Company registration number 09283207 (England and Wales)
TGH MIDLANDS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
TGH MIDLANDS LIMITED
COMPANY INFORMATION
Directors
Mrs J T Atkinson
Mr S A Thomas
Mrs T M Thomas
Secretary
Mrs T M Thomas
Company number
09283207
Registered office
Thomas's Business Centre
Atlas Trading Estate
Birmingham
West Midlands
B6 7EX
Auditor
CK Audit
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
Business address
Thomas's Business Centre
Atlas Trading Estate
Birmingham
West Midlands
B6 7EX
TGH MIDLANDS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 30
TGH MIDLANDS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The directors present the strategic report for the year ended 31 October 2024.

Review of the business

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end.

Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

The principal activity of the business was that of commercial vehicle hire.

We consider that our key financial performance indicators are those that communicate the financial performance and the strength of the business, these being turnover, gross margin, operating margin and return on capital employed.

Turnover was £21,365,318 (2023 - £20,923,266) in the period resulting in a gross margin of 30.35% (2023 - 34.15%).

Overall operating profit was £4,872,216 (2023 - £5,913,792) or 22.8% (2023 - 28.26%).

Profit before tax was £2,443,002 (2023 - £4,451,710).

After taxation a profit of £1,748,692 (2023 - £3,363,285) has been added to reserves, from which a distribution to shareholders totalling £800,000 (2023 - £648,000) has been made, leaving retained reserves for the period of £948,692 (2023 - £2,715,285).

Return on capital employed is 9.17% (2023 - 12.54%). Return on capital employed is calculated as operating profit divided by capital employed, which constitutes total assets less current liabilities, less investments, less cash, plus short-term borrowings.

Principal risks and uncertainties

As for many businesses of our size, the business environment in which we operate continues to be challenging. The market in the UK is highly competitive and margins continue to be tight. We continue to face strong competition. We are also subject to consumer spending patterns and consumers overall level of disposable income within our economy.

With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.

On behalf of the board

Mr S A Thomas
Director
22 July 2025
TGH MIDLANDS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -

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

Principal activities

The principal activity of the company and group continued to be that of vehicle hire.

Results and dividends

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

Ordinary dividends were paid amounting to £800,000. 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:

Mrs J T Atkinson
Mr S A Thomas
Mrs T M Thomas
Financial instruments
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.

Interest rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

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.

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 S A Thomas
Director
22 July 2025
TGH MIDLANDS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

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.

TGH MIDLANDS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TGH MIDLANDS LIMITED
- 4 -
Opinion

We have audited the financial statements of TGH Midlands Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, 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:

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

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

We identified and assessed the risks of material misstatement of the financial statements, in respect of irregularities whether due to fraud or error, or non compliance with laws and regulations and then designed and performed audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company by discussion and enquiry with the directors and management team and our general knowledge and experience of the motor dealer sector.

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, and health and safety legislation;

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing correspondence with relevant regulators and reviewing board minutes.

TGH MIDLANDS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TGH MIDLANDS LIMITED
- 6 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Blake Morris (Senior Statutory Auditor)
Senior Statutory Auditor
For and on behalf of
22 July 2025
CK Audit
Chartered Accountants
Statutory Auditor
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
TGH MIDLANDS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
21,365,318
20,923,266
Cost of sales
(14,878,946)
(13,777,734)
Gross profit
6,486,372
7,145,532
Administrative expenses
(1,614,156)
(1,231,740)
Operating profit
4
4,872,216
5,913,792
Interest receivable and similar income
7
8,466
45,903
Interest payable and similar expenses
8
(2,437,680)
(1,507,985)
Profit before taxation
2,443,002
4,451,710
Tax on profit
9
(694,310)
(1,088,425)
Profit for the financial year
26
1,748,692
3,363,285
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
TGH MIDLANDS LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
54,697,287
45,852,085
Investment property
13
4,174,386
3,484,696
58,871,673
49,336,781
Current assets
Stocks
16
503,320
1,297,771
Debtors
17
5,975,639
6,049,698
Cash at bank and in hand
1,728,870
2,670,448
8,207,829
10,017,917
Creditors: amounts falling due within one year
18
(12,434,808)
(12,470,645)
Net current liabilities
(4,226,979)
(2,452,728)
Total assets less current liabilities
54,644,694
46,884,053
Creditors: amounts falling due after more than one year
19
(30,957,321)
(24,496,525)
Provisions for liabilities
Deferred tax liability
22
3,026,356
2,675,203
(3,026,356)
(2,675,203)
Net assets
20,661,017
19,712,325
Capital and reserves
Called up share capital
24
1,200,000
1,200,000
Share premium account
25
7,736,227
7,736,227
Profit and loss reserves
26
11,724,790
10,776,098
Total equity
20,661,017
19,712,325

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 22 July 2025 and are signed on its behalf by:
22 July 2025
Mrs J T Atkinson
Mr S A Thomas
Director
Director
Company registration number 09283207 (England and Wales)
TGH MIDLANDS LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
3,244,177
3,287,936
Investment property
13
4,174,386
3,484,696
Investments
14
8,936,227
8,936,227
16,354,790
15,708,859
Current assets
Debtors
17
2,650,471
2,536,439
Cash at bank and in hand
228,136
227,830
2,878,607
2,764,269
Creditors: amounts falling due within one year
18
(1,882,513)
(813,581)
Net current assets
996,094
1,950,688
Total assets less current liabilities
17,350,884
17,659,547
Creditors: amounts falling due after more than one year
19
(350,538)
(553,006)
Provisions for liabilities
Deferred tax liability
22
78,391
78,391
(78,391)
(78,391)
Net assets
16,921,955
17,028,150
Capital and reserves
Called up share capital
24
1,200,000
1,200,000
Share premium account
25
7,736,227
7,736,227
Profit and loss reserves
26
7,985,728
8,091,923
Total equity
16,921,955
17,028,150

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £693,805 (2023 - £2,107,902 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 22 July 2025 and are signed on its behalf by:
22 July 2025
Mrs J T Atkinson
Mr S A Thomas
Director
Director
Company registration number 09283207 (England and Wales)
TGH MIDLANDS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2022
1,200,000
7,736,227
8,060,813
16,997,040
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
3,363,285
3,363,285
Dividends
10
-
-
(648,000)
(648,000)
Balance at 31 October 2023
1,200,000
7,736,227
10,776,098
19,712,325
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
1,748,692
1,748,692
Dividends
10
-
-
(800,000)
(800,000)
Balance at 31 October 2024
1,200,000
7,736,227
11,724,790
20,661,017
TGH MIDLANDS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2022
1,200,000
7,736,227
6,632,021
15,568,248
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
2,107,902
2,107,902
Dividends
10
-
-
(648,000)
(648,000)
Balance at 31 October 2023
1,200,000
7,736,227
8,091,923
17,028,150
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
693,805
693,805
Dividends
10
-
-
(800,000)
(800,000)
Balance at 31 October 2024
1,200,000
7,736,227
7,985,728
16,921,955
TGH MIDLANDS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
12,621,933
10,841,298
Interest paid
(2,437,680)
(1,507,985)
Income taxes paid
(1,088,414)
(289,566)
Net cash inflow from operating activities
9,095,839
9,043,747
Investing activities
Purchase of tangible fixed assets
(4,223,423)
(7,256,738)
Proceeds from disposal of tangible fixed assets
8,180,465
11,479,633
Purchase of investment property
(689,690)
-
Repayment of loans
(126,609)
(97,199)
Interest received
8,466
45,903
Net cash generated from investing activities
3,149,209
4,171,599
Financing activities
Repayment of bank loans
(202,468)
(192,588)
Payment of finance leases obligations
(12,184,158)
(12,116,870)
Dividends paid to equity shareholders
(800,000)
(648,000)
Net cash used in financing activities
(13,186,626)
(12,957,458)
Net (decrease)/increase in cash and cash equivalents
(941,578)
257,888
Cash and cash equivalents at beginning of year
2,670,448
2,412,560
Cash and cash equivalents at end of year
1,728,870
2,670,448
TGH MIDLANDS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
2,298,170
411,667
Interest paid
(51,827)
(107,264)
Income taxes paid
(427,270)
(205,077)
Net cash inflow from operating activities
1,819,073
99,326
Investing activities
Purchase of investment property
(689,690)
-
0
Repayment of loans
(126,609)
(97,199)
Interest received
-
0
44,075
Dividends received
-
0
1,000,000
Net cash (used in)/generated from investing activities
(816,299)
946,876
Financing activities
Repayment of bank loans
(202,468)
(192,588)
Dividends paid to equity shareholders
(800,000)
(648,000)
Net cash used in financing activities
(1,002,468)
(840,588)
Net increase in cash and cash equivalents
306
205,614
Cash and cash equivalents at beginning of year
227,830
22,216
Cash and cash equivalents at end of year
228,136
227,830
TGH MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
1
Accounting policies
Company information

TGH Midlands Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of TGH Midlands Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. 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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company TGH Midlands Limited together with all entities controlled by the parent company (its subsidiaries).

 

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.

 

TGH MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -

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

Revenue from hire contracts is recognised by reference to the period of hire completed at the year end as a proportion of the full contract period. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Rental income is recognised when it is probably that the economic benefits will flow to the company and the amount of revenue can be measured reliably, income is accrued on a time basis.

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.

1.7
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
0% to 2% on cost
Leasehold land and buildings
14.5% straight line
Plant and equipment
15% to 33% straight line
Fixtures and fittings
25% to 33% straight line
Motor vehicles:
Maxus vans
33% straight line
LCV,vans and cars
20% straight line
HGV
15% straight line
HGV trailers
10% 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.

1.8
Investment property

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.

Where lettings are to tenants at properties that are used for group trading activities, these properties are included as a fixed asset and not reclassified to investment property.

TGH MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
1.9
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.

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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset.

1.11
Stocks

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

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

1.12
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.

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.

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

Derecognition of financial liabilities

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

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.

TGH MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
Current tax

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

Deferred tax

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

1.16
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.

1.17
Retirement benefits

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

1.18
Leases

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

 

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

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

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.

TGH MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
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.

Motor vehicle useful lives and residual values

Motor vehicles are depreciated according to useful lives estimated by the directors (see accounting policies note for details), according to expected market conditions. In the year ended 31 October 2024 the group made an overall net profit on motor vehicle disposals of £2,030,740 (2023 £3,222,787).

Valuation of investment property

Investment properties are recorded at fair value and are reviewed annually by the directors.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Vehicle hire and sales
21,130,419
20,714,313
Investment property rentals
234,899
208,953
21,365,318
20,923,266
2024
2023
£
£
Other revenue
Interest income
8,466
45,903

All turnover is attributable to the UK.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
18,595
21,470
Depreciation of owned tangible fixed assets
2,610,318
2,704,645
Depreciation of tangible fixed assets held under finance leases
7,670,655
6,085,465
Profit on disposal of tangible fixed assets
(2,030,740)
(3,222,787)
Operating lease charges
144,693
272,933
TGH MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
53
51
3
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,070,590
1,806,602
168,568
(29,690)
Social security costs
230,819
189,102
18,692
(7,802)
Pension costs
39,653
37,501
1,321
1,321
2,341,062
2,033,205
188,581
(36,171)
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
61,300
(120,096)
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
8,466
1,828
Other interest income
-
44,075
Total income
8,466
45,903
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
8,466
1,828
TGH MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
51,741
57,773
Other finance costs:
Interest on finance leases and hire purchase contracts
2,385,853
1,341,290
Other interest
86
108,922
Total finance costs
2,437,680
1,507,985
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
343,340
410,820
Adjustments in respect of prior periods
(183)
(40,429)
Total current tax
343,157
370,391
Deferred tax
Origination and reversal of timing differences
351,153
718,034
Total tax charge
694,310
1,088,425
TGH MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
9
Taxation
(Continued)
- 22 -

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

2024
2023
£
£
Profit before taxation
2,443,002
4,451,710
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
610,751
1,112,928
Tax effect of expenses that are not deductible in determining taxable profit
26,674
5,602
Tax effect of income not taxable in determining taxable profit
-
0
(57,265)
Adjustments in respect of prior years
(183)
(40,429)
Depreciation on assets not qualifying for tax allowances
21,246
10,306
Other permanent differences
2,906
-
0
Tax at marginal rate
-
0
(44,928)
Additional 30% on super deduction allowance
-
0
2,951
Depreciation on finance leases
-
0
143,132
Finance lease repayments
-
0
(386,627)
Profit on disposal of finance lease vehicles
(27,564)
(44,281)
Proceeds from finance leases
60,480
387,036
Taxation charge
694,310
1,088,425
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
800,000
648,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
2,255,413
Amortisation and impairment
At 1 November 2023 and 31 October 2024
2,255,413
Carrying amount
At 31 October 2024
-
0
At 31 October 2023
-
0
The company had no intangible fixed assets at 31 October 2024 or 31 October 2023.
TGH MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2023
2,989,380
526,972
455,127
222,849
55,486,186
59,680,514
Additions
-
0
176,657
5,450
-
0
25,093,793
25,275,900
Disposals
-
0
-
0
-
0
-
0
(11,276,702)
(11,276,702)
At 31 October 2024
2,989,380
703,629
460,577
222,849
69,303,277
73,679,712
Depreciation and impairment
At 1 November 2023
250,581
271,080
413,806
215,798
12,677,164
13,828,429
Depreciation charged in the year
52,996
31,987
19,430
1,570
10,174,990
10,280,973
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(5,126,977)
(5,126,977)
At 31 October 2024
303,577
303,067
433,236
217,368
17,725,177
18,982,425
Carrying amount
At 31 October 2024
2,685,803
400,562
27,341
5,481
51,578,100
54,697,287
At 31 October 2023
2,738,799
255,892
41,321
7,051
42,809,022
45,852,085
Company
Freehold land and buildings
£
Cost
At 1 November 2023 and 31 October 2024
3,287,936
Depreciation and impairment
At 1 November 2023
-
0
Depreciation charged in the year
43,759
At 31 October 2024
43,759
Carrying amount
At 31 October 2024
3,244,177
At 31 October 2023
3,287,936
TGH MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 November 2023
3,484,696
3,484,696
Additions through external acquisition
689,690
689,690
At 31 October 2024
4,174,386
4,174,386
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
8,936,227
8,936,227
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023 and 31 October 2024
8,936,227
Carrying amount
At 31 October 2024
8,936,227
At 31 October 2023
8,936,227
15
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Thomas's Group (Birmingham) Limited
England and Wales
Ordinary
100.00
-
Thomas's Truck Rental Limited
England and Wales
Ordinary
0
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
503,320
1,297,771
-
0
-
0
TGH MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 25 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,317,679
2,990,723
27,599
20,459
Corporation tax recoverable
625,912
418,982
625,912
418,982
Amounts owed by group undertakings
-
-
-
234,088
Other debtors
2,649,347
2,322,842
1,974,910
1,848,301
Prepayments and accrued income
382,701
317,151
22,050
14,609
5,975,639
6,049,698
2,650,471
2,536,439
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
227,400
227,400
227,400
227,400
Obligations under finance leases
21
9,868,484
7,663,429
-
0
-
0
Trade creditors
1,469,248
3,037,230
18,411
14,421
Amounts owed to group undertakings
-
0
-
0
1,086,290
-
0
Corporation tax payable
550,345
1,088,672
452,860
427,345
Other taxation and social security
92,027
124,675
40,218
72,293
Other creditors
137,093
134,003
5,000
5,000
Accruals and deferred income
90,211
195,236
52,334
67,122
12,434,808
12,470,645
1,882,513
813,581
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
350,538
553,006
350,538
553,006
Obligations under finance leases
21
30,606,783
23,943,519
-
0
-
0
30,957,321
24,496,525
350,538
553,006
TGH MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
577,938
780,406
577,938
780,406
Payable within one year
227,400
227,400
227,400
227,400
Payable after one year
350,538
553,006
350,538
553,006

The long-term loans are secured by fixed and floating charges over property owned by TGH Midlands Limited. The loan is repayable in monthly instalments with interest being charged at 2.5% above base.

21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
9,868,483
7,663,429
-
0
-
0
In two to five years
30,606,784
23,943,519
-
0
-
0
40,475,267
31,606,948
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years.

22
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
2,947,965
2,596,812
Revaluations
78,391
78,391
3,026,356
2,675,203
TGH MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
22
Deferred taxation
(Continued)
- 27 -
Liabilities
Liabilities
2024
2023
Company
£
£
Revaluations
78,391
78,391
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
2,675,203
78,391
Charge to profit or loss
351,153
-
Liability at 31 October 2024
3,026,356
78,391
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
39,653
37,501

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.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
246,350
246,350
246,350
246,350
B Ordinary of £1 each
246,350
246,350
246,350
246,350
C Ordinary of £1 each
60,000
60,000
60,000
60,000
D Ordinary of £1 each
60,000
60,000
60,000
60,000
E Ordinary of £1 each
587,300
587,300
587,300
587,300
1,200,000
1,200,000
1,200,000
1,200,000
25
Share premium account
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
7,736,227
7,736,227
7,736,227
7,736,227
TGH MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 28 -
26
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
10,776,098
8,060,813
8,091,923
6,632,021
Profit for the year
1,748,692
3,363,285
693,805
2,107,902
Dividends
(800,000)
(648,000)
(800,000)
(648,000)
At the end of the year
11,724,790
10,776,098
7,985,728
8,091,923
27
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
28,061
295,376
-
-
Between two and five years
-
56,122
-
-
28,061
351,498
-
-
28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
204,692
140,929
Transactions with related parties

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

Sales
Sales
2024
2023
£
£
Group
Connected company
21,643
6,719
TGH MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
28
Related party transactions
(Continued)
- 29 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Connected company
-
25,375
29
Directors' transactions

Loans have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Interest free loan
-
942,289
509,443
(400,586)
1,051,146
Interest free loan
-
807,509
516,841
(400,586)
923,764
Interest free loan
-
98,503
31,871
(130,374)
-
1,848,301
1,058,155
(931,546)
1,974,910
30
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,748,692
3,363,285
Adjustments for:
Taxation charged
694,310
1,088,425
Finance costs
2,437,680
1,507,985
Investment income
(8,466)
(45,903)
Gain on disposal of tangible fixed assets
(2,030,740)
(3,222,787)
Depreciation and impairment of tangible fixed assets
10,280,973
8,790,110
Movements in working capital:
Decrease/(increase) in stocks
794,451
(283,736)
Decrease/(increase) in debtors
407,598
(1,052,909)
(Decrease)/increase in creditors
(1,702,565)
696,828
Cash generated from operations
12,621,933
10,841,298
TGH MIDLANDS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 30 -
31
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
693,805
2,107,902
Adjustments for:
Taxation charged
245,855
203,230
Finance costs
51,827
107,264
Investment income
-
0
(1,044,075)
Depreciation and impairment of tangible fixed assets
43,759
-
Movements in working capital:
Decrease/(increase) in debtors
219,507
(239,248)
Increase/(decrease) in creditors
1,043,417
(723,406)
Cash generated from operations
2,298,170
411,667
32
Analysis of changes in net debt - group
1 November 2023
Cash flows
New finance leases
31 October 2024
£
£
£
£
Cash at bank and in hand
2,670,448
(941,578)
-
1,728,870
Borrowings excluding overdrafts
(780,406)
202,468
-
(577,938)
Obligations under finance leases
(31,606,948)
12,184,158
(21,052,477)
(40,475,267)
(29,716,906)
11,445,048
(21,052,477)
(39,324,335)
33
Analysis of changes in net debt - company
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
227,830
306
228,136
Borrowings excluding overdrafts
(780,406)
202,468
(577,938)
(552,576)
202,774
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