Company registration number 00189740 (England and Wales)
CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27
CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 AUGUST 2024
- 1 -

The directors present the strategic report for the period ended 31 August 2024.

Principal activities

The principal activity of the company is the supply of agricultural products.

Fair review of the business

The results of the company show a loss before taxation of £1,019,244 (2023: £115,667 profit) for the period and turnover of £323,369,918 (2023: 361,469,874).

 

Challenging market conditions, particularly during the first six months of the year, resulted in the business making a loss.

Trading across all business units was adverse compared to prior year except for Fuels which benefitted from improved margins despite lower volumes.

Although the business was loss making, cash generation remained positive, enabling the business to reduce its bank borrowings from £10.4m to £8.0m.

 

The key financial and other performance indicators during the period were as follows:

52 week period ended
52 week period ended
31 August 2024
2 September 2023
£'000
£'000
Turnover
323,370
361,470
Operating (loss)/profit
(552)
1,076
Profit/(loss) after taxation
(773)
(421)
Shareholders funds
28,734
32,507
Current assets % current liabilities
124%
128%
Average number of employees
496
520
Principal risks and uncertainties

The directors meet regularly to discuss the risks facing the business, the principal risks and uncertainties facing the company are broadly financial risks. The company's activities expose it to a variety of financial risks, which the Board reviews and agrees policies to manage each of these risks and they are summarised below. These policies have remained unchanged throughout the year.

 

Credit risk

The company has no significant concentrations of credit risk. Credit risk arises from cash and cash equivalents, deposits with bank and financial institutions, as well as credit exposures to customers.

 

In relation to trade debtors, the major source of estimation uncertainty is the recoverable value of those debtors. The judgements applied to this include the credit quality of customers, taking into account their financial positions, past experiences and other relevant factors. Individual customer credit limits are imposed based on these factors, and provisions for impairment are made using those judgements. Provisions for impairment are reviewed monthly by management.

CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 2 -
Principal risks and uncertainties (continued)

 

Price risk

The company is not exposed to equity securities price risk.

 

Market risk

Market risk is the risk that changes in foreign exchange rates (currency risk) and the interest rates (interest rate risk) will affect income of the value or financial assets and liabilities. The company finances its operations through a mixture of retained earnings and borrowings. The company borrows at fixed and floating rates of interest.

 

Currency risk

The company publishes its financial statements and conducts its business in Sterling.

Section 172

The directors of the company must act in accordance with s172 of the UK Companies Act 2006. This requires them to act in good faith, in a manner they consider most likely to promote the success of the company for the benefit of its stakeholders as a whole. The s172 statement focuses on matters of strategic importance to the company, and the level of information disclosed is consistent with the size and complexity of the business.

People

Our people remain a primary consideration in everything we do. We have a strong commitment to the health, safety and wellbeing of our employees. We also offer broad training and development opportunities. We continue to ensure that our people remain informed about key developments within the company.

Customers

Focusing on the needs of our customers is critical to the success of our business. We are in constant dialogue with our customers to understand their developing needs. We also maintain close and trusted relationships with our customers to provide support and expertise, and add real value to their businesses.

Communities

The company is committed to ethical and responsible business practices and adheres to a policy framework on matters such as modern slavery and the sustainable sourcing of raw materials. Our people devote considerable time and resources to good causes and community initiatives.

On behalf of the board

G M Blake
Director
27 May 2025
CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 AUGUST 2024
- 3 -

The directors present their annual report and financial statements for the period ended 31 August 2024.

Results and dividends

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

Ordinary dividends were paid amounting to £3,000,000. The directors do not recommend payment of a further dividend.

Directors

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

G M Blake
D E Hewison
(Appointed 5 August 2024)
S G Hughes
R Quinn
(Resigned 29 February 2024)
P W Steeples
(Appointed 1 January 2024)
S B G Wilkinson
(Resigned 1 January 2024)
Qualifying third party indemnity provisions

In accordance with the Articles of Association and to the extent permitted by the laws of England and Wales, the directors are granted an indemnity from the company in respect of liabilities incurred as a result of their office. In respect of those matters for which the directors may not be indemnified, the company maintained a qualifying directors' and officers' liability third party insurance policy throughout the financial period and up to the date of the approval of these financial statements. Neither the indemnity nor the insurance provides cover in the event that a director is proven to have acted dishonestly or fraudulently. No claim was made under this provision during the period.

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

 

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

 

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

Auditor

The auditor, Mitchell Charlesworth (Audit) Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The company is committed to reducing carbon emissions wherever possible. The detailed disclosure requirements of the Streamlined Energy and Carbon Reporting requirements are covered in the report of the parent undertaking Edward Billington and Son Limited.

CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company 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 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.

Strategic report

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 is noted on the strategic report on pages 1 and 2.

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
G M Blake
Director
27 May 2025
CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
- 5 -
Opinion

We have audited the financial statements of Carrs Billington Agriculture (Sales) Limited (the 'company') for the period 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 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 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.

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:

CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CARRS BILLINGTON AGRICULTURE (SALES) LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CARRS BILLINGTON AGRICULTURE (SALES) LIMITED (CONTINUED)
- 7 -

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

 

(i) The presentation of the Statement of Comprehensive Income, (ii) revenue recognition, (iii) stock existence and valuation, (iv) existence and recoverability of trade receivables, and (v) laws and regulations. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

 

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CARRS BILLINGTON AGRICULTURE (SALES) LIMITED (CONTINUED)
- 8 -

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 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.

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.

Philip Griffiths
Senior Statutory Auditor
For and on behalf of Mitchell Charlesworth (Audit) Limited
27 May 2025
Accountants
Statutory Auditor
Suites C, D, E & F
14th Floor, The Plaza
100 Old Hall Street
Liverpool
England
L3 9QJ
CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 AUGUST 2024
- 9 -
Period
Period
ended
ended
31 August
2 September
2024
2023
Notes
£
£
Turnover
3
323,369,918
361,469,874
Cost of sales
(312,549,284)
(348,775,098)
Gross profit
10,820,634
12,694,776
Distribution costs
(5,958,190)
(6,597,276)
Administrative expenses
(5,100,230)
(4,606,541)
Exceptional items
4
(313,875)
(414,771)
Operating (loss)/profit
5
(551,661)
1,076,188
Interest receivable and similar income
9
1,197,074
593,142
Interest payable and similar expenses
10
(1,664,657)
(1,553,663)
(Loss)/profit before taxation
(1,019,244)
115,667
Tax on (loss)/profit
11
246,000
(536,238)
Loss for the financial period
(773,244)
(420,571)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 10 -
31 August 2024
2 September 2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
664,543
1,027,802
Other intangible assets
13
3,216,674
2,413,790
Total intangible assets
3,881,217
3,441,592
Tangible assets
14
11,375,784
12,408,042
Investments
15
74,825
74,825
15,331,826
15,924,459
Current assets
Stocks
18
40,288,787
37,422,614
Debtors
19
40,263,082
47,553,329
Cash at bank and in hand
655,032
297,909
81,206,901
85,273,852
Creditors: amounts falling due within one year
20
(65,516,190)
(66,814,539)
Net current assets
15,690,711
18,459,313
Total assets less current liabilities
31,022,537
34,383,772
Creditors: amounts falling due after more than one year
21
(1,549,652)
(1,429,643)
Provisions for liabilities
Deferred tax liability
24
739,000
447,000
(739,000)
(447,000)
Net assets
28,733,885
32,507,129
Capital and reserves
Called up share capital
26
500,000
500,000
Profit and loss reserves
28,233,885
32,007,129
Total equity
28,733,885
32,507,129
The financial statements were approved by the board of directors and authorised for issue on 27 May 2025 and are signed on its behalf by:
S G Hughes
Director
Company registration number 00189740 (England and Wales)
CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 AUGUST 2024
- 11 -
Share capital
Equity compensation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 4 September 2022
500,000
161,008
32,266,692
32,927,700
Period ended 2 September 2023:
Loss and total comprehensive income
-
-
(420,571)
(420,571)
Transfers
-
(161,008)
161,008
-
Balance at 2 September 2023
500,000
-
32,007,129
32,507,129
Period ended 31 August 2024:
Loss and total comprehensive income
-
-
(773,244)
(773,244)
Dividends
12
-
-
(3,000,000)
(3,000,000)
Balance at 31 August 2024
500,000
-
28,233,885
28,733,885
CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024
- 12 -
1
Accounting policies
Company information

Carrs Billington Agriculture (Sales) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Montgomery Way, Rosehill Industrial Estate, Carlisle, Cumbria, CA1 2UY.

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:

 

 

The financial statements of the company are consolidated in the financial statements of Edward Billington and Son Limited. These consolidated financial statements are available from its registered office, 2nd Floor, Cunard Building, Liverpool, Merseyside, L3 1EL.

1.2
Going concern

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

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 13 -

Revenue from contracts for the provision of services is recognised by reference to the stage of completion or period to which the service relates. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets - goodwill

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

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

Software
10% per annum
Development costs
20% per annum
Customer relations
10% - 33% per annum
1.6
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
3.33% - 10% per annum
Plant and machinery
10% - 33% per annum
Finance lease assets
15% - 33% per annum

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

1.7
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.

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.

CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 14 -

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

1.8
Impairment of fixed assets

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
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. Where appropriate, cost is calculated on a specific identification basis. Otherwise stocks are valued using first-in first-out method.

 

Net realisable value represents the estimated selling price less all estimated costs to completion and costs to be incurred in marketing, selling and distribution.

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.

1.10
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.

CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 15 -
1.11
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

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.

CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
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.

1.13
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.

CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -
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.

1.14
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.

1.15
Retirement benefits

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

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 18 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Useful economic lives of tangible fixed assets

 

The company depreciates tangible fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. Judgement is applied by the directors when determining the residual values for plant, machinery and equipment. When determining the residual value management assesses the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

 

Useful economic lives of intangible fixed assets

 

The company amortises intangible fixed assets over their estimated useful lives. The estimation of useful lives is based on historic performance as well as expectations about future performance and therefore requires assumptions to be made by management. The actual lives of these assets can depend on a variety of factors including technological innovation and continuing maintenance and development.

 

Provision for impairment of stock

 

The financial statements include a provision for impairment of stock that is based on management's estimation of selling price less costs to complete and sell. There is a risk that actual results may differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The carrying value of the provision at the period end is £314,411 (2023: £608,936).

 

Provision for impairment of trade debtors

 

The financial statements include a provision for impairment of trade debtors that is based on management's estimation of recoverability. There is a risk that the provision will not match the trade debtors that ultimately prove to be irrecoverable. The carrying value of the provision at the period end is £200,647 (2023: £658,921).

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
323,369,918
361,469,874
CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Turnover analysed by geographical market
Uk and Europe
323,369,918
361,469,874
2024
2023
£
£
Other revenue
Interest income
596,074
235,642
4
Exceptional item
2024
2023
£
£
Expenditure
Restructuring and redundancies
313,875
414,771

As part of the sale of the share capital in the company from Carrs PLC to Edward Billington and Son Limited in 2023 the company has undertaken some restructuring and made some redundancies.

5
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the period is stated after charging/(crediting):
£
£
Exchange losses/(gains)
458
(30,135)
Depreciation of owned tangible fixed assets
1,812,674
1,648,142
Profit on disposal of tangible fixed assets
(160,399)
(143,215)
Amortisation of intangible assets
789,870
648,400
Impairment of stocks recognised or reversed
242,756
299,361
Operating lease charges
1,125,928
1,485,545

Remuneration paid to the company's auditor for services other than the statutory audit of the company are not analysed in these accounts, since the consolidated accounts of the ultimate parent undertaking, Edward Billington and Son Limited are required to disclose non-audit fees on a consolidated basis.

6
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
66,000
62,000
CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 20 -
7
Employees

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

2024
2023
Number
Number
Production
326
328
Administration
37
36
Sales
133
156
Total
496
520

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
16,862,228
16,784,833
Social security costs
1,772,250
1,861,200
Pension costs
1,102,868
817,970
19,737,346
19,464,003
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
11,971
-
0
Company pension contributions to defined contribution schemes
967
-
12,938
-
0

All except one of the directors is employed and remunerated by the ultimate parent undertaking or a fellow subsidiary. Accordingly, the above details include no emoluments in respect of these directors.

CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 21 -
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
-
0
1,008
Interest receivable from group companies
576,161
234,185
Other interest income
19,913
449
Total interest revenue
596,074
235,642
Income from fixed asset investments
Income from participating interests - joint ventures
601,000
357,500
Total income
1,197,074
593,142
10
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
990,536
1,088,595
Interest on finance leases and hire purchase contracts
131,453
73,600
Other interest
542,668
391,468
1,664,657
1,553,663
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(469,000)
(8,711)
Adjustments in respect of prior periods
-
0
(8)
Total current tax
(469,000)
(8,719)
Deferred tax
Origination and reversal of timing differences
292,000
237,408
Adjustment in respect of prior periods
(69,000)
307,549
Total deferred tax
223,000
544,957
Total tax (credit)/charge
(246,000)
536,238
CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
11
Taxation
(Continued)
- 22 -

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

2024
2023
£
£
(Loss)/profit before taxation
(1,019,244)
115,667
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.50%)
(254,811)
24,868
Tax effect of expenses that are not deductible in determining taxable profit
12,941
18,869
Tax effect of income not taxable in determining taxable profit
(150,250)
(76,863)
Adjustments in respect of prior years
(69,000)
307,541
Depreciation on assets not qualifying for tax allowances
86,064
15,910
Amortisation on assets not qualifying for tax allowances
90,815
78,888
Losses peviously taxed
-
0
145,160
Enhanced allowances
-
0
(11,000)
Adjustment to reflect effective tax rate
-
0
32,865
Other movement
38,241
-
0
Taxation (credit)/charge for the period
(246,000)
536,238
12
Dividends
2024
2023
£
£
Final paid
3,000,000
-
0
CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 23 -
13
Intangible fixed assets
Goodwill
Software
Development costs
Customer relations
Total
£
£
£
£
£
Cost
At 3 September 2023
6,271,715
2,939,060
142,745
89,000
9,442,520
Additions
-
0
744,501
-
0
-
0
744,501
Transfers in from tangible fixed assets
-
0
484,994
-
0
-
0
484,994
At 31 August 2024
6,271,715
4,168,555
142,745
89,000
10,672,015
Amortisation and impairment
At 3 September 2023
5,243,913
525,270
142,745
89,000
6,000,928
Amortisation charged for the period
363,259
426,611
-
0
-
0
789,870
At 31 August 2024
5,607,172
951,881
142,745
89,000
6,790,798
Carrying amount
At 31 August 2024
664,543
3,216,674
-
0
-
0
3,881,217
At 2 September 2023
1,027,802
2,413,790
-
0
-
0
3,441,592
14
Tangible fixed assets
Freehold land and buildings
Assets under construction
Plant and machinery
Finance lease assets
Total
£
£
£
£
£
Cost
At 3 September 2023
8,840,266
736,894
8,597,567
4,117,271
22,291,998
Additions
27,022
164,045
331,083
905,648
1,427,798
Disposals
-
0
-
0
(449,227)
(67,223)
(516,450)
Transfers - includes assets transferred to intangible fixed assets
-
0
(736,894)
240,141
11,759
(484,994)
At 31 August 2024
8,867,288
164,045
8,719,564
4,967,455
22,718,352
Depreciation and impairment
At 3 September 2023
2,084,944
-
0
6,618,882
1,180,130
9,883,956
Depreciation charged in the period
269,811
-
0
637,363
905,500
1,812,674
Eliminated in respect of disposals
-
0
-
0
(354,062)
-
0
(354,062)
At 31 August 2024
2,354,755
-
0
6,902,183
2,085,630
11,342,568
Carrying amount
At 31 August 2024
6,512,533
164,045
1,817,381
2,881,825
11,375,784
At 2 September 2023
6,755,322
736,894
1,978,685
2,937,141
12,408,042
CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 24 -
15
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
16
74,825
74,825
16
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
Phoenix Feeds Limited
England
Ordinary shares
100.00
Horse and Pet Warehouse Limited
Scotland
Ordinary shares
100.00
Pearson Farm Supplies Limited
England
Ordinary shares
100.00
Paul Chuter Agricultural Services Limited
England
Ordinary shares
100.00

None of the entities listed above have traded during the period.

17
Joint ventures

Bibby Agriculture Limited is a joint venture in which Carrs Billington Agriculture (Sales) Limited is a 50% shareholder and Wynnstay Group PLC is a 50% shareholder. The investment in the joint venture is stated at cost. The joint venture markets and sells animal feed, fertilisers and other farm requirements in Wales. The registered office address of Bibby Agriculture Limited is 16 Montgomery Way, Rosehill Industrial Estate, Carlisle, Cumbria, CA1 2UY.

Details of the company's joint ventures at 31 August 2024 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
Bibby Agriculture Limited
England
Ordinary shares
50.00
18
Stocks
2024
2023
£
£
Finished goods and goods for resale
40,288,787
37,422,614

Amounts recognised in cost of sales in respect of the impairment of stock were £242,756 (2023: £299,361).

CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 25 -
19
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
32,490,842
38,764,603
Corporation tax recoverable
642,376
104,376
Amounts owed by group undertakings
6,017,394
5,425,089
Amounts owed by undertakings in which the company has a participating interest
3,318
-
0
Other debtors
450,780
1,438,535
Prepayments and accrued income
658,372
1,820,726
40,263,082
47,553,329

Trade debtors are stated after a provision for impairment of £200,647 (2023: £658,921). The movement in the provision includes a credit to Profit and Loss Account of £225,949 (2023: £57,655) within administrative expenses.

20
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
22
8,000,943
10,407,862
Obligations under finance leases
23
692,395
689,406
Trade creditors
10,351,961
15,995,017
Amounts owed to group undertakings
32,968,885
26,786,903
Amounts owed to undertakings in which the company has a participating interest
-
0
22,243
Taxation and social security
55,353
227,140
Other creditors
145,624
755,035
Accruals and deferred income
13,301,029
11,930,933
65,516,190
66,814,539

Amounts owed to group undertakings are amounts owed in the normal course of business and are unsecured and interest free. Bank borrowings are secured on trade debtors and represents the amount drawn down on an invoice discounting facility with the Royal Bank of Scotland PLC.

21
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
23
1,549,652
1,429,643
CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 26 -
22
Loans and overdrafts
2024
2023
£
£
Bank overdraft
8,000,943
10,407,862
Payable within one year
8,000,943
10,407,862
23
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
692,395
689,406
In two to five years
1,549,652
1,429,643
2,242,047
2,119,049

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

24
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Fixed asset timing differences
739,000
447,000
2024
Movements in the period:
£
Liability at 3 September 2023
447,000
Charge to profit or loss
292,000
Liability at 31 August 2024
739,000

The deferred tax liability set out above relates to accelerated capital allowances that are expected to reverse in future periods.

CARRS BILLINGTON AGRICULTURE (SALES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2024
- 27 -
25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,102,868
817,970

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.

26
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500,000
500,000
500,000
500,000
27
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
632,980
1,070,716
Between two and five years
1,825,007
3,409,690
In over five years
1,251,722
2,232,715
3,709,709
6,713,121
28
Ultimate controlling party

The ultimate parent undertaking is Edward Billington and Son Limited, which is incorporated in England and Wales.

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