Company Registration No. 06701356 (England and Wales)
PORTSMOUTH SURGICAL HOLDINGS LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2024
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
PORTSMOUTH SURGICAL HOLDINGS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 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 - 32
PORTSMOUTH SURGICAL HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. G Schofield
Mrs. J Schofield
Secretary
Mr. G Schofield
Company number
06701356
Registered office
44 New Lane
Havant
Hampshire
United Kingdom
PO9 2NF
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
PORTSMOUTH SURGICAL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

The directors present the strategic report for the year ended 30 September 2024.

Review of the business

The Group has continued to invest in new products to assist the NHS. This produced good sales & profits. The group is trying to expand Export sales. This is a long term project but we are hoping to see a significant increase in sales in 24-25.

Risks and uncertainties

The Group’s principal market place is UK public healthcare. Sales are dependent on the UK government’s funding of new capital equipment. The success of our Export Drives is also critical to the long term success of the Group.

The Government continues to battle with the record waiting lists in the NHS for routine operations, so it may be keen to expand day surgery.

Liquidity

The Group is in a strong position to keep funding Export growth & new product development.

Credit risk

Provided the Government does not run out of money, the principal credit risk is with foreign distributors.

On behalf of the board

Mr. G Schofield
Director
PORTSMOUTH SURGICAL HOLDINGS 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 group during the year was the design, manufacture, sale and distribution of medical and surgical equipment.

Directors

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

Mr. G Schofield
Mrs. J Schofield
Results and dividends

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

Ordinary dividends were paid amounting to £180,000. The directors do not recommend payment of a further dividend.

Statement of directors' responsibilities

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

 

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

 

 

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.

Auditor

The auditor, TC Group, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

PORTSMOUTH SURGICAL HOLDINGS 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.

On behalf of the board
Mr. G Schofield
Director
14 January 2025
PORTSMOUTH SURGICAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PORTSMOUTH SURGICAL HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Portsmouth Surgical Holdings 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

PORTSMOUTH SURGICAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PORTSMOUTH SURGICAL HOLDINGS LIMITED
- 6 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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:

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

PORTSMOUTH SURGICAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PORTSMOUTH SURGICAL HOLDINGS LIMITED
- 7 -
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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

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

 

The objectives of our audit, in respect of fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

 

Our approach was as follows:

 

 

 

PORTSMOUTH SURGICAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PORTSMOUTH SURGICAL HOLDINGS LIMITED
- 8 -

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Graham Figgins FCA (Senior Statutory Auditor)
For and on behalf of TC Group
14 January 2025
Chartered Accountants
3 Acorn Business Centre
Statutory Auditor
Northarbour Road
Cosham
Portsmouth
Hampshire
PORTSMOUTH SURGICAL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
21,527,536
21,023,654
Cost of sales
(11,742,140)
(10,690,112)
Gross profit
9,785,396
10,333,542
Administrative expenses
(4,254,019)
(3,861,280)
Other operating income
522,782
132,623
Operating profit
6
6,054,159
6,604,885
Interest receivable and similar income
8
1,153,490
428,298
Interest payable and similar expenses
7
(35,665)
-
0
Gains in respect of current asset investments
10
3,809,639
1,486,297
Profit before taxation
10,981,623
8,519,480
Tax on profit
9
(2,896,977)
(1,737,107)
Profit for the financial year
8,084,646
6,782,373
Other comprehensive income
Currency translation differences
88,382
64,520
Total comprehensive income for the year
8,173,028
6,846,893
Profit for the financial year is attributable to:
- Owners of the parent company
7,568,491
6,506,437
- Non-controlling interests
516,155
275,936
8,084,646
6,782,373
Total comprehensive income for the year is attributable to:
- Owners of the parent company
7,656,873
6,570,957
- Non-controlling interests
516,155
275,936
8,173,028
6,846,893

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

The notes on pages 16 to 32 form part of these financial statements
PORTSMOUTH SURGICAL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,096,256
2,218,430
Investment properties
13
958,485
958,485
3,054,741
3,176,915
Current assets
Stocks
16
2,510,566
2,550,013
Debtors
17
3,034,440
3,432,877
Investments
18
28,524,528
24,993,735
Cash at bank and in hand
26,669,991
22,177,777
60,739,525
53,154,402
Creditors: amounts falling due within one year
19
(3,067,615)
(4,266,161)
Net current assets
57,671,910
48,888,241
Total assets less current liabilities
60,726,651
52,065,156
Provisions for liabilities
Provisions
20
97,844
97,844
Deferred tax liability
22
2,870,134
2,011,667
(2,967,978)
(2,109,511)
Net assets
57,758,673
49,955,645
Capital and reserves
Called up share capital
23
110
110
Other reserves
24
830,652
830,652
Profit and loss reserves
24
55,518,438
48,159,365
Equity attributable to owners of the parent company
56,349,200
48,990,127
Non-controlling interests
1,409,473
965,518
57,758,673
49,955,645
PORTSMOUTH SURGICAL HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 14 January 2025 and are signed on its behalf by:
14 January 2025
Mr. G Schofield
Director
Company registration number 06701356 (England and Wales)
PORTSMOUTH SURGICAL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,467,434
2,553,128
Investment properties
13
958,485
958,485
Investments
15
136,346
136,346
3,562,265
3,647,959
Current assets
Debtors
17
24,090,346
1,002,710
Investments
18
28,524,528
24,993,735
Cash at bank and in hand
197,930
13,327,020
52,812,804
39,323,465
Creditors: amounts falling due within one year
19
(561,199)
(499,638)
Net current assets
52,251,605
38,823,827
Total assets less current liabilities
55,813,870
42,471,786
Provisions for liabilities
Deferred tax liability
22
(2,837,517)
(1,970,755)
(2,837,517)
(1,970,755)
Net assets
52,976,353
40,501,031
Capital and reserves
Called up share capital
23
110
110
Profit and loss reserves
24
52,976,243
40,500,921
Total equity
52,976,353
40,501,031

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 £12,655,322 (2023 - £1,555,177 profit).

The financial statements were approved by the board of directors and authorised for issue on 14 January 2025 and are signed on its behalf by:
14 January 2025
Mr. G Schofield
Director
Company Registration No. 06701356
The notes on pages 16 to 32 form part of these financial statements
PORTSMOUTH SURGICAL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 October 2022
110
830,652
42,105,658
42,936,420
707,332
43,643,752
Year ended 30 September 2023:
Profit for the year
-
-
6,506,437
6,506,437
275,936
6,782,373
Other comprehensive income:
Currency translation differences
-
-
64,520
64,520
-
64,520
Total comprehensive income for the year
-
-
6,570,957
6,570,957
275,936
6,846,893
Dividends
11
-
-
(180,000)
(180,000)
(355,000)
(535,000)
Transfers
-
-
(337,250)
(337,250)
337,250
-
Balance at 30 September 2023
110
830,652
48,159,365
48,990,127
965,518
49,955,645
Year ended 30 September 2024:
Profit for the year
-
-
7,568,491
7,568,491
516,155
8,084,646
Other comprehensive income:
Currency translation differences
-
-
88,382
88,382
-
88,382
Total comprehensive income for the year
-
-
7,656,873
7,656,873
516,155
8,173,028
Dividends
11
-
-
(297,800)
(297,800)
(72,200)
(370,000)
Balance at 30 September 2024
110
830,652
55,518,438
56,349,200
1,409,473
57,758,673
PORTSMOUTH SURGICAL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
110
39,125,744
39,125,854
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
1,555,177
1,555,177
Dividends
11
-
(180,000)
(180,000)
Balance at 30 September 2023
110
40,500,921
40,501,031
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
12,655,322
12,655,322
Dividends
11
-
(180,000)
(180,000)
Balance at 30 September 2024
110
52,976,243
52,976,353
PORTSMOUTH SURGICAL HOLDINGS 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
27
6,039,377
6,242,528
Interest paid
(35,665)
-
0
Income taxes paid
(2,632,340)
(1,124,421)
Net cash inflow from operating activities
3,371,372
5,118,107
Investing activities
Purchase of tangible fixed assets
(30,474)
(132,650)
Proceeds from disposal of tangible fixed assets
598
-
Proceeds from disposal of investments
278,846
256,723
Interest received
1,129,973
400,578
Dividends received
23,517
27,720
Net cash generated from investing activities
1,402,460
552,371
Financing activities
Dividends paid to equity shareholders
(297,800)
(180,000)
Dividends paid to non-controlling interests
(72,200)
(355,000)
Net cash used in financing activities
(370,000)
(535,000)
Net increase in cash and cash equivalents
4,403,832
5,135,478
Cash and cash equivalents at beginning of year
22,177,777
16,977,779
Effect of foreign exchange rates
88,382
64,520
Cash and cash equivalents at end of year
26,669,991
22,177,777
PORTSMOUTH SURGICAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
1
Accounting policies
Company information

Portsmouth Surgical Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 44 New Lane, Havant, Hampshire, United Kingdom, PO9 2NF.

 

The group consists of Portsmouth Surgical Holdings 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 on the historical cost convention, modified to include certain financial instruments at fair value. 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 each category of financial instrument; 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 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The consolidated financial statements incorporate those of Portsmouth Surgical Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

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.

PORTSMOUTH SURGICAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.2
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.

1.3
Turnover

The turnover shown in the profit and loss account represents amounts receivable for goods supplied during the year, exclusive of Value Added Tax. In respect of the sale of goods, turnover is recognised on the date that ownership of the goods is transferred to the customer In respect of service contracts, turnover is recognised over the duration of the contract on a straight-line basis.

1.4
Research and development expenditure

Research and development expenditure is charged to profits in the period in which it is incurred. Development costs incurred on specific projects are capitalised when recoverability can be assessed with reasonable certainty and amortised in line with the expected use arising from the projects. All other development costs are written off in the year of expenditure.

1.5
Intangible fixed assets

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

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Research & development
10% straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Freehold property
straight line over 50 years
Plant and machinery
straight line over 7 years
Fixtures, fittings & equipment
straight line over 3 years
Motor vehicles
straight line over 4-7 years

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.

PORTSMOUTH SURGICAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -

The depreciation on freehold property excludes land.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.8
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.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete or slow moving items.

 

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of

activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in

the valuation of work in progress.

 

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.

 

1.11
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.

PORTSMOUTH SURGICAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.12
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.

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, including creditors, 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.

1.13
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.

PORTSMOUTH SURGICAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.14
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.

1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

PORTSMOUTH SURGICAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.18
Leases

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.

1.19
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

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 company maintains a stock provision in order to ensure that stock is recognised at the lower of cost and net realisable value. The provision is reviewed annually. The company uses specific criteria to calculate stock provisions, but establishing the criteria requires significant judgement. The company estimate the required provision by reviewing all stock lines and considering the usage and demand for the products.

3
Turnover and other revenue

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

2024
2023
£
£
Turnover
United Kingdom
17,483,611
17,805,687
Overseas
4,043,925
3,217,967
21,527,536
21,023,654
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,500
4,500
Audit of the financial statements of the company's subsidiaries
14,950
12,000
19,450
16,500
PORTSMOUTH SURGICAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
5
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
Production
31
29
-
-
Sales
14
15
-
-
Admin
24
23
2
2
Total
69
67
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,507,862
3,145,824
-
0
-
0
Social security costs
390,688
349,679
-
-
Pension costs
277,043
320,076
-
0
-
0
4,175,593
3,815,579
-
0
-
0
6
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
247,228
30,727
Research and development costs
10,195
9,826
Depreciation of owned tangible fixed assets
151,750
171,442
Loss on disposal of tangible fixed assets
300
-
7
Interest payable and similar expenses
2024
2023
£
£
Other interest
35,665
-
PORTSMOUTH SURGICAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,005,510
329,861
Other interest income
124,463
70,717
Total interest revenue
1,129,973
400,578
Other income from investments
Dividends received
23,517
27,720
Total income
1,153,490
428,298
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,989,893
1,583,951
Adjustments in respect of prior periods
48,617
-
0
Total current tax
2,038,510
1,583,951
Deferred tax
Origination and reversal of timing differences
858,467
153,156
Total tax charge
2,896,977
1,737,107
PORTSMOUTH SURGICAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9
Taxation
(Continued)
- 24 -

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
10,981,623
8,519,480
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
2,745,406
1,875,138
Tax effect of expenses that are not deductible in determining taxable profit
958
-
0
Adjustments in respect of prior years
48,617
4,637
Depreciation on assets not qualifying for tax allowances
12,962
11,411
Under/(over) provided in prior years
-
0
(132,557)
Dividend income
(5,879)
(6,101)
Difference in current year tax charge
(67,076)
(20,433)
Losses in foreign subsidiary not utilised
48,485
60,932
Enhanced capital allowances
-
0
1,204
Research and development tax credit
-
(60,356)
Tax effect of unrealised profits on consolidation
113,504
3,232
Taxation charge
2,896,977
1,737,107

The effect of the change in corporation tax rate noted above reflects the fact that the deferred tax liability has been provided for at a rate of 25% as this is the rate which will be in effect in the future.

10
Gains /(losses) in respect of current asset investments
2024
2023
£
£
Fair value gains/(losses)
Change in value of current asset investments held at fair value
3,693,146
1,365,290
Other gains/(losses)
Gain on disposal of current asset investments
116,493
121,007
3,809,639
1,486,297
PORTSMOUTH SURGICAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
180,000
180,000
12
Tangible fixed assets
Group
Freehold property
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
2,873,856
648,034
209,923
42,800
3,774,613
Additions
-
0
12,322
18,152
-
0
30,474
Disposals
-
0
(898)
-
0
-
0
(898)
At 30 September 2024
2,873,856
659,458
228,075
42,800
3,804,189
Depreciation and impairment
At 1 October 2023
1,024,127
315,358
183,696
33,002
1,556,183
Depreciation charged in the year
69,686
53,922
25,694
2,448
151,750
At 30 September 2024
1,093,813
369,280
209,390
35,450
1,707,933
Carrying amount
At 30 September 2024
1,780,043
290,178
18,685
7,350
2,096,256
At 30 September 2023
1,849,729
332,676
26,227
9,798
2,218,430
PORTSMOUTH SURGICAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12
Tangible fixed assets
(Continued)
- 26 -
Company
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
3,162,681
320,165
3,482,846
Depreciation and impairment
At 1 October 2023
789,761
139,957
929,718
Depreciation charged in the year
69,686
16,008
85,694
At 30 September 2024
859,447
155,965
1,015,412
Carrying amount
At 30 September 2024
2,303,234
164,200
2,467,434
At 30 September 2023
2,372,920
180,208
2,553,128

The transfer to investment property relates to the units rented out to third parties.

13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 October 2023 and 30 September 2024
958,485
958,485
14
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
Indirect
Anetic Aid Limited
England
ordinary shares
95.00
-
Portsmouth Surgical Equipment Limited
England
ordinary shares
100.00
-
Anetic Aid USA LLC
America
ordinary shares
0
100.00
PORTSMOUTH SURGICAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
136,346
136,346

Portsmouth Surgical Equipment Limited is the sole member of Anetic Aid USA LLC with effect from 2nd April 2019.

Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 October 2023 and 30 September 2024
136,346
Carrying amount
At 30 September 2024
136,346
At 30 September 2023
136,346
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
928,998
800,330
-
-
Finished goods and goods for resale
1,581,568
1,749,683
-
0
-
0
2,510,566
2,550,013
-
-
PORTSMOUTH SURGICAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,305,225
3,296,945
20,360
8,125
Amounts owed by group undertakings
-
-
23,718,101
953,133
Other debtors
45,645
22,446
28,313
18,953
Prepayments and accrued income
683,570
113,486
323,572
22,499
3,034,440
3,432,877
24,090,346
1,002,710
18
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Investments
28,524,528
24,993,735
28,524,528
24,993,735

The company has a portfolio of quoted investments, corporate bonds and unit trust investments. These are all carried at market value in the financial statements.

19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
723,483
1,449,986
-
0
312
Corporation tax payable
459,130
1,052,960
217,582
161,242
Other taxation and social security
291,654
477,394
4,203
3,237
Other creditors
329,188
326,958
312,653
312,000
Accruals and deferred income
1,264,160
958,863
26,761
22,847
3,067,615
4,266,161
561,199
499,638
PORTSMOUTH SURGICAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
20
Provisions for liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Warranty provision
97,844
97,844
-
-
Deferred tax liabilities
22
2,870,134
2,011,667
2,837,517
1,970,755
2,967,978
2,109,511
2,837,517
1,970,755

The provision for warranty repairs reflects the anticipated cost of repairs to trolleys and other equipment made within the warranty period.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
277,043
320,076

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
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
240,294
256,897
Retirement benefit obligations
(2,654)
(2,874)
Investment unrealised gains
2,632,494
1,757,644
2,870,134
2,011,667
PORTSMOUTH SURGICAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
22
Deferred taxation
(Continued)
- 30 -
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
205,023
213,111
Investment unrealised gains
2,632,494
1,757,644
2,837,517
1,970,755
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
2,011,667
1,970,755
Charge to profit or loss
858,467
866,762
Liability at 30 September 2024
2,870,134
2,837,517
23
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
110 Ordinary shares of £1 each
110
110
PORTSMOUTH SURGICAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
24
Reserves

Other reserves relates to a merger reserve arising on the formation of the Group in 2008.

 

Included in the figure of profit and loss reserves is an amount of £5,272,932 in respect of unrealised investment gains which are currently non distributable.

25
Related party transactions

Dividends totalling £180,000 (2023 - £180,000) were paid in the year in respect of shares held by the company's director and his immediate family.

 

During the year the company charged rent to its subsidiary undertakings amounting to £300,000 (2023 - £305,000).

26
Controlling party

Portsmouth Surgical Holdings Limited was under the control of Mr. G Schofield and Mrs. J Schofield by virtue of their sole shareholding.

27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
8,084,646
6,782,373
Adjustments for:
Taxation charged
2,896,977
1,737,107
Finance costs
35,665
-
0
Investment income
(1,153,490)
(428,298)
Loss on disposal of tangible fixed assets
300
-
Depreciation and impairment of tangible fixed assets
151,750
171,442
Gain on sale of investments
(116,493)
(121,007)
Change in value of investments
(3,693,146)
(1,365,290)
(Decrease) in provisions
-
(42,000)
Movements in working capital:
Decrease/(increase) in stocks
39,447
(623,878)
Decrease/(increase) in debtors
398,437
(652,285)
(Decrease)/increase in creditors
(604,716)
784,364
Cash generated from operations
6,039,377
6,242,528
PORTSMOUTH SURGICAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 32 -
28
Analysis of changes in net debt - group
2024
£
Opening net funds
Cash and cash equivalents
22,177,777
Changes in net debt arising from:
Cash flows of the entity
4,403,832
Changes in market value and exchange rates
88,382
Closing net funds as analysed below
26,669,991
Closing net funds
Cash and cash equivalents
26,669,991
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