Company registration number 02005304 (England and Wales)
CITY 1ST LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
CITY 1ST LIMITED
COMPANY INFORMATION
Directors
Mr Nicholas Yiannakis
Mr John Papantoniou
Secretary
Mr Nicholas Yiannakis
Company number
02005304
Registered office
Unit 10
Perth Trading Estate
Perth Avenue
Slough
SL1 4XX
Auditor
Kirk Rice LLP
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
CITY 1ST LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 28
CITY 1ST LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -
The directors, in preparing this strategic report for City 1st Limited & subsidiaries (together ‘the Group’), have complied with s414C of the Companies Act 2006.
Review of the business
The company was not alone in being impacted by rising costs, particularly as relates to the workforce. There has therefore been a strong focus on staff retention and motivation, which has contributed to another successful financial period. The company invests strongly in staff training, state of the art service vehicles and IT systems, to support our team in providing the best possible customer experience. Our established multi-site service offering has sustained further growth and we now operate from 10 centres within the Group.
The rebranding exercise completed in the prior financial period continues to attract positive feedback from the industry and the year saw preparations made for the hive up of subsidiary KB Tyres Ltd into the parent company. This took place on 1 November 2023 and will allow KB Tyres to better serve its customers in the future, enhancing the quality of our services and products and strengthening our position in the market – all under our new unified branding. It will also allow significant savings in administration and streamline our overall service offering.
The KPI’s below illustrate the inherent strength of the business and the Directors consider this year’s performance indicates that the company is well placed to take advantage of new and existing opportunities.
Principle risks and uncertainties
Rising costs of tyres from the key tyre manufacturers as well as supply chain costs experience in 2022 have continued, but we are seeing some levelling off and signs of more stability. The company’s recent focus on service provision has yielded the expected benefits. We intend to continue examining all areas of potential diversification in order to mitigate risks of tyre price and supply chain volatility.
The company constantly explores methods to improve efficiencies, counter competition and reduce the risks of current economic pressures which could have an impact on profitability.
Financial risk management objectives and policies
The Group’s activities expose it to a number of financial risks including credit risk and liquidity risk. These are managed continuously by the board in conjunction with the Group accountants and a financial review is performed at least once per month. The Group does not currently use derivative financial instruments for hedging for any purpose.
Credit risk
The Group’s principal financial assets are bank balances and trade receivables.
The Group’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds is limited because the counterparties are banks with credit-ratings assigned by international credit-rating agencies.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Group uses primarily equity finance or shareholder loans, not being reliant on significant amounts of external long-term debt financing.
Further details regarding the liquidity risk can be found in the Statement of accounting policies in the financial statements.
Financial performance and KPIs
The Group recorded a consolidated profit for the year after taxation of £117,410 (2022: profit of £140,598). Turnover continues to be the key performance indicator for the Group driving long term growth in the business. In 2023 this was £17.1m, an increase of 9.2% on 2022.
CITY 1ST LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
Future developments
The immediate development is the hive up of KB Tyres Ltd into the parent company. This will allow a more consistent and cost-effective customer offering, taking advantage of the successful rebranding. Future strategic organic growth is being considered with particular focus on our OTR wholesale offering.
Business development will continue to target existing and new customers for future sales growth through a range of activities including segment specific direct approaches, PR and marketing.
Beyond that, the management team is exploring opportunities to grow its established UK business with new products and depots
Mr Nicholas Yiannakis
Director
10 May 2024
CITY 1ST LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
The directors present their annual report on the affairs of the Group, together with the financial statements and auditor’s report, for the year ended 31 October 2023.
Principal activities
The principal activity of the company and group continued to be that of the provision & distribution of re-tread and new tyres.
Business review
The directors are pleased to report a successful trading performance for the year and aim to maintain the management policies and business model that is providing success. They consider that the Group is in a good position to take advantage of any opportunities that may arise in the future.
Going concern
Having reviewed the cash profile of the business and its future prospects, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Further detail is provided in note 1 to the financial statements.
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 Nicholas Yiannakis
Mr John Papantoniou
Supplier payment policy
The Company’s policy is to settle terms of payment with suppliers when agreeing the terms of each transaction, ensure that suppliers are aware of the terms of payment and abide by the terms of payment. Trade creditors of the Company at 31 October 2023 were equivalent to 114 days (2022: 100 days) purchases, based on the average daily amount invoiced by suppliers during the year.
Auditor
The auditor, Kirk Rice LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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.
CITY 1ST LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
On behalf of the board
Mr Nicholas Yiannakis
Director
10 May 2024
CITY 1ST LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2023
- 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:
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 ;
prepare the 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.
CITY 1ST LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CITY 1ST LIMITED
- 6 -
Opinion
We have audited the financial statements of City 1st Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 October 2023 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
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
CITY 1ST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CITY 1ST 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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
During the planning of our audit procedures, attention was drawn to the key areas which might involve non-compliance with laws and regulations or fraud. All members of the audit team considered the risks and how these could possibly manifest in practice. We also enquired of management whether they were aware of any instances of non-compliance with laws and regulations or had knowledge of any actual, suspected, or alleged fraud. In particular, for an entity with reliance on a small number of significant customers who are also the suppliers, we had to consider the benefits and potential issues that are inherent in this particular set-up.
We gained an understanding of the legal and regulatory framework applicable to the company and the commericial tyre industry in which it operates. We considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with Companies Act 2006, IFRS, and regulations which affect the company's products and services. We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures.
As detailed throughout this summary, the audit work carried out was designed in a way to identify any occurrences of fraud during the year. We are satisfied that the risk of management override of controls has been mitigated and that no manipulation has occurred in sales through incorrect or false revenue recognition, misstated stock valuations or inappropriate journal entries. We are also satisfied that the risks of cut-off being incorrectly applied and that the trade debts are irrecoverable are sufficiently mitigated based on the work that we have performed.
At the completion stage of the audit, final review and oversight included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. Following this, we are satisfied that there were no instances of fraud or irregularity.
CITY 1ST LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CITY 1ST LIMITED
--
- 8 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Timothy Neale (Senior Statutory Auditor)
For and on behalf of Kirk Rice LLP
13 May 2024
Statutory Auditor
Victoria House
178-180 Fleet Road
Fleet
Hampshire
GU51 4DA
CITY 1ST LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
17,100,920
15,659,447
Cost of sales
(12,188,463)
(11,239,095)
Gross profit
4,912,457
4,420,352
Administrative expenses
(4,682,890)
(4,157,614)
Other operating income
588
-
Operating profit
4
230,155
262,738
Interest payable and similar expenses
7
(12,170)
(41,840)
Profit before taxation
217,985
220,898
Tax on profit
8
(100,575)
(80,300)
Profit for the financial year
117,410
140,598
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.
There are no recognised gains or losses in the current or prior year other than the profit for the year. Accordingly, no statement of comprehensive income is presented. The profit and loss account has been prepared on the basis that all operations are continuing operations.
CITY 1ST LIMITED
GROUP BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
9
50,477
75,716
Tangible assets
10
609,025
738,636
659,502
814,352
Current assets
Stocks
13
1,416,263
1,969,577
Debtors
14
4,325,539
3,384,139
Cash at bank and in hand
191,313
50,566
5,933,115
5,404,282
Creditors: amounts falling due within one year
15
(4,914,977)
(4,514,953)
Net current assets
1,018,138
889,329
Total assets less current liabilities
1,677,640
1,703,681
Creditors: amounts falling due after more than one year
16
(232,939)
(388,306)
Provisions for liabilities
Deferred tax liability
19
152,257
140,341
(152,257)
(140,341)
Net assets
1,292,444
1,175,034
Capital and reserves
Called up share capital
21
380,000
380,000
Profit and loss reserves
912,444
795,034
Total equity
1,292,444
1,175,034
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 10 May 2024 and are signed on its behalf by:
10 May 2024
Mr Nicholas Yiannakis
Director
Company registration number 02005304 (England and Wales)
CITY 1ST LIMITED
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
570,539
698,038
Investments
11
300,000
300,000
870,539
998,038
Current assets
Stocks
13
1,308,475
1,852,227
Debtors
14
3,942,482
3,107,838
Cash at bank and in hand
61,669
111
5,312,626
4,960,176
Creditors: amounts falling due within one year
15
(4,534,648)
(4,223,701)
Net current assets
777,978
736,475
Total assets less current liabilities
1,648,517
1,734,513
Creditors: amounts falling due after more than one year
16
(225,081)
(372,345)
Provisions for liabilities
Deferred tax liability
19
142,635
132,627
(142,635)
(132,627)
Net assets
1,280,801
1,229,541
Capital and reserves
Called up share capital
21
380,000
380,000
Profit and loss reserves
900,801
849,541
Total equity
1,280,801
1,229,541
As permitted by s408 Companies Act 2006, the truecompany has not presented its own profit and loss account and related notes. The company’s profit for the year was £51,260 (2022 - profit of £157,091).
The financial statements were approved by the board of directors and authorised for issue on 10 May 2024 and are signed on its behalf by:
10 May 2024
Mr Nicholas Yiannakis
Director
Company registration number 02005304 (England and Wales)
CITY 1ST LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2021
380,000
654,436
1,034,436
Year ended 31 October 2022:
Profit and total comprehensive income
-
140,598
140,598
Balance at 31 October 2022
380,000
795,034
1,175,034
Year ended 31 October 2023:
Profit and total comprehensive income
-
117,410
117,410
Balance at 31 October 2023
380,000
912,444
1,292,444
CITY 1ST LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2021
380,000
692,450
1,072,450
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
157,091
157,091
Balance at 31 October 2022
380,000
849,541
1,229,541
Year ended 31 October 2023:
Profit and total comprehensive income
-
51,260
51,260
Balance at 31 October 2023
380,000
900,801
1,280,801
CITY 1ST LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
933,045
(20,977)
Interest paid
(12,170)
(41,840)
Income taxes paid
(83,440)
(301)
Net cash inflow/(outflow) from operating activities
837,435
(63,118)
Investing activities
Purchase of tangible fixed assets
(176,632)
(239,240)
Net cash used in investing activities
(176,632)
(239,240)
Financing activities
Repayment of borrowings
(140,568)
17,044
Repayment of bank loans
(9,186)
(10,649)
Payment of finance leases obligations
(187,362)
(60,109)
Net cash used in financing activities
(337,116)
(53,714)
Net increase/(decrease) in cash and cash equivalents
323,687
(356,072)
Cash and cash equivalents at beginning of year
(132,374)
223,698
Cash and cash equivalents at end of year
191,313
(132,374)
Relating to:
Cash at bank and in hand
191,313
50,566
Bank overdrafts included in creditors payable within one year
-
(182,940)
CITY 1ST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 15 -
1
Accounting policies
Company information
City 1st Limited is a Company incorporated in the United Kingdom under the Companies Act.
The Company is a private Company, limited by shares and is registered in England and Wales. The address of the Company's registered office is Unit 10, Perth Trading Estate, Perth Avenue, Slough, SL4 4XX. The principle activities of the Company and its subsidiaries and the nature of the Group's operation are set out in the strategic report.
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:
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
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.
CITY 1ST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company City 1st 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 2023. 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
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
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.
CITY 1ST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 17 -
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:
Plant and equipment
20% pa on NBV
Fixtures and fittings
20% pa on NBV
Motor vehicles
25% pa on cost
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.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
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 net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
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
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.
CITY 1ST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 18 -
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.
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
Creditors are not interest bearing and are included at their nominal value.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CITY 1ST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 19 -
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover
The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the England and Wales.
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
304,502
477,527
Loss/(profit) on disposal of tangible fixed assets
1,741
(3,880)
Amortisation of intangible assets
25,239
25,239
Operating lease charges
41,163
130,975
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
21,000
15,000
CITY 1ST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 20 -
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
65
58
54
49
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,363,262
1,999,684
1,981,208
1,702,715
Social security costs
243,029
204,857
205,115
187,565
Pension costs
196,485
185,908
187,656
179,554
2,802,776
2,390,449
2,373,979
2,069,834
7
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
1,936
19,172
Interest on finance leases and hire purchase contracts
10,234
22,668
Total finance costs
12,170
41,840
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
88,659
78,585
Deferred tax
Origination and reversal of timing differences
11,916
1,715
Total tax charge
100,575
80,300
CITY 1ST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
8
Taxation
(Continued)
- 21 -
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:
2023
2022
£
£
Profit before taxation
217,985
220,898
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
54,496
41,971
Tax effect of expenses that are not deductible in determining taxable profit
7,767
965
Gains not taxable
736
Tax effect of utilisation of tax losses not previously recognised
(1,486)
Effect of change in corporation tax rate
(9,144)
-
Permanent capital allowances in excess of depreciation
(46,726)
Depreciation on assets not qualifying for tax allowances
76,561
36,399
Other non-reversing timing differences
11,916
1,715
Under/(over) provided in prior years
5,705
Taxation charge
100,575
80,300
9
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
252,389
Amortisation and impairment
At 1 November 2022
176,673
Amortisation charged for the year
25,239
At 31 October 2023
201,912
Carrying amount
At 31 October 2023
50,477
At 31 October 2022
75,716
The company had no intangible fixed assets at 31 October 2023 or 31 October 2022.
CITY 1ST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 22 -
10
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
570,284
126,987
1,748,003
2,445,274
Additions
57,685
17,187
101,760
176,632
Disposals
(88,440)
(88,440)
At 31 October 2023
627,969
144,174
1,761,323
2,533,466
Depreciation and impairment
At 1 November 2022
494,785
105,683
1,106,170
1,706,638
Depreciation charged in the year
26,636
7,746
270,120
304,502
Eliminated in respect of disposals
(86,699)
(86,699)
At 31 October 2023
521,421
113,429
1,289,591
1,924,441
Carrying amount
At 31 October 2023
106,548
30,745
471,732
609,025
At 31 October 2022
75,499
21,304
641,833
738,636
Company
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
570,284
110,281
1,473,029
2,153,594
Additions
57,685
8,180
101,760
167,625
At 31 October 2023
627,969
118,461
1,574,789
2,321,219
Depreciation and impairment
At 1 November 2022
494,785
95,063
865,708
1,455,556
Depreciation charged in the year
26,636
4,680
263,808
295,124
At 31 October 2023
521,421
99,743
1,129,516
1,750,680
Carrying amount
At 31 October 2023
106,548
18,718
445,273
570,539
At 31 October 2022
75,499
15,218
607,321
698,038
CITY 1ST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
10
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
2023
2022
2023
2022
£
£
£
£
Motor vehicles
470,360
634,959
445,273
607,321
11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
12
300,000
300,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 November 2022 and 31 October 2023
300,000
Carrying amount
At 31 October 2023
300,000
At 31 October 2022
300,000
12
Subsidiaries
Details of the company's subsidiaries at 31 October 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
KB Tyres Limited
United Kingdom
provision of re-tread & new car & truck tyres.
Ordinary shares
100.00
13
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
1,416,263
1,969,577
1,308,475
1,852,227
CITY 1ST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 24 -
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,674,267
3,078,444
3,294,525
2,810,045
Other debtors
32,569
37,340
32,069
32,340
Prepayments and accrued income
618,703
268,355
615,888
265,453
4,325,539
3,384,139
3,942,482
3,107,838
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
17
10,000
192,940
10,000
192,940
Obligations under finance leases
18
248,141
289,322
229,187
251,603
Other borrowings
17
299,342
439,910
299,342
439,910
Trade creditors
3,739,653
3,035,175
3,464,517
2,825,771
Amounts owed to group undertakings
10,000
Corporation tax payable
92,494
87,275
63,929
69,598
Other taxation and social security
349,537
341,768
314,738
312,373
Other creditors
57,620
6,688
54,904
5,063
Accruals and deferred income
118,190
121,875
98,031
116,443
4,914,977
4,514,953
4,534,648
4,223,701
16
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
17
16,616
25,802
16,616
25,802
Obligations under finance leases
18
216,323
362,504
208,465
346,543
232,939
388,306
225,081
372,345
CITY 1ST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 25 -
17
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
26,616
35,802
26,616
35,802
Bank overdrafts
182,940
182,940
Loans from related parties
299,342
439,910
299,342
439,910
325,958
658,652
325,958
658,652
Payable within one year
309,342
632,850
309,342
632,850
Payable after one year
16,616
25,802
16,616
25,802
Bounce Back Loan
During 2020 the Company drew down a bounce back loan. The Loan is denominated in £, accrues interest at 2.5% and the final instalment will fall due on 30 September 2026.
18
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
248,141
289,322
229,187
251,603
In two to five years
216,323
362,504
208,465
346,543
464,464
651,826
437,652
598,146
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
152,257
140,341
CITY 1ST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
19
Deferred taxation
(Continued)
- 26 -
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
142,635
132,627
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 November 2022
140,341
132,627
Movement in WDV temporary difference - profit or loss
(24,625)
(24,224)
Effect of change in tax rate - profit or loss
36,541
34,232
Liability at 31 October 2023
152,257
142,635
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
196,485
185,908
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.
21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
Redeemable ordinary of £1 each
379,900
379,900
379,900
379,900
380,000
380,000
380,000
380,000
CITY 1ST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 27 -
22
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
2023
2022
2023
2022
£
£
£
£
Within one year
158,803
16,000
156,603
16,000
Between two and five years
200,714
347,067
200,714
347,067
359,517
363,067
357,317
363,067
23
Events after the reporting date
On 1 November 2023, the trade and assets of KB Tyres Limited were hived-up into the parent company as a going concern. The intention is for KB Tyres Limited to be wound up in the future.
24
Related party transactions
Remuneration of key management personnel
The directors do not consider any employees other than the statutory directors, whose remuneration is disclosed, to be key management personnel within the definition contained in FRS102.
The Company occupies a property at Manea in Cambridgeshire which is owned by Yewtree Properties Limited (a company registered in Jersey, C.I), controlled by Nick Yiannakis, the controlling shareholder of the Company. The Company is not charged rent for occupation of the property.
25
Controlling party
The Company is controlled by its director Mr N Yiannakis, who at 31 October 2023 owned 70% of the total shares in the Company.
CITY 1ST LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 28 -
26
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Profit for the year after tax
117,410
140,598
Adjustments for:
Taxation charged
100,575
80,300
Finance costs
12,170
41,840
Loss on disposal of tangible fixed assets
1,741
3,880
Amortisation and impairment of intangible assets
25,239
25,239
Depreciation and impairment of tangible fixed assets
304,502
477,527
Movements in working capital:
Decrease/(increase) in stocks
553,314
(777,090)
Increase in debtors
(941,400)
(653,465)
Increase in creditors
759,494
640,194
Cash generated from/(absorbed by) operations
933,045
(20,977)
27
Analysis of changes in net debt - group
1 November 2022
Cash flows
31 October 2023
£
£
£
Cash at bank and in hand
50,566
140,747
191,313
Bank overdrafts
(182,940)
182,940
(132,374)
323,687
191,313
Borrowings excluding overdrafts
(475,712)
149,754
(325,958)
Obligations under finance leases
(651,826)
187,362
(464,464)
(1,259,912)
660,803
(599,109)
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