)
Net cash inflow from operating activities
3,864
3,432
Investing activities
Purchase of tangible fixed assets
(1,142)
(3,000)
Proceeds from disposal of tangible fixed assets
57
8
Interest received
183
12
Net cash used in investing activities
(902)
(2,980)
Financing activities
Dividends paid to equity shareholders
(1,000)
(2,000)
Net cash used in financing activities
(1,000)
(2,000)
Net increase/(decrease) in cash and cash equivalents
1,962
(1,548)
Cash and cash equivalents at beginning of year
3,488
5,036
Cash and cash equivalents at end of year
5,450
3,488
JBMI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 16 -
1
Accounting policies
Company information

JBMI Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Kingsilver Refinery, Hixon Industrial Estate, Church Lane, Hixon, Staffordshire, ST18 0PY.

 

The group consists of JBMI 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 £'000.

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:

 

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.

JBMI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company JBMI Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

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

1.4
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.

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

1.6
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 20 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, net of depreciation and any impairment losses.

JBMI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -

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

Freehold land and buildings
2% straight line - land not depreciated
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

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

1.8
Fixed asset investments

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

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

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.

1.10
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.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

JBMI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

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

 

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

JBMI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 20 -
1.16
Retirement benefits

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

1.17
Leases

As lessee

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.

1.18
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.

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.

Critical judgements

The judgements, estimates and assumptions which have had the most significant effect on amounts recognised in the financial statements are as follows:

Stock

There is an element of estimation uncertainty with regards to the carrying value of stocks at the year end date due to the risk of overvaluation due to adverse commodity market movements. A detailed raw material review is undertaken at the year end based on both net realisable value of finished goods and an estimation of the future value of the mix of raw materials post-processing at that date taking into account an assessment of market values at the point of sale.

Production residues

Provision is made to reflect the estimated volume of residues from the production process on site at the end of the period and the cost of processing these materials, both internally and externally, taking into account the value of materials recovered and the disposal or recycling options of any remaining mineralogical residues. The provision may vary due to the processing costs involved, the value of materials recovered and the accessibility of various end uses, all of which are assessed by management in determining the provision at the year end.

JBMI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
3
Turnover and other revenue
2024
2023
£'000
£'000
Turnover analysed by class of business
UK
27,611
29,034
Rest of Europe
1,238
1,151
Rest of the World
955
212
29,804
30,397
2024
2023
£'000
£'000
Other revenue
Interest income
183
12
Other operating income
761
267
4
Operating profit
2024
2023
£'000
£'000
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(25)
(10)
Depreciation of owned tangible fixed assets
803
319
Profit on disposal of tangible fixed assets
(28)
-
Amortisation of intangible assets
32
32
Operating lease charges
424
281
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the group and company
19
19
Audit of the financial statements of the company's subsidiaries
27
28
46
47
For other services
Taxation compliance services
4
4
All other non-audit services
-
6
4
10
JBMI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
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
Directors & office staff
13
12
3
3
Production staff
47
42
-
-
Total
60
54
3
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Wages and salaries
2,763
2,558
-
0
-
0
Social security costs
313
243
-
-
Pension costs
547
631
-
0
-
0
3,623
3,432
-
0
-
0
7
Directors' remuneration
2024
2023
£'000
£'000
Remuneration for qualifying services
176
224
Company pension contributions to defined contribution schemes
160
258
336
482
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£'000
£'000
Remuneration for qualifying services
n/a
104
Company pension contributions to defined contribution schemes
n/a
100

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

JBMI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
8
Interest receivable and similar income
2024
2023
£'000
£'000
Interest income
Interest on bank deposits
170
12
Other interest income
13
-
0
Total income
183
12
9
Interest payable and similar expenses
2024
2023
£'000
£'000
Interest on bank overdrafts and loans
267
253
10
Taxation
2024
2023
£'000
£'000
Current tax
UK corporation tax on profits for the current period
455
-
0
Adjustments in respect of prior periods
-
0
(90)
Total current tax
455
(90)
Deferred tax
Origination and reversal of timing differences
209
542
Total tax charge
664
452

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

2024
2023
£'000
£'000
Profit before taxation
3,418
3,149
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.52%)
855
709
Tax effect of expenses that are not deductible in determining taxable profit
(191)
(184)
Adjustments in respect of prior years
-
0
(90)
Deferred tax adjustments in respect of prior years
-
0
(1)
Deferred tax effective rate differences
-
0
54
Capital allowances super deduction
-
0
(36)
Taxation charge
664
452
JBMI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£'000
£'000
Final paid
2,264
2,000
12
Intangible fixed assets
Group
Goodwill
£'000
Cost
At 1 November 2023 and 31 October 2024
637
Amortisation and impairment
At 1 November 2023
437
Amortisation charged for the year
32
At 31 October 2024
469
Carrying amount
At 31 October 2024
168
At 31 October 2023
200
The company had no intangible fixed assets at 31 October 2024 or 31 October 2023.

More information on impairment movements in the year is given in note .

JBMI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
13
Tangible fixed assets
Group
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 1 November 2023
4,064
2,315
3,428
234
247
10,288
Additions
224
576
176
59
107
1,142
Disposals
-
0
-
0
(121)
-
0
(34)
(155)
Transfers
-
0
(2,787)
2,787
-
0
-
0
-
0
Reclassification
(68)
-
0
-
0
-
0
-
0
(68)
At 31 October 2024
4,220
104
6,270
293
320
11,207
Depreciation and impairment
At 1 November 2023
839
-
0
2,692
178
83
3,792
Depreciation charged in the year
60
-
0
661
20
62
803
Eliminated in respect of disposals
-
0
-
0
(98)
-
0
(28)
(126)
Reclassification
(68)
-
0
-
0
-
0
-
0
(68)
At 31 October 2024
831
-
0
3,255
198
117
4,401
Carrying amount
At 31 October 2024
3,389
104
3,015
95
203
6,806
At 31 October 2023
3,225
2,315
736
56
164
6,496
The company had no tangible fixed assets at 31 October 2024 or 31 October 2023.
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£'000
£'000
£'000
£'000
Investments in subsidiaries
15
-
0
-
0
4,138
4,138
Movements in fixed asset investments
Company
Shares in subsidiaries
£'000
Cost or valuation
At 1 November 2023 and 31 October 2024
4,138
Carrying amount
At 31 October 2024
4,138
At 31 October 2023
4,138
JBMI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
15
Subsidiaries

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

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
JBM International Limited
1
Aluminium waste
recycling
Ordinary
100.00
JBMI Properties Limited
1
Property holding
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Kingsilver Refinery, Church Lane, Hixon, Staffordshire, ST18 0PY
16
Stocks
Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Raw materials and consumables
1,547
1,961
-
-
Finished goods and goods for resale
1,070
406
-
0
-
0
2,617
2,367
-
-

Raw materials, consumables and changes in finished goods and work in progress recognised as cost of sales in the year amounted to £17.542m (2023: £19.197m). The write-down of stocks to net realisable value amounted to £409k (2023: £752k). The write-back during the year amounted to £343k (2023: £80k) and are included in cost of sales.

17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£'000
£'000
£'000
£'000
Trade debtors
3,432
3,581
-
0
-
0
Group relief receivable
-
0
-
0
133
61
Corporation tax recoverable
94
899
-
0
-
0
Amounts owed by group undertakings
-
0
-
0
1,098
-
0
Other debtors
165
83
-
0
-
0
Prepayments and accrued income
188
563
-
0
-
0
3,879
5,126
1,231
61
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
0
-
0
2,824
2,824
Total debtors
3,879
5,126
4,055
2,885
JBMI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£'000
£'000
£'000
£'000
Other borrowings
1,500
1,500
1,500
1,500
Trade creditors
1,740
2,084
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
-
0
19
Other taxation and social security
475
246
-
0
-
0
Other creditors
1,273
17
1,264
-
0
Accruals and deferred income
2,273
2,869
20
19
7,261
6,716
2,784
1,538

Other borrowings relate to facilities made available by investment companies under the control of the shareholders and their families. The facilities have no fixed repayment date, being repayable on demand having given not less than 12 months' notice. The facilities attract interest of 12.5% above the Bank of England base rate, payable monthly in arrears. The facilities are secured by the way of a Debenture granted to certain of the shareholders, creating a fixed and floating charge over the assets of JBMI Group Limited and its subsidiaries.

19
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£'000
£'000
Accelerated capital allowances
937
857
Tax losses
-
(190)
Retirement benefit obligations
(84)
(25)
Other timing differences
(6)
(3)
847
639
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£'000
£'000
Liability at 1 November 2023
639
-
Charge to profit or loss
208
-
Liability at 31 October 2024
847
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances and retirement benefit obligations that are expected to mature within the same period.

JBMI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 28 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
547
631

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.

 

There were outstanding contributions of £335k at the year end (2023: £426k).

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£'000
£'000
A Ordinary shares of £1 each
24
24
-
0
-
0
G Ordinary shares of £1 each
4
4
-
0
-
0
H Ordinary shares of £1 each
4
4
-
0
-
0
I Ordinary shares of £1 each
30
30
-
0
-
0
62
62
-
0
-
0
22
Reserves
Share premium

The share premium reserve represents the premium paid for the company's share capital above their nominal value.

Capital redemption reserve

The capital redemption reserve represents the redemption/purchase of the company's own shares out of distributable reserves.

Profit and loss reserves

The profit and loss reserve contains all current and prior period retained profits and losses.

23
Operating lease commitments

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
£'000
£'000
£'000
£'000
Within one year
448
360
-
-
Between two and five years
733
972
-
-
1,181
1,332
-
-
JBMI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 29 -
24
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Acquisition of tangible fixed assets
-
208
-
-
25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£'000
£'000
Aggregate compensation
978
1,108
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Interest payable
Dividends payable
2024
2023
2024
2023
£'000
£'000
£'000
£'000
Group
Entities over which the entity has control, joint control or significant influence
267
253
2,264
2,000

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£'000
£'000
Group
Entities over which the group has control, joint control or significant influence
1,500
1,500
Other information

The company has taken advantage of the exemption under the terms of FRS102 not to disclose related party transactions with wholly owned companies within the group.

26
Controlling party

Miles Brough is considered to be the majority controlling shareholder.

JBMI GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 30 -
27
Cash generated from group operations
2024
2023
£'000
£'000
Profit after taxation
2,754
2,697
Adjustments for:
Taxation charged
664
452
Finance costs
267
253
Investment income
(183)
(12)
Gain on disposal of tangible fixed assets
(28)
-
Amortisation and impairment of intangible assets
32
32
Depreciation and impairment of tangible fixed assets
803
319
Movements in working capital:
(Increase)/decrease in stocks
(250)
682
Decrease in debtors
442
305
Decrease in creditors
(719)
(420)
Cash generated from operations
3,782
4,308
28
Analysis of changes in net funds - group
1 November 2023
Cash flows
31 October 2024
£'000
£'000
£'000
Cash at bank and in hand
3,488
1,962
5,450
Borrowings excluding overdrafts
(1,500)
-
(1,500)
1,988
1,962
3,950
2024-10-312023-11-01falsefalseCCH SoftwareCCH Accounts Production 2025.100M T BroughJ M BroughD J BroughH R 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