Company registration number 13147727 (England and Wales)
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
COMPANY INFORMATION
Directors
Mrs A Trundell
Mr G J Trundell
Mr K B Trundell
Mr J U Rodgers
Ms C Appleton
Secretary
Mrs A Trundell
Company number
13147727
Registered office
The Business Park
Maydwell Avenue
Slinfold
Horsham
RH13 0AS
Auditor
Sumer Audit
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 27
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The directors present the strategic report for the year ended 31 October 2024.
Review of the business
Turnover
Turnover has increased compared to the figures from 2023. This growth has been primarily driven by substantial gains in key revenue areas, including Telehandler and attachment hire.
Additionally, we have seen consistent growth in the hire & sale of our owned machines and attachments.
These results align with our expectations following a year of strategic expansion, during which we successfully widened our customer base.
Gross profit margin
As of the year ended 31 October 2024, the Group’s gross profit margin increased. This improvement reflects the Group’s ability to secure favourable contracts while operating with a lean cost base. At the same time, stock & utilisation levels were effectively maintained, supporting a rise in turnover across the group.
Net profit percentage
Net profit margin has declined compared to 2023. This reduction is primarily driven by a significant rise in staff costs, which slightly outstripped the growth in turnover
Principal risks and uncertainties
Regulations
In line with the UK government’s commitment to achieving net zero greenhouse gas emissions, evolving emissions regulations present a potential risk to the Group’s operations and machinery purchasing strategies. While we are actively exploring the use of alternative fuels & methods (Bio, Hydrogen, Hybrid and full electric) to power our hired machinery, this transition is still in its early stages and currently incurs significantly higher costs compared to conventional fuels which may or may not result in being non commercially viable within our industry.
Industry
Across the construction industry, businesses are feeling the effects of underinvestment in infrastructure. This, combined with rising costs and ongoing supply chain disruptions, poses a significant financial risk to the group
Political
Some of the group’s key customers are linked with government funded projects. Given the current political climate, there is uncertainty around the completion or start of these projects, which could lead to potential loss of business. To mitigate this risk, the group maintains a diversified customer base and continually seeks new growth opportunities within varying sectors.
Further regulatory changes to export regulations may also lead to negative effects regarding the sale of used machinery in and out of the European union.
Mr J U Rodgers
Director
22 May 2025
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 October 2024.
Principal activities
The principal activity of the company remained that of a holding company. The group continued to be that of providing lifting and access solutions to companies across the UK.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £536,100. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs A Trundell
Mr G J Trundell
Mr K B Trundell
Mr J U Rodgers
Ms C Appleton
Financial instruments
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.
Future developments
The directors believe there are no future developments that require disclosure.
Auditor
Sumer Audit were appointed as auditor to the company and group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
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 J U Rodgers
Director
22 May 2025
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
- 4 -
Opinion
We have audited the financial statements of GT Lifting Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 October 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.
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
- 5 -
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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
Obtaining an understanding of the legal and regulatory framework that the company and group operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;
Obtaining an understanding of the company’s and group's policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud; and
Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the company and our sector-specific experience.
As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law, and compliance with the UK Companies Act.
In addition to the above, our procedures to respond to risks identified included the following:
Making enquiries of management about any known or suspected instances of non-compliance with laws and regulations and fraud;
Challenging assumptions and judgements made by management in their significant accounting estimates; and
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
- 6 -
Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
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.
Other matters which we are required to address
The company was exempt from the requirements to have an audit for the period ended 31 October 2023. Therefore the corresponding figures are unaudited.
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.
Kristina Perry FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
10 June 2025
Chartered Accountants
Statutory Auditor
Worthing
Sumer Audit is the trading name of Sumer Auditco Limited
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
19,565,848
16,158,296
Cost of sales
(12,441,870)
(10,761,023)
Gross profit
7,123,978
5,397,273
Administrative expenses
(2,951,355)
(1,874,046)
Other operating income
59,379
37,636
Operating profit
4
4,232,002
3,560,863
Interest receivable and similar income
8
48,927
12,004
Interest payable and similar expenses
9
(1,346,282)
(634,802)
Profit before taxation
2,934,647
2,938,065
Tax on profit
10
(750,089)
(717,470)
Profit for the financial year
2,184,558
2,220,595
Profit for the financial year is attributable to:
- Owners of the parent company
2,144,407
2,095,325
- Non-controlling interests
40,151
125,270
2,184,558
2,220,595
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2024
2023
£
£
Profit for the year
2,184,558
2,220,595
Other comprehensive income
-
-
Total comprehensive income for the year
2,184,558
2,220,595
Total comprehensive income for the year is attributable to:
- Owners of the parent company
2,144,407
2,095,325
- Non-controlling interests
40,151
125,270
2,184,558
2,220,595
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
9,918
10,203
Tangible assets
13
29,675,978
20,300,103
29,685,896
20,310,306
Current assets
Stocks
16
1,694,529
1,858,959
Debtors
17
4,492,073
3,651,582
Cash at bank and in hand
3,396,274
3,107,673
9,582,876
8,618,214
Creditors: amounts falling due within one year
18
(12,094,149)
(10,045,280)
Net current liabilities
(2,511,273)
(1,427,066)
Total assets less current liabilities
27,174,623
18,883,240
Creditors: amounts falling due after more than one year
19
(16,714,392)
(10,125,424)
Provisions for liabilities
Deferred tax liability
21
1,607,200
1,472,000
(1,607,200)
(1,472,000)
Net assets
8,853,031
7,285,816
Capital and reserves
Called up share capital
25
206
200
Profit and loss reserves
8,852,825
6,740,303
Equity attributable to owners of the parent company
8,853,031
6,740,503
Non-controlling interests
545,313
8,853,031
7,285,816
The financial statements were approved by the board of directors and authorised for issue on 22 May 2025 and are signed on its behalf by:
22 May 2025
Mr J U Rodgers
Director
Company registration number 13147727 (England and Wales)
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
80,302
296
Current assets
Debtors
17
759,900
479,900
Cash at bank and in hand
32,894
4
792,794
479,904
Creditors: amounts falling due within one year
18
(798,801)
(400,808)
Net current (liabilities)/assets
(6,007)
79,096
Net assets
74,295
79,392
Capital and reserves
Called up share capital
25
206
200
Profit and loss reserves
74,089
79,192
Total equity
74,295
79,392
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 £530,997 (2023 - £511,412 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 22 May 2025 and are signed on its behalf by:
22 May 2025
Mr J U Rodgers
Director
Company registration number 13147727 (England and Wales)
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 November 2022
200
5,072,978
5,073,178
422,923
5,496,101
Year ended 31 October 2023:
Profit and total comprehensive income
-
2,095,325
2,095,325
125,270
2,220,595
Dividends
11
-
(428,000)
(428,000)
(2,880)
(430,880)
Balance at 31 October 2023
200
6,740,303
6,740,503
545,313
7,285,816
Year ended 31 October 2024:
Profit and total comprehensive income
-
2,144,407
2,144,407
40,151
2,184,558
Issue of share capital
25
6
-
6
-
6
Dividends
11
-
(536,100)
(536,100)
(1,242)
(537,342)
Purchase of shares in subsidiary from non-controlling interest
-
504,215
504,215
(584,222)
(80,007)
Balance at 31 October 2024
206
8,852,825
8,853,031
8,853,031
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2022
200
(4,220)
(4,020)
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
511,412
511,412
Dividends
11
-
(428,000)
(428,000)
Balance at 31 October 2023
200
79,192
79,392
Year ended 31 October 2024:
Profit and total comprehensive income
-
530,997
530,997
Issue of share capital
25
6
-
6
Dividends
11
-
(536,100)
(536,100)
Balance at 31 October 2024
206
74,089
74,295
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
8,685,537
7,553,881
Interest paid
(1,346,282)
(634,802)
Income taxes paid
(290,343)
(51,241)
Net cash inflow from operating activities
7,048,912
6,867,838
Investing activities
Purchase of intangible assets
(3,552)
(6,624)
Purchase of tangible fixed assets
(4,325,119)
(2,153,152)
Proceeds from disposal of tangible fixed assets
533,277
2,988,985
Repayment of loans
(243,683)
(32,345)
Interest received
48,927
12,004
Net cash (used in)/generated from investing activities
(3,990,150)
808,868
Financing activities
Proceeds from new bank loans
60,988
-
Repayment of bank loans
(48,285)
(44,108)
Payment of finance leases obligations
(2,165,522)
(5,488,019)
Purchase of shares in subsidiary from non-controlling interest
(80,000)
-
Dividends paid to equity shareholders
(536,100)
(428,000)
Dividends paid to non-controlling interests
(1,242)
(2,880)
Net cash used in financing activities
(2,770,161)
(5,963,007)
Net increase in cash and cash equivalents
288,601
1,713,699
Cash and cash equivalents at beginning of year
3,107,673
1,393,974
Cash and cash equivalents at end of year
3,396,274
3,107,673
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
1
Accounting policies
Company information
GT Lifting Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .
The group consists of GT Lifting 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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company GT Lifting Group Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 October 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.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future.
The directors have considered relevant information, including the company and group's principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.
The company has net current liabilities at the balance sheet date and it is reliant on the continued support of its subsidiary companies, while meeting all its financial obligations as they fall due. No adjustment has been made to reflect a withdrawal of this support.
Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
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.
1.5
Intangible fixed assets other than goodwill
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:
Software
5 years 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 land and buildings
50 years straight line
Leasehold improvements
5 years straight line
Plant and equipment
3 or 5 years straight line
Fixtures and fittings
2 or 4 years straight line
Motor vehicles
3 years straight line
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.
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
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.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company and group have elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company and group's balance sheet when the company and group become 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.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
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.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using a suitable pricing model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
1.17
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.
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
1.18
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Useful life and residual value of tangible fixed assets
Tangible fixed assets are valued at cost less accumulated depreciation. The depreciation policy applied includes judgements made by the directors about the useful life of assets and their residual values.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of services
17,956,617
12,602,309
Sales of goods
1,609,231
3,555,987
19,565,848
16,158,296
2024
2023
£
£
Turnover analysed by geographical market
UK
19,565,848
16,158,296
2024
2023
£
£
Other revenue
Interest income
48,927
12,004
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 19 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(10)
14
Depreciation of owned tangible fixed assets
736,784
679,036
Depreciation of tangible fixed assets held under finance leases
4,760,773
2,558,459
Profit on disposal of tangible fixed assets
(86,047)
(415,358)
Amortisation of intangible assets
3,837
2,141
Operating lease charges
245,844
221,372
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
3,000
-
Audit of the financial statements of the company's subsidiaries
29,000
-
32,000
-
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
Clerical
17
15
-
-
Manual workers
14
10
-
-
Operators
4
4
-
-
Total
35
29
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,009,412
1,619,553
Social security costs
236,813
163,582
-
-
Pension costs
67,977
63,998
2,314,202
1,847,133
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
549,344
331,075
Company pension contributions to defined contribution schemes
27,963
22,000
577,307
353,075
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
244,340
131,000
Company pension contributions to defined contribution schemes
1,321
-
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
42,343
11,853
Other interest income
6,584
151
Total income
48,927
12,004
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
40,431
42,090
Interest on finance leases and hire purchase contracts
1,305,851
589,346
Other interest
-
3,366
Total finance costs
1,346,282
634,802
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
614,889
369,470
Deferred tax
Origination and reversal of timing differences
135,200
348,000
Total tax charge
750,089
717,470
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
10
Taxation
(Continued)
- 21 -
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
2,934,647
2,938,065
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.52%)
733,662
661,652
Tax effect of expenses that are not deductible in determining taxable profit
16,427
68,674
Depreciation on assets not qualifying for tax allowances
8,860
Other permanent differences
(21,716)
Taxation charge
750,089
717,470
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
536,100
428,000
12
Intangible fixed assets
Group
Software
£
Cost
At 1 November 2023
16,224
Additions
3,552
At 31 October 2024
19,776
Amortisation and impairment
At 1 November 2023
6,021
Amortisation charged for the year
3,837
At 31 October 2024
9,858
Carrying amount
At 31 October 2024
9,918
At 31 October 2023
10,203
The company had no intangible fixed assets at 31 October 2024 or 31 October 2023.
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2023
1,978,406
23,609,179
162,474
579,822
26,329,881
Additions
105,681
43,090
14,760,361
45,476
366,054
15,320,662
Disposals
(161,874)
(13,882)
(17,250)
(193,006)
Transfers
(1,123,552)
(1,123,552)
At 31 October 2024
2,084,087
43,090
37,084,114
194,068
928,626
40,333,985
Depreciation and impairment
At 1 November 2023
62,311
5,647,583
115,862
204,022
6,029,778
Depreciation charged in the year
40,201
417
5,285,203
21,869
149,867
5,497,557
Eliminated in respect of disposals
(84,750)
(13,882)
(17,250)
(115,882)
Transfers
(753,446)
(753,446)
At 31 October 2024
102,512
417
10,094,590
123,849
336,639
10,658,007
Carrying amount
At 31 October 2024
1,981,575
42,673
26,989,524
70,219
591,987
29,675,978
At 31 October 2023
1,916,095
17,961,596
46,612
375,800
20,300,103
The company had no tangible fixed assets at 31 October 2024 or 31 October 2023.
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
44,527,518
31,689,668
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
80,302
296
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
14
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023
296
Additions
80,006
At 31 October 2024
80,302
Carrying amount
At 31 October 2024
80,302
At 31 October 2023
296
15
Subsidiaries
Details of the company's subsidiaries at 31 October 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
GT Lifting Solutions Limited
The Business Park, Maydwell Avenue, Slinfold, Horsham, RH13 0AS
Ordinary
100.00
GT Property (South) Limited
The Business Park, Maydwell Avenue, Slinfold, Horsham, RH13 0AS
Ordinary
100.00
GT Lifting Machinery Sales Limited
The Business Park, Maydwell Avenue, Slinfold, Horsham, RH13 0AS
Ordinary
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
1,694,529
1,858,959
The replacement cost of stock is in line with the cost it is held as above.
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,684,426
2,884,631
Corporation tax recoverable
101,826
19,583
Amounts owed by group undertakings
-
-
759,900
479,900
Other debtors
564,187
608,706
Prepayments and accrued income
141,634
138,662
4,492,073
3,651,582
759,900
479,900
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
59,036
46,696
Obligations under finance leases
5,896,512
3,655,096
Trade creditors
4,634,917
5,517,056
Amounts owed to group undertakings
795,676
399,402
Corporation tax payable
795,841
389,052
Other taxation and social security
206,267
189,234
-
-
Deferred income
22
251,661
118,161
Other creditors
39,276
118,371
1,288
251
Accruals and deferred income
210,639
11,614
1,837
1,155
12,094,149
10,045,280
798,801
400,808
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
973,985
973,622
Obligations under finance leases
15,740,407
9,151,802
16,714,392
10,125,424
-
-
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,033,021
1,020,318
Payable within one year
59,036
46,696
Payable after one year
973,985
973,622
The long-term loans are secured by fixed charges over the freehold property held by the group.
21
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
1,608,300
1,475,600
Retirement benefit obligations
(1,100)
(3,600)
1,607,200
1,472,000
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
1,472,000
-
Charge to profit or loss
135,200
-
Liability at 31 October 2024
1,607,200
-
22
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
251,661
118,161
-
-
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
67,977
63,998
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.
24
Share-based payment transactions
Group and company
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 November 2023
1,622
1,622
0.01
0.01
Granted
2,013
-
0.01
-
Outstanding at 31 October 2024
3,635
1,622
0.01
0.01
Exercisable at 31 October 2024
3,635
1,622
-
-
The group operates a share-based payment scheme for certain key employees. The share options are granted with an exercise price equalling the nominal value of the shares and these expire ten years after the date of grant. Vesting of the options is subject to meeting agreed financial targets within the group.
No charge has been recognised in these financial statements on the grounds of immateriality.
The options outstanding at 31 October 2024 had a remaining contractual life of 9 and 7 years respectively
25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
20,600
20,000
206
200
The company issued 600 1p Ordinary shares in GT Lifting Group Limited on 12 March 2024 in exchange for receiving 6 £1 Ordinary shares in G T Lifting Solutions Limited held by a previous shareholder.
All of the ordinary shares carry full voting, dividend and capital distribution (including on winding up) rights.
26
Related party transactions
Summary of transactions with other related parties
At the balance sheet date, a company owned by the directors owed the group £44,595 (2023: £42,195) and this amount is included within other debtors
GT LIFTING GROUP LIMITED AND SUBSIDIARY COMPANIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
27
Controlling party
The ultimate controlling party is Mr G Trundell, the majority shareholder of the company.
28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,184,558
2,220,595
Adjustments for:
Taxation charged
750,089
717,470
Finance costs
1,346,282
634,802
Investment income
(48,927)
(12,004)
Gain on disposal of tangible fixed assets
(86,047)
(415,358)
Amortisation and impairment of intangible assets
3,837
2,141
Depreciation and impairment of tangible fixed assets
5,497,557
3,237,495
Movements in working capital:
Decrease/(increase) in stocks
164,430
(1,489,314)
Increase in debtors
(514,566)
(841,740)
(Decrease)/increase in creditors
(745,176)
3,381,633
Increase in deferred income
133,500
118,161
Cash generated from operations
8,685,537
7,553,881
29
Analysis of changes in net debt - group
1 November 2023
Cash flows
New finance leases
31 October 2024
£
£
£
£
Cash at bank and in hand
3,107,673
288,601
-
3,396,274
Borrowings excluding overdrafts
(1,020,318)
(12,703)
-
(1,033,021)
Obligations under finance leases
(12,806,898)
2,165,522
(10,995,543)
(21,636,919)
(10,719,543)
2,441,420
(10,995,543)
(19,273,666)
2024-10-312023-11-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr G J TrundellMr K B TrundellMr J U RodgersMs C AppletonMs C AppletonMrs A 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