Company registration number 02860394 (England and Wales)
ABC LEISURE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 OCTOBER 2024
ABC LEISURE GROUP LIMITED
COMPANY INFORMATION
Directors
Mr S Boddice
Mr E J Helps
Mr C R Onens
Mr K P Threlfall
Mrs H Hadley
Mr A Boatman
Mr L France
Mr D W Lewis
(Appointed 7 October 2024)
Secretary
Mr E J Helps
Company number
02860394
Registered office
Scarfield Wharf
Scarfield Hill
Alvechurch
Worcestershire
B48 7SQ
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ABC LEISURE GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 27
ABC LEISURE GROUP LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 27 OCTOBER 2024
- 1 -

The directors present the strategic report for the Period ended 27 October 2024.

Fair review of the business

The principal activity of the Company continues to be the operation of 16 marinas and associated activities on the UK inland waterway network. Operating profit increased by 32% year on year.

Despite challenges in the UK holiday market in 2024, the ABC Boat Hire fleet maintained occupancy levels consistent with historical averages. Advance bookings for 2025 are strong. Mooring income rose by 9% year-on-year, with occupancy levels remaining high. Other trading activities met expectations for the year.

The Company recognises its employees as key to delivering excellence to customers and continues to invest in their training and development. Customer satisfaction remains high, as evidenced by internal and external surveys and reviews.

Acknowledging the strategic importance of marinas, the Company disposed of Fazeley Mill marina, which required significant infrastructure investment, to a specialist waterways civils contractor. The Company also acquired the freehold to Uplands Marina during the year.

Efforts to identify cost reductions without hampering operations were successful, impacting part of the year and continuing into 2025. As part of this initiative, the Company switched banks from NatWest to Lloyds Banking Group.

Principal risks and uncertainties

The Directors and senior managers proactively address potential risks and uncertainties. Market conditions remain difficult, but the Company's diverse portfolio provides resilience against external factors impacting specific markets.

Marinas present a multi-hazardous environment for guests and employees. ABC has a well-developed Health and Safety system and retains a third-party specialist for advice, including annual site inspections. All incidents are reported and reviewed for trends, allowing adaptation of processes and procedures to mitigate future risks. The accident frequency rate fell by 15% year-on-year and remains low.

In the event of a complete or partial site closure, business continuity is ensured through contingency planning and suitable insurance policies. Fraud risks, including misappropriation of assets, are mitigated through management structures and control processes.

ABC, like most UK leisure businesses, is exposed to market risk factors such as the economy and weather. However, the spread of business activities and locations minimises these impacts. Increased interest rates have affected the Company's interest payments, mitigated by debt restructuring and monitoring rate changes.

With many activities paid for in advance, there is a risk of inflation. This is mitigated through robust forecasting and monitoring.

ABC operates on various navigation authorities’ waterways. Any risk associated with operating on third party waterways is mitigated by representation as an industry through British Marine.

On behalf of the board

Mr C R Onens
Director
22 May 2025
ABC LEISURE GROUP LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 27 OCTOBER 2024
- 2 -

The directors present their annual report and financial statements for the Period ended 27 October 2024.

Principal activities

The principal activity of the company continued to be that of the operation of inland waterway marinas.

Directors

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

Mr S Boddice
Mr E J Helps
Mr C R Onens
Mr K P Threlfall
Mrs H Hadley
Mr A Boatman
Mr L France
Mr J Hodgkiss
(Resigned 26 January 2024)
Mr D W Lewis
(Appointed 7 October 2024)
Results and dividends

The results for the Period are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Financial instruments

The Company uses various financial instruments. These include cash and various items such as trade debtors and trade creditors that arise from its operations. Their existence exposes the Company to a number of financial risks which are described in more detail below.

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The Company is exposed to fair value interest rate risk on its fixed rate borrowings and cashflow interest rate risk on floating rate deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of floating and variable rate debt so as to reduce its exposure to changes in interest rates.

Future developments

The company will continue to trade as an inland waterway marinas operator in the future.

Auditor

The auditors, Ormerod Rutter Limited, will be proposed for re-appointment in accordance with Section 487(2) of the Companies Act 2006.

ABC LEISURE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
- 3 -
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.

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
Mr C R Onens
Director
22 May 2025
ABC LEISURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ABC LEISURE GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of ABC Leisure Group Limited (the 'company') for the Period ended 27 October 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:

ABC LEISURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ABC LEISURE GROUP LIMITED (CONTINUED)
- 5 -
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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

ABC LEISURE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ABC LEISURE GROUP LIMITED (CONTINUED)
- 6 -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

•    reading the minutes of meetings of those charged with governance; and

•    enquiring of management as to actual and potential litigation and claims

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.

Colm McGrory FCA
Senior Statutory Auditor
For and on behalf of Ormerod Rutter Limited
22 May 2025
Chartered Accountants
Statutory Auditor
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ABC LEISURE GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 27 OCTOBER 2024
- 7 -
Period
Period
ended
ended
27 October
29 October
2024
2023
as restated
Notes
£
£
Turnover
3
13,838,024
14,084,947
Cost of sales
(7,834,943)
(8,170,374)
Gross profit
6,003,081
5,914,573
Administrative expenses
(5,360,686)
(5,426,517)
Operating profit
5
642,395
488,056
Interest payable and similar expenses
7
(454,210)
(309,525)
Exceptional impairment of investment
-
0
(1,475,131)
Exceptional dividends receivable
-
0
1,406,805
Profit before taxation
188,185
110,205
Tax on profit
9
(123,321)
(157,476)
Profit/(loss) for the financial Period
64,864
(47,271)

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

ABC LEISURE GROUP LIMITED
BALANCE SHEET
AS AT
27 OCTOBER 2024
27 October 2024
- 8 -
27 October 2024
29 October 2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
11
12,810,582
13,208,585
Investments
12
100,603
100,603
12,911,185
13,309,188
Current assets
Stocks
13
940,658
996,193
Debtors
14
1,038,394
1,317,444
Cash at bank and in hand
775,826
356,435
2,754,878
2,670,072
Creditors: amounts falling due within one year
15
(11,298,056)
(11,614,085)
Net current liabilities
(8,543,178)
(8,944,013)
Total assets less current liabilities
4,368,007
4,365,175
Creditors: amounts falling due after more than one year
16
(20,427)
(59,785)
Provisions for liabilities
Deferred tax liability
19
318,895
341,569
(318,895)
(341,569)
Net assets
4,028,685
3,963,821
Capital and reserves
Called up share capital
21
209,312
209,312
Other reserves
680,820
680,820
Profit and loss reserves
3,138,553
3,073,689
Total equity
4,028,685
3,963,821

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

The financial statements were approved by the board of directors and authorised for issue on 22 May 2025 and are signed on its behalf by:
Mr C R Onens
Director
Company registration number 02860394 (England and Wales)
ABC LEISURE GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 27 OCTOBER 2024
- 9 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 29 October 2023:
Balance at 31 October 2022
209,312
680,820
3,120,960
4,011,092
Period ended 29 October 2023:
Loss and total comprehensive income for the period
-
-
(47,271)
(47,271)
Balance at 29 October 2023
209,312
680,820
3,073,689
3,963,821
Period ended 27 October 2024:
Profit and total comprehensive income for the period
-
-
64,864
64,864
Balance at 27 October 2024
209,312
680,820
3,138,553
4,028,685
ABC LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 OCTOBER 2024
- 10 -
1
Accounting policies
Company information

ABC Leisure Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Scarfield Wharf, Scarfield Hill, Alvechurch, Worcestershire, B48 7SQ.

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.

1.2
Prior period error

The company has made prior period adjustments to the 29 October 2023 financial period figures to correct errors relating to the hive up adjustment included in those financial statements. In addition to a number of balance sheet adjustments, these prior period adjustments included an increase to dividends receivable of £40,105 a reduction of impairment of investments of £208,794 and an increase to the bank interest expense of £8,417. The culmination of these adjustments resulted in a financial loss for that period of £47,271.

 

The company also made a prior period adjustment to the 30 October 2022 financial period figures to correct fixed asset over depreciation of £30,000.

 

No other financial periods have been impacted by these adjustments.

 

See note 27 for the details of the prior period adjustments.

1.3
Going concern

These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.true

1.4
Reporting period

An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

 

ABC Leisure Group Limited (the "Company") is a boat hire business. A significant part of the Company's business is based on weekly boat hire. Accordingly, the Company prepares its accounts on a weekly basis.

 

The Company's accounting year ends on the last Sunday of October. The periods ended 27 October 2024 and 29 October 2023 were both 52-week periods. Most of the Company's statutory accounts will be 52 weeks in length, with occasional 53-week accounting periods as required. For example, the accounting period ending on 31 October 2021 was a 53-week period.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

ABC LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
1
Accounting policies
(Continued)
- 11 -

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
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
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.

 

Management have determined that goodwill shall be amortized fully in the year that is recognised.

1.8
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:

Land and buildings
2% on cost
Narrow Boats
10% on cost
Plant and Machinery
20% on cost

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

Leasehold property is written off over the period of the lease.

 

No depreciation is provided on freehold land.

1.9
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.

1.10
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.

ABC LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
1
Accounting policies
(Continued)
- 12 -

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

 

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

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

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

ABC LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
1
Accounting policies
(Continued)
- 13 -
1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14
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.

ABC LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
1
Accounting policies
(Continued)
- 14 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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

 

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

Derecognition of financial liabilities

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

1.15
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.16
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.

ABC LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
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.

1.17
Employee benefits

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

1.18
Retirement benefits

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

1.19

Other reserves

Other reserves are made up of balances transferred from the revaluation reserve on transition to FRS 102, where previous revaluation of freehold properties is assumed to be deemed cost on transition.

 

The other reserves remain on the balance sheet until properties to which they relate are disposed of.

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.

ABC LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
- 16 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Hire
4,263,842
4,372,863
Yard
2,090,700
2,075,793
Moorings and brokerage
2,625,688
2,420,004
Boat building
2,026,696
2,406,605
Private work and chandlery
1,595,086
1,574,595
Other income
1,236,012
1,235,087
13,838,024
14,084,947
4
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
16,800
16,000
For other services
Taxation compliance services
1,900
1,800
5
Operating profit
2024
2023
Operating profit for the period is stated after charging/(crediting):
£
£
Research and development costs
61,444
78,779
Depreciation of owned tangible fixed assets
451,468
358,816
Profit on disposal of tangible fixed assets
(61,675)
(3,167)
ABC LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
- 17 -
6
Employees

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

2024
2023
Number
Number
166
171

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
4,946,657
4,734,331
Social security costs
411,353
389,145
Pension costs
113,469
113,651
5,471,479
5,237,127
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
454,210
309,525
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
341,889
344,068
Company pension contributions to defined contribution schemes
10,324
10,507
352,213
354,575

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2023 - 4).

ABC LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
- 18 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
136,476
44,476
Adjustments in respect of prior periods
9,519
-
0
Total current tax
145,995
44,476
Deferred tax
Origination and reversal of timing differences
(22,674)
113,000
Total tax charge
123,321
157,476

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

2024
2023
£
£
Profit before taxation
188,185
110,205
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
47,046
20,939
Tax effect of expenses that are not deductible in determining taxable profit
78,224
49,097
Under/(over) provided in prior years
9,519
-
0
Depreciation in excess of capital allowances
11,206
26,341
Other short term timing difference
(22,674)
61,099
Taxation charge for the period
123,321
157,476
10
Intangible fixed assets
Goodwill
£
Cost
At 30 October 2023 and 27 October 2024
400,107
Amortisation and impairment
At 30 October 2023 and 27 October 2024
400,107
Carrying amount
At 27 October 2024
-
0
At 29 October 2023
-
0
ABC LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
- 19 -
11
Tangible fixed assets
Land and buildings
Narrow Boats
Plant and Machinery
Total
£
£
£
£
Cost or valuation
At 30 October 2023
14,019,408
76,968
2,430,274
16,526,650
Additions
480,111
121,439
405,719
1,007,269
Disposals
(900,000)
(80,832)
(77,233)
(1,058,065)
At 27 October 2024
13,599,519
117,575
2,758,760
16,475,854
Depreciation and impairment
At 30 October 2023
1,535,312
48,411
1,734,342
3,318,065
Depreciation charged in the Period
173,962
4,358
273,148
451,468
Eliminated in respect of disposals
(48,530)
(9,058)
(46,673)
(104,261)
At 27 October 2024
1,660,744
43,711
1,960,817
3,665,272
Carrying amount
At 27 October 2024
11,938,775
73,864
797,943
12,810,582
At 29 October 2023
12,484,096
28,557
695,932
13,208,585

The carrying value of land and buildings comprises:

2024
2023
£
£
Freehold
9,059,292
9,091,867
Long leasehold
1,086,817
1,094,927
Short leasehold
1,595,246
924,714
11,741,355
11,111,508

In 2020, the directors obtained a professional valuation of all the land and buildings held within the group at the year end but opted not to reflect this revaluation within the financial statements and have maintained the accounting treatment disclosed above.

 

The valuation was carried out by Colliers International Property Advisers UK LLP in January 2020 and reported that the market value of the combined freehold and leasehold properties was £18m.

Upon transition to FRS 102 the company elected to make use of a transitional arrangement with regards to assets held under the revaluation model. On transition the company reclassified previously revalued asset amounts as deemed cost and from henceforth these assets were held under the cost model.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

ABC LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
11
Tangible fixed assets
(Continued)
- 20 -
2024
2023
£
£
Cost
7,244,063
7,773,182
Accumulated depreciation
(1,095,556)
(1,108,459)
Carrying value
6,148,507
6,664,723
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
100,413
100,413
Unlisted investments
190
190
100,603
100,603
13
Stocks
2024
2023
£
£
Finished goods and goods for resale
940,658
996,193
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
475,377
546,011
Corporation tax recoverable
-
0
2,134
Other debtors
107,811
205,124
Prepayments and accrued income
455,206
564,175
1,038,394
1,317,444
ABC LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
- 21 -
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
2,374,190
4,670,534
Other borrowings
17
4,450,000
2,500,000
Trade creditors
593,193
634,799
Gross amounts due to contract customers
34,331
27,668
Amounts due to group undertakings
100,301
100,301
Corporation tax
136,476
44,476
Other taxation and social security
589,274
422,513
Other creditors
725,597
1,057,478
Accruals
2,294,694
2,156,316
11,298,056
11,614,085
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
20,427
59,785
17
Loans and overdrafts
2024
2023
£
£
Bank loans
59,784
2,377,326
Bank overdrafts
2,334,833
2,352,993
Other loans
4,450,000
2,500,000
6,844,617
7,230,319
Payable within one year
6,824,190
7,170,534
Payable after one year
20,427
59,785

Bank overdrafts are secured by fixed and floating charges over all assets of the company, as well as specific fixed charges on certain assets held within land and buildings.

ABC LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
- 22 -
18
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank overdrafts
2,334,833
2,352,993
Bank loans
-
2,280,099
2,334,833
4,633,092
Bank loans and overdrafts, excluding the CBILS loan, are secured by way of a fixed and floating charge over all assets of the company.
19
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
151,094
100,953
Tax losses
-
127,616
Revaluations
170,205
-
Retirement benefit obligations
(2,404)
-
Other timing differences
-
113,000
318,895
341,569
2024
Movements in the Period:
£
Liability at 30 October 2023
341,569
Credit to profit or loss
(22,674)
Liability at 27 October 2024
318,895

 

ABC LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
- 23 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
113,469
113,651

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.

Amounts outstanding at the end of the accounting period in respect of pension contributions amounted to £19,308 (2023: £21,554).

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
66,667
66,667
66,667
66,667
Ordinary B of £1 each
66,667
66,667
66,667
66,667
Ordinary C of £1 each
66,667
66,667
66,667
66,667
Ordinary D of £1 each
9,311
9,311
9,311
9,311
209,312
209,312
209,312
209,312

The company has four separate class of ordinary shares. Each class carries voting rights and rank pari passu.

22
Operating lease commitments

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

2024
2023
£
£
Within one year
155,083
155,083
Between two and five years
620,331
620,331
In over five years
2,969,423
3,124,506
3,744,837
3,899,920
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
-
425,000

There were no capital commitments as at 27 October 2024. As at 29 October 2023, ABC Leisure Group Limited had committed to purchasing freehold property amounting to £425,000.

ABC LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
- 24 -
24
Related party transactions
Transactions with related parties

During the Period the company entered into the following transactions with related parties:

Sales
Purchases
2024
2023
2024
2023
£
£
£
£
Entities over which the entity has control, joint control or significant influence
4,407
711
8,423
7,133
Other related parties
130,021
62,020
-
-

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
-
0
98,763
Entities over which the entity has control, joint control or significant influence
101,273
-
Other related parties
4,450,000
2,500,000

On 5th December 2022, ABC Leisure Group Limited received a loan of £250,000 from Mr S Boddice, a director and shareholder. Interest is repayable on the loan at 0.5% below the Royal Bank of Scotland's overdraft interest rate.

 

On 3rd April 2023, ABC Leisure Group Limited received a loan of £250,000 from Mr S Boddice, a director and shareholder. Interest is repayable on the loan at 0.5% below the Royal Bank of Scotland's overdraft interest rate.

 

On 29th January 2024, ABC Leisure Group Limited received a loan of £1.95 million from Mr K Threlfall, a director and shareholder. Interest is repayable on the loan at 0.5% below the Royal Bank of Scotland's overdraft interest rate.

 

On 12th July 2024, ABC Leisure Group Limited received a loan of £2 million from Mr K Threlfall, a director and shareholder. Interest is repayable on the loan at 0.5% below the Royal Bank of Scotland's overdraft interest rate.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
295
85,213
Other related parties
-
3,642
ABC LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
- 25 -
25
Analysis of changes in net debt
30 October 2023
Cash flows
27 October 2024
£
£
£
Cash at bank and in hand
356,435
419,391
775,826
Bank overdrafts
(2,352,993)
18,160
(2,334,833)
(1,996,558)
437,551
(1,559,007)
Borrowings excluding overdrafts
(4,877,326)
367,542
(4,509,784)
(6,873,884)
805,093
(6,068,791)
26
Events after the reporting date

On 28 November 2024, the company secured a £3.7 million bank loan, which was drawn down in full on the same date. The loan is subject to standard commercial terms, including an agreed repayment schedule and interest rate.

 

Of the total funds drawn, £1.95 million was used to repay the majority of a £2 million director’s loan, which had been provided to the company in July 2024. The remaining loan balance is being utilised for general working capital and strategic business activities.

 

This transaction is considered a non-adjusting post-balance sheet event under FRS 102, Section 32, as it arose after the reporting date but provides significant information about the company's financing activities. Due to the material nature of this event, this disclosure has been included to inform users of the financial statements about changes in the company’s funding structure.

 

Management has reviewed the impact of the bank loan on the company’s financial position and going concern status, concluding that the financing strengthens liquidity and supports the company’s future operational and strategic objectives.

ABC LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
- 26 -
27
Prior period adjustment

The financial statements of the period ended 29 October 2023 included an adjustment to hive up the trade and assets of several subsidiaries into the company. The hive up was incorrectly calculated and has been corrected in the current year.

 

The impact of the prior year adjustments on the results for the period ended 29 October 2023 are as follows:

Changes to the balance sheet
As previously reported
Adjustment at 31 Oct 2022
Adjustment at 29 Oct 2023
As restated at 29 Oct 2023
£
£
£
£
Fixed assets
Tangible assets
13,003,348
30,000
175,237
13,208,585
Investments
603
-
100,000
100,603
Current assets
Stocks
1,124,472
-
(128,279)
996,193
Debtors due within one year
1,363,334
-
(45,890)
1,317,444
Creditors due within one year
Loans and overdrafts
(4,852,993)
-
(2,317,541)
(7,170,534)
Other creditors
(3,715,405)
-
(261,157)
(3,976,562)
Creditors due after one year
Loans and overdrafts
(2,280,099)
-
2,220,314
(59,785)
Net assets
4,191,137
30,000
(257,316)
3,963,821
Capital and reserves
Profit and loss reserves
3,301,005
30,000
(257,316)
3,073,689
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 29 October 2023
£
£
£
Interest payable and similar expenses
(301,108)
(8,417)
(309,525)
Amounts written off investments
(1,266,337)
(208,794)
(1,475,131)
Dividends receivable
1,446,910
(40,105)
1,406,805
Profit/(loss) for the financial period
210,045
(257,316)
(47,271)
ABC LEISURE GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 OCTOBER 2024
27
Prior period adjustment
(Continued)
- 27 -
Reconciliation of changes in equity
31 October
29 October
2022
2023
£
£
Adjustments to prior Period
Fixed assets accumulated depreciation
30,000
30,000
Impairment of investments
-
(208,794)
Dividends receivable
-
(40,105)
Bank interest
-
(8,417)
Total adjustments
30,000
(227,316)
Equity as previously reported
3,981,092
4,191,137
Equity as adjusted
4,011,092
3,963,821
Analysis of the effect upon equity
Profit and loss reserves
30,000
(227,316)
Reconciliation of changes in profit/(loss) for the previous financial period
2023
£
Adjustments to prior Period
Impairment of investments
(208,794)
Dividends receivable
(40,105)
Bank interest
(8,417)
Total adjustments
(257,316)
Profit as previously reported
210,045
Loss as adjusted
(47,271)
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