Company Registration No. 04353201 (England and Wales)
CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2024
Star House
Star Hill
Rochester
Kent
ME1 1UX
CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
CONTENTS
Page
Company information
1
Strategic report
2 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 10
Statement of comprehensive income
11
Statement of financial position
12 - 13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 30
CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
COMPANY INFORMATION
- 1 -
Directors
Mr D R Brown
Mr D J Brown
Secretary
Mr D R Brown
Company number
04353201
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 LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

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

Fair review of the business

Cablesheer Limited (CL), a subsidiary of the Cablesheer Group, was founded in 2002 to complement the operations of its sister company, Cablesheer Construction Limited (CCL).

 

In its nascent stages, CL primarily relied on commissions from CCL, gradually establishing its footing through various industry frameworks. This development laid the foundation for CL's growth as it enabled the directors to explore business opportunities outside CCL's scope.

 

Over time, CL earned recognition as a trusted 'Asbestos Specialist', leading to a rapid growth in operations. This was bolstered by a surge in clients seeking CL's specialist advice on asbestos management.

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 the future

 

Taking into account the government's aspiration to eliminate all asbestos from buildings by 2035, CL's directors have adopted a diversification strategy. This forward-thinking approach is designed to prevent an over-reliance on asbestos-related work, and to future-proof our operations.

 

Consequently, CL has expanded its portfolio to include building services that parallel asbestos removal in process but not in substance, thereby broadening our market reach while managing risk.

 

In addition, we have ventured into fire safety solutions, offering services such as fire stopping and fire door installation and maintenance. The Grenfell tragedy has led to a strong governmental and societal focus on fire safety, and CL is poised to meet this demand with highly trained personnel and accredited services.

 

Additionally, we have introduced Type 4 Surveys to our range of services, providing a comprehensive analysis of existing buildings to devise a thorough fire strategy and construction plan.

 

Looking ahead, our strategy involves further cost optimisation and efficiency improvements. We aim to drive efficiency across our operations, utilising technology and strategic management to enhance productivity. We plan to reduce overhead costs, investing where necessary and managing resources effectively to ensure that every expenditure contributes to the growth and profitability of the business.

 

Also, we will leverage our contractual agreements to maintain profitability, ensuring that our contracts are designed and negotiated to align with our business goals and financial target.

CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Development and performance

CL experienced substantial growth as an identifiable entity in the industry, gaining a reputation as a trusted 'Asbestos Specialist' and observing a surge in clients seeking its specialist advice for asbestos management. Over the years, the simultaneous expansion of CL's team and business turnover was evident, reflecting a consistent gross profit margin of 30 - 40%.

 

Such a trend, alongside a drive towards operational and onsite efficiencies, led to CL's substantial investments in IT, equipment, training, fleet, and human resources.

 

While the company managed to agree on CPI uplifts with most clients during quarters 3 and 4, the effects of these agreements wouldn't fully manifest until later in the year and into the next.

 

Efforts to streamline the commercial function, embrace AI, and leverage data analytics through Power BI have enhanced operational efficiency and decision-making capabilities.

 

However, the profit margin this year has been impacted due to several factors:

 

 

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.

 

CL's 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, equipment improvements, regular staff training, and fleet enhancement.

 

Equally, CL's strategic business diversification, in response to potential policy changes, demonstrates its adaptability and resilience in a changing industry environment

CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
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 materials, 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.

 

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 Limited.

On behalf of the board

Mr D R Brown
Director
23 June 2025
CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
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.

Results and dividends

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

Ordinary dividends were paid amounting to £1,000,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr D R Brown
Mr D J Brown
Research and development

CL 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 CL in improving the service to their clients. 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.

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.

CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
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.

On behalf of the board
Mr D R Brown
Director
23 June 2025
CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
- 7 -
Opinion

We have audited the financial statements of Cablesheer Limited (the 'company') for the year ended 30 September 2024 which comprise the Profit and Loss Account, Balance Sheet, the statement of changes in equity and the 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standards 102The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

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.

CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
- 8 -

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in 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.

CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
- 9 -
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

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

The objectives of our audit, in respect 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:

 

 

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

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

CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
- 10 -

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.

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.

Sally Meah FCCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
26 June 2025
Star House
Star Hill
Rochester
Kent
ME1 1UX
CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
2024
2023
Notes
£
£
Turnover
7,498,406
11,941,852
Cost of sales
(4,597,692)
(8,418,762)
Gross profit
2,900,714
3,523,090
Administrative expenses
(2,511,525)
(2,981,569)
EBITDA
389,189
541,521
Depreciation
(126,130)
(142,446)
Operating profit
3
263,059
399,075
Interest receivable and similar income
7
7,889
3,621
Interest payable and similar expenses
6
(30,964)
(64,526)
Profit before taxation
239,984
338,170
Tax on profit
8
(25,668)
(32,785)
Profit for the financial year
214,316
305,385

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 16 to 30 form part of these financial statements.

CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
418,475
466,455
Current assets
Stocks
11
62,608
57,416
Debtors
12
6,756,914
8,372,187
Cash at bank and in hand
28,717
487,080
6,848,239
8,916,683
Creditors: amounts falling due within one year
14
(1,851,450)
(2,842,309)
Net current assets
4,996,789
6,074,374
Total assets less current liabilities
5,415,264
6,540,829
Creditors: amounts falling due after more than one year
15
(154,544)
(504,047)
Provisions for liabilities
Deferred tax liability
16
85,944
76,322
(85,944)
(76,322)
Net assets
5,174,776
5,960,460
Capital and reserves
Called up share capital
18
1,580
1,580
Profit and loss reserves
5,173,196
5,958,880
Total equity
5,174,776
5,960,460

The notes on pages 16 to 30 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
Mr D R Brown
Director
Company registration number 04353201 (England and Wales)
CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
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
1,580
5,653,495
5,655,075
Year ended 30 September 2023:
Profit and total comprehensive income
-
305,385
305,385
Balance at 30 September 2023
1,580
5,958,880
5,960,460
Year ended 30 September 2024:
Profit and total comprehensive income
-
214,316
214,316
Dividends
9
-
(1,000,000)
(1,000,000)
Balance at 30 September 2024
1,580
5,173,196
5,174,776

The notes on pages 16 to 30 form part of these financial statements.

CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,022,310
870,418
Interest paid
(30,964)
(64,526)
Net cash inflow from operating activities
991,346
805,892
Investing activities
Purchase of tangible fixed assets
(14,430)
(3,481)
Proceeds from disposal of tangible fixed assets
2,751
19,500
Repayment of loans
4,475
3,185
Interest received
7,889
3,621
Net cash generated from investing activities
685
22,825
Financing activities
Repayment of borrowings
(300,975)
(111,099)
Payment of finance leases obligations
(165,169)
(265,725)
Dividends paid
(1,000,000)
-
0
Net cash used in financing activities
(1,466,144)
(376,824)
Net (decrease)/increase in cash and cash equivalents
(474,113)
451,893
Cash and cash equivalents at beginning of year
487,080
35,187
Cash and cash equivalents at end of year
12,967
487,080
Relating to:
Cash at bank and in hand
28,717
487,080
Bank overdrafts included in creditors payable within one year
(15,750)
-
0

The notes on pages 16 to 30 form part of these financial statements.

CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
1
Accounting policies
Company information

Cablesheer Limited (formerly known as Cablesheer (Asbestos) Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, Fitzroy Business Park, Sandy Lane, Sidcup, Kent, DA14 5NL.

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
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 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 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 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.

1.4
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.

CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -

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
15% per annum on reducing balance
Computer Equipment
33% 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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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 statement of financial position 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.10
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the 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 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.

 

1.11
Employee benefits

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

 

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

 

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

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the 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 leases asset are consumed.

CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
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.

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 make key assumptions and estimates regarding the stage of completion, value of income, of future costs and collectability of income.

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.

3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
12,000
8,350
Depreciation of owned tangible fixed assets
126,130
142,446
Loss/(profit) on disposal of tangible fixed assets
274
(4,264)
Operating lease charges
30,157
16,902
CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Employees
48
60
Directors
1
1
Total
49
61

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,120,552
2,444,715
Social security costs
234,716
264,616
Pension costs
42,996
52,594
2,398,264
2,761,925
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
78,449
90,282
Company pension contributions to defined contribution schemes
1,321
2,201
79,770
92,483
6
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
17,933
48,356
Other finance costs:
Interest on finance leases and hire purchase contracts
13,031
16,170
30,964
64,526
CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
7,889
3,621
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
7,889
3,621
8
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
16,046
-
0
Deferred tax
Origination and reversal of timing differences
9,622
32,785
Total tax charge
25,668
32,785
CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) 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 charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
239,984
338,170
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
59,996
64,252
Tax effect of expenses that are not deductible in determining taxable profit
5,425
2,181
Tax effect of utilisation of tax losses not previously recognised
(19,006)
(52,206)
Adjustments in respect of prior years
16,046
-
0
Group relief
(56,693)
(43,643)
Permanent capital allowances in excess of depreciation
10,278
23,422
Deferred tax adjustments in respect of prior years
9,622
32,785
Tax at marginal rate
-
0
5,994
Taxation charge for the year
25,668
32,785
9
Dividends
2024
2023
£
£
Final paid
1,000,000
-
0
CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 25 -
10
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer Equipment
Motor vehicles
Office Equipment
Total
£
£
£
£
£
£
Cost
At 1 October 2023
177,314
10,405
29,991
700,797
5,965
924,472
Additions
-
0
-
0
14,430
66,745
-
0
81,175
Disposals
-
0
-
0
-
0
(20,089)
-
0
(20,089)
At 30 September 2024
177,314
10,405
44,421
747,453
5,965
985,558
Depreciation and impairment
At 1 October 2023
138,936
7,135
19,706
288,138
4,102
458,017
Depreciation charged in the year
9,594
490
5,252
110,305
489
126,130
Eliminated in respect of disposals
-
0
-
0
-
0
(17,064)
-
0
(17,064)
At 30 September 2024
148,530
7,625
24,958
381,379
4,591
567,083
Carrying amount
At 30 September 2024
28,784
2,780
19,463
366,074
1,374
418,475
At 30 September 2023
38,378
3,270
10,285
412,659
1,863
466,455
11
Stocks
2024
2023
£
£
Finished goods and goods for resale
62,608
57,416
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
705,633
511,287
Corporation tax recoverable
-
0
16,046
Amounts owed by group undertakings
4,514,619
5,685,060
Other debtors
22,985
6,573
Prepayments and accrued income
1,513,677
2,153,221
6,756,914
8,372,187
CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
13
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
15,750
-
0
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. It contains a negative pledge.

 

The company has paid rent into the pension scheme of £90,000 (2023 - £90,000).

 

 

14
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
13
15,750
-
0
Obligations under hire purchase
107,980
164,244
Other borrowings
13
147,889
141,521
Trade creditors
289,758
457,160
Taxation and social security
151,979
514,242
Other creditors
565,937
445,570
Accruals and deferred income
572,157
1,119,572
1,851,450
2,842,309

There is a fixed and floating charge dated 23 March 2016 which covers all property and undertakings of the company.

CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under hire purchase
-
0
42,160
Other borrowings
13
154,544
461,887
154,544
504,047
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
85,944
76,322
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
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
42,996
52,594

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1,560
1,560
1,580
1,560
Ordinary A Shares of £1 each
20
20
-
0
20
1,580
1,580
1,580
1,580

The company has two classes of share; Ordinary and Ordinary A shares.

 

Ordinary Shares - each share is entitled to one vote in any circumstances. Each shares is entitled pari passu to dividend payments or any other distribution.

 

Ordinary A Shares - do not carry any voting rights or rights to dividends.

 

19
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
-
0
57,500
20
Related party transactions
Transactions with related parties

The company has taken the exemption from disclosing group transactions.

21
Directors' transactions

During the year under review the following transactions took place with the Directors;

 

Advances of £2,097 (2023 - £2,008)

Repayments of £3,133 (2023 - £5,193)

Loans from the directors of £409,717 (2023 - £490,000)

Repayments to the directors of £355,433 (2023 - £206,793)

 

As at 30 September 2024 £377,928 (2023 - £322,608) was due to the Directors.

 

The loans are interest free and repayable on demand.

CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
22
Ultimate controlling party

The company is a wholly owned subsidiary of Cablesheer Group Limited, a company incorporated in England and Wales. Cablesheer Group Limited is the ultimate parent company by virtue of its shareholding.

The ultimate controlling party is Mr D R Brown by virtue of his shareholding in Cablesheer Group Limited (Ultimate Parent Company) a company registered in England and Wales.

The results of Cablesheer Limited are included by full consolidation in the consolidated accounts prepared by it's parent Cablesheer Group Limited for the period ended 30th September 2024 and a copy of the accounts and audit report can be found at Companies House.

23
Analysis of changes in net debt
1 October 2023
Cash flows
New finance leases
30 September 2024
£
£
£
£
Cash at bank and in hand
487,080
(458,363)
-
28,717
Bank overdrafts
-
0
(15,750)
-
(15,750)
487,080
(474,113)
-
0
12,967
Borrowings excluding overdrafts
(603,408)
300,975
-
(302,433)
Obligations under hire purchase
(206,404)
165,169
(66,745)
(107,980)
(322,732)
(7,969)
(66,745)
(397,446)
CABLESHEER LIMITED (FORMERLY KNOWN AS CABLESHEER (ASBESTOS) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
24
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
214,316
305,385
Adjustments for:
Taxation charged
25,668
32,785
Finance costs
30,964
64,526
Investment income
(7,889)
(3,621)
Loss/(gain) on disposal of tangible fixed assets
274
(4,264)
Depreciation and impairment of tangible fixed assets
126,130
142,446
Movements in working capital:
Increase in stocks
(5,192)
-
0
Decrease/(increase) in debtors
1,594,752
(966,232)
(Decrease)/increase in creditors
(956,713)
1,299,393
Cash generated from operations
1,022,310
870,418
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