Company registration number 10648844 (England and Wales)
BONDCARE (LONDON) HOLDING LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
BONDCARE (LONDON) HOLDING LTD
COMPANY INFORMATION
Directors
Mr A L Levison
Mr A Goldstein
Company number
10648844
Registered office
1st Floor Cloister House
Riverside, New Bailey Street
Manchester
M3 5FS
Auditor
Lopian Gross Barnett & Co
1st Floor Cloister House
Riverside, New Bailey Street
Manchester
M3 5FS
Business address
Bondcare House
18 Lodge Road
London
NW4 4EF
BONDCARE (LONDON) HOLDING LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 33
BONDCARE (LONDON) HOLDING LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

The directors present the strategic report for the year ended 31 December 2022.

Review of the business

The principal activity of the group during the year was that of operating residential and nursing homes, caring for the elderly through its subsidiary companies.

 

The group profit and loss account is set our on page 10 and shows a turnover of £73,470,932 for the year (2021: £61,145,928) and earnings before interest, tax, depreciation, amortization, charitable donations, rent and management charges (EBITDARM) of £14,462,519 (2021: £13,518,759). EBITDARM is considered the most relevant measure of performance.

Principal risks and uncertainties

The directors consider the group is not exposed to significant price and credit risks since the majority of the groups revenue is derived from publicly funded authorities.

 

The groups principal risks during the year were considered to be generating sufficient income to meet the landlords expectations and financial covenants as per the relevant leases and maintain sufficient cash resources to meet obligations. The group monitors cash flow as part of its day to day control procedures. The directors consider the current cash position and future cash requirements on a regular basis to ensure appropriate facilities are available to meet liabilities as and when they they fall due.

Development and performance

The group through its subsidiary companies commenced operating five carehomes in July 2017 and since that date has increased the number to nineteen as at the balance sheet date. The group has increased turnover and profitability of the homes since taking over and the directors are confident that the group will continue to fully comply with the terms of the landlords leases.

Key performance indicators

The key performance indicators are turnover which for the year is £73,470,932 and EBITDARM which for the year amounted to £14,462,519. EBITDARM is considered the most appropriate indicator of cash generation from the business.

Other performance indicators

Home occupancy, charge rates and staffing hours are other major performance indicators and are constantly monitored.

Section 172(1) Statement

The Directors of the company have acted in accordance with their duties codified in law, which include their duty to act in a way which they consider, in good faith, would most likely promote the success of the Company for the benefit of the members as a whole, having regards to all stakeholders and matters set out in s172(1) of the Companies Act 20016, including:

 

(a) the likely consequences of any decision in the long term;

(b) the interests of the company's employees;

(c) the need to foster the company's business relationships with suppliers, customers and others;

(d) the impact of the company's operations on the community and the environment;

(e) the desirability of the company maintaining a reputation for high standards of business conduct; and

(f) the need to act fairly as between members of the company.

 

BONDCARE (LONDON) HOLDING LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -

On behalf of the board

Mr A L Levison
Director
13 November 2023
BONDCARE (LONDON) HOLDING LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2022.

Principal activities

The principal activity of the group during the year was that of operating residential and nursing homes, caring for the elderly. The company was the holding company of the group.

Results and dividends

The results for the year are set out on page 10.

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

Directors

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

Mr A L Levison
Mr A Goldstein
Financial instruments
Liquity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group is exposed to cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Disabled persons

The company's policy is to recruit disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

Employee involvement

The company's policy is to consult and discuss with employees, through staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Auditor

The auditor, Lopian Gross Barnett & Co, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

BONDCARE (LONDON) HOLDING LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
Energy and carbon report

The following energy information relates to all the entities in the Bondcare (London) Group operating in the carehome sector.

2022
2021
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
6,090,919
10,737,065
- Electricity purchased
3,743,379
4,142,858
- Fuel consumed for transport
100,000
100,000
9,934,298
14,979,923
2022
2021
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
1,099.00
1,969.00
- Fuel consumed for owned transport
12.00
12.00
1,111.00
1,981.00
Scope 2 - indirect emissions
- Electricity purchased
763.00
915.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
-
-
Total gross emissions
1,874.00
2,896.00
Intensity ratio
Tonnes Co2e per carehome bed
1.7
2.3
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per carehome bed.

Measures taken to improve energy efficiency

We constantly monitor energy usage within the carehomes and encourage and educate staff in efficient usage.

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.

BONDCARE (LONDON) HOLDING LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
On behalf of the board
Mr A L Levison
Director
13 November 2023
BONDCARE (LONDON) HOLDING LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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.

BONDCARE (LONDON) HOLDING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BONDCARE (LONDON) HOLDING LTD
- 7 -
Opinion

We have audited the financial statements of Bondcare (London) Holding Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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:

BONDCARE (LONDON) HOLDING LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BONDCARE (LONDON) HOLDING LTD
- 8 -
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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

 

BONDCARE (LONDON) HOLDING LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BONDCARE (LONDON) HOLDING LTD
- 9 -

 

 

 

 

 

 

 

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Jonathan Brodie (Senior Statutory Auditor)
For and on behalf of Lopian Gross Barnett & Co
13 November 2023
Chartered Accountants
Statutory Auditor
1st Floor Cloister House
Riverside, New Bailey Street
Manchester
M3 5FS
BONDCARE (LONDON) HOLDING LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
2022
2021
Notes
£
£
Exceptional fee income received
3
73,470,932
61,145,928
Cost of sales
(52,232,520)
(45,047,141)
Gross profit
21,238,412
16,098,787
Administrative expenses
(18,738,107)
(14,697,365)
Other operating income
1,050,005
2,672,398
Operating profit
5
3,550,310
4,073,820
Interest payable and similar expenses
8
(756)
2,594
Amounts written off investments
9
(47,500)
-
Profit before taxation
3,502,054
4,076,414
Tax on profit
10
(886,597)
(836,658)
Profit for the financial year
2,615,457
3,239,756
Profit for the financial year is all attributable to the owners of the parent company.
BONDCARE (LONDON) HOLDING LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
2022
2021
£
£
Profit for the year
2,615,457
3,239,756
Other comprehensive income
-
-
Total comprehensive income for the year
2,615,457
3,239,756
Total comprehensive income for the year is all attributable to the owners of the parent company.
BONDCARE (LONDON) HOLDING LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 12 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,432,110
1,622,956
Current assets
Debtors
15
19,718,454
16,636,188
Cash at bank and in hand
1,667,245
1,382,145
21,385,699
18,018,333
Creditors: amounts falling due within one year
16
(14,935,239)
(13,479,983)
Net current assets
6,450,460
4,538,350
Total assets less current liabilities
8,882,570
6,161,306
Provisions for liabilities
Deferred tax liability
17
367,996
262,189
(367,996)
(262,189)
Net assets
8,514,574
5,899,117
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
8,514,474
5,899,017
Total equity
8,514,574
5,899,117
The financial statements were approved by the board of directors and authorised for issue on 13 November 2023 and are signed on its behalf by:
13 November 2023
Mr A L Levison
Director
Company registration number 10648844 (England and Wales)
BONDCARE (LONDON) HOLDING LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 13 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
12
301
301
Current assets
Debtors
15
100
100
Creditors: amounts falling due within one year
16
(301)
(301)
Net current liabilities
(201)
(201)
Net assets
100
100
Capital and reserves
Called up share capital
20
100
100

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2021 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 13 November 2023 and are signed on its behalf by:
13 November 2023
Mr A L Levison
Director
Company registration number 10648844 (England and Wales)
BONDCARE (LONDON) HOLDING LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2021
100
2,659,261
2,659,361
Year ended 31 December 2021:
Profit and total comprehensive income
-
3,239,756
3,239,756
Balance at 31 December 2021
100
5,899,017
5,899,117
Year ended 31 December 2022:
Profit and total comprehensive income
-
2,615,457
2,615,457
Balance at 31 December 2022
100
8,514,474
8,514,574
BONDCARE (LONDON) HOLDING LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 15 -
Share capital
£
Balance at 1 January 2021
100
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
Balance at 31 December 2021
100
Year ended 31 December 2022:
Profit and total comprehensive income
-
Balance at 31 December 2022
100
BONDCARE (LONDON) HOLDING LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 16 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
2,965,158
217,208
Interest paid
(756)
2,594
Income taxes (paid)/refunded
(1,013,338)
16,255
Net cash inflow from operating activities
1,951,064
236,057
Investing activities
Purchase of tangible fixed assets
(1,618,464)
(1,195,416)
Value of tangible assets acquired on acquisition
-
(27,136)
Purchase of subsidiaries, net of cash acquired
-
(100)
Proceeds from disposal of subsidiaries, net of cash disposed
-
100
Repayment of loans
(47,500)
-
Net cash used in investing activities
(1,665,964)
(1,222,552)
Net increase/(decrease) in cash and cash equivalents
285,100
(986,495)
Cash and cash equivalents at beginning of year
1,382,145
2,368,640
Cash and cash equivalents at end of year
1,667,245
1,382,145
BONDCARE (LONDON) HOLDING LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 17 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
-
0
100
Investing activities
Purchase of subsidiaries
-
0
(100)
Net cash used in investing activities
-
(100)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
BONDCARE (LONDON) HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 18 -
1
Accounting policies
Company information

Bondcare (London) Holding Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1st Floor Cloister House, Riverside, New Bailey Street, Manchester, M3 5FS.

 

The group consists of Bondcare (London) Holding Ltd and all of its subsidiaries.

1.1
Accounting convention

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

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

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

1.2
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.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Bondcare (London) Holding Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

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

 

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

 

BONDCARE (LONDON) HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 19 -

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

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

 

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

 

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

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Straight line over 10 years
Plant and equipment
20% Straight line
Fixtures and fittings
20% Straight line
Motor vehicles
25% Reducing balance

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.

BONDCARE (LONDON) HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 20 -
1.7
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.

1.8
Impairment of fixed assets

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

 

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

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

 

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

BONDCARE (LONDON) HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 21 -

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.

1.9
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.

1.10
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

BONDCARE (LONDON) HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 22 -
Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
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.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

BONDCARE (LONDON) HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 23 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

 

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

1.13
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.

1.14
Retirement benefits

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

BONDCARE (LONDON) HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 24 -
1.15
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 leased asset are consumed.

1.16
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.

1.17
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
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.

3
Turnover and other revenue
2022
2021
£
£
Turnover analysed by class of business
Residential and care home income
73,470,932
60,293,928
Miscellaneous fee income
-
852,000
73,470,932
61,145,928
2022
2021
£
£
Other revenue
Grants received
932,330
2,587,470
BONDCARE (LONDON) HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 25 -
4
Exceptional item
2022
2021
£
£
Income
Exceptional fee income received
-
852,000

In 2021 the group received exceptional fee income pertaining to a settlement fee received to cover the costs of cessation of the operations of one of the carehomes.

5
Operating profit
2022
2021
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(932,330)
(2,587,470)
Depreciation of owned tangible fixed assets
809,310
529,627
(Profit)/loss on disposal of tangible fixed assets
-
19,434
Operating lease charges
9,012,082
7,316,095
6
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
-
Audit of the financial statements of the company's subsidiaries
99,895
92,646

The cost of auditing the holding company and group accounts are included in the charge to the subsidiaries.

7
Employees

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

Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Care home staff
1,965
1,827
-
-
Head office administration
38
38
-
-
Total
2,003
1,865
-
0
-
0
BONDCARE (LONDON) HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
7
Employees
(Continued)
- 26 -

Their aggregate remuneration comprised:

Group
Company
2022
2021
2022
2021
£
£
£
£
Wages and salaries
39,826,468
33,533,353
-
0
-
0
Social security costs
3,499,931
2,721,413
-
-
Pension costs
664,085
490,103
-
0
-
0
43,990,484
36,744,869
-
0
-
0
8
Interest payable and similar expenses
2022
2021
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
(2,594)
Other finance costs:
Other interest
756
-
Total finance costs
756
(2,594)
9
Amounts written off investments
2022
2021
£
£
Amounts written off current loans
(47,500)
-
10
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
780,790
737,514
Deferred tax
Origination and reversal of timing differences
105,807
99,144
Total tax charge
886,597
836,658
BONDCARE (LONDON) HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
10
Taxation
(Continued)
- 27 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2022
2021
£
£
Profit before taxation
3,502,054
4,076,414
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
665,390
774,519
Tax effect of expenses that are not deductible in determining taxable profit
194,419
92,215
Adjustments in respect of prior years
26,520
-
0
Permanent capital allowances in excess of depreciation
(105,972)
(88,676)
Other non-reversing timing differences
433
(40,544)
Deferred tax on timing differences
105,807
99,144
Taxation charge
886,597
836,658
11
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2022
222,471
176,407
2,226,707
311,092
2,936,677
Additions
483,557
39,667
999,139
96,101
1,618,464
At 31 December 2022
706,028
216,074
3,225,846
407,193
4,555,141
Depreciation and impairment
At 1 January 2022
22,247
154,860
1,005,498
131,116
1,313,721
Depreciation charged in the year
70,603
31,464
639,997
67,246
809,310
At 31 December 2022
92,850
186,324
1,645,495
198,362
2,123,031
Carrying amount
At 31 December 2022
613,178
29,750
1,580,351
208,831
2,432,110
At 31 December 2021
200,224
21,547
1,221,209
179,976
1,622,956
The company had no tangible fixed assets at 31 December 2022 or 31 December 2021.
BONDCARE (LONDON) HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 28 -
12
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
301
301
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2022 and 31 December 2022
301
Carrying amount
At 31 December 2022
301
At 31 December 2021
301
BONDCARE (LONDON) HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 29 -
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Bondcare (London) Ltd
England & Wales
Ordinary
100.00
-
Bondcare (London) Management Ltd
England & Wales
Ordinary
100.00
-
Bondcare (London2) Limited
England & Wales
Ordinary
100.00
-
Bondcare (Regions) Limited
England & Wales
Ordinary
100.00
-
Marches Care Limited
England & Wales
Ordinary
-
100.00

The parent company Bondcare (London) Holding Ltd has given a parental guarantee undertaking under section 479C of the Companies Act 2006, to guarantee Bondcare (London2) Limited in respect of its accounting periods ended 30 April 2021, 30 April 2022 and 31 December 2022.

 

Bondcare (London2) Limited is exempt from audit under section 479A of the Companies Act 2006.

14
Financial instruments
Group
Company
2022
2021
2022
2021
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
18,882,800
15,679,800
100
100
Carrying amount of financial liabilities
Measured at amortised cost
11,952,857
10,684,900
301
301
15
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
£
£
£
£
Trade debtors
9,015,134
6,302,966
-
0
-
0
Corporation tax recoverable
94,379
99,230
-
0
-
0
Other debtors
9,839,332
9,389,500
100
100
Prepayments and accrued income
769,609
844,492
-
0
-
0
19,718,454
16,636,188
100
100
BONDCARE (LONDON) HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 30 -
16
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
Notes
£
£
£
£
Payments received on account
-
0
100,879
-
0
-
0
Trade creditors
3,612,917
4,351,613
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
301
301
Corporation tax payable
1,154,305
1,391,704
-
0
-
0
Other taxation and social security
644,722
493,678
-
-
Deferred income
18
1,183,355
909,701
-
0
-
0
Other creditors
4,418,205
2,875,219
-
0
-
0
Accruals and deferred income
3,921,735
3,357,189
-
0
-
0
14,935,239
13,479,983
301
301
BONDCARE (LONDON) HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 31 -
17
Deferred taxation

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

Liabilities
Liabilities
2022
2021
Group
£
£
Accelerated capital allowances
367,996
262,189
The company has no deferred tax assets or liabilities.
Group
Company
2022
2022
Movements in the year:
£
£
Liability at 1 January 2022
262,189
-
Charge to profit or loss
105,807
-
Liability at 31 December 2022
367,996
-

The deferred tax liability set out above is expected to reverse within 48 months and relates to accelerated capital allowances that are expected to mature within the same period.

18
Deferred income
Group
Company
2022
2021
2022
2021
£
£
£
£
Arising from fee income received in advance
1,183,355
909,701
-
-
19
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
664,085
490,103

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.

BONDCARE (LONDON) HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 32 -
20
Share capital
Group and company
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
21
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2022
2021
2022
2021
£
£
£
£
Within one year
8,252,172
7,145,479
-
-
Between two and five years
35,601,275
33,152,071
-
-
In over five years
77,316,049
92,384,062
-
-
121,169,496
132,681,612
-
-
22
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2022
2021
£
£
Group
Entities with control, joint control or significant influence over the group
2,055,514
582,804

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2022
2021
Balance
Balance
£
£
Group
Entities with control, joint control or significant influence over the group
7,941,062
7,469,538
BONDCARE (LONDON) HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 33 -
23
Cash generated from group operations
2022
2021
£
£
Profit for the year after tax
2,615,457
3,239,756
Adjustments for:
Taxation charged
886,597
836,658
Finance costs
756
(2,594)
(Gain)/loss on disposal of tangible fixed assets
-
19,434
Depreciation and impairment of tangible fixed assets
809,310
529,627
Other gains and losses
47,500
-
Movements in working capital:
Increase in debtors
(3,087,117)
(7,078,412)
Increase in creditors
1,419,001
2,668,415
Increase in deferred income
273,654
4,324
Cash generated from operations
2,965,158
217,208
24
Analysis of changes in net funds - company
1 January 2022
Cash flows
31 December 2022
£
£
£
Cash at bank and in hand
-
-
-
25
Cash (absorbed by)/generated from operations - company
2022
2021
£
£
Profit for the year after tax
-
-
Movements in working capital:
Increase in creditors
-
100
Cash (absorbed by)/generated from operations
-
100
26
Analysis of changes in net funds - group
1 January 2022
Cash flows
31 December 2022
£
£
£
Cash at bank and in hand
1,382,145
285,100
1,667,245
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