Company registration number 06160326 (England and Wales)
EYG HOLDINGS LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
EYG HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr N Ward
Mrs L Ward
Company number
06160326
Registered office
Wiltshire Road
Dairycoates Industrial Estate
Hull
East Yorkshire
HU4 6QQ
Auditor
Dutton Moore
Business address
Wiltshire Road
Dairycoates Industrial Estate
Hull
East Yorkshire
HU4 6QQ
EYG HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10 - 11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
EYG HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The directors present the strategic report for the year ended 31 October 2024
Review of the business
The results of the company for the year are detailed in the attached financial statements.
The group continues to invest heavily in the business, upgrading, enhancing the business structure and continuing to develop a sustained marketing campaign to maintain continued growth.
At the year-end date the company had increased it's year on year reserve levels and was striving to ensure that this trend continues going forward.
Mr N Ward
Director
12 June 2025
EYG HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 October 2024.
Principal activities
The principal activity of the company and group continued to be that of the manufacture and installation of windows, doors and conservatories and other household maintenance items.
Results and dividends
The results for the year are set out on page 7.
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:
Mr N Ward
Mrs L Ward
Mr J Bingham
(Resigned 17 December 2024)
Mrs L Bingham
(Resigned 17 December 2024)
Mrs L Baxter
(Resigned 17 December 2024)
Energy and carbon report
[Amend this as an introductory paragraph or use as an explanation concerning lower user status] As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
Mr N Ward
Director
12 June 2025
EYG HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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.
EYG HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EYG HOLDINGS LIMITED
- 4 -
Opinion
We have audited the financial statements of EYG Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 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 31 October 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.
EYG HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EYG HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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:
The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the most significant laws and regulations were FRS 102, the Companies Act 2006 and taxation legislation. In addition, we considered other laws and regulations which may be fundamental to the company's ability to operate, namely health and safety and employment law. We assessed the extent of compliance with these laws and regulations as part of our audit procedures which included discussions with management.
The susceptibility of the company's financial statements to misstatement, including fraud, was assessed. The audit team discussed how and where fraud might occur in the financial statements. We identified and considered the controls that had been put in place to prevent and detect fraud. Other audit procedures carried out included the assessment of the appropriateness of journal entries and whether any accounting estimates indicated any potential bias.
Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit has been properly planned and performed in accordance with auditing standards (ISAs (UK)).
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.
EYG HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EYG HOLDINGS LIMITED
- 6 -
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.
Mark Wilson FCCA
For and on behalf of
12 June 2025
Dutton Moore
Chartered Accountants
Statutory Auditor
EYG HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
21,056,827
21,432,482
Cost of sales
(14,656,793)
(17,583,385)
Gross profit
6,400,034
3,849,097
Administrative expenses
(5,998,622)
(3,651,345)
Other operating income
32,495
89,917
Operating profit
3
433,907
287,669
Interest receivable and similar income
7
5,600
Interest payable and similar expenses
8
(72,571)
(59,978)
Profit before taxation
361,336
233,291
Tax on profit
9
(57,170)
(58,333)
Profit for the financial year
304,166
174,958
Profit for the financial year is all attributable to the owners of the parent company.
EYG HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2024
2023
£
£
Profit for the year
304,166
174,958
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
Total comprehensive income for the year
304,166
174,958
Total comprehensive income for the year is all attributable to the owners of the parent company.
EYG HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,240,258
2,187,815
Current assets
Stocks
15
2,139,296
1,613,043
Debtors
16
1,995,017
3,136,340
Cash at bank and in hand
1,764,008
1,245,451
5,898,321
5,994,834
Creditors: amounts falling due within one year
17
(3,134,504)
(3,002,770)
Net current assets
2,763,817
2,992,064
Total assets less current liabilities
5,004,075
5,179,879
Creditors: amounts falling due after more than one year
18
(44,430)
(479,234)
Provisions for liabilities
Deferred tax liability
238,450
225,872
(238,450)
(225,872)
Net assets
4,721,195
4,474,773
Capital and reserves
Called up share capital
22
4,937
5,254
Share premium account
165,963
165,963
Capital redemption reserve
1,108
791
Profit and loss reserves
4,549,187
4,302,765
Total equity
4,721,195
4,474,773
The financial statements were approved by the board of directors and authorised for issue on 12 June 2025 and are signed on its behalf by:
12 June 2025
Mr N Ward
Director
Company registration number 06160326 (England and Wales)
EYG HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,555,140
1,496,627
Investments
12
7,707
7,707
1,562,847
1,504,334
Current assets
Debtors
16
1,596,784
673,373
Cash at bank and in hand
23,118
35,175
1,619,902
708,548
Creditors: amounts falling due within one year
17
(341,043)
(179,097)
Net current assets
1,278,859
529,451
Total assets less current liabilities
2,841,706
2,033,785
Creditors: amounts falling due after more than one year
18
(44,430)
(357,383)
Provisions for liabilities
Deferred tax liability
92,482
96,456
(92,482)
(96,456)
Net assets
2,704,794
1,579,946
Capital and reserves
Called up share capital
22
4,937
5,254
Capital redemption reserve
1,063
746
Profit and loss reserves
2,698,794
1,573,946
Total equity
2,704,794
1,579,946
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 £1,182,592 (2023 - £58,754 loss).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
EYG HOLDINGS LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
31 October 2024
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 12 June 2025 and are signed on its behalf by:
12 June 2025
Mr N Ward
Director
Company registration number 06160326 (England and Wales)
EYG HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2022
5,571
429
1,702,663
1,708,663
Year ended 31 October 2023:
Loss and total comprehensive income for the year
-
-
(58,754)
(58,754)
Dividends
10
-
-
(12,219)
(12,219)
Own shares acquired
-
-
(57,744)
(57,744)
Redemption of shares
22
(317)
-
-
(317)
Other movements
-
317
-
317
Balance at 31 October 2023
5,254
746
1,573,946
1,579,946
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
1,182,592
1,182,592
Own shares acquired
-
-
(57,744)
(57,744)
Redemption of shares
22
(317)
-
-
(317)
Other movements
-
317
-
317
Balance at 31 October 2024
4,937
1,063
2,698,794
2,704,794
EYG HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,364,950
639,469
Interest paid
(72,571)
(59,978)
Income taxes refunded/(paid)
13,399
(55,470)
Net cash inflow from operating activities
1,305,778
524,021
Investing activities
Purchase of tangible fixed assets
(438,441)
(564,900)
Proceeds from disposal of tangible fixed assets
5,327
84,338
Purchase of subsidiaries, net of cash acquired
(317)
-
Proceeds from disposal of subsidiaries, net of cash disposed
317
-
Interest received
5,600
Net cash used in investing activities
(433,114)
(474,962)
Financing activities
Proceeds from redemption of shares
317
317
Redemption of shares
(317)
(317)
Purchase of own shares
(57,744)
(57,744)
Repayment of bank loans
(60,128)
(70,220)
Payment of finance leases obligations
(248,455)
5,324
Dividends paid to equity shareholders
(1,087,781)
(12,219)
Net cash used in financing activities
(1,454,108)
(134,859)
Net decrease in cash and cash equivalents
(581,444)
(85,800)
Cash and cash equivalents at beginning of year
1,245,451
1,331,252
Cash and cash equivalents at end of year
1,764,008
1,245,451
EYG HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
1
Accounting policies
Company information
EYG Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .
The group consists of EYG Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company EYG 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 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
EYG HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
40 Years
Plant and equipment
3 to 10 Years
Fixtures and fittings
3 to 10 Years
Computers
3 to 10 Years
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
EYG HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
EYG HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
EYG HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
EYG HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
EYG HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 20 -
1.16
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
364,964
411,940
Loss/(profit) on disposal of tangible fixed assets
15,707
(6,311)
Operating lease charges
386,899
398,558
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,850
22,150
Audit of the financial statements of the company's subsidiaries
20,000
56,650
25,850
78,800
EYG HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
5
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
Production and Installation
149
154
5
5
Office & management
45
46
-
-
Total
194
200
5
5
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,195,081
5,917,739
253,042
288,009
Social security costs
365,529
509,309
28,528
28,143
Pension costs
236,149
232,681
37,593
44,803
5,796,759
6,659,729
319,163
360,955
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
253,042
288,009
Company pension contributions to defined contribution schemes
37,593
44,803
290,635
332,812
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
158,504
181,043
Company pension contributions to defined contribution schemes
1,321
11,321
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
5,600
EYG HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
7
Interest receivable and similar income
(Continued)
- 22 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
-
5,600
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
30,320
42,426
Other finance costs:
Interest on finance leases and hire purchase contracts
42,251
17,552
Total finance costs
72,571
59,978
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
63,174
10,884
Adjustments in respect of prior periods
(18,582)
Total current tax
44,592
10,884
Deferred tax
Origination and reversal of timing differences
12,578
47,449
Total tax charge
57,170
58,333
EYG HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 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
361,336
233,291
Expected tax charge based on the standard rate of corporation tax in the UK of 0% (2023: 25.00%)
-
58,323
Tax effect of expenses that are not deductible in determining taxable profit
13,648
8,807
Tax effect of income not taxable in determining taxable profit
(959)
Unutilised tax losses carried forward
7,649
Adjustments in respect of prior years
(4,623)
901
Effect of change in corporation tax rate
(1,326)
1,662
Permanent capital allowances in excess of depreciation
62,495
Under/(over) provided in prior years
(89)
Deferred tax adjustments in respect of prior years
34
Tax at marginal rate
(10,401)
3,345
Taxation charge
81,133
58,333
Taxation charge in the financial statements
57,170
58,333
Reconciliation - the current year tax charge does not reconcile to the above analysis. Please review figures in the database.
23,963
-
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
-
12,219
EYG HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2023
2,045,810
1,310,716
249,394
625,773
1,904,852
6,136,545
Additions
103,706
124,218
210,517
438,441
Disposals
(87,273)
(447,957)
(234,193)
(769,423)
At 31 October 2024
2,045,810
1,414,422
162,121
302,034
1,881,176
5,805,563
Depreciation and impairment
At 1 November 2023
1,140,983
883,572
148,731
561,780
1,213,664
3,948,730
Depreciation charged in the year
37,852
73,895
16,054
41,610
195,553
364,964
Eliminated in respect of disposals
(87,273)
(447,957)
(213,159)
(748,389)
At 31 October 2024
1,178,835
957,467
77,512
155,433
1,196,058
3,565,305
Carrying amount
At 31 October 2024
866,975
456,955
84,609
146,601
685,118
2,240,258
At 31 October 2023
904,827
427,144
100,663
63,993
691,188
2,187,815
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 November 2023
2,045,810
1,310,716
249,394
625,773
4,231,693
Additions
103,706
124,218
227,924
Disposals
(87,273)
(447,957)
(535,230)
At 31 October 2024
2,045,810
1,414,422
162,121
302,034
3,924,387
Depreciation and impairment
At 1 November 2023
1,140,983
883,572
148,731
561,780
2,735,066
Depreciation charged in the year
37,852
73,895
16,054
41,610
169,411
Eliminated in respect of disposals
(87,273)
(447,957)
(535,230)
At 31 October 2024
1,178,835
957,467
77,512
155,433
2,369,247
Carrying amount
At 31 October 2024
866,975
456,955
84,609
146,601
1,555,140
At 31 October 2023
904,827
427,144
100,663
63,993
1,496,627
EYG HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
7,707
7,707
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 and 31 October 2024
7,707
Carrying amount
At 31 October 2024
7,707
At 31 October 2023
7,707
13
Subsidiaries
Details of the company's subsidiaries at 31 October 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
EYG Domestic Limited
England & Wales
Ordinary
100.00
East Yorkshire Aluminimum & Glass Limited
England & Wales
Ordinary
100.00
14
Financial instruments
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,188,557
1,108,776
-
-
Work in progress
950,739
504,267
-
-
2,139,296
1,613,043
-
-
EYG HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,885,083
2,707,671
Amounts owed by group undertakings
-
-
1,557,086
645,303
Other debtors
19,715
165,428
5,136
Prepayments and accrued income
90,219
263,241
34,562
28,070
1,995,017
3,136,340
1,596,784
673,373
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
265,508
73,668
248,841
63,270
Obligations under finance leases
20
203,295
256,695
87,202
81,258
Trade creditors
1,567,847
1,956,567
Corporation tax payable
63,174
5,183
Other taxation and social security
529,802
414,518
-
-
Other creditors
158,191
12,220
12,219
Accruals and deferred income
346,687
283,919
5,000
22,350
3,134,504
3,002,770
341,043
179,097
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
251,968
237,959
Obligations under finance leases
20
30,461
225,516
30,461
117,674
Other borrowings
19
1,750
1,750
1,750
1,750
Preference dividends payable
12,219
12,219
44,430
479,234
44,430
357,383
EYG HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
265,508
325,636
248,841
301,229
Preference shares
1,750
1,750
1,750
1,750
267,258
327,386
250,591
302,979
Payable within one year
265,508
73,668
248,841
63,270
Payable after one year
1,750
253,718
1,750
239,709
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
203,295
256,695
87,202
81,258
In two to five years
30,461
225,516
30,461
117,674
233,756
482,211
117,663
198,932
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
236,149
232,681
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.
EYG HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 28 -
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
4,621
4,621
4,621
4,621
Ordinary A of £1 each
316
633
316
633
4,937
5,254
4,937
5,254
23
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
304,166
174,958
Adjustments for:
Taxation charged
57,170
58,333
Finance costs
72,571
59,978
Investment income
(5,600)
Loss/(gain) on disposal of tangible fixed assets
15,707
(6,311)
Depreciation and impairment of tangible fixed assets
364,964
411,941
Movements in working capital:
(Increase)/decrease in stocks
(526,253)
350,707
Decrease in debtors
1,141,322
159,753
Decrease in creditors
(64,697)
(564,290)
Cash generated from operations
1,364,950
639,469
24
Cash absorbed by operations - company
2024
2023
£
£
Profit/(loss) for the year after tax
1,182,592
(58,754)
Adjustments for:
Taxation (credited)/charged
(3,974)
69,022
Finance costs
41,247
42,426
Investment income
(1,100,000)
Gain on disposal of tangible fixed assets
-
(6,253)
Depreciation and impairment of tangible fixed assets
169,411
144,043
Movements in working capital:
Increase in debtors
(923,411)
(673,373)
(Decrease)/increase in creditors
(29,569)
34,569
Cash absorbed by operations
(663,704)
(448,320)
EYG HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 29 -
25
Analysis of changes in net funds - group
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
1,245,451
518,557
1,764,008
Borrowings excluding overdrafts
(327,386)
60,128
(267,258)
Obligations under finance leases
(482,211)
248,455
(233,756)
435,854
827,140
1,262,994
26
Analysis of changes in net debt - company
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
35,175
(12,057)
23,118
Borrowings excluding overdrafts
(302,979)
52,388
(250,591)
Obligations under finance leases
(198,932)
81,269
(117,663)
(466,736)
121,600
(345,136)
2024-10-312023-11-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr N WardMrs L WardMr J BinghamMrs L BinghamMrs L 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