G H DAVIES HOLDINGS LIMITED
Company registration number 00624983 (England and Wales)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2022
G H DAVIES HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr E J Davies
Mr J G R Davies
Secretary
Mr E J Davies
Company number
00624983
Registered office
Green Farm
Condover
Shrewsbury
Shropshire
SY5 7DA
Auditor
Dyke Yaxley Limited
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
G H DAVIES HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group profit and loss
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 39
G H DAVIES HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 DECEMBER 2022
- 1 -
The directors present the strategic report for the year ended 30 December 2022.
Fair review of the business
G H Davies Holdings Limited (GHDH) continued to operate from three sites; being Boreton Farm, Green Farm and Norton Farm. The primary focus of GHDH is that of mixed farming of livestock and arable crops.
We continue to implement our policy of diversified activities to access alternative revenue streams, with the aim of growing and strengthening our core business of mixed farming.
During the year we purchased Botvyle Farm. This site not only secures land that we previously rented under a contract farming arrangement but also fits with our policy of diversification. The farm has a number of rental properties which will generate an income less susceptible to the usual farming fluctuations.
Turnover, profitability and net assets are the three main key performance indicators for the company.
Turnover for the year ended 30 December 2022 was £20,771,129 compared to £15,296,045 in the year ended 30 December 2021, representing a 35.8% increase. This is primarily down to machinery sales increased by £5.31 million as a result of a large amount of overseas machinery trading in the year.
Overall profitability for the year has decreased in the year primarily due to losses being incurred on forward grain contracts. Gross profit margin declined from 28.6% in 2021 to 9.2% in 2022 whilst operating profit margin declined from 6.0% in 2021 to a 3.0% operating loss in 2022.
Net assets of the business increased from £16,338.668 in 2021 to £19,981,205 in 2022 primarily due to the revaluation of freehold land and buildings as well as investment properties.
Principal risks and uncertainties
The principal risk to the business continues to be that of the weather on grain yields and impact thereon on global prices. The company mitigates this by fixing a proportion of the crop sales value.
Financial risk is managed through a mix of long and short term borrowings including overdrafts and hire purchase agreements.
The good growing summer of 2021 ensured a good harvest yield was obtained. This coupled with an increase in global grain prices is reflected in healthy results for the year ended 30th December 2021. Going forward grain prices are expected to stabilise on the back of the dry summer of 2022 which may result in a poorer than average global harvest which may cause scarcity in the market.
However the stability in the sales prices is expected to be offset by an increase in input costs as a result of rising fuel prices and rising fertiliser prices in particular which have seen a three fold increase since the year end.
The group structure and our ability to identify market opportunities, will stand us well as we continue to move towards an uncertain future with rising input costs on the horizon.
Mr E J Davies
Director
29 September 2023
G H DAVIES HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 DECEMBER 2022
- 2 -
The directors present their annual report and financial statements for the year ended 30 December 2022.
Principal activities
The principal activity of the company and group was that of mixed farming.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £80,000. 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:
Mr E J Davies
Mr J G R Davies
Auditor
The auditor, Dyke Yaxley Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Strategic report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties.
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
Mr E J Davies
Director
29 September 2023
G H DAVIES HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 DECEMBER 2022
- 3 -
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.
G H DAVIES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF G H DAVIES HOLDINGS LIMITED
- 4 -
Opinion
We have audited the financial statements of G H Davies Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 December 2022 which comprise the group profit and loss account, 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, the company 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 December 2022 and of the group's loss 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.
G H DAVIES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G H DAVIES HOLDINGS LIMITED
- 5 -
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.
G H DAVIES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G H DAVIES HOLDINGS LIMITED
- 6 -
Irregularities, including fraud, are instances of non-compliance with laws and regulations
We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
The most significant laws and regulations that have an indirect impact on the financial statements are the Universal Feed Assurance Scheme, Transport & Storage of Combinable Crops, Red Tractor Farm Assurance schemes for Beef & Sheep and arable and also VOSA regulations in respect of the transport fleet and the operators licence. We performed audit procedures to inquire of management and those charged with governance whether the company is in compliance with these laws and regulations and that the relevant certificates were currently valid. We also inspected public databases of regulatory authorities where available for any potential notices or breaches.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We did not identify any key audit matters relating to irregularities, including fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Mark Griffiths BA FCA (Senior Statutory Auditor)
For and on behalf of Dyke Yaxley Limited
29 September 2023
Chartered Accountants
Statutory Auditor
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
G H DAVIES HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 DECEMBER 2022
- 7 -
2022
2021
as restated
Notes
£
£
Turnover
3
20,771,129
15,296,045
Cost of sales
(18,864,911)
(10,915,594)
Gross profit
1,906,218
4,380,451
Administrative expenses
(3,808,983)
(4,167,303)
Other operating income
1,273,219
711,504
Operating (loss)/profit
4
(629,546)
924,652
Interest receivable and similar income
8
2,520
1,204
Interest payable and similar expenses
9
(397,122)
(210,536)
Amounts written off investments
10
349,555
75,865
(Loss)/profit before taxation
(674,593)
791,185
Tax on (loss)/profit
11
104,320
(151,841)
(Loss)/profit for the financial year
29
(570,273)
639,344
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
G H DAVIES HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 DECEMBER 2022
- 8 -
2022
2021
as restated
£
£
(Loss)/profit for the year
(570,273)
639,344
Other comprehensive income
Revaluation of tangible fixed assets
6,750,564
Tax relating to other comprehensive income
(2,457,754)
(99,838)
Other comprehensive income for the year
4,292,810
(99,838)
Total comprehensive income for the year
3,722,537
539,506
Total comprehensive income for the year is all attributable to the owners of the parent company.
G H DAVIES HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 DECEMBER 2022
30 December 2022
- 9 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
13
33,725,229
23,764,800
Biological assets
15
1,026,133
1,142,790
Investment properties
14
5,010,000
2,206,936
Investments
17
102,211
136,512
39,863,573
27,251,038
Current assets
Stocks
19
1,806,103
1,710,861
Debtors
20
2,957,042
2,208,351
Cash at bank and in hand
143,862
170,879
4,907,007
4,090,091
Creditors: amounts falling due within one year
21
(14,369,446)
(6,754,553)
Net current liabilities
(9,462,439)
(2,664,462)
Total assets less current liabilities
30,401,134
24,586,576
Creditors: amounts falling due after more than one year
22
(5,052,240)
(5,233,653)
Provisions for liabilities
25
(5,367,689)
(3,014,255)
Net assets
19,981,205
16,338,668
Capital and reserves
Called up share capital
28
16,000
16,000
Revaluation reserve
29
17,286,586
12,993,776
Capital redemption reserve
29
157,595
157,595
Profit and loss reserves
29
2,521,024
3,171,297
Total equity
19,981,205
16,338,668
The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
29 September 2023
Mr E J Davies
Director
G H DAVIES HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 DECEMBER 2022
30 December 2022
- 10 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
13
33,725,229
23,764,800
Biological assets
15
1,026,133
1,142,790
Investment properties
14
5,010,000
2,206,936
Investments
17
102,411
136,712
39,863,773
27,251,238
Current assets
Stocks
19
1,806,103
1,710,861
Debtors
20
2,931,303
2,196,931
Cash at bank and in hand
8,734
49,222
4,746,140
3,957,014
Creditors: amounts falling due within one year
21
(14,330,961)
(6,741,786)
Net current liabilities
(9,584,821)
(2,784,772)
Total assets less current liabilities
30,278,952
24,466,466
Creditors: amounts falling due after more than one year
22
(5,018,907)
(5,190,320)
Provisions for liabilities
25
(5,367,689)
(3,014,255)
Net assets
19,892,356
16,261,891
Capital and reserves
Called up share capital
28
16,000
16,000
Revaluation reserve
29
17,286,586
12,993,776
Capital redemption reserve
29
157,595
157,595
Profit and loss reserves
29
2,432,175
3,094,520
Total equity
19,892,356
16,261,891
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £582,345 (2021 - £669,059 profit).
The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
29 September 2023
Mr E J Davies
Director
Company Registration No. 00624983
G H DAVIES HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2022
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 30 December 2021:
Balance at 31 December 2020
16,000
13,093,614
157,595
2,611,953
15,879,162
Year ended 30 December 2021:
Profit for the year
-
-
-
639,344
639,344
Other comprehensive income:
Tax relating to other comprehensive income
-
(99,838)
-
(99,838)
Total comprehensive income for the year
-
(99,838)
-
639,344
539,506
Dividends
12
-
-
-
(80,000)
(80,000)
Balance at 30 December 2021
16,000
12,993,776
157,595
3,171,297
16,338,668
Year ended 30 December 2022:
Loss for the year
-
-
-
(570,273)
(570,273)
Other comprehensive income:
Revaluation of tangible fixed assets
-
6,750,564
-
-
6,750,564
Tax relating to other comprehensive income
-
(2,457,754)
-
(2,457,754)
Total comprehensive income for the year
-
4,292,810
-
(570,273)
3,722,537
Dividends
12
-
-
-
(80,000)
(80,000)
Balance at 30 December 2022
16,000
17,286,586
157,595
2,521,024
19,981,205
G H DAVIES HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2022
- 12 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 30 December 2021:
Balance at 31 December 2020
16,000
13,093,614
157,595
2,505,461
15,772,670
Year ended 30 December 2021:
Profit for the year
-
-
-
669,059
669,059
Other comprehensive income:
Tax relating to other comprehensive income
-
(99,838)
-
(99,838)
Total comprehensive income for the year
-
(99,838)
-
669,059
569,221
Dividends
12
-
-
-
(80,000)
(80,000)
Balance at 30 December 2021
16,000
12,993,776
157,595
3,094,520
16,261,891
Year ended 30 December 2022:
Loss for the year
-
-
-
(582,345)
(582,345)
Other comprehensive income:
Revaluation of tangible fixed assets
-
6,750,564
-
-
6,750,564
Tax relating to other comprehensive income
-
(2,457,754)
-
(2,457,754)
Total comprehensive income for the year
-
4,292,810
-
(582,345)
3,710,465
Dividends
12
-
-
-
(80,000)
(80,000)
Balance at 30 December 2022
16,000
17,286,586
157,595
2,432,175
19,892,356
G H DAVIES HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 DECEMBER 2022
- 13 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
35
606,244
726,915
Interest paid
(397,122)
(210,536)
Income taxes (paid)/refunded
-
143,034
Net cash inflow from operating activities
209,122
659,413
Investing activities
Purchase of tangible fixed assets
(5,936,131)
(2,056,161)
Proceeds on disposal of tangible fixed assets
2,535,913
1,118,684
Purchase of investment property
(2,409,740)
(1,386,936)
Proceeds from disposal of investments
167,459
Other investments and loans made
(9,468)
(3,316)
Interest received
1,791
478
Dividends received
729
726
Net cash used in investing activities
(5,816,906)
(2,159,066)
Financing activities
Proceeds from borrowings
10,000
-
Directors loan account movement
(7,671)
(16,073)
Proceeds of new bank loans
3,400,000
4,750,000
Proceeds of new finance leases
5,229,689
2,118,822
Repayment of bank loans
(607,379)
(1,777,466)
Payment of finance leases obligations
(2,876,117)
(2,036,818)
Dividends paid to equity shareholders
(80,000)
(80,000)
Net cash generated from financing activities
5,068,522
2,958,465
Net (decrease)/increase in cash and cash equivalents
(539,262)
1,458,812
Cash and cash equivalents at beginning of year
(1,705,378)
(3,163,521)
Effect of foreign exchange rates
(8,401)
(669)
Cash and cash equivalents at end of year
(2,253,041)
(1,705,378)
Relating to:
Cash at bank and in hand
143,862
170,879
Bank overdrafts included in creditors payable within one year
(2,396,903)
(1,876,257)
G H DAVIES HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 DECEMBER 2022
- 14 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
36
584,972
720,541
Interest paid
(395,988)
(209,842)
Income taxes (paid)/refunded
-
143,034
Net cash inflow from operating activities
188,984
653,733
Investing activities
Purchase of tangible fixed assets
(5,936,131)
(2,056,161)
Proceeds on disposal of tangible fixed assets
2,535,913
1,118,684
Purchase of investment property
(2,409,740)
(1,386,936)
Other investments and loans made
(9,468)
(3,316)
Proceeds from other investments and loans
-
167,459
Interest received
1,791
478
Dividends received
729
726
Net cash used in investing activities
(5,816,906)
(2,159,066)
Financing activities
Directors loan account movement
(7,671)
(16,073)
Proceeds of new bank loans
3,400,000
4,700,000
Proceeds of new finance leases
5,229,689
2,118,822
Loan receivable movement
10,000
-
Repayment of bank loans
(600,712)
(1,777,465)
Payment of finance leases obligations
(2,876,117)
(2,036,818)
Dividends paid to equity shareholders
(80,000)
(80,000)
Net cash generated from financing activities
5,075,189
2,908,466
Net (decrease)/increase in cash and cash equivalents
(552,733)
1,403,133
Cash and cash equivalents at beginning of year
(1,827,035)
(3,229,499)
Effect of foreign exchange rates
(8,401)
(669)
Cash and cash equivalents at end of year
(2,388,169)
(1,827,035)
Relating to:
Cash at bank and in hand
8,734
49,222
Bank overdrafts included in creditors payable within one year
(2,396,903)
(1,876,257)
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2022
- 15 -
1
Accounting policies
Company information
G H Davies Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Green Farm, Condover, Shrewsbury, Shropshire, SY5 7DA.
The group consists of G H Davies 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, 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.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company G H Davies 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 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.
In the consolidated 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.
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.
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.
G H Davies Farms Limited is a dormant subsidiary and has taken advantage under S394A Companies Act 2006 not to prepare individual accounts.
1.3
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. This is due to the large net asset base of the company.
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 16 -
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.
Subsidy income under the Basic Payment Scheme is 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 grant will be received.
Income from the grant of a licence or short term lease over land is recognised on a straight line basis over the term of the lease.
1.5
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:
Land and buildings freehold
2% straight line
Plant and machinery
12.5% reducing balance
Motor vehicles
12.5% reducing balance
Tractors
12.5% reducing balance
Diggers and loadalls
12.5% reducing balance
Freehold land and assets in the course of construction are not depreciated. The freehold property consists of land and buildings which have a residual value that is at least equal to their net book value. This is due to their current market value being in excess of their book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.
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.
During the year the policy on depreciation was continued like the previous year, with depreciation being charged on a monthly basis for all additions within the year.
1.6
Biological assets
Biological assets are recognised only when three recognition criteria have been fulfilled:
the entity has control over the asset as a result of past events;
it is probable that future economic benefits associated with the asset will flow to the entity; and
the fair value or cost of the asset can be measured reliably.
The company opts to measure a biological assets under the fair value model.Changes in fair value less costs to sell are recognised in profit or loss at the end of each reporting period.
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 17 -
1.7
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
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 are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible 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.
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.
Deemed cost is utilised in accordance with H M Revenue and Customs Economics Note (BEN) 19 where it is not possible to ascertain actual cost.
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 18 -
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 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.
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.
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.
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 19 -
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
1.18
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.
1.19
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.
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 20 -
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.
Bad debt provision
The bad debt provision is based upon debts which the company are unlikely to receive. Calculations of the provision requires judgement to be made as to whether the company is likely to receive payment and is based upon the original invoice date, financial position of the customer and any invoices in dispute.
Biological asset valuation
The biological asset values are based upon readily available market data to assess a fair value less costs to sell at the reporting date. For cattle this is based upon actual purchases and sales data of the company whilst for crops this is based on inputs that were incurred on the crops until the reporting date.
Investment property valuation
The investment property values are based upon valuations carried out by Berrys Chartered Surveyors who are independent to the company. These valuations are conducted using market data for the types of property in question.
Freehold property valuation
The freehold land and buildings values are based upon valuations carried out by Berrys Chartered Surveyors who are independent to the company. These valuations are conducted using market data for the types of property in question.
3
Turnover and other revenue
2022
2021
£
£
Turnover analysed by class of business
Livestock and arable sales
10,943,590
11,419,616
Machinery and hire sales
7,818,516
2,504,659
Contract income
2,009,023
1,371,770
20,771,129
15,296,045
2022
2021
£
£
Other significant revenue
Interest income
1,791
478
Dividends received
729
726
Grants received
347
7,393
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
3
Turnover and other revenue
(Continued)
- 21 -
2022
2021
£
£
Turnover analysed by geographical market
UK
16,292,029
14,203,768
EU
2,404,100
544,000
Rest of the World
2,075,000
548,277
20,771,129
15,296,045
4
Operating (loss)/profit
2022
2021
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange losses
8,401
668
Government grants
(347)
(7,393)
Depreciation of owned tangible fixed assets
161,911
226,051
Depreciation of tangible fixed assets held under finance leases
478,077
401,372
Profit on disposal of tangible fixed assets
(449,635)
(52,867)
Biological asset movement
116,656
(103,269)
Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £8,401 (2021 - £668).
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
10,000
10,000
Audit of the financial statements of the company's subsidiaries
3,080
2,790
13,080
12,790
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
Directors
2
2
2
2
Direct labour
20
16
20
16
22
18
22
18
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
6
Employees
(Continued)
- 22 -
Their aggregate remuneration comprised:
Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
730,346
536,089
730,346
536,089
Social security costs
77,753
56,152
77,753
56,152
Pension costs
21,006
16,762
21,006
16,762
829,105
703,449
734,659
609,003
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
24,000
24,000
8
Interest receivable and similar income
2022
2021
£
£
Interest income
Other interest income
1,791
478
Other income from investments
Dividends received
729
726
Total income
2,520
1,204
9
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
213,191
93,604
Other finance costs:
Interest on finance leases and hire purchase contracts
183,931
116,932
Total finance costs
397,122
210,536
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 23 -
10
Amounts written off investments
2022
2021
£
£
Fair value gains/(losses) on financial instruments
(Loss)/gain on financial assets held at fair value through profit or loss
(43,769)
15,890
Other gains/(losses)
Gain on disposal of fixed asset investments
-
59,975
Changes in the fair value of investment properties
393,324
-
349,555
75,865
11
Taxation
2022
2021
£
£
Deferred tax
Origination and reversal of timing differences
(104,320)
151,841
The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
(Loss)/profit before taxation
(674,593)
791,185
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
(128,173)
150,325
Tax effect of expenses that are not deductible in determining taxable profit
(26)
702
Tax effect of income not taxable in determining taxable profit
(72,452)
Gains not taxable
(74,732)
(31,817)
Unutilised tax losses carried forward
(124,518)
150,033
Permanent capital allowances in excess of depreciation
176,987
(267,709)
Effect of revaluations of investments
102,384
(3,019)
Dividend income
(139)
(138)
Indexation relief
16,349
1,623
Deferred tax
151,841
Taxation (credit)/charge
(104,320)
151,841
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2022
2021
£
£
Deferred tax arising on:
Revaluation of property
2,457,754
99,838
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 24 -
12
Dividends
2022
2021
Recognised as distributions to equity holders:
£
£
Interim paid
80,000
80,000
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 25 -
13
Tangible fixed assets
Group
Land and buildings freehold
Assets under construction
Plant and machinery
Motor vehicles
Tractors
Diggers and loadalls
Total
£
£
£
£
£
£
£
Cost or valuation
At 31 December 2021
18,440,992
2,531,843
1,277,677
3,543,665
283,990
26,078,167
Additions
1,770,525
207,607
460,437
268,752
3,070,860
157,950
5,936,131
Disposals
(385,002)
(275,665)
(2,118,320)
(2,778,987)
Revaluation
6,750,564
6,750,564
Transfers
(255,256)
255,256
At 30 December 2022
26,706,825
462,863
2,607,278
1,270,764
4,496,205
441,940
35,985,875
Depreciation and impairment
At 31 December 2021
1,050,032
237,062
934,946
91,327
2,313,367
Depreciation charged in the year
191,252
118,523
303,472
26,741
639,988
Eliminated in respect of disposals
(192,512)
(23,861)
(476,336)
(692,709)
At 30 December 2022
1,048,772
331,724
762,082
118,068
2,260,646
Carrying amount
At 30 December 2022
26,706,825
462,863
1,558,506
939,040
3,734,123
323,872
33,725,229
At 30 December 2021
18,440,992
1,481,811
1,040,615
2,608,719
192,663
23,764,800
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
13
Tangible fixed assets
(Continued)
- 26 -
Company
Land and buildings freehold
Assets under construction
Plant and machinery
Motor vehicles
Tractors
Diggers and loadalls
Total
£
£
£
£
£
£
£
Cost or valuation
At 31 December 2021
18,440,992
2,531,843
1,277,677
3,543,665
283,990
26,078,167
Additions
1,770,525
207,607
460,437
268,752
3,070,860
157,950
5,936,131
Disposals
(385,002)
(275,665)
(2,118,320)
(2,778,987)
Revaluation
6,750,564
6,750,564
Transfers
(255,256)
255,256
At 30 December 2022
26,706,825
462,863
2,607,278
1,270,764
4,496,205
441,940
35,985,875
Depreciation and impairment
At 31 December 2021
1,050,032
237,062
934,946
91,327
2,313,367
Depreciation charged in the year
191,252
118,523
303,472
26,741
639,988
Eliminated in respect of disposals
(192,512)
(23,861)
(476,336)
(692,709)
At 30 December 2022
1,048,772
331,724
762,082
118,068
2,260,646
Carrying amount
At 30 December 2022
26,706,825
462,863
1,558,506
939,040
3,734,123
323,872
33,725,229
At 30 December 2021
18,440,992
1,481,811
1,040,615
2,608,719
192,663
23,764,800
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
13
Tangible fixed assets
(Continued)
- 27 -
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 machinery
4,443,541
2,886,303
4,443,541
2,886,303
Motor vehicles
791,744
695,206
791,744
695,206
5,235,285
3,581,509
5,235,285
3,581,509
Depreciation charge for the year in respect of leased assets
478,077
401,372
478,077
401,372
Land and buildings with a carrying amount of £19,956,260 were revalued in June 2023 by Berrys, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. Based upon the UK agricultural property market remaining fairly flat from the year end to June 2023 it is not considered that the fair value will have materially changed from the year end.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
Group
Company
2022
2021
2022
2021
£
£
£
£
Cost
3,172,912
3,172,912
3,172,912
3,172,912
Accumulated depreciation
(411,057)
(411,057)
(411,057)
(411,057)
Carrying value
2,761,855
2,761,855
2,761,855
2,761,855
14
Investment property
Group
Company
2022
2022
£
£
Fair value
At 31 December 2021
2,206,936
2,206,936
Additions through external acquisition
2,409,740
2,409,740
Net gains or losses through fair value adjustments
393,324
393,324
At 30 December 2022
5,010,000
5,010,000
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
14
Investment property
(Continued)
- 28 -
The fair value of the investment property has been arrived at on the basis of a valuation carried out in July 2023 by Berrys Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. Despite the valuation being done over six months after the year end it is considered to be applicable at the year end as the fair values of the properties did not materially change in this period.
The carrying value of land and buildings comprises:
Group
Company
2022
2021
2022
2021
£
£
£
£
Freehold
5,010,000
2,206,936
5,010,000
2,206,936
15
Biological assets
Cattle
Sheep
Crops
Total
£
£
£
£
Cost
At 31 December 2021
337,165
553,044
252,581
1,142,790
Additions - purchases
934,308
429,587
-
1,363,895
Additions - planting
-
-
371,138
371,138
Disposals
(868,368)
(582,058)
(252,581)
(1,703,007)
Revaluation
(10,405)
(138,278)
-
(148,683)
At 30 December 2022
392,700
262,295
371,138
1,026,133
Depreciation and impairment
At 31 December 2021 and 30 December 2022
-
-
-
-
Carrying amount
At 30 December 2022
392,700
262,295
371,138
1,026,133
At 31 December 2021
337,165
553,044
252,581
1,142,790
16
Subsidiaries
Details of the company's subsidiaries at 30 December 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
G H Davies Farms Limited
Boreton Farm, Boreton, Cross Houses, Shrewsbury, SY5 6HJ
Ordinary shares
100.00
G H Davies Machinery Limited
As above
Ordinary shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
16
Subsidiaries
(Continued)
- 29 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
G H Davies Farms Limited
100
G H Davies Machinery Limited
89,307
12,072
17
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
16
200
200
Unlisted investments
102,211
136,512
102,211
136,512
102,211
136,512
102,411
136,712
Investments includes £20,099 (2021: £18,275) for endowment policies held at cost. There is no readily accessible market to value the policies at the year end however the directors do not consider the fair value of the policies to be materially different from cost.
The investments in life assurance endowment policies taken out are on the lives of the directors, E J and J G R Davies, under which the company is a beneficiary.
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 31 December 2021
136,512
Additions
9,469
Valuation changes
(43,770)
At 30 December 2022
102,211
Carrying amount
At 30 December 2022
102,211
At 30 December 2021
136,512
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
17
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 31 December 2021
200
136,512
136,712
Additions
-
9,469
9,469
Valuation changes
-
(43,770)
(43,770)
At 30 December 2022
200
102,211
102,411
Carrying amount
At 30 December 2022
200
102,211
102,411
At 30 December 2021
200
136,512
136,712
18
Financial instruments
Group
Company
2022
2021
2022
2021
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
67,550
111,319
67,550
111,319
19
Stocks
Group
Company
2022
2021
2022
2021
£
£
£
£
Raw materials and consumables
1,806,103
1,677,396
1,806,103
1,677,396
Work in progress
-
33,465
-
33,465
1,806,103
1,710,861
1,806,103
1,710,861
20
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,749,647
2,148,361
2,415,357
1,760,577
Amounts owed by group undertakings
-
-
308,551
377,129
Other debtors
156,323
40,765
156,323
40,000
Prepayments and accrued income
51,072
19,225
51,072
19,225
2,957,042
2,208,351
2,931,303
2,196,931
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 31 -
21
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
23
6,710,157
2,383,376
6,700,157
2,376,709
Obligations under finance leases
24
3,273,063
1,751,592
3,273,063
1,751,592
Other borrowings
23
97,533
97,533
97,533
97,533
Trade creditors
3,932,754
2,180,772
3,925,074
2,180,772
Amounts owed to group undertakings
100
100
Other taxation and social security
32,995
15,897
18,910
15,897
Deferred income
26
13,333
13,333
Other creditors
195,553
204,151
195,553
204,151
Accruals and deferred income
127,391
107,899
120,571
101,699
14,369,446
6,754,553
14,330,961
6,741,786
22
Creditors: amounts falling due after more than one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Bank loans and overdrafts
23
2,889,464
3,902,978
2,856,131
3,859,645
Obligations under finance leases
24
2,162,776
1,330,675
2,162,776
1,330,675
5,052,240
5,233,653
5,018,907
5,190,320
Amounts included above which fall due after five years are as follows:
Payable by instalments
954,434
1,711,462
954,434
1,711,462
23
Loans and overdrafts
Group
Company
2022
2021
2022
2021
£
£
£
£
Bank loans
7,202,718
4,410,097
7,159,385
4,360,097
Bank overdrafts
2,396,903
1,876,257
2,396,903
1,876,257
Other loans
97,533
97,533
97,533
97,533
9,697,154
6,383,887
9,653,821
6,333,887
Payable within one year
6,807,690
2,480,909
6,797,690
2,474,242
Payable after one year
2,889,464
3,902,978
2,856,131
3,859,645
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
23
Loans and overdrafts
(Continued)
- 32 -
Bank loans are secured by way of first legal charge over freehold property owned by the Company; fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; first floating charge over all assets and undertakings both present and future; and unlimited multilateral guarantee given by the Company and it's subsidiary.
A number of bank loans are in existence. The directors consider that excessive detail would be required providing details on each individual loans terms, repayment and interest rate. However all loans are secured and interest rates on the loans vary, but are all at normal commercial rates.
During the year bank covenants were breached for two loans payable by the company at the year end as a result these two loans have been treated as due within one year. The amounts outstanding for these loans at the year end amount to £3,849.346. This breach was not remedied by the year end however there is no indication to suggest that the debt will be called in by the finance provider.
24
Finance lease obligations
Group
Company
2022
2021
2022
2021
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
3,273,063
1,751,592
3,273,063
1,751,592
In two to five years
2,162,776
1,330,675
2,162,776
1,330,675
5,435,839
3,082,267
5,435,839
3,082,267
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.
Within obligations under finance leases due within one year £1,260,464 relates to assets that are no longer owned by the company. The full amount outstanding on these agreements has been treated as repayable on demand.
25
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
1,610,864
923,809
Tax losses
(1,333,878)
(448,435)
Revaluations
5,073,815
2,517,730
Other
16,888
21,151
5,367,689
3,014,255
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
25
Deferred taxation
(Continued)
- 33 -
Liabilities
Liabilities
2022
2021
Company
£
£
Accelerated capital allowances
1,610,864
923,809
Tax losses
(1,333,878)
(448,435)
Revaluations
5,073,815
2,517,730
Other
16,888
21,151
5,367,689
3,014,255
Group
Company
2022
2022
Movements in the year:
£
£
Liability at 31 December 2021
3,014,255
3,014,255
Credit to profit or loss
(104,320)
(104,320)
Charge to other comprehensive income
2,457,754
2,457,754
Liability at 30 December 2022
5,367,689
5,367,689
26
Deferred income
Group
Company
2022
2021
2022
2021
£
£
£
£
Other deferred income
-
13,333
-
13,333
27
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
21,006
16,762
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
28
Share capital
Group and company
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
16,000
16,000
16,000
16,000
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
28
Share capital
(Continued)
- 34 -
The company has one class of ordinary shares. The shares have attached to them full voting, dividend and capital distribution rights; they do not confer any rights of redemption.
29
Reserves
Revaluation reserve
The revaluation reserve represents the accumulated uplift between the original cost and the market value of freehold as the company uses the fair value recognition criteria for this class of asset.
Capital redemption reserve
Consists of the nominal value of the company's ordinary shares cancelled and redeemed under a formal share buy back.
30
Operating lease commitments
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
2022
2021
2022
2021
£
£
£
£
Within one year
50,000
-
50,000
-
Between two and five years
50,000
-
50,000
-
100,000
-
100,000
-
31
Related party transactions
Transactions with related parties
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
31
Related party transactions
(Continued)
- 35 -
Other information
Included within other creditors due within one year is a loan of £45,639 (2021: £45,639) owing to J S Davies a close family member.
Included with other creditors due within one year is a loan of £97,533 (2021: £97,533) owing to N Davies a close family member.
At the year end G H Davies Holdings Limited were owed £30,000 (2021 - £40,000) by D & S Muir Limited, a company of which the directors' sister is a shareholder.
During the year dividends were paid to the directors as follows:
E J Davies £40,000 (2021: £40,000)
J G R Davies £40,000 (2021: £40,000)
32
Events after the reporting date
£700,000 of additional loan finance was agreed with the company's bank in December 2022 although the loan was not drawn down on until January 2023.
33
Directors' transactions
At the year end the balance receivable / payable to directors were as follows:
E J Davies £135,167 payable (2021 - £138,969 payable)
J G R Davies £2,257 payable (2021 - £6,126 payable)
34
Controlling party
The company is controlled by its two directors, Mr E J Davies and Mr J G R Davies, who each own 50% of the issued share capital.
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 36 -
35
Cash generated from group operations
2022
2021
£
£
(Loss)/profit for the year after tax
(570,273)
639,344
Adjustments for:
Taxation (credited)/charged
(104,320)
151,841
Finance costs
397,122
210,536
Investment income
(2,520)
(1,204)
Gain on disposal of tangible fixed assets
(449,635)
(52,867)
Fair value gain on investment properties
(393,324)
Depreciation and impairment of tangible fixed assets
639,988
627,423
Foreign exchange gains on cash equivalents
8,401
668
Gain on sale of investments
-
(59,975)
Other gains and losses
43,769
(15,890)
Movements in working capital:
(Increase)/decrease in stocks
(95,242)
192,482
(Increase)/decrease in biological assets
116,656
(103,269)
Increase in debtors
(758,691)
(332,389)
Increase/(decrease) in creditors
1,799,974
(543,118)
(Decrease)/increase in deferred income
(13,333)
13,333
Cash generated from operations
606,244
726,915
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 37 -
35
Cash generated from operations - company
2022
2021
£
£
(Loss)/profit for the year after tax
(582,345)
669,059
Adjustments for:
Taxation (credited)/charged
(104,320)
151,841
Finance costs
395,988
209,842
Investment income
(2,520)
(1,204)
Gain on disposal of tangible fixed assets
(449,635)
(52,867)
Fair value gain on investment properties
(393,324)
Depreciation and impairment of tangible fixed assets
639,988
627,423
Foreign exchange gains on cash equivalents
8,401
668
Gain on sale of investments
-
(59,975)
Other gains and losses
43,769
(15,890)
Movements in working capital:
(Increase)/decrease in stocks
(95,242)
192,482
(Increase) in biological assets
116,656
(103,269)
(Increase) in debtors
(744,372)
(373,810)
Increase/(decrease) in creditors
1,765,261
(537,091)
(Decrease)/increase in deferred income
(13,333)
13,333
Cash generated from operations
584,972
720,542
37
Analysis of changes in net debt - group
31 December 2021
Cash flows
New finance leases
Exchange rate movements
30 December 2022
£
£
£
£
£
Cash at bank and in hand
170,879
(18,616)
-
(8,401)
143,862
Bank overdrafts
(1,876,257)
(520,646)
-
-
(2,396,903)
(1,705,378)
(539,262)
-
(8,401)
(2,253,041)
Borrowings excluding overdrafts
(4,507,630)
(2,792,621)
-
-
(7,300,251)
Obligations under finance leases
(3,082,267)
2,876,117
(5,229,689)
-
(5,435,839)
(9,295,275)
(455,766)
(5,229,689)
(8,401)
(14,989,131)
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
- 38 -
38
Analysis of changes in net debt - company
31 December 2021
Cash flows
New finance leases
Exchange rate movements
30 December 2022
£
£
£
£
£
Cash at bank and in hand
49,222
(32,087)
-
(8,401)
8,734
Bank overdrafts
(1,876,257)
(520,646)
-
-
(2,396,903)
(1,827,035)
(552,733)
-
(8,401)
(2,388,169)
Borrowings excluding overdrafts
(4,457,630)
(2,799,288)
-
-
(7,256,918)
Obligations under finance leases
(3,082,267)
2,876,117
(5,229,689)
-
(5,435,839)
(9,366,932)
(475,904)
(5,229,689)
(8,401)
(15,080,926)
39
Prior period adjustment
Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 30 Dec 2021
£
£
£
Fixed assets
Tangible assets
27,114,526
(2,206,936)
24,907,590
Investment properties
-
2,206,936
2,206,936
Net assets
16,338,668
-
16,338,668
Capital and reserves
Total equity
16,338,668
-
16,338,668
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 30 December 2021
£
£
£
Cost of sales
(10,691,809)
(223,785)
(10,915,594)
Administrative expenses
(4,391,088)
223,785
(4,167,303)
Profit after taxation
639,344
-
639,344
G H DAVIES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2022
39
Prior period adjustment
(Continued)
- 39 -
Changes to the balance sheet - company
As previously reported
Adjustment
As restated at 30 Dec 2021
£
£
£
Fixed assets
Tangible assets
27,114,526
(2,206,936)
24,907,590
Investment properties
-
2,206,936
2,206,936
Net assets
16,261,891
-
16,261,891
Capital and reserves
Total equity
16,261,891
-
16,261,891
Changes to the profit and loss account - company
As previously reported
Adjustment
As restated
Period ended 30 December 2021
£
£
£
Cost of sales
(10,691,809)
(223,785)
(10,915,594)
Administrative expenses
(4,343,743)
223,785
(4,119,958)
Profit after taxation
669,059
-
669,059
Notes to reconciliation
Investment properties
A prior period adjustment has been made in respect of freehold property and investment property. £2,206,936 of assets in freehold property at 30 December 2021 should have been classed as investment property as they were being rented out to tenants. The majority of this amount was in relation to assets purchased in 2021 and hence the carrying amount and fair value of the assets would not have been materially different at 30 December 2021.
Direct costs
A prior period adjustment has been made of £223,785 has been made in respect of drivers wages and grain drying costs which were previously stated in administrative expenses but should have been a direct cost. This is because these costs are seen to behave as variable costs rather than fixed costs.
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