Company registration number 11585445 (England and Wales)
HALCYON TANKERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
HALCYON TANKERS LIMITED
COMPANY INFORMATION
Directors
Mr N M Barraclough
Mr I Elliott
Mr A R Spence-Wolrich
Company number
11585445
Registered office
163 Westgate
Brighouse
HD6 4HJ
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
HALCYON TANKERS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Accountants' report
4
Group statement of comprehensive income
5
Group balance sheet
6
Company balance sheet
7
Group statement of changes in equity
8
Company statement of changes in equity
9
Group statement of cash flows
10
Notes to the financial statements
11 - 29
HALCYON TANKERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
The directors present the strategic report for the year ended 31 December 2022.
Corporate developments
On 1 July 2022 Halcyon Tankers acquired 100% of the share capital of Groupe Samat UK Limited, which was renamed Halcyon Tankers 2022 Limited. The Halcyon Tankers Limited and Halcyon Tankers 2022 Limited businesses complement each other, building a group with increased geographic coverage and expanded product handling capabilities.
Market trends
Following a period of economic uncertainty post Brexit, and the impact of a global pandemic, the UK transportation industry saw a return to historic activity levels. The period between mid-2021 and the end of 2022 saw a UK wide shortage of qualified drivers. This together with hugely volatile fuel prices (following the invasion of Ukraine) presented an interesting set of management challenges.
Financing
In 2022 the company continued to invest heavily in new equipment, mostly financed utilising HP financing facilities.
In addition to normal financing requirements, 2022 saw the conclusion of a major refinancing exercise which put in place sufficient facilities to allow us to complete the acquisition, and subsequent refinancing of Groupe Samat UK Limited and to support our Group’s growth plans for 2023 and beyond.
The Group continued to trade strongly in 2022 and has seen a +87.5% (2021 +48.1%) increase in revenues. We expect further high levels of growth in 2023, in line with our business strategy.
Principal risks and uncertainties
The company faces a number of business risks and uncertainties due to worsening trading conditions and macroeconomic events. In view of this, the directors are looking carefully at both existing and potential new markets.
This table sets out the key risks that we have identified, alongside the Group’s approach to mitigating those risks.
| | | | | | |
| | | | | | |
Macroeconomic uncertainty in UK | | | At present, there is an increased level of macroeconomic uncertainty, including rising interest rates, costs and wage inflation. This may impact on levels of customer demand. | | | The company strives to offer “best in market” levels of customer service. We have a loyal customer base, which reduces our exposure to a temporary downturn in trade. We continue to keep an eye on market developments and if necessary, we have the ability to react to changing conditions |
Availability of high quality, skilled drivers | | | Brexit and the COVID lockdown had a major adverse impact upon the number of available qualified HGV drivers in the UK. The competition to attract and retain high quality drivers appears to have peaked in early 2022. | | | Our drivers are not just any drivers. To allow us to offer the highest levels of service we need to employ and retain suitably qualified, high quality, motivated drivers. Our policy of paying above average market rates to attract and retain the highest calibre of professional drivers has worked well for us over recent years. |
HALCYON TANKERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
| | | The Group is currently growing at a very fast rate. History is littered with failed companies that grew too fast, lost control and failed | | | The owner directors have many years of experience in this market and have previously managed much larger businesses than this as employees of large corporations. The 2022 refinancing was designed to provide not only sufficient facilities to support our growth plans, but also to provide a reasonable level of headroom to protect the Group from changes in our operating environment. |
| | | The vehicles we use all conform to the latest environmental standards. The new units we are acquiring offer much better economy and emissions than ever before. However, they are powered by diesel fuel. We believe that the UK is moving towards materially lower carbon emissions environment and that diesel powered HGV units will ultimately become obsolete. | | | We are closely monitoring the development of the future generation of HGV units available in the UK. We will continue to acquire and operate the best available equipment. We do not expect the transition to zero carbon vehicles to be overnight and our strategy of rolling replacement of units should allow us to engage in a structured evolution of our fleet assets. |
New entrants to the market | | | Generally, the barriers to entry into the haulage market are fairly low. New entrants can pick up low priced end of life assets and therefore potentially offer low rate to gain initial market share. | | | The Group has an excellent reputation and is of a scale with a diverse product range to ensure that we are not exposed to any one market or customer. The majority of products that we transport are hazardous. We believe that our customers demand high levels of safety, compliance, and service which are difficult for new entrants to replicate. |
Future developments
For the core businesses we continue to develop and expand our product offering and customer base.
Historically we have relied on third party niche suppliers to provide repair and maintenance work on our trailers. To deliver a high-quality service and to focus on the increasingly specialist maintenance requirements of our, and our customer’s, fleets, we felt that need to have more control over the maintenance of road tankers. On 1 January 2023 the Group founded Halcyon Workshops Limited. Halcyon Workshops are a specialist tanker maintenance provider operating from a workshop in Thornaby, Teesside.
Mr N M Barraclough
Director
30 September 2023
HALCYON TANKERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2022.
Principal activities
The Groups principal activity is the transportation of bulk liquids using road tankers.
Results and dividends
The results for the year are set out on page 5.
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 N M Barraclough
Mr I Elliott
Mr A R Spence-Wolrich
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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr N M Barraclough
Director
30 September 2023
HALCYON TANKERS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HALCYON TANKERS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Halcyon Tankers Limited for the year ended 31 December 2022 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 the related notes from the accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Halcyon Tankers Limited, as a body, in accordance with the terms of our engagement letter dated 27 July 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Halcyon Tankers Limited and state those matters that we have agreed to state to the board of directors of Halcyon Tankers Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Halcyon Tankers Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Halcyon Tankers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Halcyon Tankers Limited. You consider that Halcyon Tankers Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Halcyon Tankers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BHP LLP
30 September 2023
Chartered Accountants
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
HALCYON TANKERS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
2022
2021
Notes
£
£
Turnover
3
9,983,622
5,325,621
Cost of sales
(7,608,273)
(4,223,379)
Gross profit
2,375,349
1,102,242
Administrative expenses
(1,561,227)
(545,289)
Operating profit
4
814,122
556,953
Interest payable and similar expenses
8
(181,718)
(78,927)
Profit before taxation
632,404
478,026
Tax on profit
9
66,136
(105,644)
Profit for the financial year
698,540
372,382
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.
HALCYON TANKERS LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 6 -
2022
2021
Notes
£
£
£
£
Fixed assets
Goodwill
10
30,026
Negative goodwill
10
(394,710)
Net goodwill
(394,710)
30,026
Tangible assets
11
4,196,554
1,820,201
3,801,844
1,850,227
Current assets
Stocks
14
220,666
53,675
Debtors
15
2,469,751
1,084,899
Cash at bank and in hand
586,385
93,941
3,276,802
1,232,515
Creditors: amounts falling due within one year
16
(2,589,619)
(1,091,104)
Net current assets
687,183
141,411
Total assets less current liabilities
4,489,027
1,991,638
Creditors: amounts falling due after more than one year
17
(3,225,542)
(1,410,557)
Provisions for liabilities
Provisions
20
50,000
Deferred tax liability
21
50,858
116,994
(100,858)
(116,994)
Net assets
1,162,627
464,087
Capital and reserves
Called up share capital
22
10,002
10,002
Profit and loss reserves
1,152,625
454,085
Total equity
1,162,627
464,087
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 30 September 2023 and are signed on its behalf by:
30 September 2023
Mr N M Barraclough
Director
Company registration number 11585445 (England and Wales)
HALCYON TANKERS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 7 -
2022
2021
Notes
£
£
£
£
Fixed assets
Goodwill
10
30,026
Tangible assets
11
3,755,454
1,820,201
Investments
12
159,228
3,914,682
1,850,227
Current assets
Stocks
14
62,847
53,675
Debtors
15
1,365,030
1,084,899
Cash at bank and in hand
382,094
93,941
1,809,971
1,232,515
Creditors: amounts falling due within one year
16
(1,484,208)
(1,091,104)
Net current assets
325,763
141,411
Total assets less current liabilities
4,240,445
1,991,638
Creditors: amounts falling due after more than one year
17
(3,225,542)
(1,410,557)
Provisions for liabilities
Deferred tax liability
21
50,858
116,994
(50,858)
(116,994)
Net assets
964,045
464,087
Capital and reserves
Called up share capital
22
10,002
10,002
Profit and loss reserves
954,043
454,085
Total equity
964,045
464,087
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 £499,958 (2021 - £372,381 profit).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 September 2023 and are signed on its behalf by:
30 September 2023
Mr N M Barraclough
Director
Company registration number 11585445 (England and Wales)
HALCYON TANKERS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2021
10,002
81,703
91,705
Year ended 31 December 2021:
Profit and total comprehensive income
-
372,382
372,382
Balance at 31 December 2021
10,002
454,085
464,087
Year ended 31 December 2022:
Profit and total comprehensive income
-
698,540
698,540
Balance at 31 December 2022
10,002
1,152,625
1,162,627
HALCYON TANKERS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2021
10,002
81,703
91,705
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
372,382
372,382
Balance at 31 December 2021
10,002
454,085
464,087
Year ended 31 December 2022:
Profit and total comprehensive income
-
499,958
499,958
Balance at 31 December 2022
10,002
954,043
964,045
HALCYON TANKERS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
1,420,464
710,847
Interest paid
(181,718)
(78,927)
Net cash inflow from operating activities
1,238,746
631,920
Investing activities
Purchase of business
(18,814)
-
Purchase of tangible fixed assets
(678,518)
(69,032)
Proceeds from disposal of tangible fixed assets
26,700
170,950
Net cash (used in)/generated from investing activities
(670,632)
101,918
Financing activities
Repayment of borrowings
(188,357)
-
Proceeds from new bank loans
1,025,000
-
Repayment of bank loans
(186,136)
(386,570)
Payment of finance leases obligations
(726,177)
(284,472)
Net cash used in financing activities
(75,670)
(671,042)
Net increase in cash and cash equivalents
492,444
62,796
Cash and cash equivalents at beginning of year
93,941
31,145
Cash and cash equivalents at end of year
586,385
93,941
HALCYON TANKERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
1
Accounting policies
Company information
Halcyon Tankers Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 163 Westgate, Brighouse, HD6 4HJ.
The group consists of Halcyon Tankers Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
HALCYON TANKERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 12 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Halcyon Tankers 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 December 2022. 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.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
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.
HALCYON TANKERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 13 -
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.
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.
Negative goodwill is capitalised and classified as a negative asset on the balance sheet. Negative goodwill relating to net current assets is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 2.5 years.
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
over 2 to 10 years
Plant and equipment
over 2 to 10 years
Fixtures and fittings
over 2 to 5 years
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.
HALCYON TANKERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 14 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
HALCYON TANKERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 15 -
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
HALCYON TANKERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
HALCYON TANKERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
HALCYON TANKERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 18 -
1.16
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.17
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Useful economic lives of fixed assets
The valuation of depreciation is determined by management based on the estimated useful economic life of tangible assets and any residual value of those assets.
Impairment of trade receivables
In the ordinary course of the Company's business, customers may find various reasons to delay or withhold payments. Assessment of bad debts provision requires management judgements.
HALCYON TANKERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 19 -
3
Turnover
2022
2021
£
£
Turnover analysed by class of business
Freight by road and other activities
9,983,622
5,325,621
4
Operating profit
2022
2021
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
3,076
-
Depreciation of owned tangible fixed assets
146,305
97,423
Depreciation of tangible fixed assets held under finance leases
448,387
237,589
Profit on disposal of tangible fixed assets
(20,117)
(60,877)
Amortisation of intangible assets
(68,651)
-
Operating lease charges
172,478
23,571
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
16,000
-
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
95
48
42
48
Their aggregate remuneration comprised:
Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
5,648,653
2,172,084
2,504,290
2,172,084
HALCYON TANKERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 20 -
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
237,680
187,280
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
115,340
101,080
8
Interest payable and similar expenses
2022
2021
£
£
Interest on bank overdrafts and loans
177,218
74,427
Other interest on financial liabilities
4,500
4,500
Total finance costs
181,718
78,927
9
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
105,644
Deferred tax
Origination and reversal of timing differences
(66,136)
Total tax (credit)/charge
(66,136)
105,644
HALCYON TANKERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
9
Taxation
(Continued)
- 21 -
The actual (credit)/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:
2022
2021
£
£
Profit before taxation
632,404
478,026
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
120,157
90,825
Tax effect of expenses that are not deductible in determining taxable profit
60
3,853
Change in unrecognised deferred tax assets
(63,846)
Permanent capital allowances in excess of depreciation
(122,507)
Under/(over) provided in prior years
5,610
Remeasurement of deferred tax for changes in tax rate
5,356
Taxation (credit)/charge
(66,136)
105,644
10
Intangible fixed assets
Group
Goodwill
Negative goodwill
Total
£
£
£
Cost
At 1 January 2022
30,026
30,026
Additions
(493,387)
(493,387)
At 31 December 2022
30,026
(493,387)
(463,361)
Amortisation and impairment
At 1 January 2022
Amortisation charged for the year
30,026
(98,677)
(68,651)
At 31 December 2022
30,026
(98,677)
(68,651)
Carrying amount
At 31 December 2022
(394,710)
(394,710)
At 31 December 2021
30,026
30,026
HALCYON TANKERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
10
Intangible fixed assets
(Continued)
- 22 -
Company
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
30,026
Amortisation and impairment
At 1 January 2022
Amortisation charged for the year
30,026
At 31 December 2022
30,026
Carrying amount
At 31 December 2022
At 31 December 2021
30,026
11
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2022
24,813
2,289,310
2,314,123
Additions
2,709,700
1,576
2,711,276
Business combinations
3,542
258,107
4,703
266,352
Disposals
(6,750)
(6,750)
At 31 December 2022
28,355
5,250,367
6,279
5,285,001
Depreciation and impairment
At 1 January 2022
3,270
490,652
493,922
Depreciation charged in the year
6,029
583,741
4,922
594,692
Eliminated in respect of disposals
(167)
(167)
At 31 December 2022
9,299
1,074,226
4,922
1,088,447
Carrying amount
At 31 December 2022
19,056
4,176,141
1,357
4,196,554
At 31 December 2021
21,543
1,798,658
1,820,201
HALCYON TANKERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
11
Tangible fixed assets
(Continued)
- 23 -
Company
Leasehold improvements
Plant and equipment
Total
£
£
£
Cost
At 1 January 2022
24,813
2,289,310
2,314,123
Additions
2,437,305
2,437,305
Disposals
(6,750)
(6,750)
At 31 December 2022
24,813
4,719,865
4,744,678
Depreciation and impairment
At 1 January 2022
3,270
490,652
493,922
Depreciation charged in the year
2,487
492,982
495,469
Eliminated in respect of disposals
(167)
(167)
At 31 December 2022
5,757
983,467
989,224
Carrying amount
At 31 December 2022
19,056
3,736,398
3,755,454
At 31 December 2021
21,543
1,798,658
1,820,201
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
2022
2021
2022
2021
£
£
£
£
Plant and equipment
3,033,699
1,462,602
2,864,637
1,462,602
12
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
13
159,228
HALCYON TANKERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
12
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2022
-
Additions
159,228
At 31 December 2022
159,228
Carrying amount
At 31 December 2022
159,228
At 31 December 2021
-
13
Subsidiaries
Details of the company's subsidiaries at 31 December 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Halcyon Workshops Limited
163 Westgate, Brighouse, England, HD6 4HJ
Ordinary
100.00
-
Halcyon Tankers 2022 Limited
Suite 2.2 Woodhead House, Woodhead Road, Birstall, West Yorkshire, England, WF17 9TD
Ordinary
100.00
-
Halcyon Tamas UK Limited
Unit 2 Cliffe Park Bruntcliffe Road, Morley, Leeds, England, LS27 0RY
Ordinary
-
100.00
14
Stocks
Group
Company
2022
2021
2022
2021
£
£
£
£
Raw materials and consumables
220,666
53,675
62,847
53,675
15
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,249,330
1,052,942
983,338
1,052,942
Amounts owed by group undertakings
-
-
254,733
-
Other debtors
107,109
13,750
70,985
13,750
Prepayments and accrued income
113,312
18,207
55,974
18,207
2,469,751
1,084,899
1,365,030
1,084,899
HALCYON TANKERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 25 -
16
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans
18
216,256
123,719
216,256
123,719
Obligations under finance leases
19
580,735
342,812
519,686
342,812
Trade creditors
988,406
181,220
300,357
181,220
Amounts owed to group undertakings
81,146
Other taxation and social security
213,995
177,920
160,541
177,920
Other creditors
226,134
9,876
6,875
9,876
Accruals and deferred income
364,093
255,557
199,347
255,557
2,589,619
1,091,104
1,484,208
1,091,104
Amounts owed by group undertakings are interest free and repayable on demand.
17
Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
18
1,065,077
318,750
1,065,077
318,750
Obligations under finance leases
19
2,070,465
1,001,807
2,070,465
1,001,807
Other borrowings
18
90,000
90,000
90,000
90,000
3,225,542
1,410,557
3,225,542
1,410,557
Amounts included above which fall due after five years are as follows:
Payable by instalments
383,339
-
383,339
-
18
Loans and overdrafts
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans
1,281,333
442,469
1,281,333
442,469
Other loans
90,000
90,000
90,000
90,000
1,371,333
532,469
1,371,333
532,469
Payable within one year
216,256
123,719
216,256
123,719
Payable after one year
1,155,077
408,750
1,155,077
408,750
The long-term loans are secured by fixed charges over the assets of the company.
HALCYON TANKERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 26 -
19
Finance lease obligations
Group
Company
2022
2021
2022
2021
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
580,735
342,812
519,686
342,812
In two to five years
2,070,465
1,001,807
2,070,465
1,001,807
2,651,200
1,344,619
2,590,151
1,344,619
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 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
20
Provisions for liabilities
Group
Company
2022
2021
2022
2021
£
£
£
£
Remediation costs
50,000
-
-
-
Movements on provisions:
Remediation costs
Group
£
Additional provisions in the year
50,000
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2022
2021
Group
£
£
Accelerated capital allowances
934,100
449,665
Tax losses
(881,989)
(332,671)
Short term timing differences
(1,253)
-
50,858
116,994
HALCYON TANKERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
21
Deferred taxation
(Continued)
- 27 -
Liabilities
Liabilities
2022
2021
Company
£
£
Accelerated capital allowances
934,100
449,665
Tax losses
(881,989)
(332,671)
Short term timing differences
(1,253)
-
50,858
116,994
Group
Company
2022
2022
Movements in the year:
£
£
Liability at 1 January 2022
116,994
116,994
Credit to profit or loss
(66,136)
(66,136)
Liability at 31 December 2022
50,858
50,858
22
Share capital
Group and company
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10,002
10,002
10,002
10,002
HALCYON TANKERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 28 -
23
Acquisition of a business
On 30 June 2022 the group acquired 100% percent of the issued capital of Halcyon Tankers 2022 Limited.
Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
266,352
-
266,352
Inventories
6,792
-
6,792
Trade and other receivables
2,191,308
-
2,191,308
Cash and cash equivalents
140,414
-
140,414
Borrowings
(188,357)
-
(188,357)
Obligations under finance leases
(144,951)
-
(144,951)
Trade and other payables
(1,618,943)
-
(1,618,943)
Total identifiable net assets
652,615
-
652,615
Goodwill
(493,387)
Total consideration
159,228
The consideration was satisfied by:
£
Cash
159,228
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
3,830,879
Profit after tax
99,906
HALCYON TANKERS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 29 -
24
Cash generated from group operations
2022
2021
£
£
Profit for the year after tax
698,540
372,382
Adjustments for:
Taxation (credited)/charged
(66,136)
105,644
Finance costs
181,718
78,927
Gain on disposal of tangible fixed assets
(20,117)
(60,877)
Amortisation and impairment of intangible assets
(68,651)
-
Depreciation and impairment of tangible fixed assets
594,692
335,012
Increase in provisions
50,000
-
Movements in working capital:
Increase in stocks
(160,199)
(32,179)
Decrease/(increase) in debtors
806,456
(303,631)
(Decrease)/increase in creditors
(595,839)
215,569
Cash generated from operations
1,420,464
710,847
25
Analysis of changes in net debt - group
1 January 2022
Cash flows
New finance leases
Other non-cash changes
31 December 2022
£
£
£
£
£
Cash at bank and in hand
93,941
492,444
-
-
586,385
Borrowings excluding overdrafts
(532,469)
(838,864)
-
-
(1,371,333)
Obligations under finance leases
(1,344,619)
581,226
(2,032,758)
144,951
(2,651,200)
(1,783,147)
234,806
(2,032,758)
144,951
(3,436,148)
2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.200Mr N M BarracloughMr I ElliottMr A R Spence-WolrichBHP LLPunqualifiedJamie 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