Company registration number 02231689 (England and Wales)
GALLAGHER AGGREGATES LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
GALLAGHER AGGREGATES LTD
COMPANY INFORMATION
Directors
Mr P Gallagher
Mr S Hollingshead
Mr P D'Arcy
Mr S Connor
Ms L Gallagher
(Appointed 7 March 2025)
Mr S Gallagher
(Appointed 7 March 2025)
Mr P Thomas
(Appointed 7 March 2025)
Secretary
Mr P Thomas
Company number
02231689
Registered office
Leitrim House, Little Preston
Coldharbour Lane
Aylesford
Maidstone
Kent
ME20 7NS
Auditor
Goldblatts
4th Floor
4 Tabernacle Street
London
EC2A 4LU
Business address
Hermitage Quarry
Hermitage Lane
Maidstone
Kent
ME16 9NT
Bankers
HSBC
39 High Street
Ashford
Kent
TN24 8TG
Solicitors
DGB Solicitors
The Captain's House
Central Avenue Pembroke
Chatham Maritime
Kent
ME4 4UF
GALLAGHER AGGREGATES LTD
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 26
GALLAGHER AGGREGATES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

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

Review of the business

During the year the Company generated sales of £59.8 million (2023: £53.0 million), a gross margin of £7.7 million (2023: £8.1 million) and an operating profit of £1.7m (2023: £1.4 million), providing a 2.9% return on sales (2023: 2.7%).

The market for aggregates and concrete remains challenging; a small increase in sales volumes was offset in part by lower prices. Interest rates remained high throughout the year, causing continued stagnation in the residential market. The commercial market was stable. The gross margin decreased slightly to 13% from last year's 15%, primarily due to increased volumes of fill products, with the 2023 volumes skewed more towards premium products. Prices increased on premium products but reduced on fill products, resulting in lower overall aggregates prices. Overheads at £5.8 million were lower than last year’s £6.7 million as a result of lower recharges for group services.

Investment levels had been high during 2023 as we continued with our plan to improve our operating performance and bring efficiencies to the business. This plan was completed in 2023 and investment levels reduced in 2024 as expected.

The End of Waste Certificates for our Manufactured Aggregates products have all been granted. We are now trying to commercialise this process. Our objective is to reduce waste material currently retained in the quarry and develop additional value-enhancing products.

Retained earnings are being re-invested in the business. No dividend was declared or paid.

We continue to closely monitor sales, manufacturing costs and margins per tonne for primary and recycled aggregate, focusing on efficiencies. We do this for the business as a whole and by profit centres within the business. Return on capital employed is also measured.

Hermitage quarry remains the only highly mechanised and efficient production facility of high-grade ragstone in Kent. The quarry supports a sizeable recycling operation and an increasing portfolio of added-value secondary products and services. Blaise quarry, near West Malling, supports Hermitage, supplying a smaller, range of products. This range of products as well as the amount of volume it can produce has been expanded as a result of the significant investment that has taken place over the last 3 years.

 

Until 30 September 2024 the company was ultimately controlled by Mr. P Gallagher, who owned 100% of the issued share capital of Gallagher Aggregates Limited. On the same date, P Gallagher II Limited acquired the shares in Gallagher Aggregates Limited.

Future Prospects

The market is likely to remain challenging while interest rates remain high, impacting the residential new-build housing market. Inflation rates have fallen since the peak of 2022, however are still ahead of the Bank of England’s targets. As such, interest rates have been reduced, however at a slower rate than previously expected and with a cautious outlook for future rate reductions. The government has proposed a new Planning and Infrastructure Bill, which it hopes will boost housebuilding, once approved by Parliament. Our investment in Blaise was completed in 2023, the new fixed barrel and binder has enabled us to increase output and extend the range of products.

GALLAGHER AGGREGATES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Principal risks and uncertainties

There are a number of potential risks and uncertainties which could impact the Company’s performance, and these are considered by the Board on a regular basis. The Board of Directors and the relevant management teams consider the risks of all significant business decisions and changes in the external environment and in the Company’s operations. The key risks affecting the business are as follows:

Operating Risk – the Company’s reputation and continued success depends on its ability to provide goods and services which are valued by its customers. The Company regularly reviews the quality of its goods and services both internally and externally through client feedback and evaluation to ensure the reputation of the Company is maintained at a high level with all stakeholders.

Market Risk – the Company operates in a specialised market and seeks to maintain a competitive advantage by offering appropriate and relevant products and services at a competitive price. The housing market currently represents much of our sales. We actively nurture alternative markets and keep abreast of developments in the market through regular dialogue with customers, and monitoring competitors and the wider economic environment.

Personnel Risk – the Company is a privately owned business and places great emphasis on recruiting, training, rewarding and retaining high-quality people. The Directors consider staff resourcing and succession planning regularly. We promote from within wherever we can to maintain the Company culture. We also embrace new people from elsewhere as they bring fresh ideas and the benefit of their experience.

Financial Risk – the Company is principally funded from retained profits supported by prudent levels of finance on machinery. Financial monitoring, forecasting and planning are ever-present processes with care taken to achieve a reasonable profit margin and investment in resources whilst maintaining delivery of high-quality goods and service levels to customers.

Taxation Risk – the Company is exposed to financial risks from increases in tax rates and the basis of taxation including corporation tax and VAT. Principal controls include regular monitoring of legislative proposals, the engagement of experienced executives and the use of experienced sector-specific professional advisers to mitigate the impact of any changes and ensure compliance.

Information Technology – the Company relies heavily on systems to operate its business, ordering goods, paying suppliers, ensuring health and safety records are accurate, accounting and payroll. The risk of cyber-attacks is ever-present and an increasing risk to every business. Ensuring we have robust and up-to-date cyber security measures and vigilant users is critical to the successful running of these systems, as well as employing appropriately skilled and experienced staff and external specialist support as required.

Health and Safety and environmental management

The Company considers health and safety and environmental management to be a top priority in the business. We approach the subjects in a reasonable, practical and pragmatic manner, concentrating on the things that make a difference.

To achieve high standards, we make sure we have the correct, competent, trained people and modern well-maintained plant and equipment. Our management systems and policies provide clear guidance and monitoring/​reporting of performance and incidents. Our internal resources are audited and supported by external industry experts, with “prevention”, “learning from experience” and “continuous improvement” being the underlying themes. We continue to focus on the Health and Safety requirements of the business and we believe we have put in place processes and procedures that ensure a high level of safety for our staff, customers and suppliers.

 

Development and performance

The balance sheet on page 12 of the financial statements shows that the company's financial position at the year end is stong, in both net assets and liquidity terms.

GALLAGHER AGGREGATES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Key performance indicators

 

                2024    2023     2022    2021            

 

Turnover £ m            59.8    53.0    52.0    46.1

Gross Profit £’m            7.7    8.1    8.4    9.7

Gross Profit %            12.7%    15.3%    16.3%    21.0%

Operating Profit £’m        1.7    1.4    1.8    4.0

Operating Profit %        2.9%    2.7%    3.5%    8.8%

Other performance indicators

We measure and analyse a number of non-financial criteria in order to monitor our performance and to help identify trends, good or bad, including;

 

Health & Safety – RIDDOR accidents and minor accidents

 

Staff turnover – staff who leave and the reasons thereto.

 

Payments to suppliers

We respect the role that suppliers play in the success of the business and as such we aim to pay suppliers to the agreed terms. Our policy is to pay suppliers 45 days from the end of the month of delivery. Other terms can be agreed.

Statement in respect of Section 172 (1) Companies Act 2006 for the Accounting Period ending 30th September 2024

The Company is owned by P Gallagher II Limited, which is ultimately controlled by a family of shareholders. The same shareholders also ultimately control P Gallagher Limited which in turn owns Gallagher Group Holdings Limited, who ultimately controls Gallagher Group Limited which has two subsidiary companies Gallagher Limited and Gallagher Plant Limited, but they are not part of the same legal group of companies.

The principal activity of Gallagher Aggregates Limited is that of supplying quarry stone, re-cycled aggregates, masonry products (Kentish Ragstone) and ready mixed concrete together with infill and land restoration. The management define the success of the business as long-term value creation for all parts of the Gallagher Group and associated companies. Working together to provide efficient solutions that can use all elements of the group of companies’ resources, contracting, aggregates, concrete, masonry, recycling, property investment and property development.

The Board is committed to and actively encourages effective relationships and communications with all the Company’s stakeholders to obtain a greater understanding of each other’s needs and objectives. This way we can optimise the long-term value creation and success of the Company. The Company has identified the following key stakeholders and explains how the Board considers their interests.

Shareholders: The Company is ultimately controlled by a family of shareholders, who also take an active role in managing the business along with the Executives. The Board has a very close dialogue with the shareholders through regular discussions, Board meetings and routine financial and operational reporting. These processes ensure that the long-term strategy of the business is aligned with their expectations. Annual detailed Budgets and 3-year Business plans are prepared, presented, discussed, and approved by the Board that are aligned to the shareholders' goals. Decisions are made at regular Board and Management meetings. Governance is established using an Authority Schedule and the inclusion of 2 experienced non-executive Directors who liaise closely with the shareholders, Executive team and family members through the family council forum.

GALLAGHER AGGREGATES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

Colleagues: The Company is a family business and recognises the hugely important role that staff have in making the business successful. It prides itself on having the best people to create strong teams and who all essentially care for the business. We aim to be the employer of choice offering both formal and informal training for all. Gallagher’s culture is to instill pride in our work and ensure quality workmanship prevails throughout the workplace. We want everyone to feel part of the family by making people feel valued, engaged and safe.

Customers and Suppliers: The Company wants to be first choice for value-minded clients, our values state that we are customer-focused, we listen and are eager to learn, we are passionate and confident, we are solution-driven, we are a business of character and we work as a team. This will ensure that our customers’ needs are met. Delivering high-quality solutions will lead to repeat business. We equally recognise that along with our staff we rely heavily on like-minded suppliers of materials and services. We aim to treat our suppliers with respect and will work with them to ensure their needs are met. Suppliers delivering high levels of service and quality are met with loyalty from the Company.

Environment: The Company is aware of the increasing need to protect the environment and has recently completed its fifth Streamlined Energy and Carbon report. As a result of which it aims to be carbon neutral within the next couple of years. Electrification of both of the quarries is now complete, using 100% renewable sources, and the use of alternative fuels are projects which will reduce our carbon footprint. Our Social Value report has also just been updated and shows that the Group continues to add significant economic and social value to the area in which it operates, South East England. The Company is a large employer of local people and a large user of local suppliers and services. We also make material donations to local and national charities and encourage staff to complete charitable work across the community.

By order of the board

Mr P Thomas
Secretary
10 June 2025
GALLAGHER AGGREGATES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activities of the company continued to be the supply of quarry stone, re-cycled aggregate and ready mix concrete together with inert landfill and land restoration operations.

Results and dividends

The results for the year are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr P Gallagher
Mr S Hollingshead
Mr L Taylor
(Resigned 17 November 2023)
Mr P D'Arcy
Mr I Perkins
(Resigned 7 March 2025)
Mr A Bate
(Resigned 31 December 2023)
Mr S Connor
Ms L Gallagher
(Appointed 7 March 2025)
Mr S Gallagher
(Appointed 7 March 2025)
Mr P Thomas
(Appointed 7 March 2025)
Financial instruments
Treasury operations and financial instruments
The company's principal financial instruments comprise bank balances, trade creditors, trade debtors, and loans to the company.  The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.

Due to the nature of the financial instruments used by the company, there is no exposure to price risk.
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk

The company is subject to the risk of interest rate fluctuations, with it affecting its interest earning operations. In respect of loan from group undertakings and companies under common control, these are interest free.

Credit risk
Financial instruments which potentially subject the company to concentrations of credit risk consist only of cash and trade debtors.

Trade debtors are monitored on an on going basis and provision is made for doubtful debts where necessary.
Auditor

In accordance with the company's articles, a resolution proposing that Goldblatts be reappointed as auditor of the company will be put at a General Meeting.

GALLAGHER AGGREGATES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
Energy and carbon report

As the company has consumed more than 40,000 kWh of energy in this reporting period, it is required to prepare an SECR report on its emissions, energy consumption and energy efficiency activities.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
40,655,196
43,434,803
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
6,076.17
6,680.20
- Fuel consumed for owned transport
3,210.47
2,708.76
9,286.64
9,388.96
Scope 2 - indirect emissions
- Electricity purchased
847.24
862.38
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
2.57
4.24
Total gross emissions
10,136.45
10,255.58
Intensity ratio
Total tCO2e per £M Turnover
174.72
182.81
Quantification and reporting methodology

Gallagher Aggregates Ltd has appointed Carbon Footprint Ltd, a leading carbon and energy management company, to independently assess its Greenhouse Gas (GHG) emissions in accordance with the UK Government’s ‘Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance’.

 

Intensity measurement

The GHG emissions have been assessed following the Greenhouse Gas Protocol Corporate Standard and has used the 2024 emission conversion factors published by Department for Environment, Food and Rural Affairs (Defra) and the Department for Business, Energy & Industrial Strategy (BEIS). The assessment follows the dual reporting (market and location-based) approach for assessing Scope 2 emissions from electricity usage. The financial control approach has been used.

Measures taken to improve energy efficiency

In an effort to improve our business’s energy efficiency and to reduce associated emissions, we switched our Blaise farm quarry’s diesel-powered fixed plants to 100% renewable (REGO certified) electricity during the year ended 30 September 2023. Also in that year the company implemented a new energy management system conforming to ISO 50001 in 2023 and successfully completed it’s external certification by NQA. During 2024, the Company maximized its use of fixed plants, powered by mains electricity supplied by 100% renewable electricity, in order to minimize the use of mobile plants powered by diesel. The monitoring process of fuel efficiencies in both plant and vehicle fleet was also enhanced to reduce idling and improve work efficiencies.

 

GALLAGHER AGGREGATES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and the need to foster business relationships with suppliers, customers and others.

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 company’s auditor 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 company’s auditor is aware of that information.

By order of the board
Mr P Thomas
Secretary
10 June 2025
GALLAGHER AGGREGATES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GALLAGHER AGGREGATES LTD
- 8 -
Opinion

We have audited the financial statements of Gallagher Aggregates Ltd (the 'company') for the year ended 30 September 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 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 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.

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:

GALLAGHER AGGREGATES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GALLAGHER AGGREGATES LTD (CONTINUED)
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its 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, 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 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;

 

GALLAGHER AGGREGATES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GALLAGHER AGGREGATES LTD (CONTINUED)
- 10 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware or any possible non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any.

 

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.

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.

Mary Gregori FCA, FCCA
Senior Statutory Auditor
For and on behalf of Goldblatts
10 June 2025
Chartered Accountants
Statutory Auditor
4th Floor
4 Tabernacle Street
London
EC2A 4LU
GALLAGHER AGGREGATES LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
59,832,739
53,004,993
Cost of sales
(52,143,111)
(44,877,587)
Gross profit
7,689,628
8,127,406
Administrative expenses
(5,980,806)
(6,687,632)
Operating profit
4
1,708,822
1,439,774
Interest receivable and similar income
7
68,682
27,213
Interest payable and similar expenses
8
(48,642)
(25,320)
Profit before taxation
1,728,862
1,441,667
Tax on profit
9
(379,560)
(435,371)
Profit for the financial year
1,349,302
1,006,296

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

GALLAGHER AGGREGATES LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
22,457,387
24,399,628
Investments
12
100
100
22,457,487
24,399,728
Current assets
Stocks
14
991,873
1,153,797
Debtors
15
9,750,724
9,047,585
Cash at bank and in hand
4,314,276
862,097
15,056,873
11,063,479
Creditors: amounts falling due within one year
16
(10,198,662)
(9,376,200)
Net current assets
4,858,211
1,687,279
Total assets less current liabilities
27,315,698
26,087,007
Creditors: amounts falling due after more than one year
17
(492,555)
(586,695)
Provisions for liabilities
Deferred tax liability
19
2,226,763
2,253,235
(2,226,763)
(2,253,235)
Net assets
24,596,380
23,247,077
Capital and reserves
Called up share capital
20
101
170
Profit and loss reserves
24,596,279
23,246,907
Total equity
24,596,380
23,247,077
The financial statements were approved by the board of directors and authorised for issue on 10 June 2025 and are signed on its behalf by:
Mr P Gallagher
Mr P Thomas
Director
Director
Company registration number 02231689 (England and Wales)
GALLAGHER AGGREGATES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
170
-
0
22,240,611
22,240,781
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
1,006,296
1,006,296
Balance at 30 September 2023
170
-
0
23,246,907
23,247,077
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
1,349,302
1,349,302
Issue of share capital
20
1
-
0
-
1
Bonus issue of shares
20
100
(100)
-
0
-
0
Reduction of shares
20
(170)
100
70
-
0
Balance at 30 September 2024
101
-
0
24,596,279
24,596,380
GALLAGHER AGGREGATES LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
6,816,567
3,390,017
Interest paid
(48,642)
(25,320)
Income taxes paid
(59,354)
(98,010)
Net cash inflow from operating activities
6,708,571
3,266,687
Investing activities
Purchase of tangible fixed assets
(3,485,538)
(5,372,321)
Proceeds from disposal of tangible fixed assets
955,553
917,810
Interest received
68,682
27,213
Net cash used in investing activities
(2,461,303)
(4,427,298)
Financing activities
Payment of finance leases obligations
(795,089)
(713,221)
Net cash used in financing activities
(795,089)
(713,221)
Net increase/(decrease) in cash and cash equivalents
3,452,179
(1,873,832)
Cash and cash equivalents at beginning of year
862,097
2,735,929
Cash and cash equivalents at end of year
4,314,276
862,097
GALLAGHER AGGREGATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
1
Accounting policies
Company information

Gallagher Aggregates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Leitrim House, Little Preston, Coldharbour Lane, Aylesford, Maidstone, Kent, ME20 7NS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is exempt from preparing group accounts under section 405 Companies Act 2006, on the basis that the inclusion of subsidiary is not material for the purpose of giving a true and fair view.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Turnover is derived from the sale of materials to the construction industry. Income is recognised at the point of delivery.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue for the provision of masonry contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

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

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

Land and buildings Leasehold
Over the life of the lease
Plant and machinery
5% - 33% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% straight line
GALLAGHER AGGREGATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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.

1.6
Stocks

Stocks and Work in progress 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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred 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.

1.9
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.

GALLAGHER AGGREGATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.10
Leases
As lessee

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.

1.11
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 company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Fixed assets

Management regularly review the depreciation rates given to each class of fixed asset to ensure they are carrying the asset at the appropriate value. Where necessary the impairment of assets is also considered where the Net book value seems unrealisable.

Stock and Work In Progress

Management consider the costs incurred in producing the stock to ensure the costs are correctly stated when calculating the lower of cost or net realisable value.

GALLAGHER AGGREGATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
3
Turnover and other revenue

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

2024
2023
£
£
Turnover analysed by class of business
Sale of aggregates
37,963,145
33,023,704
Sales of concrete
21,047,367
18,834,134
Sales of masonry products
747,347
1,144,155
Servicing of plant
74,880
3,000
59,832,739
53,004,993
2024
2023
£
£
Other revenue
Interest income
68,682
27,213

The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom.

 

4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
4,703,881
4,102,961
Depreciation of tangible fixed assets held under finance leases
902,385
890,504
Profit on disposal of tangible fixed assets
(406,602)
(498,973)
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 company
32,725
21,250
For other services
Taxation compliance services
2,300
2,300
All other non-audit services
5,965
2,000
8,265
4,300
GALLAGHER AGGREGATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
801,210
781,277
Compensation for loss of office
-
0
140,021
801,210
921,298
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
510,467
378,813
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
67,975
20,194
Other interest income
707
7,019
Total income
68,682
27,213
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
67,975
20,194
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
48,642
25,320
GALLAGHER AGGREGATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
406,032
-
0
Adjustments in respect of prior periods
-
0
(1,163)
Total current tax
406,032
(1,163)
Deferred tax
Origination and reversal of timing differences
(26,472)
436,534
Total tax charge
379,560
435,371

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
1,728,862
1,441,667
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
432,216
317,167
Tax effect of expenses that are not deductible in determining taxable profit
16,383
12,913
Tax effect of utilisation of tax losses not previously recognised
(71,891)
-
0
Unutilised tax losses carried forward
-
0
287,562
Adjustments in respect of prior years
-
0
1,163
Permanent capital allowances in excess of depreciation
2,852
(183,434)
Taxation charge for the year
379,560
435,371
GALLAGHER AGGREGATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
10
Tangible fixed assets
Land and buildings Leasehold
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
249,615
-
0
49,313,792
659,208
832,699
51,055,314
Additions
276,757
937,730
2,819,288
-
0
179,201
4,212,976
Disposals
-
0
-
0
(2,905,080)
-
0
(87,436)
(2,992,516)
At 30 September 2024
526,372
937,730
49,228,000
659,208
924,464
52,275,774
Depreciation and impairment
At 1 October 2023
157,989
-
0
25,742,892
181,616
573,189
26,655,686
Depreciation charged in the year
23,694
-
0
5,355,559
88,894
138,119
5,606,266
Eliminated in respect of disposals
-
0
-
0
(2,371,489)
-
0
(72,076)
(2,443,565)
At 30 September 2024
181,683
-
0
28,726,962
270,510
639,232
29,818,387
Carrying amount
At 30 September 2024
344,689
937,730
20,501,038
388,698
285,232
22,457,387
At 30 September 2023
91,626
-
0
23,570,900
477,592
259,510
24,399,628

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2024
2023
£
£
Plant and machinery
3,252,026
3,586,330
11
Employees

All labour was supplied by Gallagher Resources Limited.

 

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
7,636,216
8,510,187
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
100
100
GALLAGHER AGGREGATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
13
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
Gallagher Processed Aggregates Limited
See below
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Gallagher Processed Aggregates Limited
100
-
0

The registered office of the subsidiaries above is Leitrim House, Little Preston, Coldharbour Lane, Aylesford, Maidstone, Kent, ME20 7NS.

14
Stocks
2024
2023
£
£
Work in progress
138,744
225,981
Finished goods and goods for resale
853,129
927,816
991,873
1,153,797
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,074,651
7,728,115
Unpaid share capital
1
-
0
Corporation tax recoverable
-
0
43,122
Other debtors
910,056
673,134
Prepayments and accrued income
766,016
603,214
9,750,724
9,047,585

The amounts owed by companies under common control and related parties (included in other debtors) are interest free, with no security and no fixed repayment terms.

GALLAGHER AGGREGATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
18
639,137
612,648
Trade creditors
4,636,106
3,304,658
Amounts owed to group undertakings
100
100
Corporation tax
303,556
-
0
Other taxation and social security
670,459
702,106
Other creditors
1,020,508
1,489,270
Accruals and deferred income
2,928,796
3,267,418
10,198,662
9,376,200

The amounts owed to subsidiary undertakings, companies under common control and other related parties (included in other creditors) are interest free, with no security and no fixed repayment terms.

17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
18
492,555
586,695
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
639,137
612,648
In two to five years
492,555
586,695
1,131,692
1,199,343

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

GALLAGHER AGGREGATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
19
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,974,352
2,000,824
Reinstatement provision
252,411
252,411
2,226,763
2,253,235
2024
Movements in the year:
£
Liability at 1 October 2023
2,253,235
Credit to profit or loss
(26,472)
Liability at 30 September 2024
2,226,763

£678,691 of the deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

 

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
0
100
-
0
100
'A' Ordinary shares of 70p each
0
100
-
0
70
Ordinary shares of £1 each
100
0
100
-
0
Deferred shares of £1 each
1
0
1
-
0
101
200
101
170

The deferred share is unpaid.

GALLAGHER AGGREGATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
21
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Companies under common control
4,102,631
3,549,160
2,917,803
4,993,633
Key management personnel
-
0
-
0
225,025
433,486
Other related parties
8,550
-
0
9,731,123
10,397,142

The sales above are provided in the course of normal operations.


Included in the purchases from companies under common control are the following significant transactions concluded in the course of normal operations;

Plant hire services £483,968 (2023 - £1,802,680).

Management Services £1,970,904 (2023 - £2,647,419).

Construction services £388,931 (2023 - £452,729).


Included in the purchases from other related parties are the following significant transactions concluded in the course of normal operations;

Labour services £5,932,501 (2023 - £6,457,610).

Mineral Rights £3,543,171 (2023 - £3,659,285).

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
100
100
Companies under common control
417,880
278,232
Key management personnel
187,325
228,000
Other related parties
583,800
1,204,028

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Companies under common control
947,652
706,757
Other related parties
3,695
-
22
Operating lease commitments

At the year end the company had commitments to pay royalties amounting to £500,000 per annum over the next 3 years.

GALLAGHER AGGREGATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
23
Ultimate controlling party

The parent company of Gallagher Aggregates Limited is P Gallagher II Limited, whose registered office is 4 Tabernacle Street, London, England, EC2A 4LU.

Until 30 September 2024 the company was ultimately controlled by Mr. P Gallagher, who owned 100% of the issued share capital of Gallagher Aggregates Limited.

 

On the same date, P Gallagher II Limited acquired the shares in Gallagher Aggregates Limited.

 

At the year end no one individual controls the company.

The following are the parents of the largest and smallest groups in which this company's results are consolidated:

Largest group
P Gallagher II Limited
Smallest group
P Gallagher II Limited

Consolidated financial statements and copies can be obtained from - The Company Secretary, Leitrim House, Little Preston, Aylesford, Kent ME20 7NS.

24
Cash generated from operations
2024
2023
£
£
Profit after taxation
1,349,302
1,006,296
Adjustments for:
Taxation charged
379,560
435,371
Finance costs
48,642
25,320
Investment income
(68,682)
(27,213)
Gain on disposal of tangible fixed assets
(406,602)
(498,973)
Depreciation and impairment of tangible fixed assets
5,606,266
4,993,465
Movements in working capital:
Decrease/(increase) in stocks
161,924
(402,264)
(Increase)/decrease in debtors
(746,260)
2,487,205
Increase/(decrease) in creditors
492,417
(4,629,190)
Cash generated from operations
6,816,567
3,390,017
25
Analysis of changes in net funds/(debt)
1 October 2023
Cash flows
New leases
30 September 2024
£
£
£
£
Cash at bank and in hand
862,097
3,452,179
-
4,314,276
Lease liabilities
(1,199,343)
795,089
(727,438)
(1,131,692)
(337,246)
4,247,268
(727,438)
3,182,584
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