Company Registration No. 08167226 (England and Wales)
CABLESHEER GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
CABLESHEER GROUP LIMITED
COMPANY INFORMATION
Director
Mr D R Brown
Company number
08167226
Registered office
Unit 3, Fitzroy Business Park
Sandy Lane
Sidcup
Kent
DA14 5NL
Auditor
TC Group
Star House
Star Hill
Rochester
Kent
ME1 1UX
CABLESHEER GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Director's report
4 - 5
Independent auditor's report
6 - 9
Group statement of comprehensive income
10
Group statement of financial position
11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Company statement of cash flows
16
Notes to the financial statements
17 - 33
CABLESHEER GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The director presents the strategic report for the year ended 30 September 2024.
Fair review of the business
Cablesheer Group Limited functions as a non-trading holding company. We wholly own the share capital of Cablesheer Limited (formally Cablesheer (Asbestos) Limited) and Cablesheer Construction Limited, which were acquired on 20th January 2016.
During this fiscal year, we have made significant investment in tendering and expansion of our business. We have also invested in marketing and a new website to reflect the current business. These factors have affected our bottom line for this year however should set us up in good steed going forward.
Principal risks and uncertainties
We constantly evaluate and address significant risks that could impact our business. The primary risk factors currently include skilled labour, materials, material prices, strategic, commercial, operational, reputational, and financial risks. Our directors actively oversee these areas and we continue to strategise to mitigate these risks.
Strategy for future
We will be looking to consolidate at a slightly lower turnover than last year (current £7.7m) £14 million.
This allows us to streamline our operation, drive efficiency and push up the profit margin.
As per our last year commitment we have decided to divest from the new builds division due to the inherent risks associated with it. While this division contributed to our turnover, the associated risks were high and did not align with our risk management principles.
We remain committed to sectors such as Housing Associates, Local Authorities, Property Management Companies, Private Dwellings, and Commercial Properties. These sectors consistently receive substantial government funding, making them stable and promising areas for our continued operation.
Our decision to reconsolidate and divest from high-risk areas signifies our commitment to long-term sustainability over short-term gains. We are confident that these strategic decisions will not only reduce risk but also establish a robust platform for future growth and profitability.
Development and performance
Efforts to streamline commercial finctions, embrace AI technology, and leverage data analytics through Power BI have enhanced operational efficiency and decision-making capabilities.
However, challenges such as contract issues, recruitment costs, under-pricing of asbestos work, and delays in project commencements have impacted profitability.
Cablesheer Construction have completely reduced the overhead cost and are in the final parts of closing down the last two projects. This has allowed us to make a clear break ready for the new financial year to go again.
We continue to assess our business processes and operations to ensure efficiency, introduce new IT systems for business optimisation, and explore new business strategies to increase our market share. We are also continually exploring new services to elevate our business level and reviewing construction methods/materials for improved efficiency.
CABLESHEER GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Key performance indicators
We use industry Key Performance Indicators (KPIs) to assess our performance, focusing on Time, Cost, Defects, Health & Safety, and Client/Resident Satisfaction.
CAG commitment to ongoing investment in operational improvements has proven effective in driving business growth and maintaining healthy profit margins. These efforts encompass continual IT upgrades including new servers, equipment improvements, regular staff training, and fleet enhancement.
Equally, CAG's strategic business diversification, in response to potential policy changes, demonstrates its adaptability and resilience in a changing industry environment.
Future Developments
As we continue to adapt to an evolving market, CL is prepared for several exciting developments in the near future. Despite current challenges posed by high inflation and the increasing cost of material, we are actively taking steps to ensure the financial robustness of our company.
We will also continue to drive operational efficiency across all levels of our business, employing strategies that promote productivity, optimise resources, and ultimately, increase our profit margin. This focus on efficiency, coupled with our ongoing commitment to offering a diversified portfolio of services, represents our strategic vision for the future.
CL is set to expand further into fire safety solutions and building services, with a dedicated focus on professional development and training to ensure that our team is equipped to deliver top-notch service. Alongside this, we intend to continuously invest in our IT infrastructure, plant equipment, and personnel, underlining our commitment to quality and customer satisfaction.
We remain confident in our ability to navigate these future developments and are excited about the opportunities they represent. Our commitment to our clients, our team, and the standards of service we provide will continue to guide our operations as we move into this next phase of our growth.
Cablesheer Asbestos - will continue to pick up frameworks for our Housing Association clients and Local Authorities. We continue to add to our existing team to ensure that we facilitate the works to the levels of quality that our clients have come to expect. Long-term contracts and frameworks contribute to our stability and simplify the process of future forecasting.
Cablesheer Fire, our established Fire Division, is primed for further growth, in line with the array of services we previously outlined. As the government amplifies its efforts to ensure fire compliance in all buildings, we are poised to expand our capabilities by adding Fire Risk Assessment (FRA) surveying, recognizing the substantial demand for this expertise.
Cablesheer Construction – we will be divesting from the risk-prone new builds division and instead concentrating on refurbishments, maintenance, cladding, and planned projects through Cablesheer Construction. We're also undergoing a reconsolidation process aimed at reducing overheads and fostering a leaner, more agile business structure. Despite the short-term reduction in turnover, these changes are designed to enhance long-term profitability.
CABLESHEER GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
The Directors are confident that all of the above will bring growth in terms of turnover, but also healthy profit margins.
Training,
Maintaining, reviewing and pushing Quality,
Maintaining, reviewing and pushing Efficiencies throughout the business,
Promotion and corporate structures, Integration of Senior Line Managers
Constantly assessing our overhead to ensure efficiently,
Introducing new IT systems and new IT methods to create efficiencies within the business,
Reviewing new business strategies to win more work,
Reassessing our accounting and commercial operations to match the requirements of a business of our scale.
Introduction of new services (as previously mentioned) that take the business onto the next level,
Constantly review different methods of construction/materials to create efficiencies and assist with reducing outgoings
This report has been prepared in accordance with the requirements of the UK Companies Act 2006. As directors, we confirm that to the best of our knowledge, the information provided accurately represents the strategic direction and performance of Cablesheer Group Limited.
Mr D R Brown
Director
23 June 2025
CABLESHEER GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
The director presents his annual report and financial statements for the year ended 30 September 2024.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £2,000. The director does not recommend payment of a further dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr D R Brown
Research and development
CGL always try to push the boundaries with R&D, constantly trying to evolve and develop the services that they provide. The activity generally revolves around pushing the limitations of new products and trying to simplify what they do. Both assist CCL & CL in improving the service to their clients. CCL & CL employ an external consultant to assist their R&D claims.
Future developments
Refer to the Strategic Report for information on Future Developments.
Auditor
The auditor, TC Group Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
CABLESHEER GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
Statement of director's responsibilities
The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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. He is 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.
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 D R Brown
Director
23 June 2025
CABLESHEER GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CABLESHEER GROUP LIMITED
- 6 -
Opinion
We have audited the financial statements of Cablesheer Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2024 and of the group's loss 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report.
CABLESHEER GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CABLESHEER GROUP LIMITED
- 7 -
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
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 its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the director's report.
We have nothing to report in respect of the following matters where 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 director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
CABLESHEER GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CABLESHEER GROUP LIMITED
- 8 -
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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
Our approach was as follows:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
CABLESHEER GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CABLESHEER GROUP LIMITED
- 9 -
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Sally Meah FCCA (Senior Statutory Auditor)
For and on behalf of TC Group
26 June 2025
Statutory Auditor
Star House
Star Hill
Rochester
Kent
ME1 1UX
CABLESHEER GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
7,698,413
13,951,774
Cost of sales
(4,726,095)
(9,940,944)
Gross profit
2,972,318
4,010,830
Administrative expenses
(2,827,736)
(3,896,106)
EBITDA
144,582
114,724
Depreciation
(143,098)
(165,616)
Amortisation
(185,995)
(185,995)
Operating loss
(184,511)
(236,887)
Interest receivable and similar income
6
8,921
5,463
Interest payable and similar expenses
7
(30,964)
(71,245)
Loss before taxation
(206,554)
(302,669)
Tax on loss
8
(25,668)
(217,403)
Loss for the financial year
(232,222)
(520,072)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
CABLESHEER GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
247,994
433,989
Tangible assets
11
468,055
533,002
716,049
966,991
Current assets
Stocks
14
62,608
63,973
Debtors
15
2,830,937
3,789,161
Cash at bank and in hand
44,375
589,810
2,937,920
4,442,944
Creditors: amounts falling due within one year
16
(2,037,710)
(3,219,573)
Net current assets
900,210
1,223,371
Total assets less current liabilities
1,616,259
2,190,362
Creditors: amounts falling due after more than one year
17
(154,544)
(504,047)
Provisions for liabilities
Deferred tax liability
19
85,944
76,322
(85,944)
(76,322)
Net assets
1,375,771
1,609,993
Capital and reserves
Called up share capital
21
1,824
1,824
Profit and loss reserves
1,373,947
1,608,169
Total equity
1,375,771
1,609,993
The financial statements were approved and signed by the director and authorised for issue on 23 June 2025
23 June 2025
Mr D R Brown
Director
CABLESHEER GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
30 September 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
2,519,941
3,139,697
Current assets
Debtors
15
1,958,679
2,463,791
Cash at bank and in hand
6,417
63,191
1,965,096
2,526,982
Creditors: amounts falling due within one year
16
(3,108,839)
(4,055,201)
Net current liabilities
(1,143,743)
(1,528,219)
Net assets
1,376,198
1,611,478
Capital and reserves
Called up share capital
21
1,824
1,824
Profit and loss reserves
1,374,374
1,609,654
Total equity
1,376,198
1,611,478
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £233,279 (2023 - £859,787 loss).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 23 June 2025
23 June 2025
Mr D R Brown
Director
Company Registration No. 08167226
CABLESHEER GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
1,824
2,128,241
2,130,065
Year ended 30 September 2023:
Loss and total comprehensive income for the year
-
(520,072)
(520,072)
Balance at 30 September 2023
1,824
1,608,169
1,609,993
Year ended 30 September 2024:
Loss and total comprehensive income for the year
-
(232,222)
(232,222)
Dividends
9
-
(2,000)
(2,000)
Balance at 30 September 2024
1,824
1,373,947
1,375,771
CABLESHEER GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
1,824
2,469,441
2,471,265
Year ended 30 September 2023:
Loss and total comprehensive income for the year
-
(859,787)
(859,787)
Balance at 30 September 2023
1,824
1,609,654
1,611,478
Year ended 30 September 2024:
Loss and total comprehensive income for the year
-
(233,280)
(233,280)
Dividends
9
-
(2,000)
(2,000)
Balance at 30 September 2024
1,824
1,374,374
1,376,198
CABLESHEER GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(60,864)
1,043,985
Interest paid
(30,964)
(71,245)
Income taxes (paid)/refunded
-
134,930
Net cash (outflow)/inflow from operating activities
(91,828)
1,107,670
Investing activities
Purchase of tangible fixed assets
(14,430)
(3,481)
Proceeds on disposal of tangible fixed assets
2,751
21,714
Receipts arising from loans made
1,545
3,185
Interest received
8,921
5,463
Net cash (used in)/generated from investing activities
(1,213)
26,881
Financing activities
Repayment of borrowings
(300,975)
(341,777)
Payment of finance leases obligations
(165,169)
(265,725)
Dividends paid to equity shareholders
(2,000)
-
Net cash used in financing activities
(468,144)
(607,502)
Net (decrease)/increase in cash and cash equivalents
(561,185)
527,049
Cash and cash equivalents at beginning of year
589,810
62,761
Cash and cash equivalents at end of year
28,625
589,810
Relating to:
Cash at bank and in hand
44,375
589,810
Bank overdrafts included in creditors payable within one year
(15,750)
-
CABLESHEER GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
27
(1,674,530)
(581,592)
Investing activities
Proceeds on disposal of subsidiaries
619,756
627,835
Dividends received
1,000,000
Net cash generated from investing activities
1,619,756
627,835
Financing activities
Dividends paid to equity shareholders
(2,000)
-
Net cash used in financing activities
(2,000)
-
Net (decrease)/increase in cash and cash equivalents
(56,774)
46,243
Cash and cash equivalents at beginning of year
63,191
16,948
Cash and cash equivalents at end of year
6,417
63,191
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
1
Accounting policies
Company information
Cablesheer Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 3, Fitzroy Business Park, Sandy Lane, Sidcup, Kent, DA14 5NL.
The group consists of Cablesheer Group Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
The consolidated group financial statements consist of the financial statements of the parent company Cablesheer Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.3
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services 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.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
.
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:
Plant and equipment
25% per annum on reducing balance
Fixtures and fittings
33% per annum on reducing balance, 25% per annum on reducing balance and 15% per annum on reducing balance
Computers
33% per annum on reducing balance and 25% per annum on reducing balance
Motor vehicles
25% per annum on reducing balance
Office equipment
25% per annum on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.7
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.
1.8
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.9
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 income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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 statement of financial position 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.
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.13
Expenditure on research and development is written off in the year in which it is incurred.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the director is 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. The directors made key assumptions and estimates regarding the stage of completion, value of income, of future costs and collectability of income.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business in 2016, is being amortised evenly over its estimated useful life of ten years.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Depreciation of property, plant and equipment
Depreciation is provided so as to write down the assets to their residual values over their estimated useful lives. The selection of these residual values and estimated lives requires the exercise of management judgement.
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
3
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
5,000
5,730
Audit of the financial statements of the company's subsidiaries
17,000
15,650
22,000
21,380
4
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
Employees
50
71
-
-
Directors
3
5
1
1
Total
53
76
1
1
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,250,702
3,204,046
Social security costs
250,894
358,978
-
-
Pension costs
44,237
64,967
2,545,833
3,627,991
5
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
50,000
107,000
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
8,921
5,463
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
8,921
5,463
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
17,933
55,075
Other finance costs:
Interest on finance leases and hire purchase contracts
13,031
16,170
Total finance costs
30,964
71,245
8
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
16,046
(134,930)
Deferred tax
Origination and reversal of timing differences
9,622
352,333
Total tax charge
25,668
217,403
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Taxation
(Continued)
- 24 -
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(206,554)
(302,669)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(51,639)
(57,507)
Tax effect of expenses that are not deductible in determining taxable profit
251,493
37,726
Tax effect of income not taxable in determining taxable profit
(250,000)
Tax effect of utilisation of tax losses not previously recognised
(19,006)
(52,206)
Unutilised tax losses carried forward
112,808
83,117
Adjustments in respect of prior years
16,046
Group relief
(56,693)
(43,643)
Permanent capital allowances in excess of depreciation
13,037
26,520
Research and development tax credit
(134,930)
Deferred tax adjustments in respect of prior years
9,622
352,332
Tax at marginal rate
5,994
Taxation charge
25,668
217,403
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
2,000
-
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
1,114,245
Amortisation and impairment
At 1 October 2023
680,256
Amortisation charged for the year
185,995
At 30 September 2024
866,251
Carrying amount
At 30 September 2024
247,994
At 30 September 2023
433,989
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
11
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Office equipment
Total
£
£
£
£
£
£
Cost or valuation
At 1 October 2023
182,299
99,982
29,991
793,147
5,965
1,111,384
Additions
14,430
66,745
81,175
Disposals
(20,089)
(20,089)
At 30 September 2024
182,299
99,982
44,421
839,803
5,965
1,172,470
Depreciation and impairment
At 1 October 2023
142,706
82,281
19,706
329,587
4,102
578,382
Depreciation charged in the year
10,178
4,148
5,252
123,030
489
143,097
Eliminated in respect of disposals
(17,064)
(17,064)
At 30 September 2024
152,884
86,429
24,958
435,553
4,591
704,415
Carrying amount
At 30 September 2024
29,415
13,553
19,463
404,250
1,374
468,055
At 30 September 2023
39,593
17,701
10,285
463,560
1,863
533,002
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
2,519,941
3,139,697
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023
3,139,697
Valuation changes
(402,396)
Impairment
(217,360)
At 30 September 2024
2,519,941
Carrying amount
At 30 September 2024
2,519,941
At 30 September 2023
3,139,697
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
Cablesheer Limited (formally Cablesheer (Asbestos) Limited)
Unit 3, Fitzroy Business Park, Sandy Lane, Sidcup, Kent, DA14 5NL
Ordinary
100.00
Cablesheer Construction Limited
as above
Ordinary
100.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
-
6,557
-
-
Finished goods and goods for resale
62,608
57,416
62,608
63,973
-
-
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
980,678
580,248
7,316
Corporation tax recoverable
16,046
Amounts owed by group undertakings
-
-
1,933,281
-
Other debtors
108,047
57,220
14,353
10,408
Prepayments and accrued income
1,742,212
3,135,647
3,729
7,995
2,830,937
3,789,161
1,958,679
18,403
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
-
2,445,388
Total debtors
2,830,937
3,789,161
1,958,679
2,463,791
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
15,750
Obligations under hire purchase
107,980
164,244
Other borrowings
18
147,889
141,521
Trade creditors
312,330
507,251
350
12,610
Amounts owed to group undertakings
3,097,954
4,032,361
Other taxation and social security
194,543
524,771
-
-
Other creditors
585,088
779,966
3,910
3,910
Accruals and deferred income
674,130
1,101,820
6,625
6,320
2,037,710
3,219,573
3,108,839
4,055,201
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under hire purchase
42,160
Other borrowings
18
154,544
461,887
154,544
504,047
-
-
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
15,750
Other loans
302,433
603,408
318,183
603,408
-
-
Payable within one year
163,639
141,521
Payable after one year
154,544
461,887
NSS Trustees Limited, D Brown & A Brown, as Trustees of a retirements benefit scheme, hold fixed and floating charges which cover all the property or undertakings of the company of Cablesheer Construction Limited and Cablesheer Limited. It contains a negative pledge.
Cablesheer Limited has paid rent into the pension scheme of £90,000 (2023 - £90,000).
19
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
85,944
76,322
The company has no deferred tax assets or liabilities.
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
19
Deferred taxation
(Continued)
- 30 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
76,322
-
Charge to profit or loss
9,622
-
Liability at 30 September 2024
85,944
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
44,237
64,967
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.
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
1,313
1,313
1,824
1,824
Ordinary B of £1 each
183
183
-
-
Ordinary C of £1 each
328
328
-
-
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
22
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
-
72,956
-
-
-
72,956
-
-
23
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
153,949
328,533
Other information
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.
24
Directors' transactions
During the year, the group made repayments to the directors amounting to £2,247 (2023 - £244,801), and the group received loans from the directors amounting to £54,283 (2023 - £540,670).
The amounts due to the director at the year end was £396,543 (2023 - £344,507). The loans were interest free and are repayable on demand.
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 32 -
25
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Loss for the year after tax
(232,222)
(520,072)
Adjustments for:
Taxation charged
25,668
217,403
Finance costs
30,964
71,245
Investment income
(8,921)
(5,463)
Loss/(gain) on disposal of tangible fixed assets
274
(4,264)
Amortisation and impairment of intangible assets
185,995
185,995
Depreciation and impairment of tangible fixed assets
143,097
165,616
Movements in working capital:
Decrease in stocks
1,365
-
Decrease in debtors
940,633
1,717,091
Decrease in creditors
(1,147,717)
(783,566)
Cash (absorbed by)/generated from operations
(60,864)
1,043,985
26
Analysis of changes in net funds - company
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
63,191
(56,774)
6,417
27
Cash absorbed by operations - company
2024
2023
£
£
Loss for the year after tax
(233,280)
(859,787)
Adjustments for:
Investment income
(1,000,000)
Movements in working capital:
Decrease/(increase) in debtors
505,112
(25,063)
(Decrease)/increase in creditors
(946,362)
303,258
Cash absorbed by operations
(1,674,530)
(581,592)
CABLESHEER GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 33 -
28
Analysis of changes in net debt - group
1 October 2023
Cash flows
New finance leases
30 September 2024
£
£
£
£
Cash at bank and in hand
589,810
(545,435)
-
44,375
Bank overdrafts
(15,750)
-
(15,750)
589,810
(561,185)
-
28,625
Borrowings excluding overdrafts
(603,408)
300,975
-
(302,433)
Obligations under hire purchase
(206,404)
165,169
(66,745)
(107,980)
(220,002)
(95,041)
(66,745)
(381,788)
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