Company registration number 10590275 (England and Wales)
DANX LIMITED
Consolidated group annual report and financial statements
For the year ended 30 September 2024
DANX LIMITED
Company information
Directors
Mr D Christmas
Mr I C Christmas
Company number
10590275
Registered office
Ainsdale Drive
Harlescott
Shrewsbury
Shropshire
SY1 3TL
Auditor
WR Partners
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG
Business address
Ainsdale Drive
Harlescott
Shrewsbury
Shropshire
SY1 3TL
DANX LIMITED
Contents
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 31
DANX LIMITED
Strategic report
For the year ended 30 September 2024
- 1 -

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

Review of the business

The group continues to operate profitably in a competitive market and its healthy balance sheet means it is in a good position to take advantage of any opportunities which may arise in the future.

Principal risks and uncertainties

The principal risks and uncertainties are predominantly external market factors which affect the global market price of steel and the current ongoing global recession.

 

The board is satisfied that it acted swiftly in amending working practices and policies to minimise the financial effect on the group as much as possible.

 

During the current period, material shortages and their significant inflationary rates have caused the group challenges at times, however the board are satisfied that these were well managed and overcome.

 

The group is in a good financial position to ensure it can maintain sufficient stock levels to meet demand.

Key performance indicators

The group is financially secure with there being no long term liabilities.

 

Key performance indicators            2024        2023    Change (%)

                            

Turnover (£)                 8,609,154      10,957,420    -21.43

Gross profit (£)                  1,489,121      1,982,050    -24.87

Profit before tax (£)             643,363     286,122     -124.86

Return on Capital Employed (%)         4.32     1.93     -

 

 

The directors are satisfied with the performance of the group during the year against these key performance indicators.

On behalf of the board

Mr D Christmas
Director
27 June 2025
DANX LIMITED
Directors' report
For the year ended 30 September 2024
- 2 -

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

Principal activities

The principal activity of the company and group continued to be that of steel stockholders.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £430,100. The directors do not recommend payment of a further dividend.

Directors

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

Mr D Christmas
Mr I C Christmas
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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr D Christmas
Director
27 June 2025
DANX LIMITED
Directors' responsibilities statement
For the year ended 30 September 2024
- 3 -

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

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DANX LIMITED
Independent auditor's report
TO THE MEMBERS OF DANX LIMITED
- 4 -
Opinion

We have audited the financial statements of DanX Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

DANX LIMITED
Independent auditor's report (continued)
TO THE MEMBERS OF DANX LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

 

 

Detecting irregularities

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

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities, and skills to identify or recognize non-compliance with applicable laws and regulations; and

- we identified the laws and regulations applicable to the company through discussion with directors and other senior management, and from our commercial knowledge of the steel sector.

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection and employment; and

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

 

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

 

 

DANX LIMITED
Independent auditor's report (continued)
TO THE MEMBERS OF DANX LIMITED
- 6 -

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

- performed analytical procedures to identify any unusual or unexpected relationships.

- tested journal entries to identify unusual transactions.

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation.

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Helen Pierce (Senior Statutory Auditor)
For and on behalf of WR Partners, Statutory Auditor
Chartered Accountants
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG
27 June 2025
DANX LIMITED
Group profit and loss account
For the year ended 30 September 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
8,609,154
10,957,420
Cost of sales
(7,120,033)
(8,975,370)
Gross profit
1,489,121
1,982,050
Distribution costs
(349,202)
(320,847)
Administrative expenses
(1,119,600)
(1,246,123)
Operating profit
4
20,319
415,080
Interest receivable and similar income
8
136,592
124,522
Interest payable and similar expenses
9
(37)
(14,806)
Amounts written back to/(off) investments
10
486,489
(238,674)
Profit before taxation
643,363
286,122
Tax on profit
11
(140,784)
(38,766)
Profit for the financial year
502,579
247,356
Profit for the financial year is all attributable to the owners of the parent company.
DANX LIMITED
Group statement of comprehensive income
For the year ended 30 September 2024
- 8 -
2024
2023
£
£
Profit for the year
502,579
247,356
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
502,579
247,356
Total comprehensive income for the year is all attributable to the owners of the parent company.
DANX LIMITED
Group balance sheet
As at 30 September 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
4,857,592
4,326,477
Investments
14
3,781,574
3,255,655
8,639,166
7,582,132
Current assets
Stocks
16
3,908,310
4,803,444
Debtors
17
1,682,746
2,208,858
Cash at bank and in hand
1,903,513
2,277,851
7,494,569
9,290,153
Creditors: amounts falling due within one year
18
(620,287)
(1,572,100)
Net current assets
6,874,282
7,718,053
Total assets less current liabilities
15,513,448
15,300,185
Provisions for liabilities
Deferred tax liability
20
625,000
484,216
(625,000)
(484,216)
Net assets
14,888,448
14,815,969
Capital and reserves
Called up share capital
22
43,010
43,010
Revaluation reserve
440,000
440,000
Profit and loss reserves
14,405,438
14,332,959
Total equity
14,888,448
14,815,969

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

The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
27 June 2025
Mr D Christmas
Director
Company registration number 10590275 (England and Wales)
DANX LIMITED
Company balance sheet
As at 30 September 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
3,940,000
3,940,000
Investments
14
3,803,079
3,277,160
7,743,079
7,217,160
Current assets
Debtors
17
3,763
2,152
Cash at bank and in hand
58,311
29,405
62,074
31,557
Creditors: amounts falling due within one year
18
(5,944)
(5,611)
Net current assets
56,130
25,946
Total assets less current liabilities
7,799,209
7,243,106
Provisions for liabilities
Deferred tax liability
20
514,883
398,535
(514,883)
(398,535)
Net assets
7,284,326
6,844,571
Capital and reserves
Called up share capital
22
43,010
43,010
Revaluation reserve
440,000
440,000
Profit and loss reserves
6,801,316
6,361,561
Total equity
7,284,326
6,844,571

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £869,855 (2023 - £499,128 profit).

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
27 June 2025
Mr D Christmas
Director
Company registration number 10590275 (England and Wales)
DANX LIMITED
Group statement of changes in equity
For the year ended 30 September 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
43,010
440,000
14,644,733
15,127,743
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
247,356
247,356
Dividends
12
-
-
(559,130)
(559,130)
Balance at 30 September 2023
43,010
440,000
14,332,959
14,815,969
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
502,579
502,579
Dividends
12
-
-
(430,100)
(430,100)
Balance at 30 September 2024
43,010
440,000
14,405,438
14,888,448
DANX LIMITED
Company statement of changes in equity
For the year ended 30 September 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
43,010
440,000
6,421,563
6,904,573
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
499,128
499,128
Dividends
12
-
-
(559,130)
(559,130)
Balance at 30 September 2023
43,010
440,000
6,361,561
6,844,571
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
869,855
869,855
Dividends
12
-
-
(430,100)
(430,100)
Balance at 30 September 2024
43,010
440,000
6,801,316
7,284,326
DANX LIMITED
Group statement of cash flows
For the year ended 30 September 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
599,051
216,371
Interest paid
(37)
(14,806)
Income taxes paid
(9,697)
(720,775)
Net cash inflow/(outflow) from operating activities
589,317
(519,210)
Investing activities
Purchase of tangible fixed assets
(639,923)
(139,417)
Proceeds from disposal of tangible fixed assets
3,100
3,200
Proceeds from disposal of investments
(39,430)
(200,974)
Repayment of loans
(312)
(1,796)
Interest received
54,384
45,760
Dividends received
82,208
78,762
Net cash used in investing activities
(539,973)
(214,465)
Financing activities
Repayment of borrowings
6,418
3,372
Dividends paid to equity shareholders
(430,100)
(559,130)
Net cash used in financing activities
(423,682)
(555,758)
Net decrease in cash and cash equivalents
(374,338)
(1,289,433)
Cash and cash equivalents at beginning of year
2,277,851
3,567,284
Cash and cash equivalents at end of year
1,903,513
2,277,851
DANX LIMITED
Company statement of cash flows
For the year ended 30 September 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(39,896)
(61,881)
Income taxes paid
(1,611)
(31,013)
Net cash outflow from operating activities
(41,507)
(92,894)
Investing activities
Proceeds from disposal of investments
(39,430)
(200,974)
Interest received
20,635
15,567
Dividends received
519,308
696,092
Net cash generated from investing activities
500,513
510,685
Financing activities
Dividends paid to equity shareholders
(430,100)
(559,130)
Net cash used in financing activities
(430,100)
(559,130)
Net increase/(decrease) in cash and cash equivalents
28,906
(141,339)
Cash and cash equivalents at beginning of year
29,405
170,744
Cash and cash equivalents at end of year
58,311
29,405
DANX LIMITED
Notes to the group financial statements
For the year ended 30 September 2024
- 15 -
1
Accounting policies
Company information

DanX Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Ainsdale Drive, Harlescott, Shrewsbury, Shropshire, SY1 3TL.

 

The group consists of DanX 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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company DanX 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

DANX LIMITED
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 16 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

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

1.5
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.

1.6
Tangible fixed assets

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

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

Freehold land and buildings
none
Plant and machinery
15% straight line
Fixtures, fittings and equipment
15% straight line
Motor vehicles
25% 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 profit and loss account.

DANX LIMITED
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 17 -
1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

DANX LIMITED
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 18 -

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.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

1.10
Cash and cash equivalents

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

1.11
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

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

DANX LIMITED
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 19 -
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.

Derecognition of financial assets

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

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.

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.

DANX LIMITED
Notes to the group financial statements (continued)
For the year ended 30 September 2024
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

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

1.13
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

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

 

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.

1.15
Retirement benefits

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

DANX LIMITED
Notes to the group financial statements (continued)
For the year ended 30 September 2024
- 21 -
2
Judgements and key sources of estimation uncertainty

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

 

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

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
UK Sales
8,609,154
10,957,420
2024
2023
£
£
Other revenue
Interest income
54,384
45,760
Dividends received
82,208
78,762
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
3,000
3,000
Depreciation of owned tangible fixed assets
107,079
71,778
Profit on disposal of tangible fixed assets
(1,371)
(2,620)
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,000
3,000
Audit of the financial statements of the company's subsidiaries
6,250
7,500
9,250
10,500
DANX LIMITED
Notes to the group financial statements (continued)
For the year ended 30 September 2024
- 22 -
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
4
4
2
2
Works
15
16
-
-
Drivers
5
5
-
-
Office
13
13
-
-
Total
37
38
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,058,039
1,041,667
-
0
-
0
Social security costs
103,028
99,204
-
-
Pension costs
21,010
20,425
-
0
-
0
1,182,077
1,161,296
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
117,566
114,693
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
32,414
30,193
Other interest income
21,970
15,567
Total interest revenue
54,384
45,760
Other income from investments
Dividends received
82,208
78,762
Total income
136,592
124,522
DANX LIMITED
Notes to the group financial statements (continued)
For the year ended 30 September 2024
8
Interest receivable and similar income
(Continued)
- 23 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
32,414
30,193
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
37
14,806
10
Amounts written off investments
2024
2023
£
£
Gain/(loss) on disposal of investments held at fair value
7,826
(18,924)
Amounts written back to/(written off) investments held at fair value
478,663
(219,750)
486,489
(238,674)
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
91,732
Adjustments in respect of prior periods
-
0
18
Total current tax
-
0
91,750
Deferred tax
Origination and reversal of timing differences
140,784
(192,126)
Changes in tax rates
-
128,927
Previously unrecognised tax loss, tax credit or timing difference
-
283,739
Total deferred tax
140,784
(52,984)
Total tax charge
140,784
38,766
DANX LIMITED
Notes to the group financial statements (continued)
For the year ended 30 September 2024
11
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
643,363
286,122
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
160,841
71,531
Tax effect of expenses that are not deductible in determining taxable profit
871
457
Tax effect of income not taxable in determining taxable profit
(20,552)
(19,692)
Adjustments in respect of prior years
-
0
19
Effect of change in corporation tax rate
-
(12,470)
Indexation on chargeable gain
(376)
(1,079)
Taxation charge
140,784
38,766
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
430,100
559,130
DANX LIMITED
Notes to the group financial statements (continued)
For the year ended 30 September 2024
- 25 -
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 October 2023
3,940,000
937,665
209,899
454,137
5,541,701
Additions
-
0
576,098
830
62,995
639,923
Disposals
-
0
-
0
-
0
(12,954)
(12,954)
At 30 September 2024
3,940,000
1,513,763
210,729
504,178
6,168,670
Depreciation and impairment
At 1 October 2023
-
0
690,877
192,652
331,695
1,215,224
Depreciation charged in the year
-
0
65,376
3,136
38,567
107,079
Eliminated in respect of disposals
-
0
-
0
-
0
(11,225)
(11,225)
At 30 September 2024
-
0
756,253
195,788
359,037
1,311,078
Carrying amount
At 30 September 2024
3,940,000
757,510
14,941
145,141
4,857,592
At 30 September 2023
3,940,000
246,788
17,247
122,442
4,326,477
Company
Freehold land and buildings
£
Cost or valuation
At 1 October 2023 and 30 September 2024
3,940,000
Depreciation and impairment
At 1 October 2023 and 30 September 2024
-
0
Carrying amount
At 30 September 2024
3,940,000
At 30 September 2023
3,940,000

Land and buildings were initially transferred into the company with a value of £3,500,000.

They were revalued at £4,000,000 in 2021.

They were revalued at £3,940,000 in 2022.

DANX LIMITED
Notes to the group financial statements (continued)
For the year ended 30 September 2024
- 26 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
21,505
21,505
Listed investments
3,781,574
3,255,655
3,781,574
3,255,655
3,781,574
3,255,655
3,803,079
3,277,160
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 October 2023
3,255,655
Additions
919,745
Valuation changes
478,663
Disposals
(872,489)
At 30 September 2024
3,781,574
Carrying amount
At 30 September 2024
3,781,574
At 30 September 2023
3,255,655
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 October 2023
21,505
3,255,655
3,277,160
Additions
-
919,745
919,745
Valuation changes
-
478,663
478,663
Disposals
-
(872,489)
(872,489)
At 30 September 2024
21,505
3,781,574
3,803,079
Carrying amount
At 30 September 2024
21,505
3,781,574
3,803,079
At 30 September 2023
21,505
3,255,655
3,277,160
DANX LIMITED
Notes to the group financial statements (continued)
For the year ended 30 September 2024
- 27 -
15
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
Christmas Stockholders Ltd
Ainsdale Drive, Harlescott, Shrewsbury, Shropshire. SY1 3TL
Ordinary shares
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
3,908,310
4,803,444
-
0
-
0
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,617,552
1,756,933
-
0
-
0
Corporation tax recoverable
5,143
2,152
3,763
2,152
Other debtors
2,108
68,493
-
0
-
0
Prepayments and accrued income
57,943
381,280
-
0
-
0
1,682,746
2,208,858
3,763
2,152
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Other borrowings
19
21,512
15,094
-
0
-
0
Trade creditors
304,305
1,468,748
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
424
211
Corporation tax payable
-
0
6,706
-
0
-
0
Other taxation and social security
257,121
24,101
-
-
Other creditors
11,213
9,744
-
0
-
0
Accruals and deferred income
26,136
47,707
5,520
5,400
620,287
1,572,100
5,944
5,611
DANX LIMITED
Notes to the group financial statements (continued)
For the year ended 30 September 2024
- 28 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
21,512
15,094
-
0
-
0
Payable within one year
21,512
15,094
-
0
-
0
Other loans represents Directors' loan.
20
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
110,117
85,681
Tax losses
(15,468)
(12,150)
Revaluations
483,341
483,341
Investments
47,010
(72,656)
625,000
484,216
Liabilities
Liabilities
2024
2023
Company
£
£
Tax losses
(15,468)
(12,150)
Revaluations
483,341
483,341
Investments
47,010
(72,656)
514,883
398,535
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
484,216
398,535
Charge to profit or loss
140,784
116,348
Liability at 30 September 2024
625,000
514,883
DANX LIMITED
Notes to the group financial statements (continued)
For the year ended 30 September 2024
20
Deferred taxation
(Continued)
- 29 -

The deferred tax liability set out above is unlikely to reverse within 12 months and relates to accelerated capital allowances, property revaluation and the movement of investments.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
21,010
20,425

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
17,970
17,970
17,970
17,970
Ordinary B shares of £1 each
25,040
25,040
25,040
25,040
43,010
43,010
43,010
43,010
23
Directors' transactions

The following loans with directors are included within the financial statements:

 

Amounts owed by the directors to the company - £2,108 (2023: £1,796)

Amounts owed by the company to directors - £21,512 (2023: £15,094)

 

No interest is payable on the balances due to the directors, and all balances are repayable on demand.

The overdrawn balance was subsequently cleared within 9 months of the year end.

24
Controlling party

The ultimate parent undertaking of the company is: Danx Limited.

 

Registered office is Ainsdale Drive, Shrewsbury, SY1 3TL and was incorporated in the UK on 30 January 2017. The full accounts can be found at the registered office.

 

The ultimate controlling party remains as Mr. D Christmas.

DANX LIMITED
Notes to the group financial statements (continued)
For the year ended 30 September 2024
- 30 -
25
Cash generated from group operations
2024
2023
£
£
Profit after taxation
502,578
247,356
Adjustments for:
Taxation charged
140,784
38,766
Finance costs
37
14,806
Investment income
(136,592)
(124,522)
Gain on disposal of tangible fixed assets
(1,371)
(2,620)
Depreciation and impairment of tangible fixed assets
107,079
71,778
Other gains and losses
(486,489)
238,674
Movements in working capital:
Decrease/(increase) in stocks
895,133
(909,288)
Decrease in debtors
529,417
538,140
(Decrease)/increase in creditors
(951,525)
103,281
Cash generated from operations
599,051
216,371
26
Cash absorbed by operations - company
2024
2023
£
£
Profit after taxation
869,855
499,128
Adjustments for:
Taxation charged/(credited)
116,348
(67,070)
Investment income
(539,943)
(711,659)
Other gains and losses
(486,489)
238,674
Movements in working capital:
Increase/(decrease) in creditors
333
(20,954)
Cash absorbed by operations
(39,896)
(61,881)
27
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
2,277,851
(374,338)
1,903,513
Borrowings excluding overdrafts
(15,094)
(6,418)
(21,512)
2,262,757
(380,756)
1,882,001
DANX LIMITED
Notes to the group financial statements (continued)
For the year ended 30 September 2024
- 31 -
28
Analysis of changes in net funds - company
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
29,405
28,906
58,311
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