Company registration number 00497569 (England and Wales)
BARRETT PARTNERSHIP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
BARRETT PARTNERSHIP LIMITED
COMPANY INFORMATION
Directors
Mrs J A Barrett
Mr A J W Barrett
Mr C I Barrett
Mr S J Barrett
Secretary
Mrs J A Barrett
Company number
00497569
Registered office
2 Barton Rise
Feniton Old Village
Honiton
Devon
EX14 3HW
Auditor
Simpkins Edwards Audit LLP
The Summit
Woodwater Park
Pynes Hill
Exeter
EX2 5WS
BARRETT PARTNERSHIP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10 - 11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 31
BARRETT PARTNERSHIP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Fair review of the group
The directors consider that the results for the group for the year to 30 September 2024 were encouraging:
The group's key financial indicators were as follows:
The group achieved sales of £30,612,469 (2023: £32,520,579) a reduction of 5.9% on the previous year (2023: an increase of 14.6%).
The group achieved gross profit of £2,123,991 (2023: £2,169,660) with a gross profit margin of 6.9% compared with 6.7% in 2023.
After overheads, the group achieved an EBITDA of £687,840 (2023: £909,040).
Net profit before tax was £116,989 compared to £515,939 in 2023. The reduction is due to additional administrative cost pressures and higher interest charges.
Stock levels reduced from £7,296,194 to £6,844,072.
Given the comparatively straightforward nature of the business and of the group, the directors are of the opinion that any further analysis using KPI's is not necessary for an understanding of the development, performance and position of the business, or the group.
The directors consider that the group is well positioned to maintain and hopefully increase its current trading levels following the introduction of a new construction franchise. Profitability will, however, continue to be impacted by higher finance charges on stocking facilities. Nevertheless, the directors consider that the group is well positioned to face the challenges ahead.
The group's main franchise is with Claas, whose machinery is manufactured in Germany and France but sold to the group through Claas' UK distributor, Claas UK. During the year the group was also awarded the regional franchise for the sales and maintenance of a similarly high quality construction equipment brand, Bobcat.
The group continues to invest in cyber security technology and staff training as well as evolving its compliance with FCA, GDPR requirements and continuous improvements of the health and safety of staff and customers.
Principal risks and uncertainties
The management of the subsidiary's business and the execution of its strategy are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to regional competition, the ongoing consolidation of the agricultural customer base and the uncertainty and associated change with the UK government subsidies and support for British farmers.
Financial risk management
The group's operations expose it to a variety of financial risks that include credit risk, liquidity risk and interest risk.
In order to ensure the stability of cash outflows and hence manage interest risk, the group seeks to minimise the risk of uncertain funding in its operations by maintaining an appropriate level of committed bank and other finance facilities, including stock financing and hire purchase facilities.
Credit risk
The group has implemented policies that require appropriate credit checks on potential customers before sales are made.
BARRETT PARTNERSHIP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Liquidity risk
The subsidiary company actively maintains short-term debt finance that is designed to ensure it has sufficient available funds for operations and planned expansions. Stock finance facilities with Claas Financial Services support the purchase of their machinery stock for resale. Those facilities, and other similar facilities with other suppliers, and a bank overdraft provide a cash flow buffer for timing variances in relation to projected sales of high value machinery. Hire purchase agreements are used, where appropriate, to fund certain capital expenditure, enabling the cash flow cost of asset additions to be spread over a period of years.
Interest risk
As referred to above, rises in borrowing costs have been experienced in relation to the group’s main source of debt finance, being the stock finance facilities. Those costs are accounted for within the subsidiary company's cost of sale of the specific stock lines and sales prices are monitored with a view to ensuring the absorption of those costs and maintenance of that company’s margin.
Mr S J Barrett
Director
25 May 2025
BARRETT PARTNERSHIP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the subsidiary and the group continued to be that of retail and repair of agricultural machinery. The parent company's principal activity continued to be that of property management.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Preference dividends were paid amounting to £399. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs J A Barrett
Mr A J W Barrett
Mr C I Barrett
Mr S J Barrett
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr S J Barrett
Director
25 May 2025
BARRETT PARTNERSHIP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BARRETT PARTNERSHIP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BARRETT PARTNERSHIP LIMITED
- 5 -
Opinion
We have audited the financial statements of Barrett Partnership Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
BARRETT PARTNERSHIP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BARRETT PARTNERSHIP LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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. In so doing, we considered the following:-
• The nature of the company and the group, its control environment and performance indicators;
• Results of our enquiries of management and directors regarding their own identification and assessment of the risks of irregularities; and
• The matters discussed among the audit engagement team regarding how and where irregularities might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the company and the group for fraud and identified the greatest potential for fraud in relation to the recognition of revenue and valuation of stock within the subsidiary company. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
BARRETT PARTNERSHIP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BARRETT PARTNERSHIP LIMITED
- 7 -
We also obtained an understanding of the legal and regulatory framework that the company and the group operate 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 relate to the UK Companies Act.
Our procedures in response to the risks identified included the following:
• reviewing the financial statement disclosures and testing to supporting documentation;
• understanding and evaluating the design and implementation of management controls;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• challenging assumptions and judgements made by management in their significant accounting estimates, in particular, in relation to income recognition, stock valuation and cut off; and
• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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.
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.
Jonathan Williams BSc FCA CTA (Senior Statutory Auditor)
For and on behalf of Simpkins Edwards Audit LLP, Statutory Auditor
Chartered Accountants
The Summit
Woodwater Park
Pynes Hill
Exeter
EX2 5WS
10 June 2025
BARRETT PARTNERSHIP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
30,612,469
32,520,579
Cost of sales
(28,488,478)
(30,350,919)
Gross profit
2,123,991
2,169,660
Administrative expenses
(1,869,862)
(1,636,921)
Other operating income
55,477
55,488
Operating profit
4
309,606
588,227
Interest payable and similar expenses
8
(192,617)
(72,288)
Profit before taxation
116,989
515,939
Tax on profit
9
(46,818)
(113,239)
Profit for the financial year
70,171
402,700
Profit for the financial year is attributable to:
- Owners of the parent company
68,088
354,226
- Non-controlling interests
2,083
48,474
70,171
402,700
BARRETT PARTNERSHIP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
70,171
402,700
Other comprehensive income
-
-
Total comprehensive income for the year
70,171
402,700
Total comprehensive income for the year is attributable to:
- Owners of the parent company
68,088
354,226
- Non-controlling interests
2,083
48,474
70,171
402,700
BARRETT PARTNERSHIP LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
3,986,689
3,584,798
Investments
12
250
250
3,986,939
3,585,048
Current assets
Stocks
14
6,844,072
7,296,194
Debtors
15
2,684,038
2,819,422
Cash at bank and in hand
726,483
1,324,271
10,254,593
11,439,887
Creditors: amounts falling due within one year
16
(7,416,775)
(8,316,639)
Net current assets
2,837,818
3,123,248
Total assets less current liabilities
6,824,757
6,708,296
Creditors: amounts falling due after more than one year
17
(380,996)
(395,213)
Provisions for liabilities
Deferred tax liability
20
380,117
319,211
(380,117)
(319,211)
Net assets
6,063,644
5,993,872
Capital and reserves
Called up share capital
22
36,648
36,648
Share premium account
75,000
75,000
Capital redemption reserve
17,500
17,500
Profit and loss reserves
5,412,445
5,344,756
Equity attributable to owners of the parent company
5,541,593
5,473,904
Non-controlling interests
522,051
519,968
Total equity
6,063,644
5,993,872
BARRETT PARTNERSHIP LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 11 -
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 25 May 2025 and are signed on its behalf by:
25 May 2025
Mr S J Barrett
Director
Company registration number 00497569 (England and Wales)
BARRETT PARTNERSHIP LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,673,336
2,358,106
Investments
12
483,260
483,260
3,156,596
2,841,366
Current assets
Debtors
15
129,648
113,580
Cash at bank and in hand
725,409
1,323,132
855,057
1,436,712
Creditors: amounts falling due within one year
16
(822,422)
(1,180,560)
Net current assets
32,635
256,152
Total assets less current liabilities
3,189,231
3,097,518
Provisions for liabilities
Deferred tax liability
20
55,524
18,415
(55,524)
(18,415)
Net assets
3,133,707
3,079,103
Capital and reserves
Called up share capital
22
36,648
36,648
Share premium account
75,000
75,000
Profit and loss reserves
3,022,059
2,967,455
Total equity
3,133,707
3,079,103
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £55,003 (2023 - £49,649 profit).
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 25 May 2025 and are signed on its behalf by:
25 May 2025
Mr S J Barrett
Director
Company registration number 00497569 (England and Wales)
BARRETT PARTNERSHIP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 October 2022
36,648
75,000
17,500
5,030,160
5,159,308
471,494
5,630,802
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
-
354,226
354,226
48,474
402,700
Dividends
10
-
-
-
(39,630)
(39,630)
-
(39,630)
Balance at 30 September 2023
36,648
75,000
17,500
5,344,756
5,473,904
519,968
5,993,872
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
68,088
68,088
2,083
70,171
Dividends
10
-
-
-
(399)
(399)
-
(399)
Balance at 30 September 2024
36,648
75,000
17,500
5,412,445
5,541,593
522,051
6,063,644
BARRETT PARTNERSHIP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
36,648
75,000
2,957,436
3,069,084
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
49,649
49,649
Dividends
10
-
-
(39,630)
(39,630)
Balance at 30 September 2023
36,648
75,000
2,967,455
3,079,103
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
55,003
55,003
Dividends
10
-
-
(399)
(399)
Balance at 30 September 2024
36,648
75,000
3,022,059
3,133,707
BARRETT PARTNERSHIP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
1,716,648
(348,487)
Interest paid
(192,617)
(72,288)
Income taxes paid
(23,758)
(97,143)
Net cash inflow/(outflow) from operating activities
1,500,273
(517,918)
Investing activities
Purchase of tangible fixed assets
(645,602)
(440,671)
Proceeds from disposal of tangible fixed assets
157,958
112,025
Net cash used in investing activities
(487,644)
(328,646)
Financing activities
Proceeds from borrowings
-
1,612,605
Repayment of borrowings
(1,095,942)
-
Repayment of bank loans
(52,326)
(335,823)
Payment of finance leases obligations
(264,529)
(172,062)
Dividends paid to equity shareholders
(399)
(39,630)
Net cash (used in)/generated from financing activities
(1,413,196)
1,065,090
Net (decrease)/increase in cash and cash equivalents
(400,567)
218,526
Cash and cash equivalents at beginning of year
1,090,550
872,024
Cash and cash equivalents at end of year
689,983
1,090,550
Relating to:
Cash at bank and in hand
726,483
1,324,271
Bank overdrafts included in creditors payable within one year
(36,500)
(233,721)
BARRETT PARTNERSHIP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
1
Accounting policies
Company information
Barrett Partnership Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 2 Barton Rise, Feniton Old Village, Honiton, Devon, EX14 3HW.
The group consists of Barrett Partnership Limited and its trading subsidiary, Hamblys Limited.
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.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Barrett Partnership Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
BARRETT PARTNERSHIP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
On the basis of projections prepared by the directors, the group is expected to continue to trade profitably. The timing of cash flows in relation to high value machinery sales is not always easy to predict, however, based on the financing facilities available to the group and the trading company and dialogue with key financiers regarding the continuing provision of those facilities, the directors consider that the group has adequate resources to continue in operating existence for the foreseeable future. The financial statements are therefore prepared on a going concern basis.
1.5
Turnover
Turnover represents amounts invoiced in respect of machinery and parts, excluding value added tax, and after deduction of discounts given to customers. Turnover is recognised when the company, and the group, has fulfilled its contractual obligations to a customer and has obtained the right to receive consideration. This is usually on despatch but is dependent upon the contractual terms that have been agreed with a customer. Turnover in relation to the workshop (machinery repairs) is generally charged on a time basis and invoiced on completion.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% and 10% per annum on cost of buildings and improvements. Land is not depreciated.
Plant and equipment
10% and 20% per annum reducing balance
Fixtures and fittings
20% per annum reducing balance
Motor vehicles
25% per annum reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.7
Fixed asset investments
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible 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.
BARRETT PARTNERSHIP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.9
Stocks
Stocks of wholegoods are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Stocks of parts are valued at average historic cost.
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.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 group 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.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BARRETT PARTNERSHIP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
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.
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 leased 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.
BARRETT PARTNERSHIP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Stock provision
The group creates a provision against the cost of stock which is slow moving or potentially obsolete or where market indicators suggest that the net realisable value is less than cost. The provision is based on stock ageing and the directors' continued review of market conditions.
BARRETT PARTNERSHIP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
3
Turnover
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
29,644,679
31,666,029
Europe
796,090
500,050
Rest of the world
171,700
354,500
30,612,469
32,520,579
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
227,023
181,118
Depreciation of tangible fixed assets held under finance leases
186,901
173,611
Profit on disposal of tangible fixed assets
(35,690)
(33,916)
Operating lease charges
73,250
51,750
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,500
6,270
Audit of the financial statements of the company's subsidiaries
16,000
16,000
18,500
22,270
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Salesmen, stores and workshop
52
50
-
-
Office and administration
14
13
3
2
Directors
5
5
4
4
Total
71
68
7
6
BARRETT PARTNERSHIP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Employees
(Continued)
- 22 -
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,542,193
2,513,999
50,901
54,997
Social security costs
264,572
256,660
-
1,726
Pension costs
127,179
111,894
10,457
10,957
2,933,944
2,882,553
61,358
67,680
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
61,800
30,500
Company pension contributions to defined contribution schemes
14,433
797
76,233
31,297
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
14,020
22,310
Interest on other loans
55,466
19,763
Interest on finance leases and hire purchase contracts
41,901
30,215
Other interest
81,230
-
Total finance costs
192,617
72,288
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(14,088)
23,758
BARRETT PARTNERSHIP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9
Taxation
2024
2023
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
55,192
89,481
Changes in tax rates
5,714
Total deferred tax
60,906
89,481
Total tax charge
46,818
113,239
The main rate of UK corporation tax changed from 19% to 25% on 1 April 2023.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
116,989
515,939
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
29,247
128,985
Unutilised tax losses carried forward
71
Effect of change in corporation tax rate
5,714
(9,095)
Depreciation on assets not qualifying for tax allowances
10,470
9,381
Deferred tax adjustments in respect of prior years
(1,464)
Tax at marginal rate
1,387
Enhanced relief for tangible asset additions
(14,639)
Taxation charge
46,818
113,239
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
399
39,630
BARRETT PARTNERSHIP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
2,548,565
1,166,849
142,530
1,493,984
5,351,928
Additions
241,448
338,050
358,585
938,083
Disposals
(78,821)
(262,340)
(341,161)
At 30 September 2024
2,790,013
1,426,078
142,530
1,590,229
5,948,850
Depreciation and impairment
At 1 October 2023
345,223
684,865
120,161
616,881
1,767,130
Depreciation charged in the year
49,355
111,484
14,367
238,718
413,924
Eliminated in respect of disposals
(45,011)
(173,882)
(218,893)
At 30 September 2024
394,578
751,338
134,528
681,717
1,962,161
Carrying amount
At 30 September 2024
2,395,435
674,740
8,002
908,512
3,986,689
At 30 September 2023
2,203,342
481,984
22,369
877,103
3,584,798
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
2,437,842
158,375
54,454
52,950
2,703,621
Additions
241,448
133,394
49,995
424,837
Disposals
(21,000)
(52,950)
(73,950)
At 30 September 2024
2,679,290
270,769
54,454
49,995
3,054,508
Depreciation and impairment
At 1 October 2023
255,298
20,625
44,447
25,145
345,515
Depreciation charged in the year
38,210
26,453
2,005
7,877
74,545
Eliminated in respect of disposals
(7,950)
(30,938)
(38,888)
At 30 September 2024
293,508
39,128
46,452
2,084
381,172
Carrying amount
At 30 September 2024
2,385,782
231,641
8,002
47,911
2,673,336
At 30 September 2023
2,182,544
137,750
10,007
27,805
2,358,106
BARRETT PARTNERSHIP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11
Tangible fixed assets
(Continued)
- 25 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
46,982
Motor vehicles
739,123
778,539
786,105
778,539
-
-
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
483,260
483,260
Unlisted investments
250
250
250
250
483,260
483,260
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 October 2023 and 30 September 2024
250
Carrying amount
At 30 September 2024
250
At 30 September 2023
250
BARRETT PARTNERSHIP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
483,260
Carrying amount
At 30 September 2024
483,260
At 30 September 2023
483,260
13
Subsidiaries
Name of undertaking: Hamblys Limited
Registered Office address: Pennygillam Industrial Estate, Launceston, Cornwall, PL15 7ED
Nature of business: Agricultural machinery sales and repairs
Class of shares held: Ordinary £1 shares
Percentage shareholding: 86.27%
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Machinery and parts stock
6,593,216
7,091,448
-
-
Work in progress
250,856
204,746
-
-
6,844,072
7,296,194
-
-
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,555,468
2,577,484
10,998
10,999
Corporation tax recoverable
14,088
Amounts owed by group undertakings
-
-
118,650
89,200
Other debtors
-
110,285
13,381
Prepayments and accrued income
114,482
131,653
2,684,038
2,819,422
129,648
113,580
BARRETT PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
68,992
284,225
Obligations under finance leases
19
242,334
234,479
Other borrowings
18
3,390,849
4,486,791
Trade creditors
1,473,720
1,056,106
4,000
69,625
Corporation tax payable
23,758
Other taxation and social security
192,356
55,946
21,677
772
Other creditors
900,652
1,388,716
733,069
1,076,549
Accruals and deferred income
1,147,872
786,618
63,676
33,614
7,416,775
8,316,639
822,422
1,180,560
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
34,314
Obligations under finance leases
19
380,996
360,899
380,996
395,213
-
-
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
32,492
84,818
Bank overdrafts
36,500
233,721
Other loans
3,390,849
4,486,791
3,459,841
4,805,330
-
-
Payable within one year
3,459,841
4,771,016
Payable after one year
34,314
The bank loans and overdraft are secured by a debenture over the assets of the subsidiary company, Hamblys Limited.
Other loans represent stock financing facilities. These are secured on stocks of machinery also held within the trading subsidiary company.
BARRETT PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
242,334
234,479
In two to five years
380,996
360,899
623,330
595,378
-
-
Finance lease payments represent rentals payable by the group for certain motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
400,347
319,211
Tax losses
(20,230)
-
380,117
319,211
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
75,754
18,415
Tax losses
(20,230)
-
55,524
18,415
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
319,211
18,415
Charge to profit or loss
60,906
37,109
Liability at 30 September 2024
380,117
55,524
BARRETT PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
127,179
111,894
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
30,000
30,000
30,000
30,000
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
6,648
6,648
6,648
6,648
Preference shares classified as equity
6,648
6,648
Total equity share capital
36,648
36,648
23
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
9,680
16,838
-
-
Between two and five years
8,190
16,955
-
-
17,870
33,793
-
-
BARRETT PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
24
Capital commitments
Amounts contracted for but not provided in the financial statements:
Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
525,000
-
525,000
-
25
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
301,077
305,407
The above remuneration includes directors and other personnel with responsibility for planning, directing and controlling the activities of the group.
Transactions with related parties
Rental income
Management charges receivable
2024
2023
2024
2023
£
£
£
£
Company
Entities over which the entity has control, joint control or significant influence
191,625
180,000
50,000
50,000
Other information
During the year, Hamblys Limited rented one of its trading premises from Mr A W J Barrett and Mrs J A Barrett (Director's of Barrett Partnership Limited) for £43,250 (2023: £32,000).
Loans made by the Directors to the group attract interest at a rate of 7% per annum. At the year end, Directors were owed £733,069 (2023: £1,076,549) by the company.
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Company
Entities over which the company has control, joint control or significant influence
118,650
89,200
BARRETT PARTNERSHIP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
26
Controlling party
As at 30 September 2024, Mr S J Barrett, a director of the company, was the ultimate controlling party by virtue of his majority shareholding.
27
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit after taxation
70,171
402,700
Adjustments for:
Taxation charged
46,818
113,239
Finance costs
192,617
72,288
Gain on disposal of tangible fixed assets
(35,690)
(33,916)
Depreciation and impairment of tangible fixed assets
413,924
354,729
Movements in working capital:
Decrease/(increase) in stocks
452,122
(1,349,852)
Decrease in debtors
149,472
459,738
Increase/(decrease) in creditors
427,214
(367,413)
Cash generated from/(absorbed by) operations
1,716,648
(348,487)
28
Analysis of changes in net debt - group
1 October 2023
Cash flows
New finance leases
30 September 2024
£
£
£
£
Cash at bank and in hand
1,324,271
(597,788)
-
726,483
Bank overdrafts
(233,721)
197,221
-
(36,500)
1,090,550
(400,567)
-
689,983
Borrowings excluding overdrafts
(4,571,609)
1,148,268
-
(3,423,341)
Obligations under finance leases
(595,378)
264,529
(292,481)
(623,330)
(4,076,437)
1,012,230
(292,481)
(3,356,688)
2024-09-302023-10-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr A J W BarrettMr C I BarrettMr S J BarrettMr S J BarrettMrs J A 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