Company registration number 13737774 (England and Wales)
MM ORBIT HOLDCO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022
MM ORBIT HOLDCO LIMITED
COMPANY INFORMATION
Directors
J Bennett
(Appointed 11 November 2021)
D Kovacs
(Appointed 11 November 2021)
A Shaw
(Appointed 11 November 2021)
Company number
13737774
Registered office
111 Park Street
London
W1K 7JL
Auditor
BHP LLP
Rievaulx House
1 St Mary's Court
Blossom Street
York
North Yorkshire
YO24 1AH
MM ORBIT HOLDCO LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group profit and loss account
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 30
MM ORBIT HOLDCO LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 DECEMBER 2022
- 1 -

The directors present the strategic report for the period ended 30 December 2022.

Fair review of the business

The loss for the period ending 30 December 2022, after taxation was £34,634.

 

Net liabilities at the period end were £34,633.

 

Despite the challenging economic environment, the group traded well during the period, performing in line with its financial forecast and delivering an operating profit of £852,491. This is attributed to strong market performance (the hospitality sector remained resilient despite high inflation), effective asset management and efficient cost control throughout the operation.

Principal risks and uncertainties

The key challenges facing the group are: the high inflationary environment, which reduces consumer demand and increases costs, and staffing shortages (which are affecting the entire UK hospitality industry).

The group manages these risks by providing high quality services to its guests, investing in the development and retention of its employees, and running an efficient operation to alleviate cost pressures. The group is also investing to improve the quality of its assets, particularly around sustainability and reducing energy consumption, and reducing the reliance on fossil fuels and carbon intensive energy sources.

Utility costs remain volatile (although have reduced from the all time highs in Summer 2022) and pose some risk to the group’s business, although the group has entered an active hedging strategy which allows it to offset sudden spikes in costs.

In line with all hospitality operations, trading itself is affected by business usage and tourism as well as normal seasonal factors and weather conditions.

Despite challenging market conditions, the directors believe that the group is in a strong position to trade through the current challenging market conditions.

Key performance indicators

The main metric which the group uses to monitor performance is EBITDA which was just over £1.1m for the period, which the Directors believe is evidence of the strong performance of the group.

On behalf of the board

D Kovacs
Director
1 November 2023
MM ORBIT HOLDCO LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 DECEMBER 2022
- 2 -

The directors present their annual report and financial statements for the period ended 30 December 2022.

Principal activities

The principal activity of the company is that of a holding company. The principal activity of the group is that of the operation of hotels.

Results and dividends

The results for the period are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

J Bennett
(Appointed 11 November 2021)
D Kovacs
(Appointed 11 November 2021)
A Shaw
(Appointed 11 November 2021)
Future developments

Despite challenging market conditions, the directors believe that the group is in a strong position to trade through the current challenging market conditions and continue with the development of the hotel portfolio.

Auditor

BHP LLP were appointed as auditor to the group 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.

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
D Kovacs
Director
1 November 2023
MM ORBIT HOLDCO LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD 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 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 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:

 

 

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.

MM ORBIT HOLDCO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MM ORBIT HOLDCO LIMITED
- 4 -
Opinion

We have audited the financial statements of MM Orbit Holdco Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 December 2022 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and 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:

Basis for opinion

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.

Other information

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:

MM ORBIT HOLDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MM ORBIT HOLDCO 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the group and 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 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 focused on laws and regulations, relevant to the group and company, which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, review of company minutes and both legal and consultancy expenses. In addition to this, we confirmed sufficient safeguards were in place regarding beneficiaries bank accounts. There are inherent limitations in the audit procedures described 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 part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to 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.

MM ORBIT HOLDCO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MM ORBIT HOLDCO LIMITED
- 6 -

Use of our 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.

Daniel Sowden (Senior Statutory Auditor)
For and on behalf of BHP LLP
1 November 2023
Chartered Accountants
Statutory Auditor
Rievaulx House
1 St Mary's Court
Blossom Street
York
North Yorkshire
YO24 1AH
MM ORBIT HOLDCO LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 DECEMBER 2022
- 7 -
Period
ended
30 December
2022
Notes
£
Turnover
3
6,738,770
Cost of sales
(2,891,501)
Gross profit
3,847,269
Administrative expenses
(2,994,778)
Operating profit
4
852,491
Interest receivable and similar income
7
297,779
Interest payable and similar expenses
8
(1,103,557)
Profit before taxation
46,713
Tax on profit
9
(81,347)
Loss for the financial period
(34,634)
(Loss)/profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
MM ORBIT HOLDCO LIMITED
GROUP BALANCE SHEET
AS AT 30 DECEMBER 2022
30 December 2022
- 8 -
2022
Notes
£
£
Fixed assets
Intangible assets
10
13,715
Tangible assets
11
40,868,464
40,882,179
Current assets
Stocks
14
51,722
Debtors
15
8,031,972
Cash at bank and in hand
1,487,067
9,570,761
Creditors: amounts falling due within one year
16
(14,418,353)
Net current liabilities
(4,847,592)
Total assets less current liabilities
36,034,587
Creditors: amounts falling due after more than one year
17
(36,045,851)
Provisions for liabilities
Deferred tax liability
19
23,369
(23,369)
Net liabilities
(34,633)
Capital and reserves
Called up share capital
22
1
Profit and loss reserves
(34,634)
Total equity
(34,633)
The financial statements were approved by the board of directors and authorised for issue on 1 November 2023 and are signed on its behalf by:
01 November 2023
D Kovacs
Director
Company Registration No. 13737774
MM ORBIT HOLDCO LIMITED
COMPANY BALANCE SHEET
AS AT 30 DECEMBER 2022
30 December 2022
- 9 -
2022
Notes
£
£
Fixed assets
Investments
12
3
Current assets
Debtors
15
10,987,629
Cash at bank and in hand
41,000
11,028,629
Creditors: amounts falling due within one year
16
(11,082,794)
Net current liabilities
(54,165)
Net liabilities
(54,162)
Capital and reserves
Called up share capital
22
1
Profit and loss reserves
(54,163)
Total equity
(54,162)

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 £54,163.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 1 November 2023 and are signed on its behalf by:
01 November 2023
D Kovacs
Director
Company Registration No. 13737774
MM ORBIT HOLDCO LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 DECEMBER 2022
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 11 November 2021
-
-
-
Period ended 30 December 2022:
Loss and total comprehensive income for the period
-
(34,634)
(34,634)
Issue of share capital
22
1
-
1
Balance at 30 December 2022
1
(34,634)
(34,633)
MM ORBIT HOLDCO LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 DECEMBER 2022
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 11 November 2021
-
-
-
Period ended 30 December 2022:
Loss and total comprehensive income for the period
-
(54,163)
(54,163)
Issue of share capital
22
1
-
1
Balance at 30 December 2022
1
(54,163)
(54,162)
MM ORBIT HOLDCO LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 DECEMBER 2022
- 12 -
2022
Notes
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
617,142
Investing activities
Purchase of business
(9,019,436)
Purchase of intangible assets
(18,286)
Purchase of tangible fixed assets
(388,022)
Proceeds from disposal of tangible fixed assets
4,454
Net cash used in investing activities
(9,421,290)
Financing activities
Proceeds from issue of shares
1
Proceeds from borrowings from group undertakings
11,052,438
Payment of finance leases obligations
(761,224)
Net cash generated from/(used in) financing activities
10,291,215
Net increase in cash and cash equivalents
1,487,067
Cash and cash equivalents at beginning of period
-
Cash and cash equivalents at end of period
1,487,067
MM ORBIT HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2022
- 13 -
1
Accounting policies
Company information

MM Orbit Holdco Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 111 Park Street, London, W1K7JL

 

The group consists of MM Orbit Holdco Limited and all of its subsidiaries (see note 13).

1.1
Reporting period

These accounts represent the company's first period of activity from incorporation on 11 November 2021 to the groups desired year end of 30 December 2022. The accounts are drawn up to the 31 December, to bring reporting in line with the group.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

MM ORBIT HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 14 -
1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company MM Orbit Holdco Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

MM ORBIT HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 15 -
1.5
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.

 

The group has a net liability position of £34,633 at the balance sheet date. Included within this sum is monies owed to the parent entity of £11,052,438. This debt is interest free, and the directors have no requirement or intention to repay these sums in the next 12 months. The group is not directly exposed to interest rate risk as there is no external debt in the group.

 

The group has a strong cash position at the balance sheet date. Trading results have been favourable in 2023 which has resulted in net cash inflows from the balance sheet date to the date of approval. The group therefore has significant cash reserves at the date of approval.

 

The directors continue to monitor and react to any rise in operational costs and after careful assessment have determined that this alone does not give rise to material uncertainty as to whether the group will continue to operate as a going concern.

1.6
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 group's principal performance obligation is to provide hotel accommodation and other goods and services to guests. Turnover includes room income and food and beverage sales, which is recognised when guests stay. When payment is received at the time of room booking, prior to arrival date, a liability is prepaid room purchases is recognised and held on the balance sheet. Turnover is recognised when the customer stays. A proportion of the prepaid room bookings would be non-refundable on cancellation of the room booking, with turnover being recognised once the booking is cancelled or the stay date.

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:

Software
4 years straight line
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:

Freehold land and buildings
over 50 years and over period of lease, 250 years
Plant and equipment
7-15 years straight line
Fixtures and fittings
7 years straight line
Computers
4 years straight line
MM ORBIT HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 16 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

MM ORBIT HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 17 -

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.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

MM ORBIT HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

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 group's contractual obligations expire or are discharged or cancelled.

1.14
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.

1.15
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.

MM ORBIT HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

 

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

MM ORBIT HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD 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.

Sale and leaseback

The sale and leaseback entered into on 14 April 2022 for Oxford Eastgate Propco Limited and Stratford Shakespeare Propco Limited has been considered by the Directors, and after consideration of the circumstances and by reference to the relevant accounting standards and guidance, these have been treated as a finance lease.

 

The asset and liability have been recorded at the present value of the minimum lease payments, using the interest rate implicit in the leases of 6.6% and 7.2%. Lease payments are then apportioned between interest and capital using the effective interest method. The results of this are detailed in note 18.

3
Turnover and other revenue
2022
£
Turnover analysed by class of business
Operation of hotels
6,738,770
2022
£
Other revenue
Interest income
297,779
4
Operating profit
2022
£
Operating profit for the period is stated after charging:
Depreciation of owned tangible fixed assets
238,988
Amortisation of intangible assets
4,571
MM ORBIT HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
- 21 -
5
Auditor's remuneration
2022
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
4,750
Audit of the financial statements of the company's subsidiaries
35,250
40,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2022
2022
Number
Number
68
-
0

Their aggregate remuneration comprised:

Group
Company
2022
2022
£
£
Wages and salaries
1,875,767
-
0
Social security costs
103,838
-
Pension costs
19,377
-
0
1,998,982
-
0
7
Interest receivable and similar income
2022
£
Interest income
Other interest income
297,779

Other interest income represents the unwinding of the discount on the asset associated with the sale and leaseback liability, as explained in note 18.

8
Interest payable and similar expenses
2022
£
Interest on finance leases
1,103,557
MM ORBIT HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
- 22 -
9
Taxation
2022
£
Current tax
UK corporation tax on profits for the current period
57,978
Deferred tax
Origination and reversal of timing differences
23,369
Total tax charge
81,347

The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:

2022
£
Profit before taxation
46,713
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00%
8,875
Tax effect of expenses that are not deductible in determining taxable profit
87,257
Tax effect of income not taxable in determining taxable profit
(56,578)
Group relief
(5,595)
Change in deferred tax rates
6,376
Chargeable gains/(losses)
7,549
Movement in deferred tax not recognised
9,468
Fixed asset differences
23,996
Rounding
(1)
Taxation charge
81,347
10
Intangible fixed assets
Group
Software
£
Cost
At 11 November 2021
-
0
Additions
18,286
At 30 December 2022
18,286
Amortisation and impairment
At 11 November 2021
-
0
Amortisation charged for the period
4,571
At 30 December 2022
4,571
MM ORBIT HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
10
Intangible fixed assets
(Continued)
- 23 -
Carrying amount
At 30 December 2022
13,715
The company had no intangible fixed assets at 30 December 2022.
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 11 November 2021
-
0
-
0
-
0
-
0
-
0
Additions
283,722
3,254
85,747
15,299
388,022
Business combinations
40,216,630
-
0
502,800
-
0
40,719,430
At 30 December 2022
40,500,352
3,254
588,547
15,299
41,107,452
Depreciation and impairment
At 11 November 2021
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the period
114,751
217
120,195
3,825
238,988
At 30 December 2022
114,751
217
120,195
3,825
238,988
Carrying amount
At 30 December 2022
40,385,601
3,037
468,352
11,474
40,868,464
The company had no tangible fixed assets at 30 December 2022.

Freehold land and buildings with a carrying amount of £37,965,253 have been pledged to secure the finance lease borrowings of the Group, as explained in note 18.

12
Fixed asset investments
Group
Company
2022
2022
Notes
£
£
Investments in subsidiaries
13
-
0
3
MM ORBIT HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
12
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 11 November 2021
-
Valuation changes
3
At 30 December 2022
3
Carrying amount
At 30 December 2022
3
13
Subsidiaries

Details of the company's subsidiaries at 30 December 2022 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Aberdeen Caledonian Holdco Limited
England & Wales (1)
Ordinary
100.00
-
Aberdeen Caledonian Propco Limited
England & Wales (1)
Ordinary
0
100.00
Aberdeen Caledonian Opco Limited
England & Wales (1)
Ordinary
0
100.00
Oxford Eastgate Holdco Limited
England & Wales (1)
Ordinary
100.00
-
Oxford Eastgate Propco Limited
England & Wales (1)
Ordinary
0
100.00
Oxford Eastgate Opco Limited
England & Wales (1)
Ordinary
0
100.00
Stratford Shakespeare Holdco Limited
England & Wales (1)
Ordinary
100.00
-
Stratford Shakespeare Propco Limited
England & Wales (1)
Ordinary
0
100.00
Stratford Shakespeare Opco Limited
England & Wales (1)
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
111 Park Street, London, United Kingdom, W1K 7JL
14
Stocks
Group
Company
2022
2022
£
£
Finished goods and goods for resale
51,722
-
0
MM ORBIT HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
- 25 -
15
Debtors
Group
Company
2022
2022
Amounts falling due within one year:
£
£
Trade debtors
796,619
-
0
Amounts owed by group undertakings
295
10,881,771
Other debtors
283,422
105,858
Prepayments and accrued income
1,054,296
-
0
2,134,632
10,987,629
Amounts falling due after more than one year:
Other debtors
5,897,340
-
0
Total debtors
8,031,972
10,987,629
16
Creditors: amounts falling due within one year
Group
Company
2022
2022
Notes
£
£
Obligations under finance leases
18
1,096,043
-
0
Trade creditors
799,220
-
0
Amounts owed to group undertakings
11,052,438
11,057,434
Corporation tax payable
57,978
-
0
Other taxation and social security
218,369
-
Deferred income
20
502,898
25,360
Other creditors
98,685
-
0
Accruals and deferred income
592,722
-
0
14,418,353
11,082,794

The Group incepted borrowings with its ultimate parent company as part of the acquisition of subsidiaries detailed in note 27. Because of the significance of this debt, it is presented as borrowings to reflect the nature of this liability. The loan carries no interest and is repayable on demand.

17
Creditors: amounts falling due after more than one year
Group
Company
2022
2022
Notes
£
£
Obligations under finance leases
18
36,045,851
-
0
MM ORBIT HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
- 26 -
18
Finance lease obligations
Group
Company
2022
2022
£m
£m
Future minimum lease payments due under finance leases:
Within one year
1
-
0
In two to five years
(3)
-
0
In over five years
104,222
-
0
104,220
-
Less: future finance charges
(104,184)
-
0
36
-
0

On 14 April 2022, the company entered into 2 sale and finance leaseback arrangements for a properties at Oxford and Stratford. After 6 years the lease is reviewed annually and increases are in line with RPI. The lease includes purchase options at the end of the lease and no restrictions are place on the assets. The lease term is 250 years and the implicit rate of interest used within the lease is 6.6% and 7.2%. These leases are in substance a borrowing arrangement and therefore the Group continues to recognise ownership of the associated properties.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
2022
Group
£
Accelerated capital allowances
23,369
The company has no deferred tax assets or liabilities.
Group
Company
2022
2022
Movements in the period:
£
£
Asset at 11 November 2021
-
-
Charge to profit or loss
23,369
-
Liability at 30 December 2022
23,369
-

 

MM ORBIT HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
- 27 -
20
Deferred income
Group
Company
2022
2022
£
£
Other deferred income
502,898
25,360
21
Retirement benefit schemes
2022
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
19,377

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.

22
Share capital
Group and company
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1
1
23
Controlling party

The immediate parent entity of MM Orbit Holdco Limited is Millemont 2 Limited Partnership, and its ultimate controlling party is Millemont GP2 LLP.

 

This Company is the largest and smallest, which prepares group accounts including this group's results.

MM ORBIT HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
- 28 -
24
Acquisition of a business

On 14 April 2022 the group acquired the business of Hotels.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Land and buildings
40,719,430
(502,800)
40,216,630
Fixtures, fittings and equipment
-
502,800
502,800
Inventories
53,001
-
53,001
Trade and other receivables
48,257
-
48,257
Employment liabilities
(165,105)
-
(165,105)
Accruals
(50,334)
-
(50,334)
Deferred income
(385,813)
-
(385,813)
Total identifiable net assets
40,219,436
-
40,219,436
Goodwill
-
Total consideration
40,219,436
The consideration was satisfied by:
£
Cash
9,019,436
Finance lease
31,200,000
40,219,436
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
6,738,770
Loss after tax
(34,634)
25
Related party transactions
Transactions with related parties

During the period the group entered into the following transactions with related parties:

Purchases
2022
£
Group
Entities with control, joint control or significant influence over the group
360,042
MM ORBIT HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
25
Related party transactions
(Continued)
- 29 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2022
£
Group
Entities with control, joint control or significant influence over the group
11,053,589

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2022
Balance
£
Group
Entities with control, joint control or significant influence over the group
9,564
26
Cash generated from/(absorbed by) group operations
2022
£
Loss for the period after tax
(34,634)
Adjustments for:
Taxation charged
81,347
Finance costs
1,103,557
Investment income
(297,779)
Amortisation and impairment of intangible assets
4,571
Depreciation and impairment of tangible fixed assets
238,988
Movements in working capital:
Decrease in stocks
1,279
Increase in debtors
(1,967,280)
Increase in creditors
1,487,093
Cash generated from/(absorbed by) operations
617,142
MM ORBIT HOLDCO LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2022
- 30 -
27
Analysis of changes in net debt - group
11 November 2021
Cash flows
New finance leases
Other non-cash changes
30 December 2022
£
£
£
£
£
Cash at bank and in hand
-
1,487,067
-
-
1,487,067
Borrowings from group undertakings
-
(11,052,438)
-
-
(11,052,438)
Obligations under finance leases
-
761,224
(36,799,561)
(1,103,557)
(37,141,894)
Future receivable under finance lease
-
-
5,599,561
297,779
5,897,340
-
(8,804,147)
(31,200,000)
(805,778)
(40,809,925)

Included within net debt is an asset associated with the finance lease liability. On inception of the sale and leaseback agreements, which are described more fully in note 18, the Group created a simultaneous cash inflow in 2027 which has been accounted for as an integral part of the cashflows implicit in the sale and leaseback. As this cannot be separated from the liability, it is presented as part of the Group's net debt.

 

The Group entered into material non-cash transactions during the year as follows:

 

1. Inception of a sale & leaseback which was done as part of the acquisition of the Group's properties, resulting in a finance lease liability and associated receivable (see above).

2. The unwinding of interest on the finance lease asset and liability where associated cashflows do not follow the accounting for the lease.

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