Company registration number 10833212 (England and Wales)
CURO GROUP HOLDINGS LTD & SUBSIDIARIES
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
CURO GROUP HOLDINGS LTD & SUBSIDIARIES
COMPANY INFORMATION
Directors
Mr Darren Pettitt
Mr Stephen Conlin
Company number
10833212
Registered office
3-4 New Street
London
EC2M 4TP
Auditor
Sam Rogoff & Co Ltd
3rd Floor
Great Titchfield House
14-18 Great Titchfield Street
London
W1W 8BD
CURO GROUP HOLDINGS LTD & SUBSIDIARIES
CONTENTS
Page
Strategic report
1 - 5
Directors' report
6 - 8
Directors' responsibilities statement
9
Independent auditor's report
10 - 12
Profit and loss account
13
Group statement of comprehensive income
14
Group balance sheet
15
Company balance sheet
16
Group statement of changes in equity
17
Company statement of changes in equity
18
Group statement of cash flows
19
Company statement of cash flows
20
Notes to the financial statements
21 - 42
CURO GROUP HOLDINGS LTD & SUBSIDIARIES
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

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

Review of the business and Key performance indicators

The group continues to operate as a leading principal contractor in the UK construction industry, delivering high-quality projects across a range of specialised sectors. During the financial year, the group achieved a turnover of £108 million, reflecting strong and consistent performance across some of its core divisions including London refurbishment, Heritage and Industrial.

 

Curo operates in the construction industry, primarily in London and the south of England. The group employs several individuals with vast experience across a range of sectors. Projects of varying sizes provide Curo with the ability to be flexible and successfully deliver a large range of construction-based projects.

 

A summary of the financial results for the year ended 30th September 2024, the financial position as at that date and certain key financial performance indicators, are set out below:

 

Key financial performance indicators

 

2024

2023

Turnover

£108.3m

£156.8m

Gross Profit

£6.6m

£9.0m

Operating margin

6.0%

5.8%

Profit before tax

£1.2m

£3.2m

Profit after tax

£1.0m

£2.7m

Cash at bank

£11.1m

£22.3m

Net current assets

£8.0m

£9.4m

Net assets

£8.2m

£8.6m

 

Key non-financial performance indicators

 

2024

2023

Average number of employees

104

85

Accident frequency rate (Calendar Year)

0.112

0.337

 

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

Output for the year was lower than the previous year. The reduction in revenue was principally related to the conclusion of the large Shinfield Studios project and several projects starting later than originally planned. Delayed projects impacting the year to September 2024 have now commenced and projects have already been secured for turnover of at least £150million in the year to 30th September 2025, with further major construction projects being acquired.

 

During the year we maintained excellent cash levels, whilst managing the payment cycle effectively to the supply chain and upheld positive levels of engagement with all our trusted partners.

 

Considerable investment has been made to grow our own supply chain and to also integrate LEAN Construction within the business, thus ensuring we continue to grow and deliver projects to the highest standard.

 

Group net assets as of 30th September 2024 have decreased to £8.2m (2023: £8.6m). However, the group continues to maintain a strong balance sheet, for investment in the future development and growth plans of the business.

 

The cash balance at the end of the year totaled £11.1m (2023: £22.3m).

Principal Activities and Sector Overview

 

Curo Industrial and Innovation (Industrial):

The Curo Industrial and Innovation team has continued to capitalise on demand for new and upgraded industrial facilities, delivering projects across logistics, manufacturing, and distribution sectors. Our technical expertise, efficient delivery models, and client-focused approach have contributed to ongoing success in this area.

 

Curo Heritage (Heritage):

Curo Heritage specialises in the restoration and adaptive reuse of listed and historic buildings. This year, we successfully delivered projects that required careful conservation, traditional craftsmanship, and compliance with heritage standards, demonstrating our commitment to protecting the built environment for future generations.

 

Curo Leisure (Leisure and Retail):

We are expecting to pick up Curo Leisure who will complete a range of fit-outs and refurbishment works for both national and boutique operators across the leisure and retail sectors. Projects were delivered to exact brand standards whilst minimising operational disruption, thanks to our close coordination and client-first delivery model.

 

 

 

Principal risks and uncertainties

The directors are familiar with the inherent risks associated with the construction industry. As the business grows, it is ensuring that it has all the resources required to reduce these risks as much as possible, through training and recruiting new employees with relevant industry experience.

 

The business maintains strong relationships with clients and suppliers to ensure that it is well equipped to adapt to business growth and changing market conditions.

 

In the construction industry, even minor unforeseeable problems can impact significantly on project profitability, therefore Curo ensures that it carries out extensive planning on new and prospective projects.

 

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -

Other principal areas of risk:

 

Liquidity risk

The business regularly monitors cash, including forecasting cash flows to ensure sufficient cash is always available to meet the liquidity needs of the business

 

Credit risk

The business banks with a highly reputable high street bank to reduce credit risk. The business also regularly raises sales invoices to clients to ensure a timely flow of funds on large projects, as is the norm in the industry. Prospective clients are credit checked before engaging in any contracts.

 

The company has chosen to early adopt the amendments in the FRS102 (September 2024). The availability of guidance on the application of the new standard is limited at the time of preparing these accounts.

 

Development and performance

The group has continued to perform well in the year ended 30th September 2024, although there was a 31% decrease in turnover compared with the prior period. Gross Profit has stayed relatively the same 6.0% (2023: 5.8%).

 

The decrease in turnover was due to a large project finishing in April 2024 and new projects start dates being pushed back into the 2025 financial period due to the uncertainties in the UK economy at the time.

 

There is still demand for construction activities by businesses in London and the south of England, evidenced by our forward order book. Projects have already been secured for turnover of at least £150million in the year to 30th September 2025, and the business continues to acquire major construction projects for future financial periods. Expansion into the northern region of the UK is also being undertaken.

 

Due to the growth of the group over the past few years, the directors have continued to invest in the infrastructure of the business. This has largely been done through investment in a new ERP system, utilizing technology in the business, continued hiring of additional employees with the necessary large company expertise, whilst simultaneously developing relationships with other highly reputable companies within the construction industry.

 

Curo consistently delivers completed products within budget and on time.

Promoting the success of the company

Section 172 of the Companies Act requires directors to act in a way that they consider would be most likely to promote the success of the company. In doing so, directors must take into consideration the interest of various stakeholders of the company (including employees, clients, suppliers, shareholders, and others), the impact of the company's operations on the community and the environment and take a long-term view of the likely consequences of decisions they make as well as maintaining a reputation for high standards of business conduct.

 

The board has had constant dialogue during the year with all stakeholders including shareholders, our employees, clients, sub-contractors and suppliers, as well as the wider community.

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -

Shareholders

 

We meet regularly through management meetings to review strategy, performance, and where necessary governance to ensure the long-term interests of the company are met. We continue to be focused on developing long-term value through increases in net assets to protect the company's position.

 

Employees

 

The average number of employees during the financial year was 104 (FY23: 85). The company continues to prioritise staff development, training, and wellbeing, underpinning a culture of quality, professionalism, and accountability across all levels of the organisation.

 

We are passionate about ensuring that all our employees are protected to ensure that their Health, Safety and Wellbeing is of the utmost priority.

 

Mental health first aiders are in place for confidential advice and support.

 

All staff are offered one of the best Private Medical Insurances on the market that is paid for by Curo. We issue a monthly newsletter to all employees which allows for any questions or training needs to be raised.

 

We hold annual conferences to communicate our strategy and performance, as well as hosting regular updates throughout the year.

 

Staff retention has remained good, and the business has continued to attract and retain quality personnel. This is very important to Curo to assist the business.

 

Health and Safety

 

Health and safety is embedded in the company’s culture, with robust systems in place to ensure the wellbeing of all employees, subcontractors, and stakeholders. We are pleased to report an accident frequency rate (AFR) of 0.112 as of September 2024 (FY23: 0.337), significantly outperforming the industry average and reflecting our commitment to a safe working environment.

 

Sustainability in Construction

 

The company remains dedicated to responsible and sustainable construction practices, actively reducing environmental impact through:

        

Customer Satisfaction and Repeat Business

 

We continually seek feedback on our relationships and performance and drive our performance levels to improve where necessary.

 

Client satisfaction is central to the company’s sustained growth. A significant proportion of our annual turnover stems from repeat business with long-standing clients, underlining the strength of our relationships, service delivery, and commitment to quality. The company continually invests in early engagement, collaborative working practices, and continuous improvement to ensure clients return to Curo as a trusted construction partner.

 

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -

 

Sub-contractors and suppliers

 

We pride ourselves on establishing and maintaining strong relationships with all our supply chain. We operate a preferred supplier scheme which allows for prompter payments and preferable payment terms.

 

Future Outlook

 

The company enters the new financial year with a strong pipeline of work across all sectors. The outlook remains positive, underpinned by our strategic sector focus, operational discipline, and strong client relationships. We will continue to invest in our people, systems, and sustainability agenda, ensuring we deliver lasting value across all our projects.

On behalf of the board

Mr Darren Pettitt
Director
25 July 2025
CURO GROUP HOLDINGS LTD & SUBSIDIARIES
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -

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

Principal activities

The principal activity of the company and group continued to be that of construction services.

Results and dividends

The results for the year being profits after tax of £961,585 (2023 - £2,661,456) are set out on page 13.

Ordinary dividends were paid amounting to £943,637 (2023 - £601,264). 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 Darren Pettitt
Mr Stephen Conlin
Financial instruments
Risk management objectives and policies

The group is exposed to various risks in relation to financial instruments, the main areas being liquidity risk, credit risk and pricing risk as described below.

Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Pricing risk

Pricing risk is mitigated by quotes being valid for a certain set period of time.

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
Business relationships


The Board is responsible for evaluating how the decisions made on behalf of the company impact the shareholders and other key stakeholders, in order to ensure the Company's success and create value for its shareholders. We engage with our employees through monthly newsletters, which allows effective communication on initiatives and matters affecting the Company. Regular meetings are held between management and employees to allow a free flow of information and ideas.

 

We employ various engagement mechanisms to connect with our key stakeholders, which includes collaborating with other industry organisations to promote safety initiatives.

 

We support long-term business relationships with our suppliers, collaborating to align our mutual interests while ensuring our payment terms and practices do not hinder their ability to achieve their objectives.

 

The Company upholds customer relationships by providing exceptional customer service and maintaining regular interactions, allowing customers to provide feedback early in the design phase. The Company is increasingly engaged as construction partners earlier in the design process, leveraging their cost and design expertise to add value. To gather both quantitative and qualitative measures of success, the Company regularly conducts customer satisfaction interviews.

 

Auditor

Sam Rogoff & Co Ltd were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

A carbon plan report was commissioned, the "Curo Construction Streamlined Energy and Carbon Report 2023/24". The reporting included a recalculation of the base year to include additional categories for scope 3 (purchased goods and services and employee commuting).The relevant data and key findings are set out below

Restated
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
1,329,230
2,280,538
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
9.66
-
- Fuel consumed for owned transport
80.49
261.40
90.15
261.40
Scope 2 - indirect emissions
- Electricity purchased
109.16
12.95
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
16,752.15
24,181.41
Total gross emissions
16,951.46
24,455.76
Intensity ratio
Tonnes CO2e per £m turnover
161.44
166
CURO GROUP HOLDINGS LTD & SUBSIDIARIES
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m turnover, the recommended ratio for the sector.

Measures taken to improve energy efficiency

The following energy efficiency measures and projects have been completed or implemented in 2023/24.

 

Carbon Management Governance and Reporting:

On Site Fuel Use

 

Curo Controlled Assets

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 Darren Pettitt
Director
25 July 2025
CURO GROUP HOLDINGS LTD & SUBSIDIARIES
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -

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.

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CURO GROUP HOLDINGS LTD & SUBSIDIARIES
- 10 -
Opinion

We have audited the financial statements of Curo Group Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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:

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CURO GROUP HOLDINGS LTD & SUBSIDIARIES
- 11 -
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.

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CURO GROUP HOLDINGS LTD & SUBSIDIARIES
- 12 -

Discussions were held with the directors with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

 

The following laws and regulations were identified as being of significance to the entity:

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.

Andrew Templeton, Senior Statutory Auditor
For and on behalf of Sam Rogoff & Co Ltd
25 July 2025
Chartered Accountants
Statutory Auditor
3rd Floor
Great Titchfield House
14-18 Great Titchfield Street
London
W1W 8BD
CURO GROUP HOLDINGS LTD & SUBSIDIARIES
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
2024
2023
Notes
£
£
Turnover
4
108,304,423
156,810,029
Cost of sales
(101,732,677)
(147,760,759)
Gross profit
6,571,746
9,049,270
Administrative expenses
(5,201,021)
(5,786,067)
Other operating income
-
21,500
Operating profit
5
1,370,725
3,284,703
Interest receivable and similar income
9
58,936
18,194
Interest payable and similar expenses
10
(237,499)
(70,271)
Profit before taxation
1,192,162
3,232,626
Tax on profit
11
(230,577)
(571,170)
Profit for the financial year
961,585
2,661,456
Profit for the financial year is all attributable to the owners of the parent company.
CURO GROUP HOLDINGS LTD & SUBSIDIARIES
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
£
£
Profit for the year
961,585
2,661,456
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
961,585
2,661,456
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 21 to 42 form part of these financial statements.

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
13
1,589,705
1,774,286
Right of use assets
2,036,229
Investments
14
15,000
15,000
3,640,934
1,789,286
Current assets
Debtors
17
21,072,331
28,211,848
Cash at bank and in hand
11,123,105
22,287,830
32,195,436
50,499,678
Creditors: amounts falling due within one year
18
(24,152,235)
(41,071,495)
Net current assets
8,043,201
9,428,183
Total assets less current liabilities
11,684,135
11,217,469
Creditors: amounts falling due after more than one year
19
(3,161,665)
(2,159,510)
Provisions for liabilities
Provisions
22
79,474
145,554
Deferred tax liability
23
225,156
262,513
(304,630)
(408,067)
Net assets
8,217,840
8,649,892
Capital and reserves
Called up share capital
26
44,140
44,140
Share premium account
103,380
103,380
Profit and loss reserves
8,070,320
8,502,372
Total equity
8,217,840
8,649,892

The notes on pages 21 to 42 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 25 July 2025 and are signed on its behalf by:
25 July 2025
Mr Darren Pettitt
Director
Company registration number 10833212 (England and Wales)
CURO GROUP HOLDINGS LTD & SUBSIDIARIES
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 16 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
44,440
44,440
44,440
44,440
Current assets
Debtors
17
1,109,866
1,564,866
Cash at bank and in hand
4,265
204,815
1,114,131
1,769,681
Creditors: amounts falling due within one year
18
(744,787)
(1,649,726)
Net current assets
369,344
119,955
Net assets
413,784
164,395
Capital and reserves
Called up share capital
26
44,140
44,140
Profit and loss reserves
369,644
120,255
Total equity
413,784
164,395

The notes on pages 21 to 42 form part of these financial statements.

The company’s profit/(loss) and total comprehensive income for the year were £1,643,026 (2023 - £600,992) and £1,643,026 (2023 - £600,992), respectively.

The financial statements were approved by the board of directors and authorised for issue on 25 July 2025 and are signed on its behalf by:
25 July 2025
Mr Darren Pettitt
Director
Company registration number 10833212 (England and Wales)
CURO GROUP HOLDINGS LTD & SUBSIDIARIES
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 17 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
44,440
103,380
6,441,880
6,589,700
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
2,661,456
2,661,456
Dividends
12
-
-
(601,264)
(601,264)
Reduction of shares
26
(300)
-
300
-
0
Balance at 30 September 2023
44,140
103,380
8,502,372
8,649,892
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
961,585
961,585
Dividends
12
-
-
(943,637)
(943,637)
Share reorganisation payments
-
-
(450,000)
(450,000)
Balance at 30 September 2024
44,140
103,380
8,070,320
8,217,840

The notes on pages 21 to 42 form part of these financial statements.

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 18 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
44,440
120,228
164,668
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
600,991
600,991
Dividends
12
-
(601,264)
(601,264)
Reduction of shares
26
(300)
300
-
0
Balance at 30 September 2023
44,140
120,255
164,395
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
1,643,026
1,643,026
Dividends
12
-
(943,637)
(943,637)
Share reorganisation payments
-
(450,000)
(450,000)
Balance at 30 September 2024
44,140
369,644
413,784
CURO GROUP HOLDINGS LTD & SUBSIDIARIES
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 19 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
31
(9,782,665)
11,417,104
Interest paid
(237,499)
(70,271)
Income taxes refunded/(paid)
225,673
(979,771)
Net cash (outflow)/inflow from operating activities
(9,794,491)
10,367,062
Investing activities
Purchase of tangible fixed assets
13
(6,947)
(1,930,109)
Proceeds from disposal of tangible fixed assets
28,289
920
Repayment of loans
484,999
(484,999)
Interest received
58,936
18,194
Net cash generated from/(used in) investing activities
565,277
(2,395,994)
Financing activities
Repayment of borrowings
(200,000)
(200,000)
Payment of finance leases obligations
(341,875)
71,249
Dividends and share reorganisation payments paid to equity shareholders
(1,393,637)
(601,264)
Net cash used in financing activities
(1,935,512)
(730,015)
Net (decrease)/increase in cash and cash equivalents
(11,164,727)
7,241,052
Cash and cash equivalents at beginning of year
22,287,830
15,046,778
Cash and cash equivalents at end of year
11,123,103
22,287,831

The notes on pages 21 to 42 form part of these financial statements.

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 20 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
32
(450,209)
199,727
Investing activities
Dividends received
1,643,296
601,264
Net cash generated from investing activities
1,643,296
601,264
Financing activities
Dividends and share reorganisation payments paid to equity shareholders
(1,393,637)
(601,264)
Net cash used in financing activities
(1,393,637)
(601,264)
Net (decrease)/increase in cash and cash equivalents
(200,550)
199,727
Cash and cash equivalents at beginning of year
204,815
5,088
Cash and cash equivalents at end of year
4,265
204,815

The notes on pages 21 to 42 form part of these financial statements.

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
1
Accounting policies
Company information

Curo Group Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 3-4 New Street, London, EC2M 4TP.

 

The group consists of Curo Group Holdings Ltd 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 FRS102 Periodic review September 2024 amendments have been early adopted. The transition information is set out in note 2 below.

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.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Curo Group Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 September 2024. 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.

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 22 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The Directors have evaluated and considered detailed forecasts for the group to include cash flow considerations, consideration of projects in progress but also guaranteed and potential future projects. The forecasts of the group project a positive cash flow over the coming 12 months and the group has sufficient cash reserves to remain liquid and meet its liabilities as they fall due.

1.5
Turnover

The group recognises revenue from the following major sources:

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

 

Sale of goods

Revenue from the sale of goods is recognised at the fair value of consideration received or receivable, once the performance obligation is satisfied through delivery of the goods.

Sale of services

Sales of services are recharges to related companies recognised at their fair value. These are informal arrangements with relates entities, with no formal contracts in place. The company pass on various costs incurred by them on behalf of related parties to these related parties at the cost to the company only, with no mark-up.

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 23 -

Construction services

Turnover represents the fair value of consideration received or receivable in respect of construction contracts undertaken during the year, net of value added tax, rebates and discounts.

 

Following the September 2024 periodic review of FRS 102, the company recognises revenue in accordance with Section 23: Revenue from Contracts with Customers, which now incorporates a five-step model for revenue recognition, consistent with international best practice.

 

Revenue from construction contracts is recognised over time, applying the following five-step approach:

 

1. Identify the contract with the customer

A contract is established when it is approved by both parties, has commercial substance, and collection of consideration is probable.

 

2. Identify the performance obligations

Each contract is assessed to identify distinct performance obligations. For typical construction contracts, this generally comprises a single performance obligation to deliver a completed project or a specified phase of works.

 

3. Determine the transaction price

The transaction price is the amount of consideration the company expects to be entitled to in exchange for fulfilling the performance obligation. This includes variations and claims where recovery is highly probable and can be reliably measured.

 

4. Allocate the transaction price to performance obligations

In contracts with multiple distinct performance obligations, the total transaction price is allocated based on the standalone selling price of each obligation. The vast majority of contracts undertaken by the company contain a single performance obligation.

 

5. Recognise revenue as performance obligations are satisfied

The company recognises revenue over time, as it satisfies its performance obligations through the delivery of construction services. The stage of completion is determined by reference to third-party surveyor valuations, which reflect the certified value of work performed to date as a proportion of the total contract value. This provides a faithful measure of progress towards satisfaction of the performance obligation. In the vast majority of the construction contracts, surveyor valuations are carried out monthly at or around each month-end and include third-party surveyors attendance on site to accurately assess the stage of completion of the project. Payment terms are as per the contract, and generally ensure that payment is made by the customer prior to the following month's surveyor valuation being carried out.

 

Where the outcome of a contract cannot be reliably estimated, revenue is recognised only to the extent of costs incurred that are expected to be recoverable. Expected contract losses are recognised in full when identified.

 

Contract assets (amounts recoverable on contracts) represent the company’s right to consideration in exchange for work performed but not yet billed and are included within Debtors.

 

This policy reflects the principles introduced in the revised FRS 102 (September 2024), with particular reference to contracts satisfied over time and updated guidance on variable consideration and contract modifications.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 24 -

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:

Leasehold land and buildings
10% Straight Line
Plant and equipment
25% Straight Line
Fixtures and fittings
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.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

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

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

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

 

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

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 25 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 26 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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

 

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

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 27 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

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

1.11
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
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 28 -
1.13
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.

1.14
Retirement benefits

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

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 29 -
1.15
Leases

As lessee

At inception, the company assesses whether a contract is, or contains, a lease. A lease arises where the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control of the use of an asset occurs where the company has both the right to direct the use of the asset, and the right to obtain substantially all the economic benefits from that use.

Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within the same line items on the Balance sheet as owned assets.

The right-of-use asset is initially measured at cost, which comprises the initial measurement of the lease liability adjusted for lease payments made at or before the commencement date less any lease incentives or grants received, plus initial direct costs and an estimate of the cost of obligations to dismantle, remove or restore the underlying asset and the site on which it is located.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease (for office leases) or, if that rate cannot be readily determined, the company's incremental borrowing rate or the company’s obtainable borrowing rate (for vehicle leases, based on indicative rates to borrow from the company's banker). Lease payments included in the measurement of the lease liability comprise fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be payable under residual value guarantees, the exercise price of any purchase options that the company is reasonably certain to exercise, and any penalties for early termination of a lease.

At each financial period end, the lease liability is adjusted to reflect payments made and interest accrued. Also, the lease liability is remeasured to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or recognised in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

In the comparative period, the company classified leases as finance leases whenever the terms of the lease transferred substantially all the risks and rewards of ownership to the lessees. All other leases were classified as operating leases. Assets held under finance leases were 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 was included in the balance sheet as a finance lease obligation. Lease payments were treated as consisting of capital and interest elements and the interest was 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, less any lease incentives received, were charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis was more representative of the time pattern in which economic benefits from the leased asset were consumed.

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 30 -
2
Change in accounting policy

In the current year, the FRS 102 Periodic Review was applied by the company for the first time and affects the financial statements as follows.

Leases

The company has applied the FRS 102 Periodic Review 2024 amendments to Section 20 Leases. The date of transition was 1st October 2023. All right-of-use assets were measured at present value of unpaid lease payments. Comparative information is not restated.

The company’s revised accounting policies for leases are set out in note 1 and the adjustment for each financial statement line item affected by the application of the Periodic Review 2024 in the current period is set out below.

Revenue

The company has applied the FRS 102 Periodic Review 2024 amendments to Section 23 Revenue.

Comparative information is not restated.

The company’s revised accounting policies for revenue are set out in note 1 and the adjustment for each financial statement line item affected by the application of the Periodic Review 2024 is set out below.

Current year adjustments as a result of applying the Periodic Review 2024        2024

 

Cumulative effect on the opening balance of retained earnings            £
Increase/(decrease) in retained earnings:

- Effect of amendments to FRS 102 Section 20 - Leasing    -

- Effect of amendments to FRS 102 Section 23 - Revenue    -

Total adjustment    -

Effect on current year profit or loss

Arising from amendments to FRS 102 Section 20 - Leasing:

- Decrease in profit or loss                            (58,782)

Arising from amendments to FRS 102 Section 23 - Revenue:

- Increase in total revenue    -

- Increase in profit or loss    -

Total effect on profit or loss                        (58,782)

3
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.

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
3
Judgements and key sources of estimation uncertainty
(Continued)
- 31 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Construction contract assets and liabilities

The stage of completion of construction contracts and hence the value of the work performed by the year end.

4
Turnover and other revenue

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

2024
2023
£
£
Turnover analysed by class of business
Revenue from construction contracts
105,033,726
156,810,029
Revenue from services
2,109,625
-
Revenue from sales of goods
1,161,072
-
108,304,423
156,810,029
2024
2023
£
£
Other revenue
Interest income
58,936
18,194

All sales were in the United Kingdom.

5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
-
56
Depreciation of owned tangible fixed assets
234,541
176,169
Depreciation of right of use assets
321,624
-
(Profit)/loss on disposal of tangible fixed assets
(3,100)
1,529
6
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
3,500
3,000
Audit of the financial statements of the company's subsidiaries
45,000
39,000
48,500
42,000
CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
6
Auditor's remuneration
(Continued)
- 32 -
For other services
All other non-audit services
61,929
79,182
7
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
Cost of sales
72
58
-
-
Overheads
30
25
-
-
Directors
2
2
2
2
Total
104
85
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
8,165,057
6,126,934
-
0
-
0
Social security costs
1,113,436
914,577
-
-
Pension costs
500,103
423,968
-
0
-
0
9,778,596
7,465,479
-
0
-
0
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
400,000
375,000
Company pension contributions to defined contribution schemes
-
105,893
400,000
480,893
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
200,000
187,500
CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 33 -
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
-
0
12,936
Other interest income
58,936
5,258
Total income
58,936
18,194
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
-
12,936
10
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
42,766
45,817
Other finance costs:
Interest on finance leases and hire purchase contracts
191,571
3,139
Other interest
3,162
21,315
Total finance costs
237,499
70,271
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
412,346
556,953
Adjustments in respect of prior periods
(144,412)
(244,434)
Total current tax
267,934
312,519
Deferred tax
Origination and reversal of timing differences
(37,357)
258,651
Total tax charge
230,577
571,170

The main rate of corporation tax applicable to the company is 25%.

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
11
Taxation
(Continued)
- 34 -

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

2024
2023
£
£
Profit before taxation
1,192,162
3,232,626
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
298,041
711,443
Tax effect of expenses that are not deductible in determining taxable profit
94,847
113,263
Adjustments in respect of prior years
(144,412)
(244,434)
Permanent capital allowances in excess of depreciation
(17,899)
(9,102)
Taxation charge
230,577
571,170
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
943,637
601,264
Share reorganisation payment
450,000
-
1,393,637
601,264
CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 35 -
13
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
1,727,938
26,147
101,319
148,911
2,004,315
Additions
2,110,595
816
6,131
315,461
2,433,003
Disposals
-
0
-
0
-
0
(29,490)
(29,490)
At 30 September 2024
3,838,533
26,963
107,450
434,882
4,407,828
Depreciation and impairment
At 1 October 2023
144,461
3,611
60,088
21,869
230,029
Depreciation charged in the year
402,421
6,724
16,071
130,950
556,166
Eliminated in respect of disposals
-
0
-
0
-
0
(4,301)
(4,301)
At 30 September 2024
546,882
10,335
76,159
148,518
781,894
Carrying amount
At 30 September 2024
3,291,651
16,628
31,291
286,364
3,625,934
At 30 September 2023
1,583,477
22,536
41,231
127,042
1,774,286
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.

Tangible fixed assets includes right-of-use assets, as follows:

  • Lease of office building at 3-4 New Street, London

  • Motor vehicles

 

 

Land and

Motor

Total

buildings

vehicles

£

£

£

 

 

Previously shown as held under finance leases at 1 October 2023

-

-

-

Additions

2,042,392

315,461

2,357,853

Depreciation charge

(222,806)

(98,818)

(321,624)

Other movements

-

-

-

Net carrying value at 30 September 2024

1,819,586

216,643

2,036,229

 

 

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 36 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
44,440
44,440
Unlisted investments
15,000
15,000
-
0
-
0
15,000
15,000
44,440
44,440
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 October 2023 and 30 September 2024
15,000
Carrying amount
At 30 September 2024
15,000
At 30 September 2023
15,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
44,440
Carrying amount
At 30 September 2024
44,440
At 30 September 2023
44,440
15
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Curo Construction Ltd
3-4 New Street, London, EC2M 4TP
Ordinary shares
100.00
16
Contracts with customers

2024        2023    2023

Period end    Period end Period start

Balances relating to contracts in progress        £    £    £

Contract receivables included in trade debtors    1,168,273    -    -

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 37 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,692,314
2,567,991
-
0
-
0
Gross amounts owed by contract customers
6,789,811
13,724,862
-
0
-
0
Corporation tax recoverable
150,399
231,660
-
0
-
0
Other debtors
8,828,125
9,058,891
1,109,866
1,564,866
Prepayments
314,153
237,198
-
0
-
0
19,774,802
25,820,602
1,109,866
1,564,866
Amounts falling due after more than one year:
Other debtors
1,297,529
2,391,246
-
0
-
0
Total debtors
21,072,331
28,211,848
1,109,866
1,564,866

Balances within Other debtors include retentions receivable within 1 year of £3,816,691 and loans repayable from related companies of £3,493,101.

 

Balances with group undertakings are repayable on demand.

18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
21
302,339
10,829
-
0
-
0
Other borrowings
20
200,000
200,000
-
0
-
0
Trade creditors
9,700,097
20,528,776
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
565,081
1,649,726
Amounts owed to undertakings in which the group has a participating interest
497,211
597,815
-
0
-
0
Corporation tax payable
412,346
-
0
-
0
-
0
Other taxation and social security
3,888,891
6,881,905
-
-
Other creditors
3,910,093
2,683,787
179,706
-
0
Accruals
5,241,258
10,168,383
-
0
-
0
24,152,235
41,071,495
744,787
1,649,726

Other creditors includes an amount of £2,998,409 held as retentions from subcontractors, expected to be payable within a year.

CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 38 -
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
21
1,853,091
60,420
-
0
-
0
Other borrowings
20
300,000
500,000
-
0
-
0
Other creditors
1,008,574
1,599,090
-
0
-
0
3,161,665
2,159,510
-
-
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Other loans
500,000
700,000
-
0
-
0
Payable within one year
200,000
200,000
-
0
-
0
Payable after one year
300,000
500,000
-
0
-
0

The long-term loan with Lloyds Bank Plc is secured by fixed charges and floating charges (floating charges covers all of the property or undertakings of Curo Construction Ltd). The debenture was entered into on 24 February 2021.

 

A fixed and floating charge over all the property and undertakings of the company was entered into by Curo Group Holdings Ltd (and with Curo Construction Ltd its subsidiary company, and New Street Inv Co Ltd) with Lloyds Bank PLC on 16th December 2022, guaranteeing repayment of loans taken out by New Street Inv Co Ltd.

The interest rate of the loan is Base Rate plus 1.78%. Monthly instalments are over five years, commencing thirteen months after drawdown of the loan.

21
Lease liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Amounts due
Within one year
302,339
10,829
-
0
-
0
Between 1-5 years
979,643
60,420
More than 5 years
873,447
-
0
-
0
2,155,430
71,249
-
-
CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 39 -
22
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
79,474
145,554
-
-
Movements on provisions:
Group
£
At 1 October 2023
145,554
Reversal of provision
(66,080)
At 30 September 2024
79,474

£79,474 amount has been agreed with the liquidator and is expected to be paid within 12 months of the year end.

23
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
225,156
262,513
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
262,513
-
Credit to profit or loss
(37,357)
-
Liability at 30 September 2024
225,156
-
24
Construction contract assets
The gross amount due from customers for contract assets in excess of billings is £6,789,810.69
CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 40 -
25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
500,103
423,968

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.

At the year end £57,963 (2023 - nil) was owed to the pension scheme (shown within other creditors).

26
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
33,105
33,105
33,105
33,105
Ordinary A of £1 each
11,035
11,035
11,035
11,035
44,140
44,140
44,140
44,140
27
Share reorganisation payments

Payments were made to two shareholders in the period totalling £450,000 as consideration for changing their share class holding from Ordinary to C Ordinary.

 

28
Other leasing information

The company leases the following which have been recognised as right-of -use assets:

 

 

 

The interest rates used are 8.1% for the office lease and 7% for the motor vehicle leases.

29
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
1,100,000
1,074,999
Transactions with related parties
CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
29
Related party transactions
(Continued)
- 41 -

During the year the following related party transactions took place

 

Curo Group Holdings Ltd (company)

 

At the year end £1,109,866 in total (2023 £1,564,866) was owed to the company by connected companies.

 

The company repaid £1,084,645 of a loan from its subsidiary. The balance of the loan at the year end was £565,081 (2023 £1,649,726).

 

Curo Group Holdings Ltd and subsidiaries (group)

 

Sales to connected companies in total £3,270,697 (2023: £1,645,366)

 

Purchases from connected companies in total £17,721,342 (2023 £11,682,472)

 

Loans made to connected companies in total £1,904,895 (2023 £2,182,144)

 

Loans repaid by connected companies in total £1,062,250 (2023 £865,016)

 

Loans received from and owing to connected companies in total £1,010,014 (2023 £597,815)

 

Total debtor balances at the year end with related companies £7,490,690 (2023 £4,284,267).

 

Total creditor balances at the year end with related companies £3,700,508 (2023 £4,773,593)

 

Accrued amounts payable to related companies £1,269,284 (2023 £267,046)

30
Controlling party

The ultimate controlling parties at the year end were Darren Pettitt and Kelly Pettitt, who together own over 50% of the share capital of the company.

 

31
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit for the year after tax
961,585
2,661,456
Adjustments for:
Taxation charged
230,577
571,170
Finance costs
237,499
70,271
Investment income
(58,936)
(18,194)
(Gain)/loss on disposal of tangible fixed assets
(3,100)
1,529
Depreciation and impairment of tangible fixed assets
556,166
176,169
(Decrease)/increase in provisions
(66,080)
145,554
Movements in working capital:
Decrease/(increase) in debtors
6,573,257
(9,808,344)
(Decrease)/increase in creditors
(18,213,632)
17,617,492
Cash (absorbed by)/generated from operations
(9,782,664)
11,417,103
CURO GROUP HOLDINGS LTD & SUBSIDIARIES
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 42 -
32
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Profit after taxation
1,643,026
600,991
Adjustments for:
Investment income
(1,643,296)
(601,264)
Movements in working capital:
Decrease/(increase) in debtors
455,000
(1,042,866)
(Decrease)/increase in creditors
(904,939)
1,242,866
Cash (absorbed by)/generated from operations
(450,209)
199,727
33
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
22,287,830
(11,164,725)
11,123,105
Borrowings excluding overdrafts
(700,000)
200,000
(500,000)
Obligations under finance leases
(71,249)
(2,084,181)
(2,155,430)
21,516,581
(13,048,906)
8,467,675
34
Analysis of changes in net funds - company
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
204,815
(200,550)
4,265
2024-09-302023-10-01falsefalseCCH SoftwareCCH Accounts Production 2025.200Mr Darren PettittMr Stephen Conlinfalse10833212bus:Consolidated2023-10-012024-09-30108332122023-10-012024-09-3010833212bus:Director12023-10-012024-09-3010833212bus:Director22023-10-012024-09-3010833212bus:RegisteredOffice2023-10-012024-09-30108332122024-09-3010833212bus:Consolidated2022-10-012023-09-30108332122022-10-012023-09-3010833212bus:Consolidated2024-09-3010833212bus:Consolidated2023-09-3010833212core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2024-09-3010833212core:PlantMachinerybus:Consolidated2024-09-3010833212core:FurnitureFittingsbus:Consolidated2024-09-3010833212core:MotorVehiclesbus:Consolidated2024-09-3010833212core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-09-3010833212core:PlantMachinerybus:Consolidated2023-09-3010833212core:FurnitureFittingsbus:Consolidated2023-09-3010833212core:MotorVehiclesbus:Consolidated2023-09-30108332122023-09-3010833212core:ShareCapitalbus:Consolidated2024-09-3010833212core:ShareCapitalbus:Consolidated2023-09-3010833212core:SharePremiumbus:Consolidated2024-09-3010833212core:SharePremiumbus:Consolidated2023-09-3010833212core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-09-3010833212core:ShareCapital2024-09-3010833212core:ShareCapital2023-09-3010833212core:RetainedEarningsAccumulatedLosses2024-09-3010833212core:RetainedEarningsAccumulatedLosses2023-09-3010833212core:ShareCapitalbus:Consolidated2022-09-3010833212core:SharePremiumbus:Consolidated2022-09-30108332122022-09-3010833212core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-09-3010833212core:ShareCapital2022-09-3010833212core:RetainedEarningsAccumulatedLosses2022-09-3010833212bus:Consolidated2022-09-3010833212core:LandBuildingscore:LongLeaseholdAssets2023-10-012024-09-3010833212core:PlantMachinery2023-10-012024-09-3010833212core:FurnitureFittings2023-10-012024-09-3010833212core:MotorVehicles2023-10-012024-09-3010833212core:UKTaxbus:Consolidated2023-10-012024-09-3010833212core:UKTaxbus:Consolidated2022-10-012023-09-3010833212core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-09-3010833212core:PlantMachinerybus:Consolidated2023-09-3010833212core:FurnitureFittingsbus:Consolidated2023-09-3010833212core:MotorVehiclesbus:Consolidated2023-09-3010833212bus:Consolidated2023-09-3010833212core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-10-012024-09-3010833212core:PlantMachinerybus:Consolidated2023-10-012024-09-3010833212core:FurnitureFittingsbus:Consolidated2023-10-012024-09-3010833212core:MotorVehiclesbus:Consolidated2023-10-012024-09-3010833212core:UnlistedNon-exchangeTradedbus:Consolidated2024-09-3010833212core:UnlistedNon-exchangeTradedbus:Consolidated2023-09-3010833212core:UnlistedNon-exchangeTraded2024-09-3010833212core:UnlistedNon-exchangeTraded2023-09-3010833212core:Subsidiary12023-10-012024-09-3010833212core:Subsidiary112023-10-012024-09-3010833212core:CurrentFinancialInstrumentsbus:Consolidated2024-09-3010833212core:CurrentFinancialInstrumentsbus:Consolidated2023-09-3010833212core:CurrentFinancialInstruments2024-09-3010833212core:CurrentFinancialInstruments2023-09-3010833212core:Non-currentFinancialInstrumentsbus:Consolidated2024-09-3010833212core:Non-currentFinancialInstrumentsbus:Consolidated2023-09-3010833212core:Non-currentFinancialInstruments2024-09-3010833212core:Non-currentFinancialInstruments2023-09-3010833212core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-09-3010833212core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-09-3010833212core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3010833212core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3010833212core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12024-09-3010833212core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12023-09-3010833212core:Non-currentFinancialInstrumentscore:AfterOneYear22024-09-3010833212core:Non-currentFinancialInstrumentscore:AfterOneYear22023-09-3010833212core:WithinOneYearbus:Consolidated2024-09-3010833212core:WithinOneYearbus:Consolidated2023-09-3010833212core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-09-3010833212core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-09-3010833212core:Non-currentFinancialInstrumentscore:AfterOneYear2024-09-3010833212core:Non-currentFinancialInstrumentscore:AfterOneYear2023-09-3010833212core:WithinOneYear2024-09-3010833212core:WithinOneYear2023-09-3010833212core:BetweenTwoFiveYearsbus:Consolidated2023-09-3010833212core:BetweenTwoFiveYears2024-09-3010833212core:BetweenTwoFiveYears2023-09-3010833212bus:PrivateLimitedCompanyLtd2023-10-012024-09-3010833212bus:FRS1022023-10-012024-09-3010833212bus:Audited2023-10-012024-09-3010833212bus:ConsolidatedGroupCompanyAccounts2023-10-012024-09-3010833212bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP