Company registration number 09886199 (England and Wales)
TEMPERATURE CONTROL HOLDINGS LIMITED
GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
TEMPERATURE CONTROL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
S G Grundy
W A Buckley
A J Mellor
Company number
09886199
Registered office
Walker House
Chorlton Street
Old Trafford
Manchester
M16 9HN
Auditor
Alexander & Co LLP
Centurion House
129 Deansgate
Manchester
M3 3WR
TEMPERATURE CONTROL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
TEMPERATURE CONTROL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The directors present the strategic report for the year ended 31 October 2024.
Fair review of the business
The group encountered a downturn in sales during the financial year, reflecting a 9% decrease in turnover from the previous year, amounting to £12.4 million. This decline corresponds with trends observed within the construction industry, as reported by the Office for National Statistics (ONS), which is demonstrated by reductions of 5% and over in new orders. Furthermore, inflationary pressures on project pricing prompted a more cautious approach towards new orders, subsequently affecting overall sales.
This approach has facilitated the company in sustaining robust financial stability and in circumventing loss-inducing projects that could negatively affect our financial strength. The pipeline of work has remained resilient, with a focus on the expansion into additional low carbon initiatives and specialised energy projects. We have also preserved our strong relationships with both existing and new clients within the hotel, retail, and large commercial sectors. Our capability to execute substantial multi-million-pound projects, alongside specialised initiatives, has contributed to establishing a formidable reputation and opportunities throughout the UK.
The persistent emphasis on high quality, customer service, and energy efficiency is facilitating growth in the renewable heating sector, thereby complementing our existing service offerings. This is evident in our attainment of certified Net Zero Carbon status in 2023, which aligns with our strategic objectives and enhances our opportunities in accordance with forthcoming net zero carbon targets. By specialising in these current and emerging technologies, we aim to achieve further sustainable growth and profitability in the years to come.
Principal risks and uncertainties
The board has primary responsibility for identifying the principal risks which the business faces and for developing appropriate policies to manage those risks. The principal business risks relate to the following:
Financial risk management, including credit risk and liquidity risk
Supply chain delays regarding materials and equipment
Elevated inflation and its impact on costs, particularly for long-term projects
Financial stability throughout the project supply chain
To enhance protection against unforeseen future losses, we have identified potential loss-making projects and have augmented our Guaranteed Service Reserve (GSR). The GSR is determined based on a five-year average and projections. Although this impacts the initial profit margins and results for the current year, the GSR offers protection against any future potential losses.
Credit risk
In order to mitigate our risk exposure, we strategically focus on our efforts on clientele with robust financial standing, encompassing numerous blue-chip companies. Our projects are insured to further minimise potential risks both for our organisation and our supply chain.
We are constantly revising our processes and handover protocols to incorporate various stage gates, ensuring that director-level approval is obtained prior to incurring any risk. This approach includes a significant investment in specialised project management software, aimed at providing a more transparent and accessible interface with suppliers and site operatives. This initiative will serve to decrease onsite risks and uphold anticipated profit margins.
Liquidity risk
The objective of the Company is to maintain a healthy working capital by monitoring its current assets and liabilities, as well as the timing of cash flows, to ensure that the Company can fulfil all its contractual obligations.
TEMPERATURE CONTROL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
W A Buckley
Director
25 July 2025
TEMPERATURE CONTROL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 October 2024.
Principal activities
The principal activity of the company continued to be that of air conditioning and building services engineering.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
S G Grundy
W A Buckley
A J Mellor
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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
W A Buckley
Director
25 July 2025
TEMPERATURE CONTROL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TEMPERATURE CONTROL HOLDINGS LIMITED
- 4 -
Opinion
We have audited the financial statements of Temperature Control Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 October 2024 and of the group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
TEMPERATURE CONTROL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TEMPERATURE CONTROL HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Capability of the audit in 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.
Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to breaches of the legal and regulatory framework that the company operates in. We considered the extent to which non-compliance might have a material effect on the financial statements. The key laws and regulations we considered in this context included UK Companies Act 2006, employment law, health and safety and tax legislation.
We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to the posting of inappropriate journal entries to manipulate financial results and potential management bias in accounting estimates.
TEMPERATURE CONTROL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TEMPERATURE CONTROL HOLDINGS LIMITED
- 6 -
As a result of the above, our audit procedures performed included:
Discussions with management and those charged with governance in relation to known or suspected instances of non-compliance with laws and regulation and fraud.
Agreeing financial statements disclosures to underlying supporting documentation and assessing compliance with relevant laws and regulations.
Testing the appropriateness of journal entries and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
The engagement partner reviewing the engagement team to ensure that they collectively have the appropriate competence, capabilities, and skills to identify or recognise non-compliance with applicable laws and regulations.
There are inherent limitations in the audit procedures described above. The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK).
We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors of Temperature Control Holdings Limited.
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.
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.
Gary Kramrisch (Senior Statutory Auditor)
For and on behalf of Alexander & Co LLP, Statutory Auditor
Chartered Accountants
Centurion House
129 Deansgate
Manchester
M3 3WR
25 July 2025
TEMPERATURE CONTROL HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
12,350,583
13,633,489
Cost of sales
(9,089,856)
(10,464,748)
Gross profit
3,260,727
3,168,741
Administrative expenses
(3,418,732)
(3,280,213)
Other operating income
23,027
30,695
Operating loss
4
(134,978)
(80,777)
Interest payable and similar expenses
8
(27,751)
(34,825)
Loss before taxation
(162,729)
(115,602)
Tax on loss
9
54,113
18,657
Loss for the financial year
(108,616)
(96,945)
Loss for the financial year is all attributable to the owners of the parent company.
TEMPERATURE CONTROL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2024
2023
£
£
Loss for the year
(108,616)
(96,945)
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
Total comprehensive income for the year
(108,616)
(96,945)
Total comprehensive income for the year is all attributable to the owners of the parent company.
TEMPERATURE CONTROL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
1,096,200
1,370,250
Tangible assets
11
108,753
100,225
Investment property
12
380,000
380,000
Investments
13
7,900
7,900
1,592,853
1,858,375
Current assets
Stocks
15
517,080
355,284
Debtors
16
2,679,326
1,895,162
Cash at bank and in hand
452,332
1,054,044
3,648,738
3,304,490
Creditors: amounts falling due within one year
17
(3,137,384)
(2,697,813)
Net current assets
511,354
606,677
Total assets less current liabilities
2,104,207
2,465,052
Creditors: amounts falling due after more than one year
18
(497,555)
(748,117)
Provisions for liabilities
Provisions
20
439,425
442,717
Deferred tax liability
21
25,549
23,924
(464,974)
(466,641)
Net assets
1,141,678
1,250,294
Capital and reserves
Called up share capital
23
1,000
1,000
Share premium account
750,000
750,000
Profit and loss reserves
390,678
499,294
Total equity
1,141,678
1,250,294
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 25 July 2025 and are signed on its behalf by:
25 July 2025
W A Buckley
Director
Company registration number 09886199 (England and Wales)
TEMPERATURE CONTROL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
3,000,000
3,000,000
3,000,000
3,000,000
Current assets
Cash at bank and in hand
7,540
Creditors: amounts falling due within one year
17
(1,822,219)
(1,557,432)
Net current liabilities
(1,822,219)
(1,549,892)
Total assets less current liabilities
1,177,781
1,450,108
Creditors: amounts falling due after more than one year
18
(489,704)
(729,705)
Net assets
688,077
720,403
Capital and reserves
Called up share capital
23
1,000
1,000
Share premium account
750,000
750,000
Profit and loss reserves
(62,923)
(30,597)
Total equity
688,077
720,403
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £32,326 (2023 - £29,034 loss).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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
W A Buckley
Director
Company registration number 09886199 (England and Wales)
TEMPERATURE CONTROL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 November 2022
1,000
750,000
596,239
1,347,239
Year ended 31 October 2023:
Loss and total comprehensive income
-
-
(96,945)
(96,945)
Balance at 31 October 2023
1,000
750,000
499,294
1,250,294
Year ended 31 October 2024:
Loss and total comprehensive income
-
-
(108,616)
(108,616)
Balance at 31 October 2024
1,000
750,000
390,678
1,141,678
TEMPERATURE CONTROL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 November 2022
1,000
750,000
(1,563)
749,437
Year ended 31 October 2023:
Loss and total comprehensive income for the year
-
-
(29,034)
(29,034)
Balance at 31 October 2023
1,000
750,000
(30,597)
720,403
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
(32,326)
(32,326)
Balance at 31 October 2024
1,000
750,000
(62,923)
688,077
TEMPERATURE CONTROL HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(201,032)
816,076
Interest paid
(27,751)
(34,825)
Income taxes paid
(95,394)
Net cash (outflow)/inflow from operating activities
(324,177)
781,251
Investing activities
Purchase of tangible fixed assets
(28,478)
(16,235)
Proceeds from disposal of tangible fixed assets
-
283
Net cash used in investing activities
(28,478)
(15,952)
Financing activities
Repayment of borrowings
(240,000)
(240,000)
Repayment of bank loans
(9,057)
(10,000)
Net cash used in financing activities
(249,057)
(250,000)
Net (decrease)/increase in cash and cash equivalents
(601,712)
515,299
Cash and cash equivalents at beginning of year
1,054,044
538,745
Cash and cash equivalents at end of year
452,332
1,054,044
TEMPERATURE CONTROL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
1
Accounting policies
Company information
Temperature Control Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Walker House, Chorlton Street, Old Trafford, Manchester, M16 9HN.
The group consists of Temperature Control Holdings Limited and and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties at fair value. 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:
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 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.
TEMPERATURE CONTROL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Temperature Control Holdings Limited together with the entity controlled by the parent company.
All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Service revenue is recognised when service visits are undertaken.
Contract revenue is recognised according to the stage of completion of each project. Stage of completion is determined by reference to proportion of costs incurred to budget, amounts billed in advance/arrears are recognised in deferred/accrued income.
Maintenance revenue is recognised when maintenance visits are undertaken, amounts billed in advance are recorded as deferred income.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
TEMPERATURE CONTROL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Property improvments
15% on cost
Plant and equipment (Tools)
15% reducing balance
Fixtures and fittings
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.9
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
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.
1.10
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.11
Stocks
Work in progress is valued on a long term contract basis stated at net cost less any foreseeable losses less any applicable payments on account. The amount recorded as turnover in respect of work in progress is ascertained by reference to the value of work carried out to date. Work in progress is stated as total costs incurred, net of turnover to date, less any foreseeable losses and payments on account. Attributable profit is recognised as the difference between recorded turnover and related costs.
1.12
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
TEMPERATURE CONTROL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
1.13
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.
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.
1.14
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.
1.15
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.
TEMPERATURE CONTROL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
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.
1.16
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.
1.17
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.
1.18
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.19
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
TEMPERATURE CONTROL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -
1.20
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
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
2024
2023
£
£
Turnover analysed by class of business
Sales Contracts
10,496,476
11,532,098
Sales Maintenance
833,747
879,356
Sales Service
1,020,360
1,222,035
12,350,583
13,633,489
2024
2023
£
£
Turnover analysed by geographical market
UK
12,350,583
13,633,489
2024
2023
£
£
Other revenue
Grants received
500
500
TEMPERATURE CONTROL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging/(crediting):
Government grants
(500)
(500)
Depreciation of owned tangible fixed assets
17,142
11,017
Loss on disposal of tangible fixed assets
2,808
-
Amortisation of intangible assets
274,050
274,050
Operating lease charges
104,500
84,748
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
3,544
3,000
Audit of the financial statements of the company's subsidiaries
20,200
19,250
23,744
22,250
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
44
41
3
3
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,931,388
1,887,002
Social security costs
228,218
217,359
-
-
Pension costs
35,024
39,065
2,194,630
2,143,426
TEMPERATURE CONTROL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
109,420
112,219
Company pension contributions to defined contribution schemes
4,321
13,415
113,741
125,634
8
Interest payable and similar expenses
2024
2023
£
£
Other interest
27,751
34,825
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
31,296
36,159
Adjustments in respect of prior periods
(90,000)
(56,299)
Total current tax
(58,704)
(20,140)
Deferred tax
Other adjustments
4,591
1,483
Total tax credit
(54,113)
(18,657)
The corporation tax rate increased from 19% to 25% in the year. As the current accounting year includes periods of corporation tax rates at both 19% and 25%, a marginal rate has been used.
TEMPERATURE CONTROL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
9
Taxation
(Continued)
- 22 -
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Loss before taxation
(162,729)
(115,602)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.06%)
(40,682)
(25,502)
Tax effect of expenses that are not deductible in determining taxable profit
73,385
66,613
Adjustments in respect of prior years
2,966
Effect of change in corporation tax rate
-
649
Group relief
(3,323)
Depreciation on assets not qualifying for tax allowances
295
Under/(over) provided in prior years
(90,000)
(56,299)
(77)
(44)
(751)
Taxation credit
(54,113)
(18,657)
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
1,644,300
Amortisation and impairment
At 1 November 2023
274,050
Amortisation charged for the year
274,050
At 31 October 2024
548,100
Carrying amount
At 31 October 2024
1,096,200
At 31 October 2023
1,370,250
The company had no intangible fixed assets at 31 October 2024 or 31 October 2023.
More information on impairment movements in the year is given in note 1.6.
The goodwill relates to the company's investment in Temperature Control Limited. The goodwill cost included in the accounts of £1,644,300 is to be amortised over the directors' estimate of its useful economic life of 6 years.
TEMPERATURE CONTROL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment (Tools)
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 November 2023
38,746
69,755
466,769
575,270
Additions
13,149
15,329
28,478
Disposals
(283)
(5,978)
(6,261)
At 31 October 2024
38,746
82,621
476,120
597,487
Depreciation and impairment
At 1 November 2023
37,968
26,920
410,157
475,045
Depreciation charged in the year
778
7,921
8,443
17,142
Eliminated in respect of disposals
(3,453)
(3,453)
At 31 October 2024
38,746
34,841
415,147
488,734
Carrying amount
At 31 October 2024
47,780
60,973
108,753
At 31 October 2023
778
42,835
56,612
100,225
12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 November 2023 and 31 October 2024
380,000
-
The investment property is carried at its fair value as assessed by the directors of the company.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
3,000,000
3,000,000
Unlisted investments
7,900
7,900
7,900
7,900
3,000,000
3,000,000
TEMPERATURE CONTROL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
13
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 November 2023 and 31 October 2024
7,900
Carrying amount
At 31 October 2024
7,900
At 31 October 2023
7,900
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 and 31 October 2024
3,000,000
Carrying amount
At 31 October 2024
3,000,000
At 31 October 2023
3,000,000
14
Subsidiaries
Details of the company's subsidiaries at 31 October 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Temperature Control Limited
England and Wales
Air conditioning and building services engineering
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Temperature Control Limited
2,357,401
197,760
TEMPERATURE CONTROL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
517,080
355,284
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,427,384
1,695,773
Other debtors
46,182
1,134
Prepayments and accrued income
205,760
198,255
2,679,326
1,895,162
-
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
19
9,649
9,088
Other borrowings
19
240,000
239,056
240,000
239,056
Trade creditors
2,356,385
1,772,970
Amounts owed to group undertakings
1,578,675
1,315,001
Corporation tax payable
97,019
Other taxation and social security
53,087
103,843
-
-
Other creditors
314,411
222,172
Accruals and deferred income
163,852
253,665
3,544
3,375
3,137,384
2,697,813
1,822,219
1,557,432
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
7,851
18,412
Other creditors
489,704
729,705
489,704
729,705
497,555
748,117
489,704
729,705
TEMPERATURE CONTROL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
17,500
27,500
Other loans
240,000
239,056
240,000
239,056
257,500
266,556
240,000
239,056
Payable within one year
249,649
248,144
240,000
239,056
Payable after one year
7,851
18,412
20
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
439,425
442,717
-
-
Included within provisions are amounts relating to project overruns. The balance has been determined following a detailed assessment by the directors.
21
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
25,549
23,924
TEMPERATURE CONTROL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
21
Deferred taxation
(Continued)
- 27 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
23,924
-
Charge to profit or loss
1,625
-
Liability at 31 October 2024
25,549
-
The deferred tax liability set out above in relation to accelerated capital allowances is expected to reverse within 60 months.
The deferred tax rate has increased during the year from 19% to 25%.
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
35,024
39,065
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.
23
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
1,000
1,000
1,000
TEMPERATURE CONTROL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 28 -
24
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
130,700
113,078
-
-
Between two and five years
237,571
224,733
-
-
In over five years
11,750
35,250
-
-
380,021
373,061
-
-
25
Capital commitments
Amounts contracted for but not provided in the financial statements:
Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
19,003
-
-
-
26
Controlling party
The company's ultimate controlling party at the balance sheet date was Wayne Buckley by virtue of his shareholding in Temperature Control Holdings Limited.
TEMPERATURE CONTROL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 29 -
27
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Loss for the year after tax
(108,616)
(96,945)
Adjustments for:
Taxation charged/(credited)
31,296
(18,657)
Finance costs
27,751
34,825
Loss on disposal of tangible fixed assets
2,808
-
Amortisation and impairment of intangible assets
274,050
274,050
Depreciation and impairment of tangible fixed assets
17,142
11,017
(Decrease)/increase in provisions
(3,292)
134,063
Movements in working capital:
(Increase)/decrease in stocks
(161,796)
144,545
(Increase)/decrease in debtors
(815,460)
1,538,414
Increase/(decrease) in creditors
535,085
(1,205,236)
Cash (absorbed by)/generated from operations
(201,032)
816,076
28
Analysis of changes in net funds - group
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
1,054,044
(601,712)
452,332
Borrowings excluding overdrafts
(266,556)
9,056
(257,500)
787,488
(592,656)
194,832
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