Company Registration No. 02725685 (England and Wales)
PELI PRODUCTS (UK) LIMITED
GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PELI PRODUCTS (UK) LIMITED
COMPANY INFORMATION
Directors
E W Breeze
S H Breeze
A P Clark
P S Frost
G Howard
N R McMillan
D Smith
R Carter
Secretary
S H Breeze
Company number
02725685
Registered office
Peli House
Peakdale Road
Brookfield
Glossop
Derbyshire
SK13 6LQ
Senior statutory auditor
Cathryn McDowell FCCA
Auditor
Chadwick & Company (Manchester) Limited
Chartered Accountants
Statutory Auditors
Capital House
272 Manchester Road
Droylsden
Manchester
M43 6PW
Bankers
National Westminster Bank plc
Derby Cornmarket
1 Spinningfields Square
Deansgate
Manchester
M3 3AP
Handelsbanken PLC
Ground Floor Suite, 17 Regent Road
Altrincham
Cheshire
WA14 1RY
PELI PRODUCTS (UK) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of income and retained earnings
7
Group balance sheet
8
Company balance sheet
9
Group statement of cash flows
10
Notes to the financial statements
11 - 25
PELI PRODUCTS (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 November 2024.

Fair review of the business

The company continues to develop new products and explore new markets to consolidate its position in the industry. Year on year investment in cutting edge technology ensures the company is at the forefront of innovation for its customers.

Principal risks and uncertainties

The continued strategy is to limit exposure to any individual area of business to a reasonable level in order to reduce the risk to the future of the group. The group continues to expand upon its range of products and customers which is considered important to maintain a secure future.

 

The group is in a strong position to utilise its expertise and reputation to exploit opportunities in their markets and looks to the future with confidence.

 

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedures. Robust credit controls in place ensure trade debtors are monitored on an ongoing basis using credit limits to minimise its exposure to external credit risk.

 

Interest rate risk

Financial liabilities, interest charges and cash flows can be affected by the movements in interest rates. There are currently no outstanding bank borrowings or overdrafts.

 

Foreign currency risk

The group’s principal foreign currency exposures arise from trading with our overseas suppliers. The directors regularly review the current exchange rates and will maximise the use of foreign currency bank accounts, when appropriate, to mitigate the risk of foreign currency fluctuations.

Development and performance

The directors of the group are hoping to maintain its current market position with a move away from 'single customer' sales to more corporate trade, using the group's existing e-commerce knowledge and experience. This will enable the group to enter new, niche markets.

Key performance indicators

The group has experienced a slight fall in liquidity as demonstrated by an reduction in the current ratio of 4.28 (2023 - 4.59) and a reduction in the quick ratio of 3.05 (2023 - 3.08).

 

A fall in overall profitability following the inflationary pressures of the last twelve months has seen the return on capital decrease to 18.81% (2023 - 22.20%).

On behalf of the board

E W Breeze
Director
6 May 2025
PELI PRODUCTS (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 November 2024.

Principal activities

The principal activities of the group continued to be that of importing and distributing a range of high quality protector cases, torches and remote area lighting as well as specialists in foam conversion, foam case inserts and material handling solutions.

Directors

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

E W Breeze
S H Breeze
A P Clark
P S Frost
G Howard
N R McMillan
D Smith
R Carter
Results and dividends

The results for the year are set out on page 7.

Interim dividends were paid amounting to £620,066. The directors do not recommend payment of a final dividend.

Future developments

The group is looking at moving into different markets to ensure future growth is obtained. Challenging markets have led to the group developing different platforms for their customers, both current and future.

Auditor

In accordance with the company's articles, a resolution proposing that Chadwick & Company (Manchester) Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

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

 

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

 

 

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.

PELI PRODUCTS (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of its principal risks and uncertainties.

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
E W Breeze
Director
6 May 2025
PELI PRODUCTS (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PELI PRODUCTS (UK) LIMITED
- 4 -
Opinion

We have audited the financial statements of Peli Products (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, 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:

PELI PRODUCTS (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PELI PRODUCTS (UK) LIMITED
- 5 -
Matters on which we are required to report by exception

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

 

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

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We considered and updated our knowledge of the company's specific industry and its regulatory environment, and reviewed the company's documentation surrounding the policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. Based on this understanding, we identified and assessed the risks of material misstatement in the financial statements and designed and performed audit procedures in response to those risks.

We identified the key laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, the most significant of these is the UK Companies Act 2006. We also gained knowledge of the legal and regulatory frameworks which do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

Audit response to risks identified

The audit engagement team were made aware of the potential opportunities and incentives that may exist within the company for fraudulent activity and how and where fraud might occur or be concealed within the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other manual adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

PELI PRODUCTS (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PELI PRODUCTS (UK) LIMITED
- 6 -

In addition to the above, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Cathryn McDowell FCCA (Senior Statutory Auditor)
For and on behalf of Chadwick & Company (Manchester) Limited
Chartered Accountants
Statutory Auditor
Capital House
272 Manchester Road
Droylsden
Manchester
M43 6PW
8 May 2025
PELI PRODUCTS (UK) LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
17,647,359
17,585,608
Cost of sales
(11,697,232)
(11,843,352)
Gross profit
5,950,127
5,742,256
Administrative expenses
(3,739,377)
(3,486,446)
Operating profit
4
2,210,750
2,255,810
Interest receivable and similar income
8
99,858
62,193
Interest payable and similar expenses
9
(10,116)
(1,918)
Amounts written off investments
10
-
(35,368)
Profit before taxation
2,300,492
2,280,717
Tax on profit
11
(591,000)
(552,088)
Profit for the financial year
23
1,709,492
1,728,629
Retained earnings brought forward
8,083,357
6,779,969
Dividends
(620,066)
(425,241)
Retained earnings carried forward
9,172,783
8,083,357
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The group statement of income and retained earnings has been prepared on the basis that all operations are continuing operations.

PELI PRODUCTS (UK) LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
-
0
-
0
Tangible assets
14
2,509,157
2,489,039
Current assets
Stocks
17
2,923,029
2,820,159
Debtors
18
2,046,238
2,329,650
Cash at bank and in hand
5,181,826
3,415,729
10,151,093
8,565,538
Creditors: amounts falling due within one year
19
(2,371,378)
(1,865,575)
Net current assets
7,779,715
6,699,963
Total assets less current liabilities
10,288,872
9,189,002
Provisions for liabilities
Deferred tax liability
20
109,416
98,972
(109,416)
(98,972)
Net assets
10,179,456
9,090,030
Capital and reserves
Called up share capital
22
1,000,005
1,000,005
Capital redemption reserve
23
6,668
6,668
Profit and loss reserves
23
9,172,783
8,083,357
Total equity
10,179,456
9,090,030

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

The financial statements were approved by the board of directors and authorised for issue on 6 May 2025 and are signed on its behalf by:
06 May 2025
E W Breeze
A P Clark
Director
Director
Company registration number 02725685 (England and Wales)
PELI PRODUCTS (UK) LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
2,117,592
2,135,939
Investments
15
143,395
143,395
2,260,987
2,279,334
Current assets
Stocks
17
2,489,047
2,376,721
Debtors
18
1,631,075
1,874,983
Cash at bank and in hand
4,557,455
2,770,979
8,677,577
7,022,683
Creditors: amounts falling due within one year
19
(2,406,172)
(1,636,902)
Net current assets
6,271,405
5,385,781
Total assets less current liabilities
8,532,392
7,665,115
Provisions for liabilities
Deferred tax liability
20
16,702
19,617
(16,702)
(19,617)
Net assets
8,515,690
7,645,498
Capital and reserves
Called up share capital
22
1,000,005
1,000,005
Capital redemption reserve
23
6,668
6,668
Profit and loss reserves
23
7,509,017
6,638,825
Total equity
8,515,690
7,645,498

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,490,258 (2023 - £1,433,437 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 6 May 2025 and are signed on its behalf by:
06 May 2025
E W Breeze
A P Clark
Director
Director
Company registration number 02725685 (England and Wales)
PELI PRODUCTS (UK) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
2,856,338
1,586,403
Interest paid
(10,116)
(1,918)
Income taxes paid
(313,408)
(403,082)
Net cash inflow from operating activities
2,532,814
1,181,403
Investing activities
Purchase of tangible fixed assets
(236,414)
(377,281)
Proceeds from disposal of tangible fixed assets
12,533
17,700
Proceeds from disposal of investments
-
68,618
Loans made to other entities
(22,628)
-
Interest received
99,858
62,120
Dividends received
-
0
73
Net cash used in investing activities
(146,651)
(228,770)
Financing activities
Dividends paid to equity shareholders
(620,066)
(425,241)
Net cash used in financing activities
(620,066)
(425,241)
Net increase in cash and cash equivalents
1,766,097
527,392
Cash and cash equivalents at beginning of year
3,415,729
2,888,337
Cash and cash equivalents at end of year
5,181,826
3,415,729
PELI PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
1
Accounting policies
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 have been prepared on the going concern basis.

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 company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

The consolidated financial statements incorporate those of Peli Products (UK) Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 30 November 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

 

1.2
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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

PELI PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.4
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.

Tangible fixed assets other than freehold property are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold property
2% straight line
Leasehold property
2% straight line
Plant and machinery
25% straight line
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% straight line

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

1.5
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. 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.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of fixed assets

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

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is calculated using the weighted average method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash at bank and in hand

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.

PELI PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.9
Financial instruments

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

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

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

Other financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

1.10
Equity instruments

Ordinary shares are classified as equity. There is a single class of Ordinary shares, which are the voting shares. There are a further five classes of Ordinary shares, which have no voting rights attached to them. There are no restrictions on the distribution of dividends or the repayment of capital on all class of shares issued.

 

 

 

PELI PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
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.

1.13
Retirement benefits

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

1.14
Leases

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

Monetary assets and liabilities denominated in foreign currencies, excluding trade creditors, are translated into sterling at the rates of exchange ruling at the balance sheet date where material. Trade creditors at the balance sheet date are recorded at the rate ruling at the date of the transaction as set by the company. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction or the rate of exchange determined by forward exchange contracts where applicable. All differences are taken to cost of sales in the profit and loss account.

1.16

Current asset investments

Current asset investments are stated at the lower of cost and net realisable value.

PELI PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.17
Company information

Peli Products (UK) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Peli House, Peakdale Road, Brookfield, Glossop, Derbyshire, SK13 6LQ.

 

The group consists of Peli Products (UK) Limited and all of its subsidiaries.

 

2
Judgements and key sources of estimation uncertainty

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

 

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

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sales generated under the group's principal activity
17,647,359
17,585,608
2024
2023
£
£
Turnover analysed by geographical market
UK Sales
17,375,885
17,515,863
EC Sales
53,888
31,405
Non-EC Sales
217,586
38,340
17,647,359
17,585,608
2024
2023
£
£
Other revenue
Interest income
99,858
62,120
Dividends received
-
73
PELI PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 16 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
102
-
Depreciation of owned tangible fixed assets
210,776
131,376
Profit on disposal of tangible fixed assets
(7,013)
(4,373)
Operating lease charges
3,153
1,765
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
22,450
26,100
Audit of the financial statements of the company's subsidiaries
6,108
8,790
28,558
34,890
For other services
All other non-audit services
4,219
5,780
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration and management
11
12
11
12
Sales and marketing
31
29
25
23
Production
36
36
-
-
Total
78
77
36
35

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,303,014
3,181,831
1,550,238
1,518,730
Pension costs
237,958
217,947
124,499
114,232
3,540,972
3,399,778
1,674,737
1,632,962
PELI PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 17 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
239,057
264,775
Company pension contributions to defined contribution schemes
44,474
41,803
283,531
306,578

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 7 (2023: 7).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
99,071
92,403
Company pension contributions to defined contribution schemes
6,373
6,048
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
99,858
62,120
Other income from investments
Dividends received
-
0
73
Total income
99,858
62,193
9
Interest payable and similar expenses
2024
2023
£
£
Other interest
10,116
1,918
10
Amounts written off investments
2024
2023
£
£
Gain/(loss) on disposal of financial assets held at cost
-
(35,368)
PELI PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 18 -
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
580,556
482,535
Deferred tax
Origination and reversal of timing differences
10,444
69,553
Total tax charge
591,000
552,088

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
2,300,492
2,280,717
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.00%)
575,123
524,565
Tax effect of expenses that are not deductible in determining taxable profit
350
1,159
Permanent capital allowances in excess of depreciation
6,837
(50,616)
Dividend income
-
(17)
Deferred tax movement
10,444
69,553
Loss on sale of current asset investments
-
0
8,135
Effect of change in tax rate
-
0
229
Profit on sale of fixed assets
(1,754)
(920)
Taxation charge
591,000
552,088

In the Spring Budget 2021, the Government announced that from 1 April 2023 the corporation tax rate for larger businesses would increase to 25% (rather than remaining at 19%, as previously enacted). As a result, the relevant deferred tax balances have been calculated at 25% as the applicable rate.

12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
620,066
425,241
PELI PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 19 -
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 December 2023 and 30 November 2024
111,853
Amortisation and impairment
At 1 December 2023 and 30 November 2024
111,853
Carrying amount
At 30 November 2024
-
0
At 30 November 2023
-
0
The company had no intangible fixed assets at 30 November 2024 or 30 November 2023.
14
Tangible fixed assets
Group
Freehold property
Leasehold property
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 December 2023
2,261,624
190,000
682,710
612,105
146,493
3,892,932
Additions
-
0
-
0
139,673
-
0
96,741
236,414
Disposals
-
0
-
0
(7,213)
(165,868)
(26,498)
(199,579)
At 30 November 2024
2,261,624
190,000
815,170
446,237
216,736
3,929,767
Depreciation and impairment
At 1 December 2023
452,323
12,350
329,610
540,107
69,503
1,403,893
Depreciation charged in the year
45,232
3,800
101,208
24,148
36,388
210,776
Eliminated in respect of disposals
-
0
-
0
-
0
(165,868)
(28,191)
(194,059)
At 30 November 2024
497,555
16,150
430,818
398,387
77,700
1,420,610
Carrying amount
At 30 November 2024
1,764,069
173,850
384,352
47,850
139,036
2,509,157
At 30 November 2023
1,809,301
177,650
353,100
71,998
76,990
2,489,039
PELI PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
14
Tangible fixed assets
(Continued)
- 20 -
Company
Freehold property
Leasehold property
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2023
2,261,624
190,000
568,675
146,493
3,166,792
Additions
-
0
-
0
-
0
96,741
96,741
Disposals
-
0
-
0
(165,868)
(26,498)
(192,366)
At 30 November 2024
2,261,624
190,000
402,807
216,736
3,071,167
Depreciation and impairment
At 1 December 2023
452,323
12,350
496,677
69,503
1,030,853
Depreciation charged in the year
45,232
3,800
24,148
36,388
109,568
Eliminated in respect of disposals
-
0
-
0
(165,868)
(20,978)
(186,846)
At 30 November 2024
497,555
16,150
354,957
84,913
953,575
Carrying amount
At 30 November 2024
1,764,069
173,850
47,850
131,823
2,117,592
At 30 November 2023
1,809,301
177,650
71,998
76,990
2,135,939

A professional valuation of the property situated at Units 1-5, 15 Cobham Road, Ferndown Industrial Estate, Wimborne, BH21 7PE was undertaken on 30 January 2019 as part of the company's re-organisation of its banking facilities. The report prepared by Savills (UK) Limited, valued the property at £3,820,000 on the current market value basis (full vacant possession).

15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
143,395
143,395
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2023 and 30 November 2024
143,395
Carrying amount
At 30 November 2024
143,395
At 30 November 2023
143,395
PELI PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 21 -
16
Subsidiaries

Details of the company's subsidiaries at 30 November 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
MSA Foams Limited
England & Wales
Customised foam products
Ordinary
100.00
Jit-Pak Packaging Limited
England & Wales
Dormant company
Ordinary
100.00
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
2,923,029
2,820,159
2,489,047
2,376,721

In the opinion of the directors no provisions are required for slow or obsolete stock (2023: None).

18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,795,324
1,964,861
1,424,067
1,597,496
Other debtors
30,322
42,237
30,394
39,573
Prepayments and accrued income
220,592
322,552
176,614
237,914
2,046,238
2,329,650
1,631,075
1,874,983

Trade debtors are stated after provision for bad and doubtful debts, Group £11,007 (2023: £5,742), Company £6,961 (2023: 5,742).

19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
493,478
424,497
328,485
286,083
Amounts owed to group undertakings
-
0
-
0
736,237
393,668
Corporation tax payable
580,349
313,201
515,951
191,240
Other taxation and social security
598,508
563,651
423,045
442,357
Other creditors
162,162
91,317
164,122
91,277
Accruals and deferred income
536,881
472,909
238,332
232,277
2,371,378
1,865,575
2,406,172
1,636,902

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

PELI PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 22 -
20
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
109,416
98,972
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
16,702
19,617
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 December 2023
98,972
19,617
Charge/(credit) to profit or loss
10,444
(2,915)
Liability at 30 November 2024
109,416
16,702

The deferred tax liability set out above is expected to reverse within future periods and relates to accelerated capital allowances that are expected to mature within the same timescale.

21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
237,958
217,947

A defined contribution pension scheme is operated for all qualifying employees in the group. The assets of the scheme are held separately from those of the group in an independently administered fund. At the balance sheet date contributions amounting to £21,767 (2023: £15,332) were outstanding and are included in other creditors.

PELI PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 23 -
22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000,000
1,000,000
1,000,000
1,000,000
Class A, B, C, E, F shares of 1p each
500
5
5
5
1,000,500
1,000,005
1,000,005
1,000,005

On 5 April 2024 a special resolution was passed to subdivide each of the issued Ordinary A, B, C, E and F shares from 1 share at £1, to 100 shares at £0.01.

 

On 6 March 2025 a special resolution was passed to consolidate each of the issued Ordinary A, B, C, E and F shares from 100 shares at £0.01, to 1 share at £1.

 

On 7 March 2025 a special resolution was passed to reclassify each of the issued Ordinary A, B, C, E and F shares to Ordinary shares of £1 each.

23
Reserves
Capital redemption reserve

Capital redemption reserve is a non-distributable reserve and represents paid up share capital.

Own shares

Called up share capital represents the nominal value of shares that have been issued.

Profit and loss reserves

Profit and loss reserves includes all current and prior period retained profit and losses.

24
Financial commitments, guarantees and contingent liabilities

An unlimited inter-company guarantee is in place between Peli Products (UK) Limited and its subsidiary undertaking, MSA Foams Limited dated 27 March 2019 in relation to its facility with Handelsbanken Plc. The balance guaranteed at 30 November 2024 was £nil (2023: £nil).

 

Peli Products (UK) Limited has given an indemnity to Handelsbanken Plc in respect of a H M Revenue & Customs duty deferment bond totalling £90,000 (2023: £90,000).

25
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
-
105,000
-
-

MSA Foams Limited had committed to replace the roof and install solar panels totalling £105,000 at the November 2023 year end, this was completed during the 2024 year end. At the 2024 year end there are no capital commitments.

PELI PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 24 -
26
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
239,057
264,775
Other information

Group

The group has taken advantage of the exemption under Financial Reporting Standard 102 33.1A from disclosing any transactions and balances with group entities of which the group owns 100% of the share capital.

27
Directors' transactions

Included in other debtors are amounts owed by the directors of the group totalling £22,628 (2023: £nil).

 

Included in other creditors are amounts owed to the directors of the group totalling £nil (2023: £31,446).

 

Dividends totalling £620.066 (2023: £425,241) were paid in respect of shares held by the group's directors.

 

Company

The company rents the main property it occupies from directors, E W Breeze and S H Breeze. The present annual rent is £81,000.

28
Controlling party

The ultimate controlling party of the company is E W Breeze, director, by virtue of owning, directly and indirectly, 100% of the issued Ordinary share capital.

PELI PRODUCTS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 25 -
29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,709,492
1,728,629
Adjustments for:
Taxation charged
591,000
552,088
Finance costs
10,116
1,918
Investment income
(99,858)
(62,193)
Gain on disposal of tangible fixed assets
(7,013)
(4,373)
Depreciation and impairment of tangible fixed assets
210,776
131,376
Other gains and losses
-
35,368
Movements in working capital:
Increase in stocks
(102,870)
(566,059)
Decrease in debtors
306,040
226,268
Increase/(decrease) in creditors
238,655
(456,619)
Cash generated from operations
2,856,338
1,586,403
30
Analysis of changes in net funds - group
1 December 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
3,415,729
1,766,097
5,181,826
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