Company registration number 00890080 (England and Wales)
BRAFE ENGINEERING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
BRAFE ENGINEERING LIMITED
COMPANY INFORMATION
Directors
Mr A R Dalby
Mr A Dalby
Secretary
Mr D Rutland
Company number
00890080
Registered office
Grundisburgh Road
Woodbridge
Ipswich
IP13 6HX
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
BRAFE ENGINEERING LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
BRAFE ENGINEERING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The directors present the strategic report together with the audited financial statements for the year ended 31 October 2024.

Review of the business

Reflecting continued global turbulence and economic uncertainty and as expected following lower order activity in FY23, the 12 months to 31 October 2024 saw a significant drop in revenue for which the business had to adapt accordingly in terms of cost base and purchase controls.

The fiscal year 2024 ended on 31st October 2024. Order intake showed a positive recovery with total order receipts for FY2024 at £10.2m. This compares to £7.5M for FY23. The turnover for the year ending 31st October 2024 was £8.8M compared to £10.5M for FY23.

At the year end the net cash balance held was -£817,727 (2023: -£813,172) hence the net decrease in cash in the year was £4,555 (2023: increase of £28,255). Bank loans outstanding at the year-end totalled £1,045,469 (2023: £1,085,426). Net assets at the year-end were £2,773,686 (2023: £2,973,063).

Principal risks and uncertainties

The main immediate risks remain the global uncertainty in oil and gas capital expenditure as well as price pressures on raw materials used within production. As a global business, volatile exchange rates influenced by political decisions including variable import tariffs also present a risk.

To directly offset the risk presented by the oil and gas markets, Brafe are actively sourcing business in different markets and have been successful in developing customers in both the alternative energy and sustainable technology fields. This diversification will continue.

The hugely successful apprentice programme at Brafe is being extended to further offset the skills shortage that currently exists and will continue in the coming years.

Development and performance

Following the recovery in order activity in 2024, 2025 revenue is on course to be at a higher level than the prior year. Thanks to an increased top line and despite pressures caused by external cost factors and business mix challenges, Brafe expect to show a return to profitability. Order activity remains buoyant thanks to continued development of new customers (thanks to Brafe’s ongoing diversification strategy and investment in the nuclear industry segment) and project business returning.

Investment in the technological capabilities of the business continues enabling process automation and potential development into new markets.

There is a continued effort to diversify, boost UK activity and therefore Sterling sales.

Key performance indicators

Key financial performance indicators are analysed monthly within the business review process.

Other performance indicators

Other KPI’s are also currently reviewed monthly at senior management meetings.

Research and development

Increased training of staff, investment in manufacturing technology and IT will continue to drive the development of the company. Customer service information and customer satisfaction are key to the long-term business planning. Brafe will continue with partners in these fields to maintain use of state-of-the-art technology. The maximising of R&D tax credits is a vital reinvestment funding tool, aggressive material development and process development will enable the company to keep ahead of the curve and is only possible with well supported R&D projects.

BRAFE ENGINEERING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -

On behalf of the board

Mr A Dalby
Director
15 July 2025
BRAFE ENGINEERING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 October 2024.

Principal activities

The principal activity of the company continued to be that of a specialist manufacturer of components for pump and valve OEMs worldwide.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final 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 A R Dalby
Mr A Dalby
Financial instruments

The company's financial risk management objective is broadly to seek to make neither profit nor loss from exposure to currency or interest rate risks. Its policy is to finance working capital through retained earnings and through borrowings at prevailing market interest rates. Its policy is to finance fixed assets through fixed rate borrowings for a term broadly expected to match the useful economic lives of the assets. The company's exposure to the price risk of financial instruments is therefore minimal. As the counterparty to all financial instruments is its bankers, it is also exposed to minimal credit and liquidity risks in respect of these instruments. In respect of credit risk, the principal risk lies with trade debtors. The credit risk is managed by setting customer limits based on a combination of payment history, statutory accounts and third party references. These limits are reviewed on a regular basis in conjunction with debt ageing and collection history. The directors do not consider any other risks attaching to the use of financial instruments to be material to an assessment of its financial position or profit.

 

Brafe Engineering Employee Ownership Trust

 

The Brafe Engineering Employee Benefit Trust was established on 16 August 2005 to acquire and hold shares in the company permanently, on behalf of all the company's employees, so as to maintain the company as a successful independently owned business with an employee ownership ethos. The Employee Trust was financed by the company. The trustee was Brafe Trustee Limited.

 

During the 2019 year the Employee Benefit Trust was converted to an Employee Ownership Trust and now holds 100% of the share capital of Brafe Engineering Limited. The Trustee is Brafe Trustee Limited.

Research and development

Information on the company's research and development activities are included in the strategic report on page 1.

Auditor

Ensors Accountants LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

BRAFE ENGINEERING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
Medium-sized companies exemption

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

On behalf of the board
Mr A Dalby
Director
15 July 2025
BRAFE ENGINEERING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -

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

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

In preparing these financial statements, the directors are required to:

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

BRAFE ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRAFE ENGINEERING LIMITED
- 6 -
Opinion

We have audited the financial statements of Brafe Engineering Limited (the 'company') for the year ended 31 October 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

BRAFE ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRAFE ENGINEERING LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including revenue recognition, management override of systems and control, transactions with related parties, commitments and contingencies and accounting estimates.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

 

 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

BRAFE ENGINEERING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRAFE ENGINEERING LIMITED (CONTINUED)
- 8 -

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

Use of our report

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

Barry Gostling (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP, Statutory Auditor
Chartered Accountants
Connexions
159 Princes Street
Ipswich
IP1 1QJ
15 July 2025
BRAFE ENGINEERING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
8,791,202
10,461,363
Cost of sales
(6,666,605)
(8,458,674)
Gross profit
2,124,597
2,002,689
Administrative expenses
(2,242,704)
(2,121,041)
Operating loss
4
(118,107)
(118,352)
Interest receivable and similar income
7
425
292
Interest payable and similar expenses
8
(204,986)
(180,491)
Loss before taxation
(322,668)
(298,551)
Tax on loss
9
123,291
67,203
Loss for the financial year
(199,377)
(231,348)

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

 

There was no other comprehensive income for 2024 (2023 - £Nil).

The notes on pages 13 to 28 form part of these financial statements.

BRAFE ENGINEERING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
420,111
392,701
Tangible assets
11
2,714,608
3,059,097
Investments
12
1
1
3,134,720
3,451,799
Current assets
Stocks
14
1,232,269
796,204
Debtors
15
2,519,824
2,888,491
Cash at bank and in hand
59,443
44,199
3,811,536
3,728,894
Creditors: amounts falling due within one year
16
(2,507,400)
(2,232,944)
Net current assets
1,304,136
1,495,950
Total assets less current liabilities
4,438,856
4,947,749
Creditors: amounts falling due after more than one year
17
(1,514,207)
(1,766,937)
Provisions for liabilities
Deferred tax liability
20
150,963
207,749
(150,963)
(207,749)
Net assets
2,773,686
2,973,063
Capital and reserves
Called up share capital
22
15,400
15,400
Profit and loss reserves
2,758,286
2,957,663
Total equity
2,773,686
2,973,063

The notes on pages 13 to 28 form part of these financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 15 July 2025 and are signed on its behalf by:
Mr A Dalby
Director
Company registration number 00890080 (England and Wales)
BRAFE ENGINEERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2022
15,400
3,189,011
3,204,411
Year ended 31 October 2023:
Loss and total comprehensive income
-
(231,348)
(231,348)
Balance at 31 October 2023
15,400
2,957,663
2,973,063
Year ended 31 October 2024:
Loss and total comprehensive income
-
(199,377)
(199,377)
Balance at 31 October 2024
15,400
2,758,286
2,773,686

The notes on pages 13 to 28 form part of these financial statements.

BRAFE ENGINEERING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
404,666
234,350
Income taxes refunded
164,635
100,088
Net cash inflow from operating activities
569,301
334,438
Investing activities
Purchase of intangible assets
(78,980)
(78,950)
Purchase of tangible fixed assets
(47,974)
(130,678)
Proceeds from disposal of tangible fixed assets
16,352
105,000
Interest received
425
292
Net cash used in investing activities
(110,177)
(104,336)
Financing activities
Proceeds from new bank loans
-
0
1,100,000
Repayment of bank loans
(39,957)
(715,328)
Payment of finance leases obligations
(218,736)
(372,600)
Repurchase of shares by EOT
-
(33,428)
Interest paid
(204,986)
(180,491)
Net cash used in financing activities
(463,679)
(201,847)
Net (decrease)/increase in cash and cash equivalents
(4,555)
28,255
Cash and cash equivalents at beginning of year
(813,172)
(841,427)
Cash and cash equivalents at end of year
(817,727)
(813,172)
Relating to:
Cash at bank and in hand
59,443
44,199
Bank overdrafts included in creditors payable within one year
(877,170)
(857,371)

The notes on pages 13 to 28 form part of these financial statements.

BRAFE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
1
Accounting policies
Company information

Brafe Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is Grundisburgh Road, Woodbridge, Ipswich, IP13 6HX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements contain information about the company as an individual company and do not contain consolidated financial information as the parent of the group. The company has taken advantage of the exemption conferred by section 405 (2) of the Companies Act 2006, where a subsidiary undertaking may be excluded from consolidation if its inclusion is not material for the purpose of giving a true and fair view.

1.2
Going concern

The company continues to operate within agreed funding limits with it’s bankers and other finance providers. The directors are confident that the existing funding terms will be maintained, and they anticipate the company will continue to operate within those terms. By closely focusing on cost management, gross margin improvement, and new customer development, there are significant opportunities to improve the company’s financial landscape over the next 12 months. Additionally, the company’s strong asset base offers further options for additional lenders.true

 

The directors consider that the company is able to continue as a going concern for a period of at least 12 months from the date these financial statements have been issued. The financial statements have therefore been prepared on a going concern basis.

1.3
Turnover

Turnover is recognised to the extent that it is probable that is economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

1.4
Research and development expenditure

Expenditure on research and development is written off in the year in which it is incurred, except for costs incurred on developing a new computer system. These costs are capitalised to development costs within Intangible Assets.

BRAFE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 14 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Computer software
20%
ERP System
10%
1.6
Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold land
Not depreciated
Freehold buildings
4% straight line basis
Plant and machinery
10% - 20% straight line basis
Office equipment
10% - 20% straight line basis
Motor vehicles
20% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.8
Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are consistently identifiable cash flows (CGUs). Non-financial assets that have previously been impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

1.9
Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stock. Net realisable value is the estimated selling price less costs to complete and sell.

 

Costs includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

BRAFE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
1.10
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 

In the Statement of Cash Flows, cash is shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

1.11
Financial instruments

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

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

BRAFE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

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

 

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

Derecognition of financial liabilities

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

1.12
Equity instruments

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

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 income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BRAFE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
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 income statement, 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 when the company has 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.

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 statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

BRAFE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
1.17
Foreign exchange

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

 

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'administrative expenses'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'administrative expenses'.

1.18

Employee Ownership Trust (EOT)

The cost of the company's shares held by the EOT is deducted from equity in the Statement of Financial Position. Any cash received by the EOT on disposal of shares it holds is also recognised directly in equity. Other assets and liabilities of the EOT (including borrowings) are recognised as assets and liabilities of the company.

1.19

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are recognised as a reduction in the proceeds of the associated capital instrument.

1.20

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

BRAFE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of stock

Judgement, estimates and associated assumptions necessary to assess the valuation of stock are based on historical experience and other reasonable factors. Work in progress is valued at an estimated percentage of the final selling price, based on the stage of completion at the year end.

 

Consideration is made of any objective evidence of impairment of any financial assets which are measured at cost or amortised cost, including observable data which come to the attention of the company or other factors which may also be evidence of impairment, including significant changes with an adverse effect that have taken place in the technological, market, economic or legal environment in respect of that financial asset.

3
Turnover
2024
2023
£
£
Turnover analysed by geographical market
UK
1,461,723
2,526,948
Europe
2,664,975
3,350,927
USA & Canada
4,178,114
3,539,321
Australia, Asia and Others
486,390
1,044,167
8,791,202
10,461,363
4
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses
55,779
38,320
Research and development costs
734,080
666,485
Fees payable to the company's auditor for the audit of the company's financial statements
22,680
21,600
Depreciation of owned tangible fixed assets
144,475
125,892
Depreciation of tangible fixed assets held under finance leases
240,366
239,459
Profit on disposal of tangible fixed assets
(8,730)
(105,000)
Amortisation of intangible assets
51,570
43,997
Operating lease charges
150,697
59,548
BRAFE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
5
Employees

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

2024
2023
Number
Number
Cost of Sales
83
88
Directors
2
2
Admin
12
12
Total
97
102

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,693,394
4,106,763
Social security costs
379,772
433,375
Pension costs
288,517
303,504
4,361,683
4,843,642
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
241,364
243,492
Company pension contributions to defined contribution schemes
21,951
22,042
263,315
265,534

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
133,394
133,970
Company pension contributions to defined contribution schemes
13,505
13,554
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
425
292
BRAFE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
143,825
121,059
Other finance costs:
Interest on finance leases and hire purchase contracts
61,161
59,432
204,986
180,491
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(66,505)
(164,635)
Adjustments in respect of prior periods
-
0
284
Total current tax
(66,505)
(164,351)
Deferred tax
Origination and reversal of timing differences
(56,786)
97,638
Adjustment in respect of prior periods
-
0
(490)
Total deferred tax
(56,786)
97,148
Total tax credit
(123,291)
(67,203)

The increase in tax rate is due to the changes implemented in the Finance Act. The rate of 25% was applied from 1 April 2023, as such an effective rate of 22.52% has been applied in the 2023 year end, with the full rate of 25% being applied in the 2024 year end.

BRAFE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
9
Taxation
(Continued)
- 22 -

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(322,668)
(298,551)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.52%)
(80,667)
(67,234)
Tax effect of expenses that are not deductible in determining taxable profit
284
352
Tax effect of income not taxable in determining taxable profit
-
0
(850)
Adjustments in respect of prior years
-
0
284
Research and development tax credit
(66,505)
(164,635)
Other permanent differences
63
824
Deferred tax adjustments in respect of prior years
-
0
(490)
Additional deduction for research and development expense
(157,827)
(156,385)
Surrender of tax losses for research and development tax credit fund
166,263
306,463
Adjustment of opening and closing deferred tax to average rate
-
0
9,694
Fixed asset difference
15,098
4,767
Unexplained difference
-
0
7
Taxation credit for the year
(123,291)
(67,203)

There are trading losses of £1,294,269 (2023: £1,294,269) that are being carried forward by the company. Deferred tax liability has been reduced to the full extent of losses available.

10
Intangible fixed assets
Computer software
ERP System
Total
£
£
£
Cost
At 1 November 2023
34,228
472,499
506,727
Additions
2,100
76,880
78,980
At 31 October 2024
36,328
549,379
585,707
Amortisation and impairment
At 1 November 2023
27,572
86,454
114,026
Amortisation charged for the year
588
50,982
51,570
At 31 October 2024
28,160
137,436
165,596
Carrying amount
At 31 October 2024
8,168
411,943
420,111
At 31 October 2023
6,656
386,045
392,701
BRAFE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
11
Tangible fixed assets
Freehold land
Freehold buildings
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2023
473,787
2,021,704
6,059,538
154,264
106,485
8,815,778
Additions
-
0
-
0
26,282
1,430
20,262
47,974
Disposals
-
0
-
0
-
0
-
0
(48,315)
(48,315)
At 31 October 2024
473,787
2,021,704
6,085,820
155,694
78,432
8,815,437
Depreciation and impairment
At 1 November 2023
-
0
1,403,256
4,172,040
114,728
66,657
5,756,681
Depreciation charged in the year
-
0
60,318
296,206
12,299
16,018
384,841
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(40,693)
(40,693)
At 31 October 2024
-
0
1,463,574
4,468,246
127,027
41,982
6,100,829
Carrying amount
At 31 October 2024
473,787
558,130
1,617,574
28,667
36,450
2,714,608
At 31 October 2023
473,787
618,448
1,887,498
39,536
39,828
3,059,097

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and machinery
1,270,104
1,488,962
Motor vehicles
13,506
30,862
Buildings
80,917
97,659
1,364,527
1,617,483
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
1
1
13
Subsidiaries

Details of the company's subsidiaries at 31 October 2024 are as follows:

BRAFE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
13
Subsidiaries
(Continued)
- 24 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Brafe Trustee Limited
Grundisburgh Road, Woodbridge, Suffolk, IP13 6HX
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Brafe Trustee Limited
1
-
0
14
Stocks
2024
2023
£
£
Raw materials and consumables
237,522
187,629
Work in progress
709,747
608,575
Finished goods and goods for resale
285,000
-
0
1,232,269
796,204
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,143,171
2,552,843
Corporation tax recoverable
66,505
164,635
Other debtors
79,590
9,250
Prepayments and accrued income
230,558
161,763
2,519,824
2,888,491
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
928,239
908,797
Obligations under finance leases
19
347,419
353,025
Trade creditors
871,519
514,474
Taxation and social security
102,582
148,135
Other creditors
64,012
65,221
Accruals and deferred income
193,629
243,292
2,507,400
2,232,944
BRAFE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
16
Creditors: amounts falling due within one year
(Continued)
- 25 -

Bank loans and overdrafts are secured by a debenture over the assets of the company and on the freehold land and buildings of the company. Finance and hire purchase creditors are secured on the assets concerned.

17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
994,400
1,034,000
Obligations under finance leases
19
519,807
732,937
1,514,207
1,766,937

Bank loans and overdrafts are secured by a debenture over the assets of the company and on the freehold land and buildings of the company. Finance and hire purchase creditors are secured on the assets concerned.

18
Loans and overdrafts
2024
2023
£
£
Bank loans
1,045,469
1,085,426
Bank overdrafts
877,170
857,371
1,922,639
1,942,797
Payable within one year
928,239
908,797
Payable after one year
994,400
1,034,000

A bank loan of £132,467 (2023: £172,078) is included within creditors which matures in February 2028. Interest is charged at a rate of 2.95% above the Bank of England base rate.

 

A bank loan of £913,002 (2023: £913,348) is included within creditors which matures in February 2028. Interest is charged at a rate of 2.95% above the Bank of England base rate.

19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
412,209
489,974
In two to five years
633,798
872,070
1,046,007
1,362,044
Less: future finance charges
(178,781)
(276,082)
867,226
1,085,962
BRAFE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
20
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
479,191
536,379
Tax losses
(323,567)
(323,568)
Short term timing differences
(4,661)
(5,062)
150,963
207,749
2024
Movements in the year:
£
Liability at 1 November 2023
207,749
Credit to profit or loss
(56,786)
Liability at 31 October 2024
150,963
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
288,517
303,504

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

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Allotted, called up and fully paid of £1 each
15,400
15,400
15,400
15,400

The ordinary shares each carry one voting right.

 

Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

BRAFE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
23
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
164,322
164,322
Between two and five years
410,516
575,831
574,838
740,153
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
698,510
728,550
25
Ultimate controlling party

The company is controlled by Brafe Engineering Employee Ownership Trust.

26
Brafe Engineering Employee Ownership Trust

On 31 December 2018, Brafe Engineering Employee Benefit Trust was converted to Brafe Engineering Employee Ownership Trust. On the same day the 936 shares held by minority shareholders were acquired by the Ownership Trust. The consideration for the value of the shares acquired, payable by the trustee, was £334,285, consisting of an initial payment of £66,857 and deferred consideration of £267,428, payable in four equal amounts up to 30 November 2022. From this date the Ownership Trust held 100% of the share capital of Brafe Engineering Limited. The final payment that was due in November has not yet been paid. This has been deferred and is due to be paid in the year ending 31st October 2025.

 

The Employee Ownership Trust was established to acquire and hold shares in the company, on behalf of all the company's employees, so as to maintain the company as a successful independently owned business with an employee ownership ethos. The Employee Ownership Trust has been financed by the company. The trustee is Brafe Trustee Limited.

 

Arrangements for distributing shares to employees have not yet been established, and of these shares none were under option to employees and none had unconditionally vested in employees.

BRAFE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 28 -
27
Cash generated from operations
2024
2023
£
£
Loss after taxation
(199,377)
(231,348)
Adjustments for:
Taxation credited
(123,291)
(67,203)
Finance costs
204,986
180,491
Investment income
(425)
(292)
Gain on disposal of tangible fixed assets
(8,730)
(105,000)
Amortisation and impairment of intangible assets
51,570
43,997
Depreciation and impairment of tangible fixed assets
384,841
365,351
Movements in working capital:
(Increase)/decrease in stocks
(436,065)
364,904
Decrease/(increase) in debtors
270,537
(42,102)
Increase/(decrease) in creditors
260,620
(274,448)
Cash generated from operations
404,666
234,350
28
Analysis of changes in net debt
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
44,199
15,244
59,443
Bank overdrafts
(857,371)
(19,799)
(877,170)
(813,172)
(4,555)
(817,727)
Borrowings excluding overdrafts
(1,085,426)
39,957
(1,045,469)
Obligations under finance leases
(1,085,962)
218,736
(867,226)
(2,984,560)
254,138
(2,730,422)
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