Company registration number 08801883 (England and Wales)
CARFULAN GROUP LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
CARFULAN GROUP LIMITED
COMPANY INFORMATION
Directors
C A Fulton
M P Fulton
Company number
08801883
Registered office
Faraday House
Tomlinson Business Park
Woodyard Lane
Foston
Derby
DE65 5BU
Auditor
DJH Audit Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
CARFULAN GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11 - 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 - 32
CARFULAN GROUP 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 business
We aim to present a balanced and comprehensive review of the development and performance of the group during the year and its position at the year end. Our review is consistent with the size and nature of the group and is written in the context of the risks and uncertainties faced.
All components within the Group continue to perform well, however during the year Group turnover has decreased by £1,272,883 from 2023. The directors are not concerned about this drop as this is generally down to timing and orders across the group remain strong and are improving. Despite the drop in turnover gross profit margins have improved from 49% to 51% this year.
The group achieved an operating profit of £3,697,000 which has remained very strong.
As at the balance sheet date the directors feel the group is in a strong position. Cash reserves remain very healthy standing at £2,044,798 in the year. Orders at the balance sheet date remain strong as highlighted by the deferred income in note 18 to the accounts.
Going forward, the Group continues to work to a strategic plan to 2028, which will see the group revenues grow to £30 million with pre-tax profits of 27%.
Currently the group is performing above forecast for the year 2024/25.
The incorporation of Prolink SPC Ltd within the group structure from 1st October 2023 was hoped to compliment the complemented the group’s portfolio. However the decision has been made post year end for this company to cease its operations.
In our strategic review we considered the SWOT analysis of all companies and challenged the revenue plans with our Companies Sales and Service Management. Their feedback was positive and following this process, we have agreed yearly performance targets and investments plans.
Key performance indicators
The group's key financial and other performance indicators during the year were as follows:
Unit
2024
2023
Turnover
£'000
17,743
19,016
Gross profit margin
%
51
49
Profit after taxation
£'000
3,692
3,962
Shareholders funds
£'000
2,001
2,538
CARFULAN GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Principal risks and uncertainties
The group may be impacted by changes in economic conditions, both domestically and globally. Economic downturns, fluctuations in currency exchange rates, and changes in interest rates could all have a significant impact on the company's financial performance. It is essential for the company to closely monitor economic trends and develop strategies to mitigate the risks associated with a volatile economic environment.
Whilst the current economic outlook remains uncertain, the group is in a good position to withstand such pressures and take advantage of government capital investment incentives.
The group has key relationships with certain suppliers and has moved to establish strong working and commercial relationships with these suppliers to be able to drive economic value for both them and the group to ensure the best possible offers are made to customers.
We continue to actively manage our partner relationships to ensure we meet their expectations to mitigate any risks to these relationships.
Approved by the board and signed on its behalf by
M P Fulton
Director
10 June 2025
CARFULAN GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The directors present their annual report and consolidated financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of group continued to be that of service, support and supply of machinery systems.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
C A Fulton
M P Fulton
Financial instruments
Objectives and policies
The group is exposed to the following risks from its financial instruments:
- Credit risk
- Liquidity risk
- Foreign exchange risk
The directors have overall responsibility for the establishment and oversight of the group's risk management framework.
The exposure to the above risks is monitored by the Board of Directors as part of its daily management of the group activities.
Price risk, credit risk, liquidity risk and cash flow risk
The group's principal financial instruments comprise bank balances, trade debtors, trade creditors and loans from directors. With the exception of the loans, the main purpose of these instruments is to finance the group's operations.
In respect of bank balances, the liquidity risk is not a factor as there are no loans and overdrafts. All of the business' cash balances are held in such a way that achieves a competitive rate of interest.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of specific allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions and recognised assets and liabilities are denominated in a currency that is not the group's functional currency. The group is exposed to foreign exchange risk arising from various currency exposures primarily with respect to the Euro and US Dollars. The group's management monitors the exchange rate fluctuations on a continuous basis and acts accordingly.
CARFULAN GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
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.
Approved by the board and signed on its behalf by
M P Fulton
Director
10 June 2025
CARFULAN GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
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.
CARFULAN GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CARFULAN GROUP LIMITED
- 6 -
Opinion
We have audited the financial statements of Carfulan Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise 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.
CARFULAN GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CARFULAN GROUP LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
• obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;
• obtaining an understanding of the entity's policies and procedures and how the entity has complied with these, through discussions and walkthrough testing;
• obtaining an understanding of the entity's risk assessment process, including the risk of fraud;
• enquiring of management as to actual and potential fraud, litigation and claims;
• designing our audit procedures to respond to our risk assessment;
• performing audit testing over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business;
• assessing whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
• performing analytical procedures to identify any large, unusual or unexpected relationships.
CARFULAN GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CARFULAN GROUP LIMITED
- 8 -
Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.
Because of the inherent limitations of an audit, there is a risk that we will note detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
Gavin Booth (Senior Statutory Auditor)
For and on behalf of DJH Audit Limited
Statutory Auditor
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
10 June 2025
CARFULAN GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
17,743,015
19,015,898
Cost of sales
(8,691,927)
(9,736,081)
Gross profit
9,051,088
9,279,817
Administrative expenses
(5,354,088)
(5,317,939)
Operating profit
4
3,697,000
3,961,878
Interest receivable and similar income
8
9,653
4,491
Interest payable and similar expenses
9
(14,928)
(4,532)
Profit before taxation
3,691,725
3,961,837
Tax on profit
10
(939,083)
(990,565)
Profit for the financial year
24
2,752,642
2,971,272
Profit for the financial year is all attributable to the owners of the parent company.
The notes on pages 16 to 32 form part of these financial statements.
CARFULAN GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
242,146
Tangible assets
13
1,569,381
1,533,954
1,569,381
1,776,100
Current assets
Stocks
16
2,075,514
1,809,545
Debtors
17
3,644,399
3,493,939
Cash at bank and in hand
2,044,798
3,205,387
7,764,711
8,508,871
Creditors: amounts falling due within one year
18
(6,892,797)
(7,348,486)
Net current assets
871,914
1,160,385
Total assets less current liabilities
2,441,295
2,936,485
Creditors: amounts falling due after more than one year
19
(88,663)
(100,622)
Provisions for liabilities
Deferred tax liability
11
351,434
298,315
(351,434)
(298,315)
Net assets
2,001,198
2,537,548
Capital and reserves
Called up share capital
23
90
90
Capital redemption reserve
24
239,920
239,920
Profit and loss reserves
24
1,761,188
2,297,538
Total equity
2,001,198
2,537,548
The notes on pages 16 to 32 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 10 June 2025 and are signed on its behalf by:
10 June 2025
M P Fulton
Director
Company registration number 08801883 (England and Wales)
CARFULAN GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
175,536
196,744
Investments
14
5,025,001
5,025,001
5,200,537
5,221,745
Current assets
Debtors
17
282,025
131,744
Cash at bank and in hand
595,859
604,177
877,884
735,921
Creditors: amounts falling due within one year
18
(3,726,095)
(2,663,033)
Net current liabilities
(2,848,211)
(1,927,112)
Total assets less current liabilities
2,352,326
3,294,633
Creditors: amounts falling due after more than one year
19
(88,663)
(100,622)
Provisions for liabilities
Deferred tax liability
11
9,149
10,148
(9,149)
(10,148)
Net assets
2,254,514
3,183,863
Capital and reserves
Called up share capital
23
90
90
Capital redemption reserve
24
239,920
239,920
Profit and loss reserves
24
2,014,504
2,943,853
Total equity
2,254,514
3,183,863
The notes on pages 16 to 32 form part of these financial statements.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,359,643 (2023 - £2,491,065 profit).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
CARFULAN GROUP LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 10 June 2025 and are signed on its behalf by:
10 June 2025
M P Fulton
Director
Company registration number 08801883 (England and Wales)
CARFULAN GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2022
90
239,920
2,110,792
2,350,802
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
2,971,272
2,971,272
Dividends
-
-
(2,784,526)
(2,784,526)
Balance at 30 September 2023
90
239,920
2,297,538
2,537,548
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
2,752,642
2,752,642
Dividends
-
-
(3,288,992)
(3,288,992)
Balance at 30 September 2024
90
239,920
1,761,188
2,001,198
The notes on pages 16 to 32 form part of these financial statements.
CARFULAN GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2022
90
239,920
3,237,314
3,477,324
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
2,491,065
2,491,065
Dividends
-
-
(2,784,526)
(2,784,526)
Balance at 30 September 2023
90
239,920
2,943,853
3,183,863
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
2,359,643
2,359,643
Dividends
-
-
(3,288,992)
(3,288,992)
Balance at 30 September 2024
90
239,920
2,014,504
2,254,514
The notes on pages 16 to 32 form part of these financial statements.
CARFULAN GROUP 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 operations
30
3,038,631
3,962,641
Income taxes paid
(924,602)
(529,775)
Net cash inflow from operating activities
2,114,029
3,432,866
Investing activities
Purchase of tangible fixed assets
(426,539)
(370,171)
Proceeds from disposal of tangible fixed assets
443,409
151,703
Interest received
9,653
4,491
Net cash generated from/(used in) investing activities
26,523
(213,977)
Financing activities
Payment of finance leases obligations
(19,714)
(27,259)
Foreign exchange gains / (losses)
22,493
9,163
Interest paid
(14,928)
(4,532)
Dividends paid to equity shareholders
(3,288,992)
(2,784,526)
Net cash used in financing activities
(3,301,141)
(2,807,154)
Net (decrease)/increase in cash and cash equivalents
(1,160,589)
411,735
Cash and cash equivalents at beginning of year
3,205,387
2,793,652
Cash and cash equivalents at end of year
2,044,798
3,205,387
The notes on pages 16 to 32 form part of these financial statements.
CARFULAN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
1
Accounting policies
Company information
Carfulan Group Limited (“the company”) is a private company limited by shares, incorporated in England and Wales. The registered office is Faraday House, Tomlinson Business Park, Woodyard Lane, Foston, Derbyshire, DE65 5DJ.
The group consists of Carfulan Group Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Carfulan Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 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.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
CARFULAN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (upon delivery and installation 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.
Revenue from the sale of services is recognised based on the level of completion.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
over the lease term on a straight line
basis
Plant and machinery
10% / 25% reducing balance basis
Fixtures and fittings
10% / 20% / 25% reducing balance basis, 33.33% straight line basis
Computer and office equipment
33.33% straight line basis
Motor vehicles
20% reducing balance basis
Demo machinery
5% reducing balance basis
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.
CARFULAN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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.
1.9
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.
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.
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 group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
CARFULAN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
CARFULAN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 leased asset are consumed.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Machine and software sales
11,633,365
13,474,696
Service and training sales
6,109,650
5,541,202
17,743,015
19,015,898
CARFULAN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(22,493)
(9,163)
Depreciation of owned tangible fixed assets
154,697
148,698
Profit on disposal of tangible fixed assets
(206,994)
(65,611)
Amortisation of intangible assets
242,146
322,868
Operating lease charges
471,566
338,426
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
9,250
8,900
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
Administration and support
17
16
17
16
Sales, marketing and distribution
45
38
-
-
Total
62
54
17
16
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,068,743
2,927,087
743,049
526,892
Social security costs
334,489
348,758
77,329
53,824
Pension costs
88,077
163,404
34,539
114,321
3,491,309
3,439,249
854,917
695,037
CARFULAN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
96,620
124,121
Company pension contributions to defined contribution schemes
17,636
100,655
114,256
224,776
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
9,653
4,491
9
Interest payable and similar expenses
2024
2023
£
£
Other interest on financial liabilities
14,928
4,532
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
977,855
992,887
Adjustments in respect of prior periods
(91,891)
(1,953)
Total current tax
885,964
990,934
Deferred tax
Origination and reversal of timing differences
53,119
(369)
Total tax charge
939,083
990,565
CARFULAN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Taxation
(Continued)
- 23 -
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
3,691,725
3,961,837
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
922,931
871,604
Tax effect of expenses that are not deductible in determining taxable profit
5,923
48,832
Tax effect of amortisation that is not deductible in determining taxable profit
60,536
71,031
Adjustments in respect of prior years
(91,891)
(1,954)
Capital allowances in excess of depreciation
(11,535)
1,421
Deferred tax
53,119
(369)
Taxation charge
939,083
990,565
The standard rate of corporation tax has changed in the current year due to a change in UK tax rates part way through the prior year.
CARFULAN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
11
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
351,434
298,315
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
9,149
10,148
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
298,315
10,148
Charge/(credit) to profit or loss
53,119
(999)
Liability at 30 September 2024
351,434
9,149
Group
The amount of the net reversal of deferred tax liabilities expected to occur during the year beginning after the reporting period is £30,574 (2023 - £33,881).
Company
The amount of the net reversal of deferred tax liabilities expected to occur during the year beginning after the reporting period is £7,285 (2023 - £8,365).
CARFULAN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
3,228,674
Amortisation and impairment
At 1 October 2023
2,986,528
Amortisation charged for the year
242,146
At 30 September 2024
3,228,674
Carrying amount
At 30 September 2024
At 30 September 2023
242,146
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
CARFULAN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
13
Tangible fixed assets
Group
Land and buildings
Plant and machinery
Fixtures and fittings
Computer and office equipment
Motor vehicles
Demo machinery
Total
£
£
£
£
£
£
£
Cost
At 1 October 2023
155,736
219,072
128,257
159,473
221,853
1,281,448
2,165,839
Additions
59,122
1,331
3,195
362,891
426,539
Disposals
(1,411)
(267,246)
(268,657)
At 30 September 2024
155,736
276,783
129,588
162,668
221,853
1,377,093
2,323,721
Depreciation and impairment
At 1 October 2023
141,504
95,633
87,889
111,560
52,069
143,230
631,885
Depreciation charged in the year
12,509
16,826
5,477
21,612
35,079
63,194
154,697
Eliminated in respect of disposals
(723)
(31,519)
(32,242)
At 30 September 2024
154,013
111,736
93,366
133,172
87,148
174,905
754,340
Carrying amount
At 30 September 2024
1,723
165,047
36,222
29,496
134,705
1,202,188
1,569,381
At 30 September 2023
14,232
123,439
40,368
47,913
169,784
1,138,218
1,533,954
CARFULAN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
Company
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
85,848
49,232
54,555
190,970
380,605
Additions
33,175
33,175
At 30 September 2024
85,848
82,407
54,555
190,970
413,780
Depreciation and impairment
At 1 October 2023
71,616
27,903
46,706
37,636
183,861
Depreciation charged in the year
12,509
8,178
1,962
31,734
54,383
At 30 September 2024
84,125
36,081
48,668
69,370
238,244
Carrying amount
At 30 September 2024
1,723
46,326
5,887
121,600
175,536
At 30 September 2023
14,232
21,329
7,849
153,334
196,744
The carrying value of land and buildings comprises:
Group
Company
2024
2023
2024
2023
£
£
£
£
Short leasehold
1,723
14,232
1,723
14,232
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
£
£
£
£
Motor vehicles
105,597
131,997
105,597
131,997
Certain tangible fixed assets with a carrying amount of £1,393,405 (2023 - £1,336,770) have been pledged as security for the group's bankers.
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
5,025,001
5,025,001
CARFULAN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
14
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
5,025,001
Carrying amount
At 30 September 2024
5,025,001
At 30 September 2023
5,025,001
15
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
OGP UK Limited
Faraday House Tomlinson Business Park Woodyard Lane Foston Derby DE65 5BU
Ordinary
100.00
SYS Systems Limited
As above
Ordinary
100.00
Zoller UK Limited
As above
Ordinary
100.00
Prolink SPC Limited
As above
Ordinary
100.00
OGP UK Limited
The principal activity of the company continued to be that of service, support and supply of metrology equipment.
SYS Systems Limited
The principal activity of the company continued to be that of service, support and supply of printers for rapid
prototyping.
Zoller UK Limited
The principal activity of the company continued to be that of tool setting, inspection and software management systems.
Prolink SPC Limited
The principal activity of the company is that of business and domestic software development.
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Goods for resale
2,075,514
1,809,545
-
-
The carrying amount of stocks includes £2,075,514 (2023 - £1,809,545) pledged as security for liabilities.
CARFULAN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,212,827
3,147,754
Amounts owed by group undertakings
-
-
45,610
-
Prepayments and accrued income
356,566
346,185
161,409
131,744
3,569,393
3,493,939
207,019
131,744
Amounts falling due after more than one year:
Prepayments and accrued income
75,006
75,006
Total debtors
3,644,399
3,493,939
282,025
131,744
The carrying amount of debtors pledged as security for liabilities amounted to £3,360,871 (2023 - £3,362,195). These have been pledged as security to the group's bankers.
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Loans and borrowings
20
19,654
27,409
19,654
27,409
Trade creditors
2,384,230
3,349,037
112,524
80,600
Amounts owed to group undertakings
3,396,525
2,440,401
Corporation tax payable
444,600
483,238
933
9,008
Other taxation and social security
652,266
567,246
67,225
40,944
Other creditors
58,630
41,422
24,344
11,011
Accruals and deferred income
3,333,417
2,880,134
104,890
53,660
6,892,797
7,348,486
3,726,095
2,663,033
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Loans and borrowings
20
88,663
100,622
88,663
100,622
CARFULAN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
20
Loans and Borrowings
Group
Company
2024
2023
2024
2023
£
£
£
£
Hire purchase and finance lease liabilities
108,317
128,031
108,317
128,031
Payable within one year
19,654
27,409
19,654
27,409
Payable after one year
88,663
100,622
88,663
100,622
The amounts owed under hire purchase and finance lease liabilities are secured against the related assets in which they were used to finance.
21
Finance lease and hire purchase obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases and hire purchase agreements:
Within one year
27,409
27,409
27,409
27,409
In two to five years
109,344
136,813
109,344
136,813
136,753
164,222
136,753
164,222
Less: future finance charges
(28,436)
(36,191)
(28,436)
(36,191)
108,317
128,031
108,317
128,031
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
88,077
163,404
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.
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary C shares of £1 each
45
45
45
45
Ordinary D shares of £1 each
45
45
45
45
90
90
90
90
CARFULAN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
23
Share capital
(Continued)
- 31 -
Rights, preferences and restrictions
Ordinary C and Ordinary D have the following rights, preferences and restrictions:
All shares rank equally, each share entitles each holder to 1 vote, entitles the holder to dividend payments or any due distribution the directors declare, each share entitles the holder pari passu to any return of capital on a pro rata basis, and shares are not to be redeemed or liable to be redeemed, whether at the option of the company or shareholders.
24
Reserves
Capital redemption reserve
The capital redemption reserve represents the cumulative effect of the purchase of the company's own shares.
Profit and loss reserves
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
25
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
452,493
482,892
447,092
470,703
Between two and five years
316,027
678,633
316,027
678,633
768,520
1,161,525
763,119
1,149,336
26
Events after the reporting date
Since the balance sheet date, dividends of £3,004,322 have been voted and paid.
27
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel of the group is as follows.
2024
2023
£
£
Aggregate compensation
758,542
756,536
CARFULAN GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 32 -
28
Directors' transactions
Dividends totalling £3,288,992 (2023 - £2,784,526) were paid in the year in respect of shares held by the company's directors.
At the balance sheet date amounts owed to directors amounted to £24,344 (2023: £11,101) These amounts are interest free and payable on demand.
29
Controlling party
The ultimate controlling party is the directors.
30
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,752,642
2,971,272
Adjustments for:
Taxation charged
939,083
990,565
Finance costs
14,928
4,532
Investment income
(9,653)
(4,491)
Foreign exchange (gains) / losses
(22,493)
(9,163)
Gain on disposal of tangible fixed assets
(206,994)
(65,611)
Amortisation and impairment of intangible assets
242,146
322,868
Depreciation and impairment of tangible fixed assets
154,697
148,698
Movements in working capital:
Increase in stocks
(265,969)
(242,521)
Increase in debtors
(150,460)
(550,724)
(Decrease)/increase in creditors
(409,296)
397,216
Cash generated from operations
3,038,631
3,962,641
31
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
3,205,387
(1,160,589)
2,044,798
Obligations under finance leases
(128,031)
19,714
(108,317)
3,077,356
(1,140,875)
1,936,481
2024-09-302023-10-01falsefalseCCH SoftwareCCH Accounts Production 2025.100C A FultonM P 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