Company registration number 03903761 (England and Wales)
BULLCLIFF LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
BULLCLIFF LIMITED
COMPANY INFORMATION
Directors
Mr J R Worsley
Mr D A Gawthorpe
Secretary
Mrs M Worsley
Company number
03903761
Registered office
Headlands Road
Liversedge
WF15 6PR
Auditor
Henton & Co LLP
124 Acomb Road
York
YO24 4EY
Bankers
Barclays Bank
25/27 Church Street
Barnsley
S70 2AJ
BULLCLIFF LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of income and retained earnings
9
Group balance sheet
10
Company balance sheet
11
Group statement of cash flows
12
Notes to the financial statements
13 - 28
BULLCLIFF LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -

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

Business review

The principal activity of the company during the year was that of a holding company of two wholly owned subsidiaries, providing management and administrative services. The Group's principal activities during the year are those of wholesale butchers and the provision of abattoir services.

 

During the year the group comprised controlling shareholdings in Worsley Wholesale Butchers Limited and Spenborough Abattoir Limited.

 

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.

 

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover and profit before tax. In the year ended 30 November 2024 the group's turnover was £48,518,289, a decrease of 4.37% on the previous year. Loss before tax was £150,805, compared with a profit before tax of £373,315 in 2023.

 

There continues to be opportunities to grow the business which the directors continue to explore.

Principle risks and uncertainties

As with all trading businesses, the group is exposed to risks during the conduct of its normal business operations. Strategies are in place to reduce the impact of these risks where possible. The principal risks include competition from across the sector, changes in customer demand and changes to laws and regulations governing the industry. The directors monitor changing legislation to ensure compliance as a minimum standard.

Financial risk management

The company's operations expose it to a variety of risks that include price risk, credit risk, liquidity risk and interest rate risk.

 

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board are implemented by the company's management.

 

Price risk

The Group is exposed to commodity price risk as a result of its operations. However, given the size of the Group's operations, the costs of managing exposure to this exceed any potential benefits. The board will reconsider the appropriateness of this policy should the Group's operation change in size or nature.

 

Credit risk

The Group has implemented policies that require appropriate credit checks on potential customers before sales are made.

Liquidity risk

The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the company has sufficient available funds for operations and planned expansions.

Interest rate risk

The company has both interest bearing assets and interest bearing liabilities. The company's exposure to interest rate risk is regularly evaluated and action would be taken to mitigate any exposure as necessary.

 

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 our control.

BULLCLIFF LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -

This report was approved by the board of directors and signed on behalf of the board.

 

Mr J R Worsley
Director
21 August 2025
BULLCLIFF LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -

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

Principal activities

The Group's principal activities during the year are those of wholesale butchers and the provision of abattoir services.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

Mr J R Worsley
Mr D A Gawthorpe
Financial instruments

The group's principal financial instruments comprise bank balances, trade creditors, trade debtors and loans to the group companies. The main purpose of these instruments is to raise funds for the group's operations.

 

Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group's approach to managing other risks applicable to the financial statements is shown below.

 

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdraft facilities at floating rates of interest.

 

In respect of loans these comprise of loans from the directors and the group companies bankers. The group manages the liquidity risk by ensuring there are sufficient funds to meet the payments. Interest is paid at a commercial rate on these loans.

 

Trade debtors are managed in respect of credit and cash flow risk by policies concerning credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

 

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Future developments

The level of business and the year end financial position remain satisfactory for the group and company and the directors are confident of being able to develop the business further in the future.

Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. true

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.

BULLCLIFF LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
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 J R Worsley
Director
21 August 2025
BULLCLIFF LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -

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.

BULLCLIFF LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BULLCLIFF LIMITED
- 6 -
Opinion

We have audited the financial statements of Bullcliff Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

BULLCLIFF LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BULLCLIFF LIMITED
- 7 -
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.

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

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.

BULLCLIFF LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BULLCLIFF LIMITED
- 8 -
Brett Davis (Senior Statutory Auditor)
For and on behalf of Henton & Co LLP, Statutory Auditor
Chartered Accountants
124 Acomb Road
York
YO24 4EY
21 August 2025
BULLCLIFF LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
48,518,289
50,734,475
Cost of sales
(45,670,967)
(47,682,453)
Gross profit
2,847,322
3,052,022
Administrative expenses
(2,942,712)
(2,642,531)
Other operating income
5,000
17
Operating (loss)/profit
4
(90,390)
409,508
Interest receivable and similar income
7
-
0
1,075
Interest payable and similar expenses
8
(60,415)
(37,268)
(Loss)/profit before taxation
(150,805)
373,315
Tax on (loss)/profit
9
(21,954)
(99,464)
(Loss)/profit for the financial year
24
(172,759)
273,851
Retained earnings brought forward
2,691,036
2,517,185
Dividends
-
0
(100,000)
Retained earnings carried forward
2,518,277
2,691,036
(Loss)/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.
BULLCLIFF LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
102,552
162,187
Tangible assets
12
2,282,970
2,104,523
Investments
13
39,400
39,400
2,424,922
2,306,110
Current assets
Stocks
15
328,891
328,024
Debtors
16
3,846,131
4,263,925
Cash at bank and in hand
139,873
662,127
4,314,895
5,254,076
Creditors: amounts falling due within one year
17
(3,549,679)
(4,389,621)
Net current assets
765,216
864,455
Total assets less current liabilities
3,190,138
3,170,565
Creditors: amounts falling due after more than one year
18
(416,784)
(246,406)
Provisions for liabilities
Deferred tax liability
21
255,075
233,121
(255,075)
(233,121)
Net assets
2,518,279
2,691,038
Capital and reserves
Called up share capital
23
2
2
Profit and loss reserves
24
2,518,277
2,691,036
Total equity
2,518,279
2,691,038

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 21 August 2025 and are signed on its behalf by:
21 August 2025
Mr D A Gawthorpe
Director
Company registration number 03903761 (England and Wales)
BULLCLIFF LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2024
30 November 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
122,931
126,090
Investments
13
1,494,400
1,494,400
1,617,331
1,620,490
Current assets
Cash at bank and in hand
25,404
24,459
Creditors: amounts falling due within one year
17
(681,759)
(697,526)
Net current liabilities
(656,355)
(673,067)
Total assets less current liabilities
960,976
947,423
Creditors: amounts falling due after more than one year
18
(46,156)
(110,440)
Net assets
914,820
836,983
Capital and reserves
Called up share capital
23
2
2
Revaluation reserve
24
(6,324)
(6,324)
Profit and loss reserves
24
921,142
843,305
Total equity
914,820
836,983

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 £77,837 (2023 - £154,914 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 21 August 2025 and are signed on its behalf by:
21 August 2025
Mr D A Gawthorpe
Director
Company registration number 03903761 (England and Wales)
BULLCLIFF LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(78,583)
919,448
Interest paid
(60,415)
(37,268)
Income taxes paid
(34,424)
(180,772)
Net cash (outflow)/inflow from operating activities
(173,422)
701,408
Investing activities
Purchase of tangible fixed assets
(134,144)
(748,715)
Proceeds from disposal of tangible fixed assets
27,091
30,973
Interest received
-
0
1,075
Net cash used in investing activities
(107,053)
(716,667)
Financing activities
Repayment of bank loans
(71,284)
(66,266)
Payment of finance leases obligations
(166,039)
(103,235)
Dividends paid to equity shareholders
-
0
(100,000)
Net cash used in financing activities
(237,323)
(269,501)
Net decrease in cash and cash equivalents
(517,798)
(284,760)
Cash and cash equivalents at beginning of year
657,671
942,431
Cash and cash equivalents at end of year
139,873
657,671
Relating to:
Cash at bank and in hand
139,873
662,127
Bank overdrafts included in creditors payable within one year
-
(4,456)
BULLCLIFF LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 13 -
1
Accounting policies
Company information

Bullcliff Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Headlands Road, Liversedge, WF15 6PR.

 

The group consists of Bullcliff 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. The principal accounting policies adopted are set out below.

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

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, 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.

BULLCLIFF LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Bullcliff 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 30 November 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

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.

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 the provision of services is recognised by reference to the stage of completion when 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
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

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
2% straight line
Leasehold land and buildings
over the period of the lease
Plant and equipment
15% straight line or 10% reducing balance
Fixtures and fittings
20% straight line or 10% reducing balance
Motor vehicles
20% or 25% reducing balance
BULLCLIFF LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -

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
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.

1.9
Impairment of fixed assets

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

 

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

1.10
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.

1.11
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.

1.12
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. Financial assets classified as receivable within one year are not amortised.

BULLCLIFF LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction. 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.

BULLCLIFF LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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.

1.13
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.

1.14
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

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.

1.15
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.16
Retirement benefits

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

BULLCLIFF LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.17
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.

2
Judgements and key sources of estimation uncertainty

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

 

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

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
44,830,267
46,717,688
Rendering of services
3,688,022
4,016,787
48,518,289
50,734,475
2024
2023
£
£
Other revenue
Interest income
-
1,075

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

BULLCLIFF LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 19 -
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
2,700
2,670
Depreciation of owned tangible fixed assets
251,024
307,731
Depreciation of tangible fixed assets held under finance leases
119,275
37,484
Loss on disposal of tangible fixed assets
13,073
7,377
Amortisation of intangible assets
59,635
59,635
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
Management
2
2
2
2
Production
82
87
-
-
Total
84
89
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,244,209
3,523,163
-
0
-
0
Social security costs
304,933
335,441
-
-
Pension costs
48,473
54,980
-
0
-
0
3,597,615
3,913,584
-
0
-
0
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
37,188
51,667
BULLCLIFF LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 20 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
-
1,075
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
16,407
15,562
Interest on finance leases and hire purchase contracts
44,008
21,705
Other interest
-
1
Total finance costs
60,415
37,268
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
58,510
Deferred tax
Origination and reversal of timing differences
21,954
40,954
Total tax charge
21,954
99,464

The Finance Act 2021 was substantially enacted in May 2021 and has increased the corporation tax rate from 19% to 25% with effect from 1 April 2023. The deferred taxation balances have been measured using the rates expected to apply in the reporting periods when the timing differences reverse.

BULLCLIFF LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
9
Taxation
(Continued)
- 21 -

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

2024
2023
£
£
(Loss)/profit before taxation
(150,805)
373,315
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.01%)
(37,701)
85,900
Tax effect of expenses that are not deductible in determining taxable profit
15,403
2,541
Unutilised tax losses carried forward
73,855
-
0
Permanent capital allowances in excess of depreciation
(51,557)
(29,851)
Tax at marginal rate
-
0
(80)
Deferred tax movement
21,954
40,954
Taxation charge
21,954
99,464
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
-
100,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 December 2023 and 30 November 2024
1,192,702
Amortisation and impairment
At 1 December 2023
1,030,515
Amortisation charged for the year
59,635
At 30 November 2024
1,090,150
Carrying amount
At 30 November 2024
102,552
At 30 November 2023
162,187
The company had no intangible fixed assets at 30 November 2024 or 30 November 2023.
BULLCLIFF LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
11
Intangible fixed assets
(Continued)
- 22 -

Amortisation of intangible assets is charged to the profit and loss account and is included in administration expenses.

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 December 2023
1,227,513
141,324
2,071,043
37,952
1,299,928
4,777,760
Additions
17,514
-
0
571,396
-
0
-
0
588,910
Disposals
-
0
-
0
(24,091)
-
0
(35,000)
(59,091)
At 30 November 2024
1,245,027
141,324
2,618,348
37,952
1,264,928
5,307,579
Depreciation and impairment
At 1 December 2023
329,790
44,619
1,465,072
30,959
802,797
2,673,237
Depreciation charged in the year
20,333
2,826
233,626
2,634
110,880
370,299
Eliminated in respect of disposals
-
0
-
0
(3,614)
-
0
(15,313)
(18,927)
At 30 November 2024
350,123
47,445
1,695,084
33,593
898,364
3,024,609
Carrying amount
At 30 November 2024
894,904
93,879
923,264
4,359
366,564
2,282,970
At 30 November 2023
897,723
96,705
605,971
6,993
497,131
2,104,523
Company
Leasehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 December 2023 and 30 November 2024
135,000
56,984
191,984
Depreciation and impairment
At 1 December 2023
13,500
52,394
65,894
Depreciation charged in the year
2,700
459
3,159
At 30 November 2024
16,200
52,853
69,053
Carrying amount
At 30 November 2024
118,800
4,131
122,931
At 30 November 2023
121,500
4,590
126,090
BULLCLIFF LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
12
Tangible fixed assets
(Continued)
- 23 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
508,803
144,366
-
0
-
0
Motor vehicles
45,000
133,733
-
0
-
0
553,803
278,099
-
-
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,455,000
1,455,000
Unlisted investments
39,400
39,400
39,400
39,400
39,400
39,400
1,494,400
1,494,400
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 December 2023 and 30 November 2024
39,400
Carrying amount
At 30 November 2024
39,400
At 30 November 2023
39,400
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 December 2023 and 30 November 2024
1,455,000
39,400
1,494,400
Carrying amount
At 30 November 2024
1,455,000
39,400
1,494,400
At 30 November 2023
1,455,000
39,400
1,494,400
BULLCLIFF LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 24 -
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Spenborough Abbatoir Limited
Spenborough Abattoir, Headlands Road, Liversedge, West Yorkshire, WF15 6PR
Ordinary
100.00
Worsley Wholesale Butchers Limited
As above
Ordinary
100.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
328,891
328,024
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,677,723
3,905,784
-
0
-
0
Other debtors
160,105
134,692
-
0
-
0
Prepayments and accrued income
8,303
223,449
-
0
-
0
3,846,131
4,263,925
-
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
66,906
68,362
56,906
53,906
Obligations under finance leases
20
156,594
112,529
-
0
-
0
Trade creditors
1,242,272
1,654,236
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
618,880
619,900
Corporation tax payable
-
0
34,424
-
0
17,207
Other taxation and social security
132,487
89,324
-
-
Other creditors
1,664,872
2,171,740
-
0
-
0
Accruals and deferred income
286,548
259,006
5,973
6,513
3,549,679
4,389,621
681,759
697,526
BULLCLIFF LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
17
Creditors: amounts falling due within one year
(Continued)
- 25 -

The hire purchase liability noted above is secured on the associated assets. Repayments are made in equal monthly instalments and at 30 November 2024 the liability is wholly repayable within 5 years.

 

Bank loans and overdrafts are secured by means of a charge over the assets of the group. Interest is charged at 3.5% over bank base rate. Loan repayments are made in equal monthly instalment and at 30 November 2024 no repayments are due in more than 5 years.

 

Other creditors include sales invoice financing of £1,662,370 (2023: £2,169,238), the liability is secured by a fixed and floating charge over the trade debtors of Worsley Wholesale Butchers Limited.

18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
52,823
127,107
46,156
110,440
Obligations under finance leases
20
363,961
119,299
-
0
-
0
416,784
246,406
46,156
110,440

Interest is charged at 3.5% over bank base rate. Loan repayments are made in equal monthly instalments and at 30 November 2024 no repayments are due in more than 5 years.

 

The hire purchase liability noted above is secured on the associated assets. Repayments are made in equal monthly instalments and at 30 November 2024 and the balance is wholly repayable within 5 years.

 

Bank loans and overdrafts are secured by means of a charge over the assets of the group.

19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
119,729
191,013
103,062
164,346
Bank overdrafts
-
0
4,456
-
0
-
0
119,729
195,469
103,062
164,346
Payable within one year
66,906
68,362
56,906
53,906
Payable after one year
52,823
127,107
46,156
110,440

Bank loans and overdrafts are secured by means of a charge over the assets of the group.

BULLCLIFF LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 26 -
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
156,594
112,529
-
0
-
0
In two to five years
363,961
119,299
-
0
-
0
520,555
231,828
-
-

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.

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
255,075
233,121
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 December 2023
233,121
-
Charge to profit or loss
21,954
-
Liability at 30 November 2024
255,075
-

The reversal of deferred tax in the year commencing 1 December 2024 is not expected to be material.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
48,473
54,980

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.

BULLCLIFF LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 27 -
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company's residual assets.

24
Reserves
Profit and loss reserves

 

This reserve records retained earnings and accumulated losses.

 

Other reserves

 

This reserve records accumulated investment property fair value adjustments.

25
Financial commitments, guarantees and contingent liabilities

Under the terms of an unlimited cross guarantee, the company has guaranteed the bank borrowing of other group companies. The amount is unlimited and unilateral and is secured by a fixed and floating charge on the assets of the company. At 30 November 2024 the aggregate bank borrowing of the group was £119,729 (2023: £195,469).

26
Related party transactions
Transactions with related parties
Other information

Key management personnel include all persons that have responsibility for planning, directing and controlling the activities of the company. The total paid to key management personnel for services provided was £37,188 (2023: £51,667).

 

The company has taken advantage of the exemptions provided in FRS 102 from reporting transactions between wholly owned members of the group.

27
Controlling party

The directors of the company are the ultimate controlling party.

BULLCLIFF LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 28 -
28
Cash (absorbed by)/generated from group operations
2024
2023
£
£
(Loss)/profit after taxation
(172,759)
273,851
Adjustments for:
Taxation charged
21,954
99,464
Finance costs
60,415
37,268
Investment income
-
0
(1,075)
Loss on disposal of tangible fixed assets
13,073
7,377
Amortisation and impairment of intangible assets
59,635
59,635
Depreciation and impairment of tangible fixed assets
370,299
345,215
Movements in working capital:
Increase in stocks
(867)
(8,075)
Decrease in debtors
417,794
151,748
Decrease in creditors
(848,127)
(45,960)
Cash (absorbed by)/generated from operations
(78,583)
919,448
29
Analysis of changes in net funds/(debt) - group
1 December 2023
Cash flows
New finance leases
30 November 2024
£
£
£
£
Cash at bank and in hand
662,127
(522,254)
-
139,873
Bank overdrafts
(4,456)
4,456
-
-
0
657,671
(517,798)
-
139,873
Borrowings excluding overdrafts
(191,013)
71,284
-
(119,729)
Obligations under finance leases
(231,828)
166,039
(454,766)
(520,555)
234,830
(280,475)
(454,766)
(500,411)
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