Company registration number 10071438 (England and Wales)
STAR TISSUE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
STAR TISSUE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Abid Ditta
Khalid Saifullah
Sajid Saifullah
Company number
10071438
Registered office
Waterfall Street
Blackburn
Lancashire
BB2 2BN
Auditor
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Business address
Waterfall Street
Blackburn
Lancashire
BB2 2BN
Bankers
HSBC Bank plc
60 Church Street
Blackburn
Lancashire
BB1 5AS
STAR TISSUE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 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 - 31
STAR TISSUE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -
The directors present the strategic report and financial statements for the year ended 30 September 2023.
Review of the business
Our principal trading activity has been the manufacture of hygiene paper products for the Away from Home (AFH) market which includes the food, leisure, hospitality, office, industry and medical sectors.
The group remains committed to becoming a market leader in the manufacture of sustainable 100% recycled products and has continued with its strategy of further investments to drive operational efficiencies, quality improvements and to improve staff welfare.
This has been another successful year for the group, achieving our targeted revenue growth of nearly 20% and tripling our sales overseas.
Our brands SIRIUS, ACTIVE, BLISS, KLEENALL and SOFTELLE continue to gain market share and represent 60% of our overall turnover.
We have continued to heavily invest on the site, as part of our Future Factory programme. All production lines have now been completely automated. We have also built a further extension to our production facility. A new advanced CCTV and access control system was installed in all buildings on site. The fire alarm system was upgraded and enhanced across the site.
This year we recycled 99.3% of all our waste sending only 0.7% to landfill and have introduced two new electric vehicles to our motor fleet.
New process innovations are being explored to further integrate our machines with our ERP system. Utilising IOT and AI, it is possible to gather much more data to help with maintenance and production planning.
Further machine upgrades are planned to improve machine output providing much needed additional capacity to meet new and existing customer requirements.
Business environment
Overall, our market share increased in the AFH sector, our wide range of products and diverse customer base enabled us to grow our customer base and increase our turnover by 19% this year to £50.6m.
The group does not operate in a high-risk sector and has a very diversified range of customers with no single customer representing more than 5% of total revenue. The directors plan to continue with the strategy which has led to the satisfactory results.
Strategic management
Our strategy is to continue to grow the business through strategic investments that will introduce new products to our product range enhancing our product offering and providing a one stop shop for our customers. In the coming year our investments will be focussed on sustainability, productivity, quality and people development.
We will continue to maintain and strengthen our balance sheet with a view to exploring bigger investment opportunities that will increase our bottom line and market share. The group has developed a strong relationship with its finance providers which has resulted in a generous working capital facility agreed at competitive borrowing rates to help fund continued growth.
The group has continued to recruit the best people that are able to grow and develop in a fast growing business where productivity and innovation drives improvements throughout the business.
STAR TISSUE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
Key performance indicators
The directors continue to measure the performance of the group by reference to market share, overall gross profit and net profitability of its subsidiary which are monitored on a monthly basis. We are pleased to report that the business has demonstrated its resilience in this challenging climate by growing its turnover and maintaining its profitability.
Other information and explanations
The group is committed to becoming a sustainable net zero business by 2025. Our journey towards sustainability and decarbonisation is guided by a vision of environmental responsibility, building social value and community cohesion.
We have transformed our supply chain to prioritise sustainable products, ensuring minimal carbon emissions and a reduced impact on biodiversity. By closely working with suppliers who share our commitment to eco-friendly practices, we have optimised our sourcing processes to meet the highest sustainability standards.
By recognising the urgency of addressing climate change, we are actively transitioning towards using 100% renewable clean energy. This move not only aligns with our commitment to reducing our carbon footprint but also reflects our dedication to a cleaner and more sustainable future.
We understand that sustainability is an ongoing journey. We will continue to evaluate and enhance our sustainability initiatives, incorporating feedback from stakeholders, investing in new technologies and staying abreast of industry best practices.
The group is proud of the strides taken in our sustainability journey. By prioritising environmental stewardship, social responsibility and community engagement, we are shaping a future where our business is not only successful but also a force for positive change.
Khalid Saifullah
Director
15 December 2023
STAR TISSUE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 30 September 2023.
Principal activities
The principal activity of the company is that of a parent company coordinating the activities of the group, whose trading subsidiary's principal activity is that of the manufacture and distribution of quality hygiene paper products.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £300,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Abid Ditta
Khalid Saifullah
Sajid Saifullah
Auditor
The auditor, Pierce C.A. Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
The greenhouse gas emissions and energy data for the year ended 30 September 2023 has been prepared in line with HM Government Environmental Reporting Guidelines dated March 2019 and have used publicly available conversion factors for company reporting.
The group’s energy consumption includes head office and production site electricity and gas, LPG and motor vehicle fuels for owned vehicles only.
2023
Energy consumption
kWh
Aggregate of energy consumption in the year
2,282,530
2023
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
1.60
- Fuel consumed for owned transport
137.60
139.20
Scope 2 - indirect emissions
- Electricity purchased
683.10
Total gross emissions
822.30
Intensity ratio
Tonnes CO2e per employee
6.18
STAR TISSUE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
Measures taken to improve energy efficiency
The group has adopted a policy of using electric vehicles and fork lift trucks where possible aswell as recycling 99.3% of our waste in the year.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
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.
STAR TISSUE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
Khalid Saifullah
Director
15 December 2023
STAR TISSUE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STAR TISSUE HOLDINGS LIMITED
- 6 -
Opinion
We have audited the financial statements of Star Tissue Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 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 30 September 2023 and of its 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' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
STAR TISSUE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STAR TISSUE HOLDINGS 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:
The nature of the industry and the group and company’s control environment.
Results of our enquiries of management.
The group and company’s procedures and controls on compliance with laws and regulations and the risks of fraud.
Discussions among the audit engagement team concerning potential indicators of fraud.
We are also required to perform specific procedures to respond to the risk of management override.
As a result of our audit procedures we did not identify a material risk of fraud or other non-compliance with laws and regulations.
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.
STAR TISSUE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STAR TISSUE HOLDINGS LIMITED
- 8 -
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.
Paul Moulding (Senior Statutory Auditor)
For and on behalf of Pierce C A Limited
15 December 2023
Statutory Auditor
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
STAR TISSUE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
50,642,413
42,608,722
Cost of sales
(38,630,986)
(33,582,923)
Gross profit
12,011,427
9,025,799
Administrative expenses
(5,167,539)
(3,454,917)
Other operating income
35,560
36,185
Operating profit
4
6,879,448
5,607,067
Interest receivable and similar income
8
20,795
Interest payable and similar expenses
9
(154,296)
(74,955)
Profit before taxation
6,745,947
5,532,112
Tax on profit
10
(1,565,151)
(1,296,554)
Profit for the financial year
5,180,796
4,235,558
Other comprehensive income
Revaluation of tangible fixed assets
1,794,428
Total comprehensive income for the year
5,180,796
6,029,986
Profit and total comprehensive income for the year is all attributable to the owners of the parent company.
STAR TISSUE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
9,154,248
9,273,606
Current assets
Stocks
16
3,967,657
7,669,336
Debtors
17
10,014,387
9,403,678
Cash at bank and in hand
10,280,540
4,193,139
24,262,584
21,266,153
Creditors: amounts falling due within one year
18
(7,942,409)
(9,114,093)
Net current assets
16,320,175
12,152,060
Total assets less current liabilities
25,474,423
21,425,666
Creditors: amounts falling due after more than one year
19
(1,688,748)
(2,528,468)
Provisions for liabilities
Deferred tax liability
22
1,416,077
1,408,396
(1,416,077)
(1,408,396)
Net assets
22,369,598
17,488,802
Capital and reserves
Called up share capital
25
90
90
Revaluation reserve
1,955,529
1,990,584
Capital redemption reserve
10
10
Profit and loss reserves
20,413,969
15,498,118
Total equity
22,369,598
17,488,802
The financial statements were approved by the board of directors and authorised for issue on 15 December 2023 and are signed on its behalf by:
15 December 2023
Khalid Saifullah
Director
Company registration number 10071438 (England and Wales)
STAR TISSUE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
4,302,532
4,375,000
Investments
14
100
100
4,302,632
4,375,100
Current assets
Debtors
17
2,667,195
960,000
Cash at bank and in hand
6,791,988
2,401,129
9,459,183
3,361,129
Creditors: amounts falling due within one year
18
(272,969)
(294,043)
Net current assets
9,186,214
3,067,086
Total assets less current liabilities
13,488,846
7,442,186
Creditors: amounts falling due after more than one year
19
-
(496,643)
Provisions for liabilities
Deferred tax liability
22
397,099
392,294
(397,099)
(392,294)
Net assets
13,091,747
6,553,249
Capital and reserves
Called up share capital
25
90
90
Revaluation reserve
1,759,373
1,794,428
Capital redemption reserve
10
10
Profit and loss reserves
11,332,274
4,758,721
Total equity
13,091,747
6,553,249
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 £6,838,498 (2022 - £685,510).
The financial statements were approved by the board of directors and authorised for issue on 15 December 2023 and are signed on its behalf by:
15 December 2023
Khalid Saifullah
Director
Company registration number 10071438 (England and Wales)
STAR TISSUE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 12 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2021
90
198,416
10
12,137,800
12,336,316
Year ended 30 September 2022:
Profit for the year
-
-
-
4,235,558
4,235,558
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,794,428
-
-
1,794,428
Total comprehensive income for the year
-
1,794,428
-
4,235,558
6,029,986
Dividends
11
-
-
-
(877,500)
(877,500)
Transfers
-
(2,260)
-
2,260
-
Balance at 30 September 2022
90
1,990,584
10
15,498,118
17,488,802
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
-
5,180,796
5,180,796
Dividends
11
-
-
-
(300,000)
(300,000)
Transfers
-
(35,055)
-
35,055
-
Balance at 30 September 2023
90
1,955,529
10
20,413,969
22,369,598
STAR TISSUE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 13 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 October 2021
90
-
10
4,950,711
4,950,811
Year ended 30 September 2022:
Profit for the year
-
-
-
685,510
685,510
Other comprehensive income:
Revaluation of tangible fixed assets
-
1,794,428
-
-
1,794,428
Total comprehensive income for the year
-
1,794,428
-
685,510
2,479,938
Dividends
11
-
-
-
(877,500)
(877,500)
Balance at 30 September 2022
90
1,794,428
10
4,758,721
6,553,249
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
-
6,838,498
6,838,498
Dividends
11
-
-
-
(300,000)
(300,000)
Transfers
-
(35,055)
-
35,055
-
Balance at 30 September 2023
90
1,759,373
10
11,332,274
13,091,747
STAR TISSUE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
31
11,173,317
(713,248)
Interest paid
(154,296)
(74,955)
Income taxes paid
(1,259,057)
(248,872)
Net cash inflow/(outflow) from operating activities
9,759,964
(1,037,075)
Investing activities
Purchase of tangible fixed assets
(548,699)
(1,069,180)
(Advances)/repayments of loans made
(820,795)
577,500
Interest received
20,795
Net cash used in investing activities
(1,348,699)
(491,680)
Financing activities
Repayment of bank loans
(518,291)
(28,006)
Advances from finance leases providers
-
796,500
Payment for finances leases obligations
(432,474)
(430,949)
Dividends paid to equity shareholders
(300,000)
(877,500)
Net cash used in financing activities
(1,250,765)
(539,955)
Net increase/(decrease) in cash and cash equivalents
7,160,500
(2,068,710)
Cash and cash equivalents at beginning of year
2,579,965
4,648,675
Cash and cash equivalents at end of year
9,740,465
2,579,965
Relating to:
Cash at bank and in hand
10,280,540
4,193,139
Bank overdrafts included in creditors payable within one year
(540,075)
(1,613,174)
STAR TISSUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 15 -
1
Accounting policies
Company information
Star Tissue Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Waterfall Street, Blackburn, Lancashire, BB2 2BN.
The group consists of Star Tissue Holdings 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, as modified to include the revaluation of the group's leasehold land and buildings. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
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 or deficit of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill or negative goodwill respectively. The acquired negative goodwill arising on consolidation has been written off in full in the period of acquisition. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
The consolidated group financial statements consist of the financial statements of the parent company Star Tissue Holdings 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 September 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.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company and group have 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.
1.4
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.
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.
STAR TISSUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.5
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 15 years.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
2% straight line
Plant and equipment
7.5% straight line
Fixtures and fittings
15% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.7
Fixed asset investments
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.
1.8
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).
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash at bank and in hand
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.
STAR TISSUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
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.
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.
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, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
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.
The group’s liability for tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
STAR TISSUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
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 on a straight line basis.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Grants received in respect of capital expenditure are amortised on a straight line basis at 7.5% per annum in line with the depreciation policy on the plant and machinery assets to which they relate.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
STAR TISSUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 19 -
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Stocks provisions
Stocks provision assessments are considered to be a key accounting estimate for which management review the results of regular stock counts in determining the extent to which provisions should be made against slow-moving or obsolete stocks.
Debtor recoverability
Debtor recoverability is considered to be a key accounting estimate for which management continuously monitor customer debt recoveries through credit control procedures and make assessments regarding the extent to which bad debt provisions are considered necessary.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Manufacture and supply of quality hygiene paper products
50,642,413
42,608,722
2023
2022
£
£
Other significant revenue
Interest income
20,795
-
Grants received
35,560
35,560
Covid-19 JRS monies receivable
-
625
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
47,643,372
41,604,391
Europe
2,999,041
1,004,331
50,642,413
42,608,722
STAR TISSUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 20 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
258,634
(307,774)
Government grants
(35,560)
(36,185)
Depreciation of owned tangible fixed assets
413,557
318,832
Depreciation of tangible fixed assets held under finance leases
254,500
255,381
Cost of stocks recognised as an expense
35,635,475
30,680,559
Operating lease charges
559,596
168,958
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
3,500
3,000
Audit of the financial statements of the company's subsidiaries
10,500
7,500
14,000
10,500
For other services
All other non-audit services
21,680
14,907
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
Administration
3
3
3
3
Production, sales and marketing
130
136
-
-
Total
133
139
3
3
STAR TISSUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
6
Employees
(Continued)
- 21 -
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,008,092
3,085,803
Social security costs
272,678
246,142
-
-
Pension costs
57,654
52,699
3,338,424
3,384,644
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
37,920
37,891
Dividends paid to the directors during the year amounted to £300,000 (2022 - £877,500).
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
20,795
-
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
146,369
74,955
Other finance costs:
Other interest
7,927
-
Total finance costs
154,296
74,955
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,517,645
931,243
Adjustments in respect of prior periods
39,825
(58,455)
Total current tax
1,557,470
872,788
STAR TISSUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
10
Taxation
2023
2022
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
34,132
423,766
Adjustment in respect of prior periods
(26,451)
Total deferred tax
7,681
423,766
Total tax charge
1,565,151
1,296,554
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
6,745,947
5,532,112
Expected tax charge based on the standard rate of corporation tax in the UK of 22.00% (2022: 19.00%)
1,484,108
1,051,101
Tax effect of expenses that are not deductible in determining taxable profit
67,805
3,206
Effect of change in corporation tax rate
13,388
101,703
Depreciation on assets not qualifying for tax allowances
7,216
6,235
Research and development tax credit
(55,338)
Effect of revaluations of leasehold property
270,579
Other non-reversing timing differences
78
Under/(over) provided in prior years
39,825
(58,455)
Deferred tax adjustments in respect of prior years
(26,451)
Enhanced capital allowances claimed
(28,563)
(29,311)
Government grant income
7,823
6,756
Taxation charge
1,565,151
1,296,554
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
300,000
877,500
STAR TISSUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 23 -
12
Intangible fixed assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 October 2022 and 30 September 2023
67,098
(2,310,092)
(2,242,994)
Amortisation and impairment
At 1 October 2022 and 30 September 2023
67,098
(2,310,092)
(2,242,994)
Carrying amount
At 30 September 2023
At 30 September 2022
The company had no intangible fixed assets at 30 September 2023 or 30 September 2022.
13
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 October 2022
4,375,000
6,677,787
314,692
31,000
11,398,479
Additions
15,000
492,207
41,492
548,699
At 30 September 2023
4,390,000
7,169,994
356,184
31,000
11,947,178
Depreciation and impairment
At 1 October 2022
1,880,381
233,384
11,108
2,124,873
Depreciation charged in the year
87,468
551,131
23,258
6,200
668,057
At 30 September 2023
87,468
2,431,512
256,642
17,308
2,792,930
Carrying amount
At 30 September 2023
4,302,532
4,738,482
99,542
13,692
9,154,248
At 30 September 2022
4,375,000
4,797,406
81,308
19,892
9,273,606
STAR TISSUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
13
Tangible fixed assets
(Continued)
- 24 -
Company
Leasehold land and buildings
£
Cost or valuation
At 1 October 2022
4,375,000
Additions
15,000
At 30 September 2023
4,390,000
Depreciation and impairment
At 1 October 2022
Depreciation charged in the year
87,468
At 30 September 2023
87,468
Carrying amount
At 30 September 2023
4,302,532
At 30 September 2022
4,375,000
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
£
£
£
£
Plant and equipment
2,788,381
3,206,828
Land and buildings includes a valuation of £4,375,000 carried out at 15 September 2022 by Knight Frank LLP, independent valuers not connected with the company on the basis of market value, plus additions subsequent to this date carried at historic cost. The valuation conformed to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts for the group and company would have been approximately £2,347,021 (2022 - £2,384,434), being cost £2,635,632 (2022 - £2,620,632) and depreciation £288,611 (2022 - £236,198).
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
100
100
STAR TISSUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
14
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2022 and 30 September 2023
100
Carrying amount
At 30 September 2023
100
At 30 September 2022
100
15
Subsidiaries
Details of the company's subsidiaries at 30 September 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Star Tissue UK Limited
Waterfall Street, Blackburn BB2 2BN
Ordinary
100.00
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
2,585,354
5,835,091
-
-
Work in progress
16,694
32,571
-
-
Finished goods and goods for resale
1,365,609
1,801,674
3,967,657
7,669,336
-
-
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
8,390,030
8,144,587
660,000
Amounts owed by group undertakings
-
-
1,500,000
-
Other debtors
1,303,917
1,017,382
1,167,195
300,000
Prepayments and accrued income
320,440
241,709
10,014,387
9,403,678
2,667,195
960,000
STAR TISSUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 26 -
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
540,075
1,634,822
21,648
Obligations under finance leases
21
346,242
471,199
Trade creditors
5,114,460
5,868,920
2,850
Corporation tax payable
834,823
536,410
181,418
127,019
Other taxation and social security
770,928
370,415
86,300
138,025
Other creditors
12,935
10,547
Accruals and deferred income
322,946
221,780
5,251
4,501
7,942,409
9,114,093
272,969
294,043
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
496,643
496,643
Obligations under finance leases
21
1,600,156
1,907,673
Government grants
23
88,592
124,152
1,688,748
2,528,468
-
496,643
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
619,141
-
398,612
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
518,291
518,291
Bank overdrafts
540,075
1,613,174
540,075
2,131,465
-
518,291
Payable within one year
540,075
1,634,822
21,648
Payable after one year
496,643
496,643
The group's bankers, HSBC Bank plc, held as security fixed and floating charges over all of the group's property and other assets, together with a cross guarantee over all group borrowings.
STAR TISSUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
20
Loans and overdrafts
(Continued)
- 27 -
The group also operates an invoice discounting facility with HSBC Invoice Finance (UK) Limited whereby working capital is provided to the subsidiary company under an agreement to purchase that company's eligible debts, against which fixed and floating charges have been granted over the subsidiary company's assets.
The group bank loan borrowings carried interest payable at a rate of 2.5% over the bank's base rate.
21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
346,242
471,199
In two to five years
1,528,778
1,687,144
In over five years
71,378
220,529
1,946,398
2,378,872
-
-
Obligations under finance lease and hire purchase agreements are secured by fixed charges on the assets concerned.
22
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
1,058,339
1,052,371
Revaluations
357,738
356,025
1,416,077
1,408,396
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
39,361
36,269
Revaluations
357,738
356,025
397,099
392,294
STAR TISSUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
22
Deferred taxation
(Continued)
- 28 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 October 2022
1,408,396
392,294
Charge to profit or loss
7,681
4,805
Liability at 30 September 2023
1,416,077
397,099
23
Government grants
Group
Company
2023
2022
2023
2022
£
£
£
£
Arising from government grants
88,592
124,152
-
-
Grants have been made available under the Regional Growth Fund to facilitate the acquisition of items of plant and machinery.
24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
57,654
52,699
Defined contribution pension schemes are operated for all qualifying employees. The assets of these schemes are held separately from those of the group in independently administered funds.
25
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
40
40
40
40
Ordinary 'B' shares of £1 each
25
25
25
25
Ordinary 'C' shares of £1 each
25
25
25
25
90
90
90
90
STAR TISSUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 29 -
26
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
451,157
436,829
-
-
Between two and five years
1,283,325
1,622,610
-
-
In over five years
-
43,800
-
-
1,734,482
2,103,239
-
-
27
Capital commitments
Amounts contracted for but not provided in the financial statements:
Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
-
124,000
-
-
28
Related party transactions
During the year the group rented premises owned by the personal pension scheme of the directors and connected persons, of which they are trustees. A commercial rent amounting to £346,000 (2022 - £150,000) was paid to this Scheme by the group.
29
Controlling party
The company is ultimately controlled by the directors by virtue of their shareholdings in the company.
STAR TISSUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 30 -
30
Directors' transactions
Advances or credits have been granted by the group to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Abid Ditta - Director's loan
2.00
120,000
400,000
7,765
(120,000)
407,765
Khalid Saifullah - Director's loan
2.00
90,000
400,000
7,090
(90,000)
407,090
Sajid Saifullah - Director's loan
2.00
90,000
300,000
5,940
(90,000)
305,940
300,000
1,100,000
20,795
(300,000)
1,120,795
31
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Profit for the year after tax
5,180,796
4,235,558
Adjustments for:
Taxation charged
1,565,151
1,296,554
Finance costs
154,296
74,955
Investment income
(20,795)
Depreciation and impairment of tangible fixed assets
668,057
574,213
Movements in working capital:
Decrease/(increase) in stocks
3,701,679
(5,063,471)
Decrease/(increase) in debtors
210,086
(1,978,010)
(Decrease)/increase in creditors
(250,393)
182,513
Decrease in deferred income
(35,560)
(35,560)
Cash generated from/(absorbed by) operations
11,173,317
(713,248)
STAR TISSUE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 31 -
32
Analysis of changes in net funds/(debt) - group
1 October 2022
Cash flows
30 September 2023
£
£
£
Cash at bank and in hand
4,193,139
6,087,401
10,280,540
Bank overdrafts
(1,613,174)
1,073,099
(540,075)
2,579,965
7,160,500
9,740,465
Borrowings excluding overdrafts
(518,291)
518,291
-
Obligations under finance leases
(2,378,872)
432,474
(1,946,398)
(317,198)
8,111,265
7,794,067
2023-09-302022-10-01falseCCH SoftwareCCH Accounts Production 2023.300Abid DittaKhalid SaifullahSajid 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