Company registration number 11056301 (England and Wales)
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
COMPANY INFORMATION
Director
R Jain
Secretary
A Kapoor
Company number
11056301
Registered office
Brookfoot Industrial Estate
Brookfoot
Brighouse
West Yorkshire
United Kingdom
HD6 2RW
Auditor
Azets Audit Services
2 Regan Way
Chetwynd Business Park
Chilwell
Nottingham
United Kingdom
NG9 6RZ
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
The director presents the strategic report for the year ended 31 December 2022.
Fair review of the business
The Director is pleased to report a strong year for the Company, with turnover of £23,768,349 (2021: £31,229,743) and a profit before tax of £1,390,263 (2021:£742,769). At the year end date the company had net assets of £1,981,958 (2021 - £589,689). The company is positioned well to take advantage of its position in the market and the Director is pleased with the continued performance throughout 2023 to date.
The previous period was presented for the 17 month period to 31 December 2021.
Principal risks and uncertainties
The company is vulnerable to normal risks which are inherent in any trading business. Since the majority of the products are imported, the risk of exchange rate volatility is required to be well controlled. However, the impact on the purchase price due to material price increase is managed gradually and absorbed into the overall cost of the product.
The company's credit risk is primarily attributable to trade debtors. Credit risk is managed by running credit checks on new customers and by monitoring payments against contractual agreements, with review of old debts taking place on a regular basis.
The company's liquidity risk is attributable to working capital and the finance charges and principal repayments on its debt facilities. Liquidity risk is managed by reviewing cash flow projections on a monthly basis as well as information regarding cash balances.
Risk Cover
Marine Cargo and other appropriate insurances are in place to cover the potential risks. Necessary procedures are in place with regard to Health and Safety to deal with fire and any other hazards. All necessary legally required insurances are in place to cover Employee, Product and Public Liability risks.
Key Performance Indicators
The director considers the key financial indicators to be turnover, gross profit margin and profit before tax. Amounts presented in relation to the 2021 period are not directly comparable.
Turnover for the company is £23.8m (£31.2m - 2021).
Gross profit for the period is £5.6m (£7.6m - 2021) giving a margin of 23.48% (24.39% - 2021).
Profit before tax is £1.39m (£0.7m -2021).
R Jain
Director
11 October 2023
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
The director presents her annual report and financial statements for the year ended 31 December 2022.
Principal activities
The principal activity of the company was that of importation and distribution of door and window furniture, cylinder locks, builders hardware and ironmongery products.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
R Jain
Financial instruments
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. Cash flow projections are reviewed regularly to assist with managing liquidity risk.
The company has exposure to the USD currency, which is managed by forward exchange contracts and reviewed regularly by the board of directors.
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures.
Research and development
The company continues to invest in research and development. The director regards R&D investment as necessary for continuing success in the' medium to long term future.
Future developments
The company has now stabilised its customer and supplier base within 2 years of its acquisition such that it is now poised to develop its business further.
The company is developing business in Europe and efforts have been taken to further develop this in the new year. It is committed to finding new products in the doors & window sector as well as the agricultural and hardware sector.
The company has increased its R & D activities to achieve the above objectives such that employee skills and other resources are improving with a view to deliver an efficient and effective value proposition to all stakeholders.
In trying to achieve the above goals, the company will continue to focus on environmental issues whilst simultaneously contributing to cost reduction.
Auditor
Azets Audit Services were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
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 company’s auditor 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 company’s auditor is aware of that information.
Going Concern
In assessing the appropriateness of the going concern assumption, the Director has reviewed detailed profit and loss forecasts and cash flow forecasts, considering all reasonably foreseeable potential scenarios and uncertainties in relation to revenue and expenditure for a period of at least 12 months from the date these financial statements have been signed. Based on these forecasts, the Director has a reasonable expectation that the company can meet its liabilities as they fall due and the Director has therefore concluded there is no material uncertainty in relation to going concern and as such has deemed it appropriate for the financial statements to be prepared on the going concern basis.
On behalf of the board
R Jain
Director
11 October 2023
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF THE AVOCET HARDWARE GROUP LIMITED
- 5 -
Opinion
We have audited the financial statements of The Avocet Hardware Group Limited (the 'company') for the year ended 31 December 2022 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 Standards 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 company's affairs as at 31 December 2022 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 director's 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 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 director 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 director is 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF THE AVOCET HARDWARE GROUP LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has 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.
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.
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF THE AVOCET HARDWARE GROUP LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Mr Mitesh Thakrar
Senior Statutory Auditor
For and on behalf of Azets Audit Services
11 October 2023
Chartered Accountants
Statutory Auditor
2 Regan Way
Chetwynd Business Park
Chilwell
Nottingham
United Kingdom
NG9 6RZ
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
17 month period
Year ended
ended
31 December
31 December
2022
2021
Notes
£
£
Turnover
4
23,768,349
31,229,743
Cost of sales
(18,187,109)
(23,613,347)
Gross profit
5,581,240
7,616,396
Administrative expenses
(4,060,030)
(6,914,148)
Other operating income
99,642
342,760
Operating profit
7
1,620,852
1,045,008
Interest receivable and similar income
9
13,345
Interest payable and similar expenses
10
(230,589)
(315,584)
Profit before taxation
1,390,263
742,769
Tax on profit
11
2,006
(228,081)
Profit for the financial year
1,392,269
514,688
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
17 month period
Year ended
ended
31 December
31 December
2022
2021
£
£
Profit for the year
1,392,269
514,688
Other comprehensive income
-
-
Total comprehensive income for the year
1,392,269
514,688
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 10 -
2022
2021
Notes
£
£
£
£
Fixed assets
Goodwill
12
227,500
257,500
Other intangible assets
12
18,542
20,983
Total intangible assets
246,042
278,483
Tangible assets
13
221,856
240,439
467,898
518,922
Current assets
Stocks
14
11,956,073
12,641,362
Debtors
15
4,668,540
5,014,831
Cash at bank and in hand
474,812
74,575
17,099,425
17,730,768
Creditors: amounts falling due within one year
16
(14,624,361)
(16,693,488)
Net current assets
2,475,064
1,037,280
Total assets less current liabilities
2,942,962
1,556,202
Creditors: amounts falling due after more than one year
17
(918,998)
(924,999)
Provisions for liabilities
Deferred tax liability
19
42,006
41,514
(42,006)
(41,514)
Net assets
1,981,958
589,689
Capital and reserves
Called up share capital
21
75,001
75,001
Profit and loss reserves
1,906,957
514,688
Total equity
1,981,958
589,689
The financial statements were approved and signed by the director and authorised for issue on 11 October 2023
R Jain
Director
Company Registration No. 11056301
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 August 2020
75,001
75,001
Period ended 31 December 2021:
Profit and total comprehensive income for the period
-
514,688
514,688
Balance at 31 December 2021
75,001
514,688
589,689
Period ended 31 December 2022:
Profit and total comprehensive income for the period
-
1,392,269
1,392,269
Balance at 31 December 2022
75,001
1,906,957
1,981,958
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
5,625,895
(8,968,859)
Interest paid
(230,589)
(224,338)
Income taxes paid
(100)
Net cash inflow/(outflow) from operating activities
5,395,206
(9,193,197)
Investing activities
Purchase of tangible fixed assets
(119,119)
(144,034)
Net cash used in investing activities
(119,119)
(144,034)
Financing activities
Proceeds of directors loan
924,999
Repayment of borrowings
(2,141,263)
Repayment of derivatives
13,345
-
Net cash (used in)/generated from financing activities
(2,127,918)
924,999
Net increase/(decrease) in cash and cash equivalents
3,148,169
(8,412,232)
Cash and cash equivalents at beginning of year
(8,412,232)
Cash and cash equivalents at end of year
(5,264,063)
(8,412,232)
Relating to:
Cash at bank and in hand
474,812
74,575
Bank overdrafts included in creditors payable within one year
(5,738,875)
(8,486,807)
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
1
Accounting policies
Company information
Avocet Hardware Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Brookfoot Industrial Estate, Brookfoot, Brighouse, West Yorkshire, United Kingdon, HD6 2RW, where a copy of the financial statements can be obtained.
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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Business combinations
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.
1.3
Going concern
In assessing the appropriateness of the going concern assumption, the Director has reviewed detailed profit and loss forecasts and cash flow forecasts, considering all reasonably foreseeable potential scenarios and uncertainties in relation to revenue and expenditure for a period of at least 12 months from the date these financial statements have been signed. Based on these forecasts, the Director has a reasonable expectation that the company can meet its liabilities as they fall due and the Director has therefore concluded there is no material uncertainty in relation to going concern and as such has deemed it appropriate for the financial statements to be prepared on the going concern basis.true
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 hardware goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 14 -
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Patents & licences
Straight line over 10 years
1.8
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
on a straight line basis over the period of the lease
Plant and equipment
3 to 4 years straight line
Fixtures and fittings
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.9
Impairment of fixed assets
At each reporting period end date, the company 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 AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 15 -
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 those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.12
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 16 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.13
Equity instruments
Equity instruments issued by the company 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 company.
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 company’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 when the company has 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.
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 18 -
1.15
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.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
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 leases asset are consumed.
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.
2
Change in accounting policy
During the year, the director undertook a re-assessment of the stock provision policy such that in the current year, all stock items that exceed 4 years old are 100% provided. In the previous period, stock items that exceeded 5 years old were 100% provided and a sliding scale between 25%-50% provision was used for stock items aged between 2-5 years. As a result of this, the stock provision in the current year has reduced to £1,534,167 (2021: £1,888,093).
3
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
3
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Stocks provisions
The company considers it necessary to evaluate the recoverability of the cost of stock. The stock levels are constantly reviewed and, should there be an indication of obsolescence, the stock is written down to its assessed net realisable value. Stock items that are aged over 5 years are written down to nil.
4
Turnover and other revenue
2022
2021
£
£
Other revenue
Interest income
-
13,345
Royalty income
99,642
192,732
Grants received
150,028
The revenue recognised of £23,768,349 (2021 - £31,229,743) is in relation to the principal activity of the company as described in the Directors report and exemption has been taken in disclosing analysis by geographical market as sales to regions outside of the UK are not material in these financial statements.
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 company
25,000
18,500
For other services
All other non-audit services
11,250
5,500
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Management
14
14
Sales and Administration
36
33
Warehouse
37
34
Total
87
81
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
2,733,534
3,491,677
Social security costs
326,985
358,223
Pension costs
137,674
422,916
3,198,193
4,272,816
7
Operating profit
2022
2021
Operating profit for the period is stated after charging/(crediting):
£
£
Research and development costs
138,422
354,903
Government grants
(150,028)
Depreciation of owned tangible fixed assets
137,702
145,947
Amortisation of intangible assets
32,441
45,963
Operating lease charges
102,276
166,221
8
Director's remuneration
2022
2021
£
£
Remuneration for qualifying services
84,500
102,708
Company pension contributions to defined contribution schemes
34,683
162,226
119,183
264,934
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2021 - 1).
9
Interest receivable and similar income
2022
2021
£
£
Other income from investments
Gains on financial instruments measured at fair value through profit or loss
13,345
2022
2021
Investment income includes the following:
£
£
Interest on financial assets measured at fair value through profit or loss
13,345
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 21 -
10
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
230,589
315,584
11
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
183,969
186,567
Adjustments in respect of prior periods
(186,467)
Total current tax
(2,498)
186,567
Deferred tax
Origination and reversal of timing differences
492
41,514
Total tax (credit)/charge
(2,006)
228,081
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
1,390,263
742,769
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
264,150
141,126
Tax effect of expenses that are not deductible in determining taxable profit
37,410
45,753
Effect of change in corporation tax rate
34,990
Permanent capital allowances in excess of depreciation
(6,790)
(1,952)
Other permanent differences
43,154
Under/(over) provided in prior years
(186,467)
Movements in deferred tax not recognised
(145,299)
Taxation (credit)/charge for the period
(2,006)
228,081
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 22 -
12
Intangible fixed assets
Goodwill
Patents & licences
Total
£
£
£
Cost
At 1 January 2022 and 31 December 2022
300,000
24,446
324,446
Amortisation and impairment
At 1 January 2022
42,500
3,463
45,963
Amortisation charged for the year
30,000
2,441
32,441
At 31 December 2022
72,500
5,904
78,404
Carrying amount
At 31 December 2022
227,500
18,542
246,042
At 31 December 2021
257,500
20,983
278,483
13
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2022
4,232
274,812
107,342
386,386
Additions
108,846
10,273
119,119
At 31 December 2022
4,232
383,658
117,615
505,505
Depreciation and impairment
At 1 January 2022
2,997
100,681
42,269
145,947
Depreciation charged in the year
1,235
94,501
41,966
137,702
At 31 December 2022
4,232
195,182
84,235
283,649
Carrying amount
At 31 December 2022
188,476
33,380
221,856
At 31 December 2021
1,235
174,131
65,073
240,439
14
Stocks
2022
2021
£
£
Finished goods and goods for resale
11,956,073
12,641,362
Stock is shown net of a provision totalling £1,534,167 (2021: £1,888,093).
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 23 -
15
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
4,065,038
4,083,336
Derivative financial instruments
-
13,345
Other debtors
483,244
853,864
Prepayments and accrued income
120,258
64,286
4,668,540
5,014,831
Included in other debtors is amounts owed by related parties of £264,244 (2021 - £853,864).
16
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans and overdrafts
18
5,738,875
8,486,807
Other borrowings
18
2,141,263
Trade creditors
3,713,120
1,964,239
Corporation tax
183,969
186,567
Other taxation and social security
594,266
230,896
Other creditors
3,032,653
1,761,933
Accruals and deferred income
1,361,478
1,921,783
14,624,361
16,693,488
Other creditors of £2,813,762 (2021 - £1,757,345) and Other Borrowings of £nil (2021 - £2,141,263) relate to balances owed to related parties.
17
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
918,998
924,999
Other creditors relate to balances due to the Director.
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 24 -
18
Loans and overdrafts
2022
2021
£
£
Bank overdrafts
5,738,875
8,486,807
Other loans
2,141,263
5,738,875
10,628,070
Payable within one year
5,738,875
10,628,070
Bank loans and overdrafts includes £2,303,453 (2021 - £2,655,219) relating to an invoice discounting arrangement and £3,435,422 (2021 - £5,831,588) relating to a stock finance loan, both of which are secured against the company's assets.
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
52,904
41,514
Short term timing differences
(10,898)
-
42,006
41,514
2022
Movements in the year:
£
Liability at 1 January 2022
41,514
Charge to profit or loss
492
Liability at 31 December 2022
42,006
20
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
137,674
422,916
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 25 -
21
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
75,001
75,001
75,001
75,001
22
Financial commitments, guarantees and contingent liabilities
The company has a guarantee in place with HM Revenue and Customs, which allows the company to defer up to £20,000 of it's import duty payments.
23
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2022
2021
£
£
Within one year
36,061
80,799
Between two and five years
43,247
92,778
In over five years
24,958
79,308
198,535
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 26 -
24
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Name of related party
Nature of relationship
S Saigal
Spouse of Director
Description of
Income
Payments
transaction
2022
2021
2022
2021
£
£
£
£
S Saigal
Interest charged on loan
15,000
21,250
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2022
2021
2022
2021
£
£
£
£
Avocet Ireland
84,284
Global Commerce & Investments Ltd
101,551
920,124
RJS/RB Doors
456,837
RTMV Jain Ltd
78,409
62,243
S Saigal
200,000
200,000
Saigal Furniture
1,900,000
V K Jain
143,075
256,925
25
Directors' transactions
Movement in the director loan account, of which interest is being charged on £200K at market rate:
Description
% Rate
Opening balance
Interest charged
Amounts repaid
Closing balance
£
£
£
£
Directors loan
7.50
924,999
15,000
(21,001)
918,998
924,999
15,000
(21,001)
918,998
26
Ultimate controlling party
The ultimate controlling party is the Director, Mrs R Jain, who owns 100% of the share capital of the company.
THE AVOCET HARDWARE GROUP LIMITED
(FORMERLY AVOCET HARDWARE GROUP LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 27 -
27
Cash generated from/(absorbed by) operations
2022
2021
£
£
Profit for the year after tax
1,392,269
514,688
Adjustments for:
Taxation (credited)/charged
(2,006)
228,081
Finance costs
230,589
315,584
Investment income
(13,345)
Amortisation and impairment of intangible assets
32,441
45,963
Depreciation and impairment of tangible fixed assets
137,702
145,947
Increase in provisions
563,483
Movements in working capital:
Decrease/(increase) in stocks
685,289
(12,641,362)
Decrease/(increase) in debtors
332,946
(4,926,485)
Increase in creditors
2,816,665
6,798,587
Cash generated from/(absorbed by) operations
5,625,895
(8,968,859)
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