Company registration number 14847446 (England and Wales)
EDE & RAVENSCROFT HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
EDE & RAVENSCROFT HOLDINGS LIMITED
COMPANY INFORMATION
Directors
M W Middleton
A T Halls
Company number
14847446
Registered office
93 Chancery Lane
London
WC2A 1DU
Auditor
DJH Audit Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
EDE & RAVENSCROFT HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 40
EDE & RAVENSCROFT HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present the strategic report for the year ended 30 September 2024.
Principal activities
The principal activity of the company is that of a holding company which includes property holding for assets used within the group and for units to let to third parties.
The principal activity of the group continued to be that of (i) the manufacture, sale and hire of garments (ii) the provision of photographic services (iii) property investment and development.
Fair review of the business
Ede & Ravenscroft Holdings Limited, was incorporated in the previous period to be the head company of the group and this year received dividends from its principle subsidiary Ede and Ravenscroft Limited which were used to pay for properties transferred. As detailed below this has resulted in a significant increase in net assets for the company.
The group prides itself on its heritage and specialist skills in robe making, bespoke tailoring and as wigmakers. Our business units face pressure from increasing raw material prices and inflationary pressures on costs of all types.
This is the first full “normal” year since the pandemic and our largest business unit, Graduation Services has performed well with good volumes of Hires and Photography and we have seen a shift in photography to more digital images being sold. Our Retail and Legal attire business has also recovered and has performed well.
Competition within the market remains strong with one smaller competitor in the Graduation Hire market ceasing to trade, we expect modest benefits from this. The business remains focused on providing high service levels to our clients and customers using technology and carefully selected modern practice combined with specialised skills. The results of the group for the year ended 30 September 2024 are set out on pages 10 – 15.
The directors are cognisant of the Chancellors’ October 2024 budget which increases cost pressures on the business units for the forthcoming year.
The retained net gain of the group of £1,350,817 (2023: £1,113,431) is to be transferred to revenue reserves. At the end of the year, the shareholder funds totalled £27,520,392 (2023: £26,169,575). Dividends on the ordinary shares of £151,200 (2023: £151,200) were paid by the group to external shareholders during the year. The directors do not recommend a payment of a final ordinary dividend.
The directors continually monitor the operating and market risks faced by the group and manage these accordingly. These risks include (i) competitive pressures where lower quality, lower priced alternatives may be available; and (ii) potential shifts in fashion, particularly in relation to specialist products and services provided by the group.
The group's key financial and other performance indicators during the year were as follows:
Unit
2024
2023
£000's
£000's
Turnover
£
44,624
48,522
Gross profit margin
%
34.8
30.9
Other key performance indicators used by the group are the size and composition of its customer base and the rate of staff turnover. Satisfactory results were achieved for these indicators during the year under review.
The directors have considered the position at the year end and future trading prospects of the company and have concluded that the company has sufficient resources and funding facilities in place to trade forward and the financial statements are drawn up on that basis as set out in note 1.5 of these financial statements. During the year, the board are pleased to confirm the company has been reaccredited with ISO 9001. Additionally, they are pleased to announce that the company has made investment in green energy by installing solar panels at one of the units in Littleport.
EDE & RAVENSCROFT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Principal risks and uncertainties
The group's current principle risks centre around the impact of inflation on our graduation business with increased costs, tighter margins and increased competition.
At the date of signing of this report the directors remain optimistic about its prospects having developed and acquired new technologies but expect the current year will continue to be impacted by inflationary pressures on all parts of the business and will result in higher costs throughout all the groups operations.
The business units have faced and are expected to continue to face competitive tension which will restrict growth and development potential and the ability to pass on cost increases caused by inflation.
Section 172(1) statement
The directors have considered the requirements of S172(1) (a-f) of the Companies Act 2006 and are committed to acting and promoting positively the interests of its employees and customers and suppliers together with considering the impact of our operations on our communities and the environment.
The following summarise how the directors’ have fulfilled their duties:
Likely consequences of long term decisions
The board meet regularly and are responsible for the strategy and long-term vision of the group. The board understand the business and the ever-changing environment in which we operate.
The interest of company employees
The board recognise that the group’s employees and workers are fundamental and core to our business and delivery of strategic ambitions.
The board recognise the importance of good communications and endeavour to keep all employees informed of the activities and progress of the group and its plans for the future through the use of group intranet, staff bulletins and staff briefings.
Business relationships
Delivering our strategy requires strong mutually beneficial relationships with key suppliers and customers. The board continuously reviews and approves the group’s approach to these key relationships.
Impact on the community and the environment
The board are committed to achieving environmental best practice through the business activities of the group wherever this is practicable.
Reputation for high standards of business conduct
The group aims to maintain the highest possible standards of business conduct to ensure it can continue to maintain its reputation of delivering high quality garments using the necessary specialist skills in robe making, wig making and bespoke tailoring.
The board periodically review all areas of how the group operates to ensure high standards are maintained within the Group and other business relationships.
EDE & RAVENSCROFT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Acting fairly between members of the company
After weighing up all relevant factors, the board consider which course of action best enables delivery of our strategy through the long-term, whilst taking into consideration the impact on our stakeholders. In doing so, the board consider that we act fairly between members of the group, whilst noting that sometimes not all stakeholder interests will be fully aligned.
A T Halls
Director
30 June 2025
EDE & RAVENSCROFT HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M W Middleton
A T Halls
Financial instruments
Objectives and policies
The group is exposed to the following risks from its use of financial instruments:
- Credit risk
- Liquidity risk
- Interest rate risk
The directors have overall responsibility for the establishment and oversight of the groups risk management framework.
Price risk, credit risk, liquidity risk and cash flow risk
The group’s principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors, loans to the group and finance lease agreements. The main purpose of these instruments is to finance the group's operations.
In respect of bank balances, the liquidity risk and interest rate risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating and fixed rates of interest. All of the group’s cash balances are held in such a way that achieves a competitive rate of interest. The group makes use of money market facilities where funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of specific allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Loans comprise of loans from financial institutions. The interest rate and monthly repayments on the loans from financial institutions are variable. The group manages the liquidity risk by ensuring that there are sufficient funds to meet the payments.
Energy and carbon report
The Companies Act 2006 (Strategic Report and Directors' Report) regulation 2018 requires the group to disclose UK energy consumption and Greenhouse Gas ("GHG") emissions from SECR regulated sources.
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
2,986,818
3,290,558
EDE & RAVENSCROFT HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
60.80
195.84
- Fuel consumed for owned transport
225.59
181.33
286.39
377.16
Scope 2 - indirect emissions
- Electricity purchased
198.78
311.11
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
118.57
101.84
Total gross emissions
603.74
790.11
Intensity ratio
Tonnes CO2e per £m revenue (Scope 1 and 2 emissions)
11
15
Quantification and reporting methodology
Consumption data was determined by using the Greenhouse Gas Protocol Corporate Greenhouse Gas Accounting and Reporting Standard, external verification has been sought from Green Element Ltd and Compare Your Footprint Ltd.
Intensity measurement
In 2024, an intensity metric of tCO2e per £m turnover has been applied for the annual total emissions.
Measures taken to improve energy efficiency
The group's policy is to conduct ourselves within the minimum carbon footprint and aim for a reduction over time.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
A T Halls
Director
30 June 2025
EDE & RAVENSCROFT HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
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.
EDE & RAVENSCROFT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EDE & RAVENSCROFT HOLDINGS LIMITED
- 7 -
Opinion
We have audited the financial statements of Ede & Ravenscroft Holdings 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 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.
EDE & RAVENSCROFT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EDE & RAVENSCROFT HOLDINGS LIMITED
- 8 -
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:
• obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;
• obtaining an understanding of the entity's policies and procedures and how the entity has complied with these, through discussions and walkthrough testing;
• obtaining an understanding of the entity's risk assessment process, including the risk of fraud;
• enquiring of management as to actual and potential fraud, litigation and claims;
• designing our audit procedures to respond to our risk assessment;
• performing audit testing over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business;
• assessing whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
• performing analytical procedures to identify any large, unusual or unexpected relationships.
EDE & RAVENSCROFT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EDE & RAVENSCROFT HOLDINGS LIMITED
- 9 -
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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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.
David Newborough (Senior Statutory Auditor)
For and on behalf of DJH Audit Limited, Statutory Auditor
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
30 June 2025
EDE & RAVENSCROFT HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
44,624,098
48,522,003
Cost of sales
(29,101,666)
(33,545,360)
Gross profit
15,522,432
14,976,643
Administrative expenses
(14,921,508)
(13,621,652)
Other operating income
789,485
88,379
Operating profit
4
1,390,409
1,443,370
Share of results of joint ventures
28,878
(117,150)
Interest receivable and similar income
7
210,432
306,891
Interest payable and similar expenses
8
(59,775)
(97,272)
Other gains and losses
9
-
358,719
Profit before taxation
1,569,944
1,894,558
Tax on profit
10
(43,287)
(537,844)
Profit for the financial year
27
1,526,657
1,356,714
Profit for the financial year is attributable to:
- Owners of the parent company
1,563,398
1,309,130
- Non-controlling interests
(36,741)
47,584
1,526,657
1,356,714
EDE & RAVENSCROFT HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
2024
2023
£
£
Profit for the year
1,526,657
1,356,714
Other comprehensive income
Currency translation loss taken to retained earnings
(3,122)
(36,699)
Total comprehensive income for the year
1,523,535
1,320,015
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,560,276
1,272,431
- Non-controlling interests
(36,741)
47,584
1,523,535
1,320,015
EDE & RAVENSCROFT HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
992,669
1,163,153
Tangible assets
13
6,058,287
5,921,813
Investment property
14
14,824,510
14,824,510
Investments
15
1,351,518
1,322,640
23,226,984
23,232,116
Current assets
Stocks
18
7,548,168
6,939,033
Debtors
19
11,680,801
12,188,004
Cash at bank and in hand
8,167,933
8,857,436
27,396,902
27,984,473
Creditors: amounts falling due within one year
20
(22,286,659)
(22,869,217)
Net current assets
5,110,243
5,115,256
Total assets less current liabilities
28,337,227
28,347,372
Creditors: amounts falling due after more than one year
21
(1,005)
(1,263,288)
Provisions for liabilities
Deferred tax liability
24
636,659
756,856
(636,659)
(756,856)
Net assets
27,699,563
26,327,228
Capital and reserves
Called up share capital
26
16,800
16,800
Fair value reserve
27
6,028,833
6,028,833
Profit and loss reserves
27
21,533,018
20,123,942
Equity attributable to owners of the parent company
27,578,651
26,169,575
Non-controlling interests
120,912
157,653
27,699,563
26,327,228
The financial statements were approved by the board of directors and authorised for issue on 30 June 2025 and are signed on its behalf by:
30 June 2025
A T Halls
Director
Company registration number 14847446 (England and Wales)
EDE & RAVENSCROFT HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
3,512,317
Investment property
14
14,824,510
Investments
15
22,505
16,800
18,359,332
16,800
Current assets
Debtors
19
479,899
100,800
Cash at bank and in hand
359,306
839,205
100,800
Creditors: amounts falling due within one year
20
(548,742)
-
Net current assets
290,463
100,800
Total assets less current liabilities
18,649,795
117,600
Provisions for liabilities
Deferred tax liability
24
115,039
(115,039)
-
Net assets
18,534,756
117,600
Capital and reserves
Called up share capital
26
16,800
16,800
Revaluation reserve
27
5,893,264
Profit and loss reserves
27
12,624,692
100,800
Total equity
18,534,756
117,600
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 £18,568,356 (2023 - £100,800).
The financial statements were approved by the board of directors and authorised for issue on 30 June 2025 and are signed on its behalf by:
30 June 2025
A T Halls
Director
Company registration number 14847446 (England and Wales)
EDE & RAVENSCROFT HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
Share capital
Fair value reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 October 2022
16,800
6,021,033
19,010,511
25,048,344
110,069
25,158,413
Year ended 30 September 2023:
Profit for the year
-
-
1,309,130
1,309,130
47,584
1,356,714
Other comprehensive income:
Currency translation differences
-
-
(36,699)
(36,699)
-
(36,699)
Total comprehensive income
-
-
1,272,431
1,272,431
47,584
1,320,015
Dividends
11
-
-
(151,200)
(151,200)
-
(151,200)
Transfers
-
7,800
(7,800)
-
-
-
Balance at 30 September 2023
16,800
6,028,833
20,123,942
26,169,575
157,653
26,327,228
Year ended 30 September 2024:
Profit for the year
-
-
1,563,398
1,563,398
(36,741)
1,526,657
Other comprehensive income:
Currency translation differences
-
-
(3,122)
(3,122)
-
(3,122)
Total comprehensive income
-
-
1,560,276
1,560,276
(36,741)
1,523,535
Dividends
11
-
-
(151,200)
(151,200)
-
(151,200)
Balance at 30 September 2024
16,800
6,028,833
21,533,018
27,578,651
120,912
27,699,563
The transfer between reserves figure noted above is after a deferred tax charge/(credit) for the year, in relation to investment properties, of £nil (2023: (£7,800)).
EDE & RAVENSCROFT HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 15 -
Share capital
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Issue of share capital
26
16,800
-
-
16,800
Balance at 4 May 2023
16,800
100,800
117,600
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
18,568,356
18,568,356
Dividends
11
-
-
(151,200)
(151,200)
Transfers
-
5,893,264
(5,893,264)
-
Balance at 30 September 2024
16,800
5,893,264
12,624,692
18,534,756
EDE & RAVENSCROFT HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
33
1,463,057
(7,483,555)
Income taxes paid
(129,540)
(380,625)
Net cash inflow/(outflow) from operating activities
1,333,517
(7,864,180)
Investing activities
Purchase of tangible fixed assets
(915,829)
(1,088,401)
Proceeds from disposal of tangible fixed assets
61,745
86,144
Interest received
210,432
306,891
Net cash used in investing activities
(643,652)
(695,366)
Financing activities
Repayment of bank loans
(1,250,000)
(1,250,000)
Net cashflows from hire purchase obligations
97,194
(32,188)
Interest paid
(59,775)
(97,272)
Dividends paid to equity shareholders
(151,200)
(151,200)
Net cash used in financing activities
(1,363,781)
(1,530,660)
Net decrease in cash and cash equivalents
(673,916)
(10,090,206)
Cash and cash equivalents at beginning of year
8,857,436
18,989,439
Effect of foreign exchange rates
(15,587)
(41,797)
Cash and cash equivalents at end of year
8,167,933
8,857,436
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
1
Accounting policies
Company information
Ede & Ravenscroft Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 93 Chancery Lane, London, WC2A 1DU.
The group consists of Ede & Ravenscroft Holdings Limited and all of its subsidiaries.
1.1
Reporting period
During the prior period the company acquired 100% of the share capital of Ede & Ravenscroft Limited. This transaction qualified for treatment under the merger accounting rules and as such the group consolidated accounts were prepared on this basis.
1.2
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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Business combinations
In the parent company financial statements, the prior year acquisition has been recognised and recorded using the merger accounting method and as such carrying values of the assets and liabilities of the parties to the combination have not been adjusted to their fair values (further information is included in note 1.4).
In the event of future acquisitions, 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.
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.4
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Ede & Ravenscroft Holdings 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, with the exception of Ede & Ravenscroft (Malaysia) Sdn. Bhd. the period end of this subsidiary is 31 December. 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.
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.
Merger accounting
During the prior period the parent company acquired 100% of the share capital of Ede & Ravenscroft Limited, via share for share exchange. The date of the combination was 31 August 2023, the registered office of the entity acquired is 93 Chancery Lane, London, WC2A 1DU. The transaction has been accounted for using the merger accounting method, applying such method has not resulted in the creation of a merger reserve.
1.5
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.
1.6
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.
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.
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.7
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.8
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 buildings
2% - 5% straight line
Freehold land
not depreciated
Long leasehold land and buildings
over the lease term
Machinery, fixtures and fittings
2% - 33% straight line, 15/30% reducing balance
Motor vehicles
10-25% straight line
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.
1.9
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.10
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.
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
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.
1.11
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.
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.
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.12
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.
1.13
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.
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.
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 22 -
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.14
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.
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 23 -
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.
1.15
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.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.18
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Impairment of debtors
On a periodic basis management makes an estimation of the recoverability of debtors. Management make such estimations taking into account their knowledge of the customers, connected companies and subsidiary companies of the group.
Valuation of investment properties
The valuations rely on a number of estimations and assumptions being made in relation to market conditions and developments.
Impairment of stock
Management calculates impairments by considering the nature and condition of the stocks and applies assumptions around anticipated saleability of finished goods and future usage of raw materials, overheads and labour.
Impairment of assets
Upon acquisition, management make an estimation as to the useful economic life of each asset and set a depreciation rate accordingly. On a periodic basis, management makes an estimation of the remaining useful economic lives of assets. Management make such estimations taking into account their knowledge of the assets.
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Garment sales and hires
32,416,776
32,142,005
Photography sales
11,733,241
15,550,091
Rental income
474,081
829,907
44,624,098
48,522,003
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Turnover
(Continued)
- 25 -
2024
2023
£
£
Turnover analysed by geographical market
UK
39,773,629
43,209,371
Europe
1,517,246
1,726,756
Rest of world
3,333,223
3,585,876
44,624,098
48,522,003
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
15,752
25,357
Government grants
-
2,000
Depreciation of owned tangible fixed assets
779,702
650,281
Profit on disposal of tangible fixed assets
(23,907)
(76,234)
Amortisation of intangible assets
140,068
140,901
Operating lease charges
262,400
421,333
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
32,000
10,000
Audit of the financial statements of the company's subsidiaries
126,000
133,675
158,000
143,675
For other services
Taxation compliance services
9,770
10,350
All other non-audit services
3,525
6,800
13,295
17,150
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
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
Manufacturing
44
41
-
-
Administration and support
74
77
-
-
Sales and distribution
102
102
-
-
Total
220
220
The average number of workers in the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Ceremony workers
331
305
-
-
Total
331
305
-
-
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
9,465,456
8,727,992
Social security costs
698,817
645,429
-
-
Pension costs
349,661
299,131
10,513,934
9,672,552
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
192,665
190,845
Other interest income
17,767
116,046
Total income
210,432
306,891
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
56,389
99,577
Other interest on financial liabilities
619
(5,727)
57,008
93,850
Other finance costs:
Interest on finance leases and hire purchase contracts
2,767
3,422
Total finance costs
59,775
97,272
9
Other gains and losses
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Fair value movement on investment property
-
419,391
Fair value movement on financial assets held at fair value
(60,672)
-
358,719
10
Taxation
2024
2023
£
£
Current tax
Corporation tax
169,869
13,799
Adjustments in respect of prior periods
(6,286)
4,498
Total current tax
163,583
18,297
Deferred tax
Origination and reversal of timing differences
(80,377)
508,831
Adjustment in respect of prior periods
(39,919)
10,716
Total deferred tax
(120,296)
519,547
Total tax charge
43,287
537,844
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Taxation
(Continued)
- 28 -
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
1,569,944
1,894,558
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
392,486
416,992
Tax effect of expenses that are not deductible in determining taxable profit
132,953
19,839
Adjustments in respect of prior years
(6,286)
4,498
Capital allowances in excess of depreciation
(144,393)
(158,223)
Effect of overseas tax rates
3,357
(24,562)
Effect of tax losses
(204,964)
(266,030)
Other tax effects for reconciliation between accounting profit and tax expense
(2,351)
Decrease from effect of joint ventures results reported net of tax
(7,219)
25,783
Deferred taxation
(120,296)
519,547
Taxation charge
43,287
537,844
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
151,200
151,200
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023
2,471,355
Disposals
(50,000)
At 30 September 2024
2,421,355
Amortisation and impairment
At 1 October 2023
1,308,202
Amortisation charged for the year
140,068
Disposals
(19,584)
At 30 September 2024
1,428,686
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
12
Intangible fixed assets
(Continued)
- 29 -
Carrying amount
At 30 September 2024
992,669
At 30 September 2023
1,163,153
13
Tangible fixed assets
Group
Freehold buildings
Machinery, fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
8,866,622
11,645,761
396,222
20,908,605
Additions
653,095
262,734
915,829
Disposals
(6,485)
(207,560)
(214,045)
Exchange adjustments
245
7,459
7,704
At 30 September 2024
8,866,622
12,292,616
458,855
21,618,093
Depreciation and impairment
At 1 October 2023
5,084,972
9,580,585
321,235
14,986,792
Depreciation charged in the year
269,333
444,327
66,042
779,702
Eliminated in respect of disposals
(2,570)
(204,052)
(206,622)
Exchange adjustments
(6,325)
6,259
(66)
At 30 September 2024
5,354,305
10,016,017
189,484
15,559,806
Carrying amount
At 30 September 2024
3,512,317
2,276,599
269,371
6,058,287
At 30 September 2023
3,781,650
2,065,176
74,987
5,921,813
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
13
Tangible fixed assets
(Continued)
- 30 -
Company
Freehold buildings
£
Cost
At 1 October 2023
Transfer from subsidiary
3,714,317
At 30 September 2024
3,714,317
Depreciation and impairment
At 1 October 2023
Depreciation charged in the year
202,000
At 30 September 2024
202,000
Carrying amount
At 30 September 2024
3,512,317
The carrying value of land and buildings comprises:
Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
3,512,317
3,781,650
3,512,317
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
37,663
44,916
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 October 2023
14,824,510
-
Transfer from subsidiary
-
14,824,510
At 30 September 2024
14,824,510
14,824,510
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
14
Investment property
(Continued)
- 31 -
The fair value of the investment properties were reviewed by the directors at 30 September 2024. The fair values have been determined by carrying out a review of the property market and investment yields in the area. The directors also consider general property valuation changes from the dates of previous external valuations and consult with professional valuers for informal commentary around market prices.
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
22,505
16,800
Investments in joint ventures
17
555,448
526,570
Unlisted investments
796,070
796,070
1,351,518
1,322,640
22,505
16,800
Movements in fixed asset investments
Group
Shares in joint ventures
Other investments
Total
£
£
£
Cost or valuation
At 1 October 2023
526,570
796,070
1,322,640
Share of current year profits
28,878
-
28,878
At 30 September 2024
555,448
796,070
1,351,518
Carrying amount
At 30 September 2024
555,448
796,070
1,351,518
At 30 September 2023
526,570
796,070
1,322,640
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023
16,800
Transfer from subsidiary
5,705
At 30 September 2024
22,505
Carrying amount
At 30 September 2024
22,505
At 30 September 2023
16,800
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 32 -
16
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Ede & Ravenscroft Graduation Services Limited
93 Chancery Lane, London, WC2A 1DU
Sales of manufactured textile garments
Ordinary
0
100.00
Lafayette Photography Limited
93 Chancery Lane, London, WC2A 1DU
Provision of photography services
Ordinary
0
100.00
Armstrong and Oxford Limited
C/O Edwin Foley & Co, Oakpark Drive, Woodlands, Republic of Ireland
Hire and sale of academic dress and legal wear
Ordinary
0
100.00
Ede & Ravencroft (Malaysia) SDN.BHD
Lot 336 3rd Floor Campbell Complex, Jalan Dang Wangi, Malaysia
Merchandising, tailoring and hiring of academic dress, and the provision of photographic services
Ordinary
0
51.00
Hall Bros Limited
93 Chancery Lane, London, WC2A 1DU
Property letting
Ordinary
100.00
-
Wm. Northam & Company Limited
119 High Street, Oxford, OX1 4BX
Robemaking, hire of academic gowns and photographic services
Ordinary
0
100.00
Ede & Ravenscroft Limited
93 Chancery Lane, London, WC2A 1DU
Manufacture, sale and hire of garments, the provision of photographic services and property investment and development
Ordinary
100.00
-
Fashion House Services Limited
93 Chancery Lane, London, WC2A 1DU
Dormant company
Ordinary
100.00
-
Lionheart Academic Portraits Limited
93 Chancery Lane, London, WC2A 1DU
Dormant company
Ordinary
100.00
-
Ede & Ravenscroft Nigeria Limited
5th Floor Akuro House, 24 Campbell Street, Nigeria
Dormant company
Ordinary
0
100.00
Ede & Ravenscroft (Hong Kong) Limited
Bank of America Tower, 12 Harcourt Rd, Hong Kong, China
Dormant company
Ordinary
0
100.00
Luke Eyres Limited
93 Chancery Lane, London, WC2A 1DU
Dormant company
Ordinary
100.00
-
Ede & Ravenscroft Photography Limited
93 Chancery Lane, London, WC2A 1DU
Dormant company
Ordinary
100.00
-
E&R Services Limited
93 Chancery Lane, London, WC2A 1DU
Dormant company
Ordinary
100.00
-
Ede & Ravenscroft Graduation Services Holdings Limited
93 Chancery Lane, London, WC2A 1DU
Dormant company
Ordinary
100.00
-
The period end of all subsidiaries' noted above is consistent with the parent entity with the exception of Ede & Ravenscroft (Malaysia) Sdn. Bhd. The period end of this subsidiary is 31 December.
Exemption from audit by parent guarantee
For the year ending 30 September 2024 the following subsidiaries were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies:
Lafayette Photography Limited - Company number 05699331
As required Ede & Ravenscroft Holdings Limited have issued a guarantee under Section 479c of the Companies Act 2006, which guarantees all outstanding liabilities to which the subsidiary companies listed above are subject at the end of the financial year, until they are satisfied in full and the guarantee is enforceable against Ede & Ravenscroft Holdings Limited by any person to whom the subsidiary companies above is liable in respect of those liabilities.
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 33 -
17
Joint ventures
Details of joint ventures at 30 September 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Interest
% Held
held
Direct
Indirect
First Sight Media Limited
Suite 3-4 Wesley House, Venturepark, Carterton, OX18 1AD, England & Wales
Video streaming and production
Ordinary
0
50.00
18
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials
1,673,019
1,713,137
-
-
Work in progress
634,936
467,936
-
-
Finished goods
5,240,213
4,757,960
7,548,168
6,939,033
-
-
Impairment of stock
The amount of impairment loss included in profit or loss is £283,409 (2023 - £262,437).
19
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,958,029
4,259,117
19,127
Corporation tax recoverable
241,645
275,688
Amounts owed by group undertakings
-
-
460,772
100,800
Other debtors
7,653,748
7,006,417
Prepayments and accrued income
827,379
646,782
11,680,801
12,188,004
479,899
100,800
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 34 -
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
22
1,247,500
1,250,000
Obligations under finance leases
23
137,506
18,211
Payments received on account
1,613,695
1,628,966
Trade creditors
6,391,372
7,399,316
11,844
Amounts owed to group undertakings
100
Corporation tax payable
56,817
Other taxation and social security
841,210
1,020,872
27,929
-
Other creditors
2,151,245
2,817,900
313,287
Accruals and deferred income
9,904,131
8,733,952
138,765
22,286,659
22,869,217
548,742
21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
1,247,500
Obligations under finance leases
23
1,005
15,788
1,005
1,263,288
22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,247,500
2,497,500
Payable within one year
1,252,500
1,250,000
Payable after one year
1,247,500
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
22
Loans and overdrafts
(Continued)
- 35 -
Group
Bank Borrowings
The carrying amount at year end is £1,247,500 (2023 - £2,497,500).
Bank borrowings are denominated in sterling and interest is charged on a fixed interest basis. The interest rate is 3.16% and the final instalment is due in July 2025.
The bank loans are secured by virtue of legal charge over certain freehold land and building owned by the group.
23
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
40,132
19,535
In two to five years
77,449
16,303
In over five years
35,486
153,067
35,838
-
-
Less: future finance charges
(14,556)
(1,839)
138,511
33,999
The obligations under finance lease and hire purchase contracts are secured on the related asset.
24
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
521,620
796,768
-
-
Tax losses
-
-
-
154,951
Investment property
115,039
115,039
-
-
636,659
911,807
-
154,951
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
24
Deferred taxation
(Continued)
- 36 -
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Investment property
115,039
-
-
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
756,856
-
(Credit)/charge to profit or loss
(120,296)
115,039
Exchange rate movement
99
-
Liability at 30 September 2024
636,659
115,039
Group
The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £82,692 (2023 - £29,793). The reversal of deferred tax calculation assumes carry forward losses will be utilised in the subsequent accounting period.
25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
349,661
299,131
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.
Contributions totalling £41,529 (2023 - £36,991) were payable to the scheme at the end of the year and are included in creditors.
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 37 -
26
Share capital
Group and company
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
16,800
16,800
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions
A) Full voting rights which are unrestricted and non-preferential
B) Full rights as respects dividends, to participate in a distribution without any restriction or preference
C) Full rights to participate in a distribution in respect of capital (including on winding up)
D) Shares are not to be and are not liable to be redeemed at the option of the company or the shareholder(s)
27
Reserves
Group
Profit and loss account
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
Minority Interest
The minority interest reserve represents the element of the above attributable to minority shareholders of subsidiaries within the group.
Fair value reserve
The fair value reserve represents the cumulative gains and impairments in relation to the group's non-current assets which are carried at fair value. The reserve also encompasses any deferred taxation movements on such gains.
Company
Profit and loss account
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
28
Financial commitments, guarantees and contingent liabilities
The group has entered in cross guarantees and debentures to its bankers in respect of the liabilities of other group and related companies. The contingent liability was nil at both September 2024 and 2023. The future outcome is dependent upon the performance of individual companies concerned. However the directors do not expect any liability to crystallise.
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 38 -
29
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
254,900
255,500
-
-
Between two and five years
982,300
1,139,700
-
-
In over five years
855,000
997,500
-
-
2,092,200
2,392,700
-
-
The amount of non-cancellable operating lease payments recognised as an expense during the year was £262,400 (2023 - £421,333)
Lessor
At the reporting end date the group had contracted with tenants for the following minimum lease payments:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
351,950
431,540
351,950
-
Between two and five years
439,785
800,700
439,785
-
In over five years
68,400
159,300
68,400
-
860,135
1,391,540
860,135
-
30
Events after the reporting date
After the balance sheet date, dividends of £151,200 were voted and paid.
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 39 -
31
Related party transactions
Transactions with related parties
Set out in the table below are transactions with companies with common directors and/or common ultimate beneficial shareholders and other related individuals.
During the year the group entered into the following transactions with related parties:
Income and receivables from related parties
Sale of goods
Interest received
Management charges received
2024
2023
2024
2023
2024
2023
£
£
£
£
£
£
Group
Other related parties
713,534
394,125
118,457
132,511
74,200
74,200
Expenditure with and payables to related parties
Purchase of goods
Costs recharged
Management charges paid
2024
2023
2024
2023
2024
2023
£
£
£
£
£
£
Group
Other related parties
3,375,455
3,230,331
45,000
38,000
1,403,000
1,738,000
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Other related parties
4,618,432
4,081,115
Company
The company had no related party transactions during the year and at the year end had no amounts outstanding with related parties.
EDE & RAVENSCROFT HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 40 -
32
Controlling party
There is no ultimate controlling party.
33
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
1,526,657
1,356,714
Adjustments for:
Share of results of associates and joint ventures
(28,878)
117,150
Taxation charged
43,287
537,844
Finance costs
59,775
97,272
Investment income
(210,432)
(306,891)
Gain on disposal of tangible fixed assets
(23,907)
(76,234)
Amortisation and impairment of intangible assets
140,068
140,901
Depreciation and impairment of tangible fixed assets
779,702
650,281
Other gains and losses
-
(358,719)
Movements in working capital:
Increase in stocks
(609,135)
(924,836)
Decrease in debtors
485,273
1,412,914
Decrease in creditors
(699,353)
(10,129,951)
Cash generated from/(absorbed by) operations
1,463,057
(7,483,555)
34
Analysis of changes in net funds - group
1 October 2023
Cash flows
Exchange rate movements
30 September 2024
£
£
£
£
Cash at bank and in hand
8,857,436
(673,916)
(15,587)
8,167,933
Borrowings excluding overdrafts
(2,497,500)
1,250,000
-
(1,247,500)
Obligations under finance leases
(33,999)
(97,194)
(7,318)
(138,511)
6,325,937
478,890
(22,905)
6,781,922
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