Company registration number SC106138 (Scotland)
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
COMPANY INFORMATION
Directors
G McLaughlan
D McLaughlan
Secretary
G P McLaughlan
Company number
SC106138
Registered office
Inchcape Place
North Muirton Industrial Estate
Perth
United Kingdom
PH1 3DU
Auditor
Azets Audit Services
5 Whitefriars Crescent
Perth
United Kingdom
PH2 0PA
Bankers
The Royal Bank of Scotland plc
Perth Chief Office
12 Dunkeld Road
Perth
United Kingdom
PH1 5RB
Solicitors
McCash & Hunter LLP
25 South Methven Street
Perth
United Kingdom
PH1 5ES
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 29
MCLAUGHLAN TRANSPORT (PERTH) 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 directors are pleased by the operating profit achieved of £1,301,086 (2023 - £338,185). All areas of the business have performed well in current economic environment and the shareholders funds have increased to £11,493,501 (2023 - £10,443,081).
Principal risks and uncertainties
The directors have procedures in place to ensure that the major risks faced by the group are identified, assessed and managed in an appropriate manner.
The principal risks facing the group include:
Market performance - Road transport is a highly competitive and low-margin business. It is a service-driven industry, responding to fluctuating customer demand. The sector has to deal with variable road conditions and sometimes appalling congestion while delivering safely on-time to customers.
Competitive risk - The group operates in competitive markets and continues to review the offering made to its customers to ensure that they remain competitive and meet the changing needs of customers.
Major disruption/disaster - The group regularly reviews its business continuity plans to minimise the impact of major disruption or disasters.
BREXIT - The haulage industry continues to face challenges in relation to international trade. The group has
been impacted by procedures introduced in the UK and EU.
Driver shortages - The company has been impacted by the shortage of drivers. This is an industry wide issue and all haulage companies are affected.
Financial risk management
Liquidity risk - The group maintains a mixture of working capital finance facilities to ensure it has sufficient funds to meet its operational requirements.
Credit risk - Exposes the group to the risk of non-payment for goods supplied. The directors strive to minimise this risk by evaluating the credit risk of potential new customers and ensuring credit control procedures are diligently observed, thereby ensuring that the risk is significantly reduced.
Key performance indicators
2024 2023
£ £
Turnover 8,095,868 7,224,839
Gross profit 2,138,131 (26.41%) 1,451,341 (20.09%)
Operating profit 1,301,086 338,185
Net assets 11,493,501 10,443,081
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
G McLaughlan
Director
20 June 2025
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
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 haulage contractors.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. 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:
G McLaughlan
D McLaughlan
Auditor
Azets Audit Services were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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.
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
On behalf of the board
G McLaughlan
Director
20 June 2025
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MCLAUGHLAN TRANSPORT (PERTH) LIMITED
- 5 -
Opinion
We have audited the financial statements of McLaughlan Transport (Perth) 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MCLAUGHLAN TRANSPORT (PERTH) LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MCLAUGHLAN TRANSPORT (PERTH) LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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 Cheeney (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
23 June 2025
Chartered Accountants
Statutory Auditor
5 Whitefriars Crescent
Perth
United Kingdom
PH2 0PA
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
8,095,868
7,224,839
Cost of sales
(5,957,737)
(5,773,498)
Gross profit
2,138,131
1,451,341
Administrative expenses
(837,045)
(1,113,156)
Operating profit
4
1,301,086
338,185
Interest receivable and similar income
7
158,810
89,262
Profit before taxation
1,459,896
427,447
Tax on profit
9
(409,476)
(38,000)
Profit for the financial year
20
1,050,420
389,447
Profit for the financial year is all attributable to the owners of the parent company.
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
1,050,420
389,447
Other comprehensive income
-
-
Total comprehensive income for the year
1,050,420
389,447
Total comprehensive income for the year is all attributable to the owners of the parent company.
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
3,514,447
3,127,807
Current assets
Stocks
13
5,500
56,300
Debtors
14
2,002,798
1,596,452
Cash at bank and in hand
7,592,598
6,857,603
9,600,896
8,510,355
Creditors: amounts falling due within one year
15
(1,021,792)
(776,081)
Net current assets
8,579,104
7,734,274
Total assets less current liabilities
12,093,551
10,862,081
Provisions for liabilities
Deferred tax liability
16
600,050
419,000
(600,050)
(419,000)
Net assets
11,493,501
10,443,081
Capital and reserves
Called up share capital
18
20,000
20,000
Capital redemption reserve
19
(185,443)
(185,443)
Profit and loss reserves
20
11,658,944
10,608,524
Total equity
11,493,501
10,443,081
The financial statements were approved by the board of directors and authorised for issue on 20 June 2025 and are signed on its behalf by:
20 June 2025
G McLaughlan
Director
Company registration number SC106138 (Scotland)
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
3,514,447
3,127,807
Investments
11
1
1
3,514,448
3,127,808
Current assets
Stocks
13
5,500
56,300
Debtors
14
2,002,851
1,596,505
Cash at bank and in hand
7,592,598
6,857,603
9,600,949
8,510,408
Creditors: amounts falling due within one year
15
(1,021,792)
(776,081)
Net current assets
8,579,157
7,734,327
Total assets less current liabilities
12,093,605
10,862,135
Provisions for liabilities
Deferred tax liability
16
600,050
419,000
(600,050)
(419,000)
Net assets
11,493,555
10,443,135
Capital and reserves
Called up share capital
18
20,000
20,000
Capital redemption reserve
19
(185,443)
(185,443)
Profit and loss reserves
20
11,658,998
10,608,578
Total equity
11,493,555
10,443,135
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 £1,050,420 (2023 - £389,447 profit).
The financial statements were approved by the board of directors and authorised for issue on 20 June 2025 and are signed on its behalf by:
20 June 2025
G McLaughlan
Director
Company registration number SC106138 (Scotland)
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2022
20,000
(185,443)
10,219,077
10,053,634
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
389,447
389,447
Balance at 30 September 2023
20,000
(185,443)
10,608,524
10,443,081
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
1,050,420
1,050,420
Balance at 30 September 2024
20,000
(185,443)
11,658,944
11,493,501
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 October 2022
20,000
(185,443)
10,219,131
10,053,688
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
389,447
389,447
Balance at 30 September 2023
20,000
(185,443)
10,608,578
10,443,135
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
1,050,420
1,050,420
Balance at 30 September 2024
20,000
(185,443)
11,658,998
11,493,555
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,619,353
782,683
Income taxes paid
(1)
(101,897)
Net cash inflow from operating activities
1,619,352
680,786
Investing activities
Purchase of tangible fixed assets
(1,033,423)
(1,131,334)
Proceeds from disposal of tangible fixed assets
10,400
26,000
Repayment of loans
(20,144)
2,080
Interest received
158,810
89,262
Net cash used in investing activities
(884,357)
(1,013,992)
Net increase/(decrease) in cash and cash equivalents
734,995
(333,206)
Cash and cash equivalents at beginning of year
6,857,603
7,190,809
Cash and cash equivalents at end of year
7,592,598
6,857,603
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
COMPANY 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
1,619,353
782,683
Income taxes paid
(1)
(101,897)
Net cash inflow from operating activities
1,619,352
680,786
Investing activities
Purchase of tangible fixed assets
(1,033,423)
(1,131,334)
Proceeds from disposal of tangible fixed assets
10,400
26,000
Repayment of loans
(20,144)
2,080
Interest received
158,810
89,262
Net cash used in investing activities
(884,357)
(1,013,992)
Net increase/(decrease) in cash and cash equivalents
734,995
(333,206)
Cash and cash equivalents at beginning of year
6,857,603
7,190,809
Cash and cash equivalents at end of year
7,592,598
6,857,603
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
1
Accounting policies
Company information
McLaughlan Transport (Perth) Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Inchcape Place, North Muirton Industrial Estate, Perth, United Kingdom, PH1 3DU.
The group consists of McLaughlan Transport (Perth) Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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 McLaughlan Transport (Perth) Limited together with all entities controlled by the parent company (its subsidiaries).
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.
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.
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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.
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
4% per annum straight line
Plant and equipment
25% per annum reducing balance
Units, vans and trailer
25% per annum 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.
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.
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.
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The 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.
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.
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
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.
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.
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
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.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Haulage
8,047,710
7,058,196
Exports
2,200
2,150
Workshop
7,732
105,517
Storage
20,585
32,896
Trailer & Unit Hire
17,641
26,080
8,095,868
7,224,839
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
8,095,868
7,224,839
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Other revenue
Interest income
158,810
89,262
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
2,484
628
Depreciation of owned tangible fixed assets
615,321
784,430
Loss/(profit) on disposal of tangible fixed assets
21,062
(17,986)
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
14,725
10,400
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
67
59
67
59
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,229,877
2,061,412
2,229,877
2,061,412
Social security costs
231,121
210,847
231,121
210,847
Pension costs
48,205
52,666
48,205
52,666
2,509,203
2,324,925
2,509,203
2,324,925
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
158,700
89,262
Other interest income
110
-
Total income
158,810
89,262
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
158,700
89,262
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
91,726
91,085
Company pension contributions to defined contribution schemes
3,258
3,283
94,984
94,368
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
228,426
Deferred tax
Origination and reversal of timing differences
181,050
38,000
Total tax charge
409,476
38,000
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
9
Taxation
(Continued)
- 23 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,459,896
427,447
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
364,974
106,862
Tax effect of expenses that are not deductible in determining taxable profit
371
(359)
Tax effect of income not taxable in determining taxable profit
5,266
(4,497)
Unutilised tax losses carried forward
17,929
Effect of change in corporation tax rate
-
718
Capital allowances in excess of depreciation
(113,869)
(120,653)
Deferred tax movement
181,050
38,000
Section 455
(28,316)
Taxation charge
409,476
38,000
10
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Units, vans and trailer
Total
£
£
£
£
Cost
At 1 October 2023
1,311,918
7,095,961
475,876
8,883,755
Additions
1,022,679
10,744
1,033,423
Disposals
(213,161)
(213,161)
At 30 September 2024
1,311,918
7,905,479
486,620
9,704,017
Depreciation and impairment
At 1 October 2023
301,859
5,012,921
441,168
5,755,948
Depreciation charged in the year
43,028
561,357
10,936
615,321
Eliminated in respect of disposals
(181,699)
(181,699)
At 30 September 2024
344,887
5,392,579
452,104
6,189,570
Carrying amount
At 30 September 2024
967,031
2,512,900
34,516
3,514,447
At 30 September 2023
1,010,059
2,083,040
34,708
3,127,807
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Tangible fixed assets
(Continued)
- 24 -
Company
Freehold land and buildings
Plant and equipment
Units, vans and trailer
Total
£
£
£
£
Cost
At 1 October 2023
1,311,918
7,095,961
475,876
8,883,755
Additions
1,022,679
10,744
1,033,423
Disposals
(213,161)
(213,161)
At 30 September 2024
1,311,918
7,905,479
486,620
9,704,017
Depreciation and impairment
At 1 October 2023
301,859
5,012,921
441,168
5,755,948
Depreciation charged in the year
43,028
561,357
10,936
615,321
Eliminated in respect of disposals
(181,699)
(181,699)
At 30 September 2024
344,887
5,392,579
452,104
6,189,570
Carrying amount
At 30 September 2024
967,031
2,512,900
34,516
3,514,447
At 30 September 2023
1,010,059
2,083,040
34,708
3,127,807
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
1
1
Movements in fixed asset investments
Company
Investments
£
Cost or valuation
At 1 October 2023 and 30 September 2024
1
Carrying amount
At 30 September 2024
1
At 30 September 2023
1
12
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Mclaughlan Trustees Limited
Scotland
Ordinary
100.00
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
5,500
56,300
5,500
56,300
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,698,699
1,348,771
1,698,699
1,348,771
Corporation tax recoverable
11,030
4,231
11,030
4,231
Amounts owed by group undertakings
-
-
53
53
Other debtors
34,486
3,178
34,486
3,178
Prepayments and accrued income
258,583
240,272
258,583
240,272
2,002,798
1,596,452
2,002,851
1,596,505
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
305,660
360,302
305,660
360,302
Corporation tax payable
235,224
235,224
Other taxation and social security
274,865
248,592
274,865
248,592
Other creditors
19,747
27,367
19,747
27,367
Accruals and deferred income
186,296
139,820
186,296
139,820
1,021,792
776,081
1,021,792
776,081
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
16
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
600,050
419,000
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
600,050
419,000
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
419,000
419,000
Charge to profit or loss
181,050
181,050
Liability at 30 September 2024
600,050
600,050
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
48,205
52,666
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.
18
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20,000
20,000
20,000
20,000
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
19
Capital redemption reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
(185,443)
(185,443)
(185,443)
(185,443)
The McLaughlan Transport (Perth) Limited Qualifying Employee Share Ownership Trust (QUEST) is governed by a trust deed dated 1 September 2003. The trustees hold the capital and income of the trust fund to purchase shares for the future benefit of the employees.
The balance on other reserves represents the contribution made to the McLaughlan Transport (Perth) Limited QUEST, net of deferred taxation provided of £72,117 (2023: £72,117).
20
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
10,608,524
10,219,077
10,608,578
10,219,131
Profit for the year
1,050,420
389,447
1,050,420
389,447
At the end of the year
11,658,944
10,608,524
11,658,998
10,608,578
21
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
170,743
173,136
22
Directors' transactions
Loans have been granted by the group to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director's Loan Account
2.25
3,178
21,614
110
(1,580)
23,322
Director's Loan Account
-
(19,747)
-
-
-
(19,747)
(16,569)
21,614
110
(1,580)
3,575
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 28 -
23
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,050,420
389,447
Adjustments for:
Taxation charged
409,476
38,000
Investment income
(158,810)
(89,262)
Loss/(gain) on disposal of tangible fixed assets
21,062
(17,986)
Depreciation and impairment of tangible fixed assets
615,321
784,430
Movements in working capital:
Decrease in stocks
50,800
400
(Increase)/decrease in debtors
(379,403)
255,090
Increase/(decrease) in creditors
10,487
(577,436)
Cash generated from operations
1,619,353
782,683
24
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
1,050,420
389,447
Adjustments for:
Taxation charged
409,476
38,000
Investment income
(158,810)
(89,262)
Loss/(gain) on disposal of tangible fixed assets
21,062
(17,986)
Depreciation and impairment of tangible fixed assets
615,321
784,430
Movements in working capital:
Decrease in stocks
50,800
400
(Increase)/decrease in debtors
(379,403)
255,090
Increase/(decrease) in creditors
10,487
(577,436)
Cash generated from operations
1,619,353
782,683
25
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
6,857,603
734,995
7,592,598
MCLAUGHLAN TRANSPORT (PERTH) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
26
Analysis of changes in net funds - company
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
6,857,603
734,995
7,592,598
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