Company registration number 03673848 (England and Wales)
BARRIER GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
BARRIER GROUP LIMITED
COMPANY INFORMATION
Directors
Mr AE Nightingale
Mr DA Alderson
Mrs E Bowles
Mr P Nightingale
(Appointed 4 January 2024)
Company number
03673848
Registered office
Pearl Buildings
Stephenson Street
Willington Quay
Wallsend
Tyne and Wear
NE28 6UE
Auditor
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
NE2 1TJ
BARRIER GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9 - 10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
BARRIER GROUP 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 2023 year has been another successful year for the group, with turnover increasing from £38.1m in 2023 to £51.2m in 2024. Gross profitability remained strong at £7.1m. Overall we recorded a profit before tax of £2.4m for the year.

 

The balance sheet of the group continues to grow and at the end of 2024 we held net assets of £14.8m and cash in the bank of £3.9m.

 

Going into 2025 prospects are that our turnover will continue to grow across the group.

 

Principal risks and uncertainties

The principal risks and uncertainties within the group

The principal risks and uncertainties within the group are whether additional contracts will be won and when the existing ones finish. We are constantly looking to improve our customer base and explore new sectors similar to the industry we currently operate in. This diversification helps us manage the risk when one of our markets is in a cyclical decline.

 

Employee engagement

The group is committed to employee involvement and encourages the development of and cooperation with employees. To this end, the company’s policy is to ensure that employees are kept fully informed on matters which affect them, through direct communication and established procedures for joint consultation.

 

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Promoting the success of the company

The company is required to prepare a statement under Section 172 of the Companies Act 2006.

Under S172, the directors of a company must act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

- the likely consequence of any decision in the long term

- the interests of the Company's employees

- the need to foster the Company's business relationships with suppliers, customers and others

- the impact of the Company's operations on the community and the environment

- the desirability of the Company maintaining a reputation for high standards of business conduct; and

- the need to act fairly as between members of the Company.

 

The accompanying Annual Report demonstrates clearly the Company’s operating context, employee considerations, employee engagement, partnership ethos and high standards.

We understand that it is important for us to engage with our stakeholders at all levels in order to gain a better understanding of what areas they are interested in or concerned about, and also how our decisions have impacted them. The Board is updated regularly on stakeholder engagement and this supports the Board in weighing up the likely consequences of any decision in the long term.

There may be some instances where conflicts arise between stakeholders groups. In these circumstances, the Board works to understand the needs and priorities of each stakeholder group. This should then ensure the needs of the stakeholders align with those of the Company, thus increasing the likelihood of the Company achieving longterm sustainable success.

BARRIER GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -

On behalf of the board

Mr DA Alderson
Director
17 July 2025
BARRIER GROUP 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 and group continued to be that of work within the oil and gas industry.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

Mr AE Nightingale
Mr DA Alderson
Mrs E Bowles
Mr P Nightingale
(Appointed 4 January 2024)
Energy and carbon report

The gross greenhouse gas (GHG) emissions for Barrier Group Limited are 155 tonnes of carbon dioxide equivalent (tCO2e) for the period 1 November 2023 to 31 October 2024.

 

The gross GHG emissions figure, reportable under SECR legislation, includes all material Scope 1, 2 plus Scope 3 required to disclosed by the legislation; that is the emissions associated with UK electricity and natural gas consumption, and business travel in company and private vehicles by employees. Scope 3 emissions resulting from transmission and distribution (T&D) losses in the electricity supply network are included voluntarily, in accordance with normal GHG reporting practice.

 

In accordance with the legislation an emissions intensity ratio has been calculated and for the company this is 3.03 tCO2e per £m revenue.

 

The total energy consumption was 0.436m KWH.

 

BARRIER GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
Statement of directors' responsibilities

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

 

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

 

 

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

Statement of disclosure to auditor

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

On behalf of the board
Mr DA Alderson
Director
17 July 2025
BARRIER GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BARRIER GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Barrier Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise 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:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

BARRIER GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BARRIER GROUP LIMITED
- 6 -
Matters on which we are required to report by exception

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

 

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

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.

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

The risk of material misstatement due to error or fraud has been assessed in conjunction with how internal controls may mitigate any such risk. These controls are reviewed as part of the audit by performing systems walkthroughs to ensure they are operating effectively. Other substantive testing is also performed on all material balances and therefore any instances of non-compliance should be identified or considered as insignificant.

 

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

obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework, in which the company operates and how the company complies with that legal and regulatory framework

inquired with management and those charged with governance about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud

discussed with management and those charged with governance any non-compliance with laws and regulations and how fraud might occur including assessments of how and where the financial statements may be susceptible to fraud.

 

The risk of management override of controls was also considered an area of potential misstatement due to fraud. Audit procedures performed included testing of manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business.

 

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

BARRIER GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BARRIER GROUP LIMITED
- 7 -

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.

Michael T Moran BA FCA (Senior Statutory Auditor)
For and on behalf of Robson Laidler Accountants Limited
17 July 2025
Accountants
Statutory Auditor
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
NE2 1TJ
BARRIER GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
2
51,197,262
38,113,621
Cost of sales
(44,052,500)
(31,875,634)
Gross profit
7,144,762
6,237,987
Administrative expenses
(4,595,821)
(3,341,561)
Other operating income
44,783
12,579
Operating profit
3
2,593,724
2,909,005
Share of profits of associates
89,800
7,107
Interest receivable and similar income
654
12,331
Interest payable and similar expenses
7
(127,658)
(23,003)
Amounts written off investments
8
(174,365)
-
Profit before taxation
2,382,155
2,905,440
Tax on profit
9
(631,234)
(575,971)
Profit for the financial year
24
1,750,921
2,329,469
Profit for the financial year is attributable to:
- Owners of the parent company
896,438
839,487
- Non-controlling interests
854,483
1,489,982
1,750,921
2,329,469
Total comprehensive income for the year is attributable to:
- Owners of the parent company
896,438
839,487
- Non-controlling interests
854,483
1,489,982
1,750,921
2,329,469
BARRIER GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
217,246
245,356
Other intangible assets
10
1,332,400
37,800
Total intangible assets
1,549,646
283,156
Tangible assets
11
1,905,371
1,511,932
Investments
12
-
0
344,565
3,455,017
2,139,653
Current assets
Stocks
14
2,398,732
249,317
Debtors
15
19,216,686
16,693,518
Cash at bank and in hand
3,894,401
3,940,567
25,509,819
20,883,402
Creditors: amounts falling due within one year
16
(13,101,642)
(9,551,155)
Net current assets
12,408,177
11,332,247
Total assets less current liabilities
15,863,194
13,471,900
Creditors: amounts falling due after more than one year
17
(935,304)
(434,273)
Provisions for liabilities
Deferred tax liability
20
102,727
(36,615)
(102,727)
36,615
Net assets
14,825,163
13,074,242
Capital and reserves
Called up share capital
22
6,841
6,841
Other reserves
2,391,606
2,391,606
Profit and loss reserves
24
7,618,057
6,721,619
Equity attributable to owners of the parent company
10,016,504
9,120,066
Non-controlling interests
4,808,659
3,954,176
Total equity
14,825,163
13,074,242
BARRIER GROUP LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 10 -
The financial statements were approved by the board of directors and authorised for issue on 17 July 2025 and are signed on its behalf by:
17 July 2025
Mr DA Alderson
Director
Company registration number 03673848 (England and Wales)
BARRIER GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
1,061,298
1,223,999
1,061,298
1,223,999
Current assets
Debtors
15
381,781
314,449
Cash at bank and in hand
325,046
162,261
706,827
476,710
Creditors: amounts falling due within one year
16
(769,496)
(709,806)
Net current liabilities
(62,669)
(233,096)
Net assets
998,629
990,903
Capital and reserves
Called up share capital
22
6,841
6,841
Profit and loss reserves
24
991,788
984,062
Total equity
998,629
990,903

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 £7,726 (2023 - £12,318 profit).

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 17 July 2025 and are signed on its behalf by:
17 July 2025
Mr DA Alderson
Director
Company registration number 03673848 (England and Wales)
BARRIER GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
Share capital
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
Balance at 1 November 2022
6,841
2,391,606
5,882,132
8,280,579
2,458,770
10,739,349
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
839,487
839,487
1,489,982
2,329,469
Acquisition of subsidiary
-
-
-
-
5,424
5,424
Balance at 31 October 2023
6,841
2,391,606
6,721,619
9,120,066
3,954,176
13,074,242
Year ended 31 October 2024:
Profit and total comprehensive income for the year
-
-
896,438
896,438
854,483
1,750,921
Balance at 31 October 2024
6,841
2,391,606
7,618,057
10,016,504
4,808,659
14,825,163
BARRIER GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2022
6,841
971,744
978,585
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
12,318
12,318
Balance at 31 October 2023
6,841
984,062
990,903
Year ended 31 October 2024:
Profit and total comprehensive income for the year
-
7,726
7,726
Balance at 31 October 2024
6,841
991,788
998,629
BARRIER GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
1,462,508
(482,926)
Interest paid
(127,658)
(23,003)
Income taxes paid
(915,725)
(376,575)
Net cash inflow/(outflow) from operating activities
419,125
(882,504)
Investing activities
Purchase of intangible assets
(1,300,000)
34,513
Purchase of tangible fixed assets
(667,780)
(158,378)
Proceeds from disposal of tangible fixed assets
60,005
85,500
Proceeds from disposal of investment property
-
170,000
Proceeds from disposal of associates
434,365
-
Cash entering / leaving group
(174,365)
5,424
Interest received
654
13
Dividends received
-
0
12,318
Net cash (used in)/generated from investing activities
(1,647,121)
149,390
Financing activities
Repayment of borrowings
(112,995)
(111,761)
New bank loans
1,127,325
(23,332)
Payment of finance leases obligations
167,500
(13,787)
Net cash generated from/(used in) financing activities
1,181,830
(148,880)
Net decrease in cash and cash equivalents
(46,166)
(881,994)
Cash and cash equivalents at beginning of year
3,940,567
4,822,561
Cash and cash equivalents at end of year
3,894,401
3,940,567
BARRIER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
1
Accounting policies
Company information

Barrier Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Pearl Buildings, Stephenson Street, Willington Quay, Wallsend, Tyne & Wear, NE28 6UE.

 

The group consists of Barrier Group Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Barrier Group 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.

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.

 

Core Industrial Services Limited (company number 10547725) is exempt from the requirement of the Companies Act 2006 relating to the audit of accounts under section 479A. The results of the subsidiary are shown in note 13.

BARRIER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

Licenses and customer relationships
10% straight line
1.7
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
Land not depreciated
Leasehold land and buildings
Straight line over 10 years
Plant and equipment
At varying rates on cost andstraight line over 10 years
Fixtures and fittings
15% reducing balance
Computers
33% on cost
Motor vehicles
25% on cost and 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.

1.8
Fixed asset investments

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.

BARRIER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -

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.

 

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

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.10
Stocks

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

1.11
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.

1.12
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.

1.13
Retirement benefits

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

BARRIER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Protective coatings, fire protection and contracting
51,197,262
38,113,621
2024
2023
£
£
Other revenue
Interest income
654
13
Dividends received
-
12,318

Overseas sales amounted to £7,648,429 (2023: £6,789,673)

3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange differences
109,803
186,385
Depreciation of owned tangible fixed assets
199,777
181,311
Loss/(profit) on disposal of tangible fixed assets
14,559
(62,339)
Profit on disposal of investment property
-
0
(6,067)
Amortisation of intangible assets
28,110
33,510
Release of negative goodwill
-
(34,513)
Operating lease charges
1,013,268
559,487
BARRIER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 19 -
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
6,565
5,300
Audit of the financial statements of the company's subsidiaries
29,865
28,046
36,430
33,346
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
124
134
6
4
Admin
8
8
-
-
Total
132
142
6
4

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
9,032,180
8,565,734
387,738
272,258
Social security costs
282,546
376,923
37,811
21,755
Pension costs
205,838
26,810
175,173
1,025
9,520,564
8,969,467
600,722
295,038
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
263,572
198,542
Company pension contributions to defined contribution schemes
173,553
-
437,125
198,542
BARRIER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
6
Directors' remuneration
(Continued)
- 20 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
143,382
206,650
Company pension contributions to defined contribution schemes
87,039
-
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,807
2,410
Other interest on financial liabilities
64,769
19,333
66,576
21,743
Other finance costs:
Interest on finance leases and hire purchase contracts
12,871
1,260
Other interest
48,211
-
Total finance costs
127,658
23,003
8
Amounts written off investments
2024
2023
£
£
Loss on disposal of investments held at fair value
(174,365)
-
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
560,351
679,995
Adjustments in respect of prior periods
-
0
(105,974)
Total UK current tax
560,351
574,021
Foreign current tax on profits for the current period
-
0
227,306
Total current tax
560,351
801,327
BARRIER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
9
Taxation
2024
2023
£
£
(Continued)
- 21 -
Deferred tax
Deferred tax
70,883
(20,421)
Tax losses carried forward
-
0
(37,513)
Other adjustments
-
0
(167,422)
Total deferred tax
70,883
(225,356)
Total tax charge
631,234
575,971

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
2,382,155
2,905,440
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
595,539
726,360
Tax effect of expenses that are not deductible in determining taxable profit
3,567
7,258
Tax effect of income not taxable in determining taxable profit
69,381
(4,989)
Unutilised tax losses carried forward
-
0
239,913
Adjustments in respect of prior years
-
0
(105,974)
Effect of change in corporation tax rate
-
(74,956)
Group relief
(61,632)
-
0
Depreciation on assets not qualifying for tax allowances
3,754
2,559
Effect of overseas tax rates
20,850
11,156
Tax at marginal rate
(225)
-
0
Deferred tax
-
0
(225,356)
Taxation charge
631,234
575,971
BARRIER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
10
Intangible fixed assets
Group
Goodwill
Patents & licences
Licenses and customer relationships
Total
£
£
£
£
Cost
At 1 November 2023
543,771
54,000
-
0
597,771
Additions
-
0
-
0
1,300,000
1,300,000
At 31 October 2024
543,771
54,000
1,300,000
1,897,771
Amortisation and impairment
At 1 November 2023
298,415
16,200
-
0
314,615
Amortisation charged for the year
28,110
5,400
-
0
33,510
At 31 October 2024
326,525
21,600
-
0
348,125
Carrying amount
At 31 October 2024
217,246
32,400
1,300,000
1,549,646
At 31 October 2023
245,356
37,800
-
0
283,156
The company had no intangible fixed assets at 31 October 2024 or 31 October 2023.
BARRIER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 November 2023
1,045,791
11,360
(2,299,541)
7,551
17,754
240,064
(977,021)
Additions
93,307
43,649
321,234
-
0
9,993
199,597
667,780
Disposals
-
0
-
0
(2,000)
-
0
-
0
(151,379)
(153,379)
At 31 October 2024
1,139,098
55,009
(1,980,307)
7,551
27,747
288,282
(462,620)
Depreciation and impairment
At 1 November 2023
37,190
1,231
(2,724,234)
1,404
11,203
184,253
(2,488,953)
Depreciation charged in the year
52,553
4,773
84,822
3,384
6,112
48,133
199,777
Eliminated in respect of disposals
-
0
-
0
(1,319)
-
0
-
0
(77,496)
(78,815)
At 31 October 2024
89,743
6,004
(2,640,731)
4,788
17,315
154,890
(2,367,991)
Carrying amount
At 31 October 2024
1,049,355
49,005
660,424
2,763
10,432
133,392
1,905,371
At 31 October 2023
1,008,601
10,129
424,693
6,147
6,551
55,811
1,511,932
The company had no tangible fixed assets at 31 October 2024 or 31 October 2023.
BARRIER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1,061,298
734,673
Investments in associates
-
0
344,565
-
0
489,326
-
0
344,565
1,061,298
1,223,999
Movements in fixed asset investments
Group
Shares in associates
£
Cost or valuation
At 1 November 2023
344,565
Share of profit
89,800
At 31 October 2024
434,365
Impairment
At 1 November 2023
-
Impairment losses
174,365
Disposals
260,000
At 31 October 2024
434,365
Carrying amount
At 31 October 2024
-
At 31 October 2023
344,565
BARRIER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
12
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
£
Cost or valuation
At 1 November 2023 and 31 October 2024
1,223,999
Impairment
At 1 November 2023
-
Disposals
162,701
At 31 October 2024
162,701
Carrying amount
At 31 October 2024
1,061,298
At 31 October 2023
1,223,999
13
Subsidiaries

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

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Barrier Industrial Services Limited
1
Ordinary shares
100.00
-
Barrier Fire Protection Limited
1
Ordinary shares
99.00
-
Barrier Limited
1
Ordinary shares
100.00
-
Barrier Fire Protection Ireland Limited
2
Ordinary shares
100.00
-
Barrier (Guyana) Industrial Services Inc
3
Ordinary Shares
100.00
-
Barrier Architectural Services Limited
1
Ordinary Shares
51.00
-
Core Industrial Services Limited
1
Ordinary shares
100.00
-
Barrier Marine Services (Canada) Limited
4
Ordinary shares
51.00
-
Barrier Brand-und Bautenschutz GmbH
5
Ordinary shares
99.00
-
Barrier Fabrication Limited
1
Ordinary shares
51.00
-
Barrier HVAC Limited
1
Ordinary shares
51.00
-
Barrier Marine Products (Canada) Limited
4
Ordinary shares
0
51.00
Barrier HVAC (Canada) Limited
4
Ordinary shares
0
26.01
Barrier Fabrication (Canada) Limited
4
Ordinary shares
0
35.70

Registered office addresses (all UK unless otherwise indicated):

1
Pearl Buildings, Stephenson Street, Willington Quay, Wallsend
2
38 Main Street, Swords, Co. Dublin
3
Lot 62 Hadfield & Cross Streets, Georgetown, Guyana
4
200-5611 Cooney Road, Richmond, Vancouver, Canada
5
An Der Tuchbleiche 11, 69488 Birkenau, Germany
BARRIER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
13
Subsidiaries
(Continued)
- 26 -
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)
£
£
Core Industrial Services Limited
13,202
8,376
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Contract work in progress
5,439
-
-
-
Other work in progress
2,393,293
249,317
-
-
2,398,732
249,317
-
-
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
9,346,205
10,670,163
189,972
148,638
Gross amounts owed by contract customers
7,502,268
3,230,617
-
0
-
0
Corporation tax recoverable
223,923
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
-
113,011
Other debtors
1,554,089
2,332,274
-
0
-
0
Prepayments and accrued income
209,348
148,070
191,809
52,800
18,835,833
16,381,124
381,781
314,449
Deferred tax asset (note 20)
380,853
312,394
-
0
-
0
19,216,686
16,693,518
381,781
314,449
BARRIER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
18
647,117
27,562
-
0
-
0
Obligations under finance leases
19
66,093
6,099
-
0
-
0
Other borrowings
18
114,246
112,996
-
0
-
0
Trade creditors
8,626,225
5,408,687
436
722
Amounts owed to group undertakings
-
0
-
0
573,484
507,711
Corporation tax payable
548,544
679,995
2,275
-
0
Other taxation and social security
556,105
537,281
40,738
20,509
Other creditors
861,369
792,587
63,873
93,223
Accruals and deferred income
1,681,943
1,985,948
88,690
87,641
13,101,642
9,551,155
769,496
709,806
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
682,197
174,427
-
0
-
0
Obligations under finance leases
19
108,522
1,016
-
0
-
0
Other borrowings
18
144,585
258,830
-
0
-
0
935,304
434,273
-
-
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,329,314
201,989
-
0
-
0
Other loans
258,831
371,826
-
0
-
0
1,588,145
573,815
-
-
Payable within one year
761,363
140,558
-
0
-
0
Payable after one year
826,782
433,257
-
0
-
0

Other loans relate to a loan from a pension fund and is secured against the property held at Hadrian Road.

BARRIER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 28 -
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
66,093
6,099
-
0
-
0
In two to five years
108,522
1,016
-
0
-
0
174,615
7,115
-
-

The hire purchase loans are secured against the assets to which they relate.

20
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
102,727
(36,615)
-
-
Tax losses
-
-
380,853
312,394
102,727
(36,615)
380,853
312,394
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 November 2023
(349,009)
-
Charge to profit or loss
70,883
-
Asset at 31 October 2024
(278,126)
-
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
205,838
26,810
BARRIER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
21
Retirement benefit schemes
(Continued)
- 29 -

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

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
68,410
68,410
6,841
6,841
23
Other reserves
2024
2023
Group
£
£
At the beginning and end of the year
2,391,606
2,391,606
2024
2023
Company
£
£
At the beginning and end of the year
-
-
24
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
6,721,619
5,882,132
984,062
971,744
Profit for the year
896,438
839,487
7,726
12,318
At the end of the year
7,618,057
6,721,619
991,788
984,062
BARRIER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 30 -
25
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,668,647
1,545,452
-
-
Between two and five years
6,100,541
5,181,216
-
-
In over five years
5,863,933
5,995,067
-
-
13,633,121
12,721,735
-
-
BARRIER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 31 -
26
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

2024
2023
£
£
Group
Rent paid to directors
50,000
50,000

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Loan owed to pension fund controlled by director
258,830
371,826
27
Minority Interests

Closing minority interests represent 1% of post acquisition equity in Barrier Fire Protection Limited and its associated subsidiaries, along with 49% of Barrier Architectural Services Limited and its associated subsidiaries.

28
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
1,750,921
2,329,469
Adjustments for:
Share of results of associates and joint ventures
(89,800)
(7,107)
Taxation charged
631,234
575,971
Finance costs
127,658
23,003
Investment income
(654)
(12,331)
Loss/(gain) on disposal of tangible fixed assets
14,559
(62,339)
Gain on disposal of investment property
-
0
(6,067)
Amortisation and impairment of intangible assets
33,510
(1,003)
Depreciation and impairment of tangible fixed assets
199,777
181,311
Negative goodwill written off
174,365
-
Movements in working capital:
Increase in stocks
(2,149,415)
(10,990)
Increase in debtors
(2,230,786)
(6,570,711)
Increase in creditors
3,001,139
3,077,868
Cash generated from/(absorbed by) operations
1,462,508
(482,926)
BARRIER GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 32 -
29
Analysis of changes in net funds - group
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
3,940,567
(46,166)
3,894,401
Borrowings excluding overdrafts
(573,815)
(1,014,330)
(1,588,145)
Obligations under finance leases
(7,115)
(167,500)
(174,615)
3,359,637
(1,227,996)
2,131,641
2024-10-312023-11-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr AE NightingaleMr DA AldersonMrs E BowlesMr P 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