Company registration number 00443147 (England and Wales)
GRUNDON SAND & GRAVEL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GRUNDON SAND & GRAVEL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 14
GRUNDON SAND & GRAVEL LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
9,110,996
9,533,756
Investment property
5
6,100,000
6,100,000
15,210,996
15,633,756
Current assets
Stocks
6
787,241
876,580
Debtors
7
5,486,223
3,417,799
Cash at bank and in hand
550
130,118
6,274,014
4,424,497
Creditors: amounts falling due within one year
8
(2,568,627)
(2,108,290)
Net current assets
3,705,387
2,316,207
Total assets less current liabilities
18,916,383
17,949,963
Creditors: amounts falling due after more than one year
9
(1,613,899)
(770,477)
Provisions for liabilities
Provisions
11
105,000
105,000
Deferred tax liability
12
597,910
570,053
(702,910)
(675,053)
Net assets excluding pension surplus
16,599,574
16,504,433
Defined benefit pension surplus
797,000
734,000
Net assets
17,396,574
17,238,433
Capital and reserves
Called up share capital
13
3,375
3,375
Revaluation reserve
6,575,186
6,575,186
Capital redemption reserve
1,625
1,625
Profit and loss reserves
10,816,388
10,658,247
Total equity
17,396,574
17,238,433
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GRUNDON SAND & GRAVEL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 May 2025 and are signed on its behalf by:
N N Grundon
Director
Company registration number 00443147 (England and Wales)
GRUNDON SAND & GRAVEL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2022
3,375
6,575,186
1,625
9,219,504
15,799,690
Year ended 30 September 2023:
Profit
-
-
-
1,548,737
1,548,737
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
(1,000)
(1,000)
Tax relating to other comprehensive income
-
-
(9,000)
(9,000)
Total comprehensive income
-
-
-
1,538,737
1,538,737
Dividends
-
-
-
(99,995)
(99,995)
Balance at 30 September 2023
3,375
6,575,186
1,625
10,658,247
17,238,433
Year ended 30 September 2024:
Profit
-
-
-
235,891
235,891
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
23,000
23,000
Tax relating to other comprehensive income
-
-
(15,250)
(15,250)
Total comprehensive income
-
-
-
243,641
243,641
Dividends
-
-
-
(85,500)
(85,500)
Balance at 30 September 2024
3,375
6,575,186
1,625
10,816,388
17,396,574
GRUNDON SAND & GRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information
Grundon Sand & Gravel Limited is a private company limited by shares incorporated in England and Wales. The registered office is Thames House, Oxford Road, Benson, Wallingford, Oxfordshire, OX10 6LX.
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
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 represents the value of consideration receivable, excluding value added tax, in the ordinary course of business for goods provided.
Revenue is recognised once the goods have been provided to the customer.
1.4
Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation. No depreciation is provided on assets under construction until they are commissioned. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Freehold land and buildings
2% per annum on cost (buildings)
Leasehold land
At a variable rate over the estimated period of extraction
Plant and machinery
10-20% per annum on cost
Fixtures and fittings
20% per annum on cost
Motor vehicles
20% per annum 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.
The company adopted the transition exemption under FRS 102 paragraph 35.10(d) and elected to use the revaluation on transition as deemed cost.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
GRUNDON SAND & GRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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.
1.7
Cash at bank and in hand
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.
1.8
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.
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.
GRUNDON SAND & GRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or receive more tax, with the following exceptions:
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Grundon Sand & Gravel Limited is generally required to restore quarries at the end of their productive lives to a condition acceptable to the relevant authorities and consistent with the company's environmental policies.
An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the development or ongoing production of a quarry. Such costs arising from the installation of plant and other site preparation work, discounted to its net present value, are provided for and capitalised at the start of each project, as soon as the obligation to incur such costs arises. These costs are charged against profits over the life of the operation, through the depreciation of the asset and the unwinding of the provision.
1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
GRUNDON SAND & GRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 7 -
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
1.13
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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.
GRUNDON SAND & GRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 8 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 8 for the carrying amount of the property plant and equipment, and note 1.4 for the depreciation rates for each class of assets.
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 11 for the net carrying amount of the debtors and associated impairment provision.
The company has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends. See note 18 for the disclosures relating to the defined benefit pension scheme.
Quarry restoration and aftercare costs are incurred during the operational life of each quarry site and for a considerable period thereafter. The period of aftercare post-closure and the level of costs expected are uncertain and can vary significantly from site to site. See note 16 for the disclosures relating to the restoration and aftercare provision.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Management and administrative staff
7
7
Drivers, operatives and other staff
19
20
Total
26
27
GRUNDON SAND & GRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
4
Tangible fixed assets
Freehold land and buildings
Leasehold land
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 October 2023
6,022,131
1,327,362
9,197,265
616,432
120,814
17,284,004
Additions
129,415
232,094
8,390
369,899
Disposals
(324,800)
(324,800)
At 30 September 2024
6,151,546
1,327,362
9,104,559
624,822
120,814
17,329,103
Depreciation and impairment
At 1 October 2023
470,893
756,379
5,854,187
565,262
103,527
7,750,248
Depreciation charged in the year
116,356
45,865
567,576
21,092
8,321
759,210
Eliminated in respect of disposals
(291,351)
(291,351)
At 30 September 2024
587,249
802,244
6,130,412
586,354
111,848
8,218,107
Carrying amount
At 30 September 2024
5,564,297
525,118
2,974,147
38,468
8,966
9,110,996
At 30 September 2023
5,551,238
570,983
3,343,078
51,170
17,287
9,533,756
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and machinery
2,162,810
2,621,101
Freehold land and buildings with a carrying amount of £3,419,124 (2023 - £3,514,040) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
Land and buildings are carried at deemed cost. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £4,979,170 (2023 - £5,001,219), being cost £5,324,379 (2023 - £5,5,324,379) and depreciation £345,209 (2023 - £323,160).
5
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
6,100,000
The fair value of the investment property has been arrived at on the basis of an independent valuation carried out at 30 September 2014 updated to the reporting date by the directors.
GRUNDON SAND & GRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
6
Stocks
2024
2023
£
£
Raw materials and consumables
31,867
35,606
Finished goods and goods for resale
755,374
840,974
787,241
876,580
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
870,860
638,683
Corporation tax recoverable
79,170
146,940
Other debtors
158,457
104,145
Prepayments and accrued income
3,012,736
1,163,031
4,121,223
2,052,799
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
1,365,000
1,365,000
Total debtors
5,486,223
3,417,799
8
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
10
859,607
50,621
Obligations under finance leases
470,924
579,456
Other borrowings
10
300,000
500,000
Trade creditors
381,497
454,650
Taxation and social security
270,023
311,102
Other creditors
58,347
116,520
Accruals and deferred income
228,229
95,941
2,568,627
2,108,290
GRUNDON SAND & GRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
413,899
770,477
Other borrowings
10
1,200,000
1,613,899
770,477
10
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
859,607
50,621
Other loans
1,500,000
500,000
2,359,607
550,621
Payable within one year
1,159,607
550,621
Payable after one year
1,200,000
The long-term loans are secured by a fixed charge over a freehold property.
11
Provisions for liabilities
2024
2023
£
£
Restoration and aftercare
105,000
105,000
Movements on provisions:
Restoration and aftercare
£
At 1 October 2023 and 30 September 2024
105,000
The restoration provision has been established to cover situations where the company has either a legal or constructive obligation to rehabilitate environmental disturbance caused by quarrying operations and represents the best estimate of expenditure required to settle obligations. These costs are expected to be incurred over the next fifteen years.
GRUNDON SAND & GRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
12
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
324,102
311,495
Revaluations
74,558
74,558
Retirement benefit obligations
199,250
184,000
597,910
570,053
2024
Movements in the year:
£
Liability at 1 October 2023
570,053
Charge to profit or loss
12,607
Charge to other comprehensive income
15,250
Liability at 30 September 2024
597,910
The majority of the company's deferred tax assets and liabilities are expected to reverse over more than one year.
13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
2,500
2,500
2,500
2,500
Ordinary 'B' shares of £1 each
875
875
875
875
3,375
3,375
3,375
3,375
The holders of "A" ordinary shares have rights neither to dividends nor to participate in any distribution on the winding up of the company. The holders of these shares are entitled to vote at the company's meetings.
The holders of "B" ordinary shares have rights to dividends and to participate fully in any distribution on winding up. The "B" ordinary shares carry no voting rights.
14
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
GRUNDON SAND & GRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
14
Audit report information
(Continued)
- 13 -
Senior Statutory Auditor:
Andrew Beet
Statutory Auditor:
Kirk Rice LLP
Date of audit report:
7 May 2025
15
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
210,866
217,450
Between two and five years
128,383
326,544
In over five years
14,406
339,249
558,400
Lessor
The operating lease represents a lease which expires in 2060.
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
£
£
Within one year
602,325
604,358
Between two and five years
2,361,425
2,378,325
In over five years
18,148,175
18,733,600
21,111,925
21,716,283
16
Financial commitments, guarantees and contingent liabilities
Barclays Bank plc holds an unlimited guarantee dated 21 April 1986 which is secured by charges on properties owned by S Grundon (Services) Limited and S Grundon (Waste) Limited and their parent company, Grundon Waste Management Limited, companies subject to common directorate.
There are cross guarantees in place relating to bank balances and loans of these other companies and with Grundon Waste Management Limited. At 30 September 2024 the net contingent liability in this respect amounted to £nil (2023: £nil).
In addition Lombard plc holds cross guarantees given by the Grundon companies in respect of finance for assets leased to the company under hire purchase, other finance leases and operating lease agreements. This is in addition to the leased assets themselves being secured.
GRUNDON SAND & GRAVEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
17
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with a company related by virtue of common control:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
816,391
829,413
305,282
329,232
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other related parties
51,023
106,559
The following amounts were outstanding at the reporting end date:
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