Company registration number 03856515 (England and Wales)
RYDAN MECHANICAL SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
RYDAN MECHANICAL SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr S J Mills
Mr I B Skerritt
Mr D E Lloyd
Secretary
Mr I B Skerritt
Company number
03856515
Registered office
376 London Road
Hadleigh
Benfleet
Essex
SS7 2DA
Auditor
Xeinadin Audit Limited
Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ
RYDAN MECHANICAL SERVICES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 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
RYDAN MECHANICAL SERVICES 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
2024 saw an increase in turnover and profit as contracts that had been paused in the previous year commenced. Our business continues to deliver very respectable margins in a competitive market without compromising on the quality of our installations.
There have been prevailing inflationary pressures on market prices but the risk in this has been successfully managed with the cooperation of our both our customers and stakeholders. Our focus has been on strengthening these relationships so that mitigation of such risks can be managed.
As stated last year, we have steadily increased staff to manage a higher level of turnover which has been delivered. Our continuous internal development BOLD programme provides our staff with a framework for both professional and personal development, leading to successful outcomes in all areas we operate in.
We have again acquired new customers, which has broadened our workstream diversity and allows us to position ourselves with teams that deliver the best fit outs and facilities for some of the worlds finest companies, faculties and asset managers.
Principal risks and uncertainties
The Company is exposed to a variety of financial risks: market risk (including interest rate risk and price risk), credit risk, capital risk and liquidity risk. The Company's overall risk management programme seeks to minimise potential adverse effects on the Company's financial performance.
The principal financial instruments comprise of cash and short-term deposits, Company credit card and bank overdraft facility. The main purpose of these financial instruments is to raise finance for the Company's operations. The Company has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations.
Interest Rate Risk
The Company is exposed to changes in interest rates on floating rate debt and cash deposits. As the company is not currently reliant on its overdraft facility, there would have been a £nil impact on shareholders' equity (2023: £nil) and a £nil impact on the current year profit.
Price Risk
The Company is exposed to price risk related to certain commodities and their by-products used by the Company's businesses. The Company monitors prices on an ongoing basis in order to assess the impact that movements have on profitability.
Credit Risk
The Company is exposed to credit risk to the extent of non-performance by its customers in respect of the financial assets receivable. However, the Company has policies and procedures in place to ensure credit risk is limited by carrying out credit checks on new customers and placing credit limits where appropriate. The Company continuously monitors credit limits and defaults of customers, incorporating this information into credit risk controls. The credit risk policy is effective as the company suffers very few bad debts.
Capital risk management
The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of the capital.
Liquidity risk
Prudent liquidity risk management includes maintaining sufficient cash and interest-bearing deposits and the availability of funding from an adequate amount of credit facilities. The Company has the availability of borrowing facilities and adequate cash reserves to meet operating requirements for the next 12 months.
RYDAN MECHANICAL SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
Key performance indicators
Our Key Performance Indicators remain amongst the market highest with the principal contractors we partner with.
Our goal is to remain a company of choice. To do so, we manage against the KPI criteria so that staff and supply chains are aligned with our customers value benchmarks.
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Mr D E Lloyd
Director
11 August 2025
RYDAN MECHANICAL SERVICES 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 a specialist mechanical, electrical, and public health services contractor.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £410,475. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S J Mills
Mr I B Skerritt
Mr D E Lloyd
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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr D E Lloyd
Director
11 August 2025
RYDAN MECHANICAL SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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.
RYDAN MECHANICAL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RYDAN MECHANICAL SERVICES LIMITED
- 5 -
Opinion
We have audited the financial statements of Rydan Mechanical Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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 profit 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
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.
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.
In connection with our audit of the financial statements, 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 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.
RYDAN MECHANICAL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RYDAN MECHANICAL SERVICES LIMITED
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and 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 Statement of Directors' Responsibilities set out on page 4, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims;
enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
reviewing minutes of meetings of those charged with governance;
reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
RYDAN MECHANICAL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RYDAN MECHANICAL SERVICES LIMITED
- 7 -
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.
Jeffrey Stanley BSc(Econ) FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ
11 August 2025
RYDAN MECHANICAL SERVICES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
16,505,715
12,647,840
Cost of sales
(12,268,161)
(9,842,879)
Gross profit
4,237,554
2,804,961
Administrative expenses
(2,888,748)
(2,349,719)
Other operating income
427,230
-
Exceptional item
4
(4,925)
(4,925)
Operating profit
5
1,771,111
450,317
Interest receivable and similar income
9
12,551
10,038
Interest payable and similar expenses
10
(27,831)
(27,299)
Profit before taxation
1,755,831
433,056
Tax on profit
11
(424,664)
(124,594)
Profit for the financial year
1,331,167
308,462
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.
RYDAN MECHANICAL SERVICES LIMITED
GROUP BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
Tangible assets
13
50,887
53,340
Investment property
14
2,410,000
1,984,750
2,460,887
2,038,090
Current assets
Debtors
17
2,513,321
2,245,530
Cash at bank and in hand
1,967,782
2,765,388
4,481,103
5,010,918
Creditors: amounts falling due within one year
18
(2,204,539)
(2,907,999)
Net current assets
2,276,564
2,102,919
Total assets less current liabilities
4,737,451
4,141,009
Creditors: amounts falling due after more than one year
19
(492,655)
(480,126)
Provisions for liabilities
Deferred tax liability
21
77,745
12,970
(77,745)
(12,970)
Net assets
4,167,051
3,647,913
Capital and reserves
Called up share capital
23
210
210
Share premium account
29,474
29,474
Non-distributable profits reserve
24
425,250
Distributable profit and loss reserves
3,712,117
3,618,229
Total equity
4,167,051
3,647,913
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 11 August 2025 and are signed on its behalf by:
11 August 2025
Mr D E Lloyd
Director
Company registration number 03856515 (England and Wales)
RYDAN MECHANICAL SERVICES LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
50,887
53,340
Investments
15
401,554
452,441
53,340
Current assets
Debtors
17
4,077,654
3,661,264
Cash at bank and in hand
1,916,878
2,741,923
5,994,532
6,403,187
Creditors: amounts falling due within one year
18
(2,198,450)
(2,880,895)
Net current assets
3,796,082
3,522,292
Total assets less current liabilities
4,248,523
3,575,632
Provisions for liabilities
Deferred tax liability
21
12,423
12,970
(12,423)
(12,970)
Net assets
4,236,100
3,562,662
Capital and reserves
Called up share capital
23
210
210
Share premium account
29,474
29,474
Distributable profit and loss reserves
4,206,416
3,532,978
Total equity
4,236,100
3,562,662
The financial statements were approved by the board of directors and authorised for issue on 11 August 2025 and are signed on its behalf by:
11 August 2025
Mr D E Lloyd
Director
Company registration number 03856515 (England and Wales)
RYDAN MECHANICAL SERVICES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 11 -
Share capital
Share premium account
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 November 2022
210
29,474
3,909,434
3,939,118
Year ended 31 October 2023:
Profit and total comprehensive income
-
-
-
308,462
308,462
Dividends
12
-
-
-
(599,967)
(599,967)
Other movements
-
-
-
300
300
Balance at 31 October 2023
210
29,474
3,618,229
3,647,913
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
425,250
905,917
1,331,167
Dividends
12
-
-
-
(410,475)
(410,475)
Other movements
-
-
-
(401,254)
(401,254)
Balance at 31 October 2024
210
29,474
425,250
3,712,117
4,167,051
RYDAN MECHANICAL SERVICES 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
Notes
£
£
£
£
Balance at 1 November 2022
210
29,474
3,858,791
3,888,475
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
274,154
274,154
Dividends
12
-
-
(599,967)
(599,967)
Balance at 31 October 2023
210
29,474
3,532,978
3,562,662
Year ended 31 October 2024:
Profit and total comprehensive income
-
-
1,083,913
1,083,913
Dividends
12
-
-
(410,475)
(410,475)
Balance at 31 October 2024
210
29,474
4,206,416
4,236,100
RYDAN MECHANICAL SERVICES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
130,399
1,401,207
Interest paid
(27,831)
(27,299)
Income taxes paid
(111,623)
(282,014)
Net cash (outflow)/inflow from operating activities
(9,055)
1,091,894
Investing activities
Purchase of intangible assets
(401,554)
-
Purchase of tangible fixed assets
(6,527)
(10,770)
Purchase of investment property
-
(30,545)
Repayment of loans
4,925
4,925
Interest received
12,551
10,038
Net cash used in investing activities
(390,605)
(26,352)
Financing activities
Repayment of bank loans
12,529
(203,899)
Dividends paid to equity shareholders
(410,475)
(599,967)
Net cash used in financing activities
(397,946)
(803,866)
Net (decrease)/increase in cash and cash equivalents
(797,606)
261,676
Cash and cash equivalents at beginning of year
2,765,388
2,503,712
Cash and cash equivalents at end of year
1,967,782
2,765,388
RYDAN MECHANICAL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
1
Accounting policies
Company information
Rydan Mechanical Services Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 376 London Road, Hadleigh, Benfleet, Essex, SS7 2DA.
The group consists of Rydan Mechanical Services 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 freehold properties and to include investment properties and certain financial instruments 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
RYDAN MECHANICAL SERVICES 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 Rydan Mechanical Services Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 October 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
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.
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.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
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.
1.7
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.
RYDAN MECHANICAL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 16 -
1.8
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.10
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.
RYDAN MECHANICAL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 17 -
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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.
RYDAN MECHANICAL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.12
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.
1.13
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.
RYDAN MECHANICAL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 19 -
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.
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.17
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.
RYDAN MECHANICAL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction operations
16,407,652
12,553,035
Rent receivable
98,063
94,805
16,505,715
12,647,840
2024
2023
£
£
Other revenue
Interest income
12,551
10,038
Grants received
1,500
-
4
Exceptional item
2024
2023
£
£
Expenditure
Director loan account write off
4,925
4,925
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(1,500)
-
Depreciation of owned tangible fixed assets
8,980
9,413
(Profit)/loss on disposal of tangible fixed assets
-
260
Operating lease charges
68,996
64,795
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
8,400
8,400
Audit of the financial statements of the company's subsidiaries
1,920
-
10,320
8,400
RYDAN MECHANICAL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
7
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
5
5
3
3
Technical Staff
18
13
18
13
Admin Staff
2
3
2
3
Total
25
21
23
19
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,731,293
1,383,395
1,731,293
1,383,395
Social security costs
206,292
165,665
206,292
165,665
Pension costs
211,525
137,221
211,525
137,221
2,149,110
1,686,281
2,149,110
1,686,281
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
677,500
610,000
Company pension contributions to defined contribution schemes
30,000
30,000
707,500
640,000
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
335,833
350,000
Company pension contributions to defined contribution schemes
10,000
10,000
RYDAN MECHANICAL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
11,992
9,947
Other interest income
559
91
Total income
12,551
10,038
10
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
27,831
27,299
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
359,889
121,137
Deferred tax
Origination and reversal of timing differences
64,775
3,457
Total tax charge
424,664
124,594
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,755,831
433,056
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
410,790
108,264
Tax effect of expenses that are not deductible in determining taxable profit
28,941
30,000
Tax effect of income not taxable in determining taxable profit
(78,144)
Effect of change in corporation tax rate
-
(13,432)
Permanent capital allowances in excess of depreciation
(1,698)
(2,980)
Other non-reversing timing differences
64,775
3,457
Tax at marginal rate
(715)
Taxation charge
424,664
124,594
RYDAN MECHANICAL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
12
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
410,475
599,967
13
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 1 November 2023
123,238
Additions
6,527
At 31 October 2024
129,765
Depreciation and impairment
At 1 November 2023
69,898
Depreciation charged in the year
8,980
At 31 October 2024
78,878
Carrying amount
At 31 October 2024
50,887
At 31 October 2023
53,340
Company
Fixtures and fittings
£
Cost
At 1 November 2023
123,238
Additions
6,527
At 31 October 2024
129,765
Depreciation and impairment
At 1 November 2023
69,898
Depreciation charged in the year
8,980
At 31 October 2024
78,878
Carrying amount
At 31 October 2024
50,887
At 31 October 2023
53,340
RYDAN MECHANICAL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 24 -
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 November 2023 and 31 October 2024
1,984,750
-
Net gains or losses through fair value adjustments
425,250
-
At 31 October 2024
2,410,000
-
Investment property comprises of 6 residential properties.
The fair value of all of the investment properties have been arrived at on the basis of valuations carried out at the properties by firms of Chartered Surveyors, who are not connected with the company. The directors have considered the valuation position and conclude that there is is no material difference in the value between the valuation dates and balance sheet date.
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
401,554
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2023
-
Additions
401,554
At 31 October 2024
401,554
Carrying amount
At 31 October 2024
401,554
At 31 October 2023
-
16
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
Smart Property Location Ltd
376 London Road Hadleigh, Benfleet, Essex, England, SS7 2DA
Ordinary £1.00
100.00
RYDAN MECHANICAL SERVICES 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
2,266,879
2,015,532
2,266,879
2,015,532
Corporation tax recoverable
6,402
16,009
6,402
16,009
Other debtors
142,297
151,849
1,707,419
1,570,049
Prepayments and accrued income
97,743
62,140
96,954
59,674
2,513,321
2,245,530
4,077,654
3,661,264
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,544,581
2,585,990
1,544,581
2,585,990
Gross amounts owed to contract customers
60,423
59,307
60,423
59,307
Corporation tax payable
359,796
121,137
359,796
112,089
Other taxation and social security
70,300
59,603
70,300
59,603
Other creditors
115,602
18,376
115,602
18,376
Accruals and deferred income
53,837
63,586
47,748
45,530
2,204,539
2,907,999
2,198,450
2,880,895
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
492,655
480,126
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
492,655
480,126
Payable after one year
492,655
480,126
The long-term loans are secured by fixed charges over 51 Victors Crescent, 79 Upper Bridge Road, 50 Hill Road and 50A Hill Road.
The long-term loans consist of two interest only mortgages.
RYDAN MECHANICAL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
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
12,423
12,970
Investment property
65,322
-
77,745
12,970
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
12,423
12,970
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 November 2023
12,970
12,970
Charge/(credit) to profit or loss
64,775
(547)
Liability at 31 October 2024
77,745
12,423
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
211,525
137,221
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
of 1p each
21,053
21,053
210
210
RYDAN MECHANICAL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 27 -
24
Non-distributable profits reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
-
-
-
-
Fair vlaue reserve
425,250
-
-
-
At the end of the year
425,250
-
-
-
25
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
59,996
52,318
59,996
52,318
Between two and five years
74,444
89,782
74,444
89,782
134,440
142,100
134,440
142,100
26
Related party transactions
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Aquisition of investment
2024
2023
£
£
Group
Key management personnel
396,064
-
Company
Key management personnel
396,064
-
On 21 June 2024 the company acquired the whole of the share capital of Smart Property Location Ltd from two of its directors. The company paid £198,032 to Mr I.B. Skerritt for his 50% shareholding and £198,032 to Mr S.J. Mills for his 50% shareholding. The price was arrived at by independent valuations.
RYDAN MECHANICAL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
26
Related party transactions
(Continued)
- 28 -
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Group
Key management personnel
102,239
6,280
Company
Key management personnel
102,239
6,280
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Company
Entities over which the company has control, joint control or significant influence
1,565,308
1,418,200
Other information
Included within Wages and Salaries is £36,250 (2023: £35,000) paid to a relative of a director.
27
Directors' transactions
Dividends totalling £312,989 (2023 - £457,477) were paid in the year in respect of shares held by the company's directors.
Advances or credits have been granted by the group to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr D E Lloyd - advances and credits
-
(2,382)
2,000
(40)
(422)
Mr S J Mills - advances and credits
-
(198)
198,118
(198,032)
(112)
Mr I B Skerritt - advances and credits
-
(3,700)
100,028
(198,032)
(101,704)
(6,280)
300,146
(396,104)
(102,238)
28
Controlling party
The company is controlled by Mr I. Skerritt and Mr S. Mills.
RYDAN MECHANICAL SERVICES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 29 -
29
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,331,167
308,462
Adjustments for:
Taxation charged
424,664
124,594
Finance costs
27,831
27,299
Investment income
(12,551)
(10,038)
(Gain)/loss on disposal of tangible fixed assets
-
260
Fair value gain on investment properties
(425,250)
Depreciation and impairment of tangible fixed assets
8,980
9,413
Movements in working capital:
Increase in debtors
(282,323)
(2,209,821)
(Decrease)/increase in creditors
(942,119)
2,786,862
Cash generated from operations
130,399
1,037,031
30
Analysis of changes in net funds - group
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
2,765,388
(797,606)
1,967,782
Borrowings excluding overdrafts
(480,126)
(12,529)
(492,655)
2,285,262
(810,135)
1,475,127
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