Company registration number 10438325 (England and Wales)
WILLIS ASSET MANAGEMENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
WILLIS ASSET MANAGEMENT LIMITED
COMPANY INFORMATION
Directors
Mr C F Willis
Mr D M Poulakidas
Mr B R Hole
Secretary
Norose Company Secretarial Services Limited
Company number
10438325
Registered office
Aviation House
Brocastle Avenue
Waterton Industrial Estate
Bridgend
Mid Glamorgan
United Kingdom
CF31 3XR
Auditor
Azets Audit Services
Charter Court
Phoenix Way Enterprise Park
Swansea
United Kingdom
SA7 9FS
WILLIS ASSET MANAGEMENT LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 26
WILLIS ASSET MANAGEMENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

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

Key highlights and background

The company was incorporated in 2016 and the year ended 31 December 2022 represents the sixth year of trading. After an initial period of consolidation and investment, the Company has continued to grow revenues. In 2022 revenues grew by a further 30% to $15.8m. Earnings before tax were $0.7m (2021: $1.4m).

 

The principal activity of the company is the provision of asset management, technical, consultancy, 145 and CAMO services to the aviation industry.

 

The company is a wholly owned subsidiary of Willis Lease Finance Corporation (WLFC), a company registered in Delaware that is listed with the USA Securities and Exchange Commission.

 

WLFC has invested over $10m in the Company which it views as a long-term, strategic acquisition. The Company is funded wholly by WLFC. At 31st December 2022 this investment consisted of $3.2m (2021: $3.2m) of interest-bearing loan and $6.9m (2021: $6.9m) capital contribution.

 

Review of business and future developments

The company was not adversely affected by the COVID lockdown and the resulting Aviation industry downturn. While some services were impacted, other areas of the business performed well ahead of expectations. In 2022, as the company emerged from the impact of the pandemic, revenues grew by a further 30%. Post-covid margins have reduced a little as engine storage income has been replaced by maintenance and consultancy income.

 

WAML has continued to invest significantly in broadening capabilities and expanding the business. The Company has invested heavily in tooling to expand engine maintenance capabilities and engine teardown operations in Bridgend as well as expanding its Aircraft Maintenance operations in Teeside. These services complement the Company's well-established engine capabilties, aircraft and CAMO services, 145 maintenance services and technical records team.

 

During the year, WLFC Group expanded its Teesside operation to include Fixed Base Operations and Ground Handling services. A new UK legal entity, Willis Aviation Services Limited was incorporated in April 2022 to operate these services. The Teesside Aircraft Maintenance facility continued to operate through Willis Asset Management Limited in 2022, generating $938,831 of revenues in that year, but was novated to Willis Aviation Services Limited in 2023 as part of a restructure of group activities.

 

The directors are confident that the foundations have been laid for further growth and profitability in the future. Significant capital investment has been made in buildings and equipment which will allow the company to continue to expand and extend the range of services that it is able to offer to its customers. The Company employed 97 staff at the end of the year (2021 – 84 staff).

 

The directors believe the company is well placed to take advantage of any opportunities that arise in the future . The statement of comprehensive income for the year to 31 December 2022 is set out on page 9.

KPI's
2022
2021
2020
2019
Turnover
$15,780k
$12,105k
$9,956k
$9,063k
Gross Profit
$6,939k
$6,297k
$5,473k
$4,866k
EBITDA
$1,544k
$2,259k
$1,839k
$1,255k
Cash
$1,901k
$1,667k
$1,505k
$529k
WILLIS ASSET MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to a number of risks. Whilst it is not possible to eliminate all such risks and uncertainties, the company has established a risk management and internal control system to manage them. The key business risks can be summarised as follows:

 

Competition

The market in which the company operates is subject to competition which could impact revenue and margins. The company invests heavily in its people and service offering. This, coupled with a strong focus on customer service, results in a high level of repeat business and customer loyalty.

People

The business could be impacted by the loss of key individuals. The business looks to increase staff engagement through training and progression opportunities and by giving regular opportunities to give feedback and to influence future business developments. The Company has a strong culture which the management actively look to promote.

 

Financial risk

The company's operations expose it to a variety of financial risks. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance costs. The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the WLFC Group’s operational management and finance department. The key financial risks can be summarised as follows:

Price risk

The company is not exposed to significant price risk.

Credit risk

The financial assets are cash and trade debtors. Credit risk is primarily attributable to trade debtors which are presented in the balance sheet net of allowances for doubtful debts. The business has implemented policies that require appropriate credit and Know Your Client "KYC" checks on potential customers before sales are made.

 

Liquidity and interest rate risk

The Company holds finance with its parent WLFC. WLFC have confirmed their commitment to refinance the loan until such time as the company has sufficient funds to repay.

 

The company is not exposed to significant interest rate fluctuations.

 

Foreign Exchange rate risk

The majority of the Company’s revenues are invoiced in US Dollars and results are reported in US Dollars. However, as the business is based in the UK, the cost base is incurred primarily in £GBP. This exposes the business to currency fluctuations. The Directors actively monitor this risk. No foreign exchange hedging has been implemented to date but the Directors and Management review this continuously to minimise risk.

 

WILLIS ASSET MANAGEMENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
Principal Risks and Uncertainties cont.

 

Global Events

During prior years, the global economy was impacted by uncertainty arising from Covid-19. To date, Covid-19 has not impacted the company in a significant way. Whilst some revenue streams were disrupted by Covid-19, other revenue streams benefitted. The directors recognise that the medium to long term impact of global events such as Covid-19 and more recently, the war in Ukraine and inflationary pressures brings uncertainty, making it difficult to evaluate all the potential implications that the events may have on the company’s trade, customers, suppliers and the wider economy.

On behalf of the board

Mr B R Hole
Director
31 January 2024
WILLIS ASSET MANAGEMENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -

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

Principal activities

The principal activity of the company is the provision of asset management, technical, CAMO, consultancy and 145 maintenance services to the aviation industry.

Results and dividends

The results for the year are set out on page 9.

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 C F Willis
Mr D M Poulakidas
Mr B R Hole
Future developments

The strategy and future developments in the business are set out in the Strategic Report.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company 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 company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr B R Hole
Director
31 January 2024
WILLIS ASSET MANAGEMENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WILLIS ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILLIS ASSET MANAGEMENT LIMITED
- 6 -
Opinion

We have audited the financial statements of Willis Asset Management Limited (the 'company') for the year ended 31 December 2022 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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 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 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:

WILLIS ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WILLIS ASSET MANAGEMENT LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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 statement of directors' responsibilities, 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 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 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.

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.

WILLIS ASSET MANAGEMENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WILLIS ASSET MANAGEMENT LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Paul Bowden (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
31 January 2024
Chartered Accountants
Statutory Auditor
Charter Court
Phoenix Way Enterprise Park
Swansea
United Kingdom
SA7 9FS
WILLIS ASSET MANAGEMENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
2022
2021
Notes
$
$
Revenue
3
15,779,647
12,105,175
Cost of sales
(8,840,349)
(5,807,818)
Gross profit
6,939,298
6,297,357
Administrative expenses
(6,244,449)
(4,760,840)
Other operating income
81,962
-
0
Operating profit
4
776,811
1,536,517
Investment income
6
-
0
141
Finance costs
7
(113,879)
(147,709)
Profit before taxation
662,932
1,388,949
Tax on profit
9
(279,614)
(533,608)
Profit for the financial year
383,318
855,341

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations and has been presented in US Dollars.

WILLIS ASSET MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 10 -
2022
2021
Notes
$
$
$
$
Non-current assets
Goodwill
10
481,469
607,075
Other intangible assets
10
106,915
165,656
Total intangible assets
588,384
772,731
Property, plant and equipment
11
9,643,523
7,975,217
10,231,907
8,747,948
Current assets
Inventories
12
306,159
116,190
Trade and other receivables
13
6,361,831
4,089,749
Cash and cash equivalents
1,900,664
1,666,654
8,568,654
5,872,593
Current liabilities
14
(7,511,387)
(4,398,258)
Net current assets
1,057,267
1,474,335
Total assets less current liabilities
11,289,174
10,222,283
Non-current liabilities
16
(3,632,738)
(3,200,000)
Provisions for liabilities
Deferred tax liability
17
899,589
648,754
(899,589)
(648,754)
Net assets
6,756,847
6,373,529
Equity
Called up share capital
20
1
1
Other reserves
6,874,976
6,874,976
Retained earnings
(118,130)
(501,448)
Total equity
6,756,847
6,373,529
The financial statements were approved by the board of directors and authorised for issue on 31 January 2024 and are signed on its behalf by:
Mr B R Hole
Director
Company Registration No. 10438325
WILLIS ASSET MANAGEMENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
Share capital
Other reserves
Retained earnings
Total
$
$
$
$
Balance at 1 January 2021
1
6,874,976
(1,356,789)
5,518,188
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
-
855,341
855,341
Balance at 31 December 2021
1
6,874,976
(501,448)
6,373,529
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
383,318
383,318
Balance at 31 December 2022
1
6,874,976
(118,130)
6,756,847
WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
1
Accounting policies
Company information

Willis Asset Management Limited supply technical services to the aviation industry.

 

Willis Asset Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Aviation House, Brocastle Avenue, Waterton Industrial Estate, Bridgend, Mid Glamorgan, United Kingdom, CF31 3XR.

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 US dollars, the functional currency of the company is US dollars. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This 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:

 

 

The financial statements of the company are consolidated in the financial statements of Willis Lease Finance Corporation, which is an overseas company incorporated in the United States of America. The consolidated financial statements are available from the office of its UK establishment: Aviation House, Brocastle Avenue, Waterton Industrial Estate, Bridgend, UK, CF31 3XR

1.2
Going concern

When considering the appropriateness of the going concern basis, management and the directors have prepared and reviewed budgets and cashflow forecasts for a period of 12 months from sign off of the financial statements.true

 

The company has continued ongoing support from its parent company Willis Lease Finance Corporation. The Directors have obtained written confirmation from its parent of the intention to continue to provide support where required to its wholly owned subsidiary Willis Asset Management Limited for a period of at least 12 months from the date of approval of the financial statements.

 

At the time of approving the financial statements, there is a reasonable expectation that the company 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.

WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 13 -
1.3
Revenue

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

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and expenditure, as a proportion of total costs.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
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:

Contractual relationships
8 years
Non-contractual relationships
2.5 years
Developed technology
2 years
1.6
Property, plant and equipment

Property, plant and equipment 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
25 years
Plant and equipment
3 - 10 years
Fixtures and fittings
3 - 7 years
Computers
1 - 5 years

Freehold land is not depreciated.

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

WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 14 -
1.7
Impairment of non-current assets

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

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

 

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

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Inventories

Inventories 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 inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.

1.9
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 company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

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

WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 15 -
Basic financial assets

Basic financial assets, which include trade and other receivables 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.

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including trade and other payables, 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 16 -
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 though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.12
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 income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

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

 

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

WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 17 -
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 non-current 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.

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 leases 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.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.17
Foreign exchange

Transactions in currencies other than US Dollars 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 are included in the income statement for the period.

WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 18 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

The following judgements have a significant impact on amounts recognised in the financial statements.

Accruals

Provision is made for costs that have been incurred but not yet billed. Provisioning requires managements best estimate of the final costs that have been incurred based on the fulfilment by suppliers of their contractual agreements.

Depreciation of fixed assets

The estimates and underlying assumptions applied to determine depreciation are reviewed on an on-going basis. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

Revenue from contracts

The estimates and associated assumptions used to determine contract provisions are based on knowledge of individual projects and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed continuously.

3
Revenue
2022
2021
$
$
Revenue analysed by class of business
Consultancy
8,794,435
5,347,805
Technical records
1,874,547
2,027,814
Maintenance services
4,242,286
4,479,112
Recharged costs
868,379
180,163
Other
-
70,281
15,779,647
12,105,175
2022
2021
$
$
Revenue analysed by geographical market
UK
1,749,152
2,323,316
Europe
3,117,501
2,028,586
North America
5,903,651
6,116,725
Africa
16,581
29,989
Asia
4,953,286
1,598,220
Other territories
39,476
8,339
15,779,647
12,105,175
WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
3
Revenue
(Continued)
- 19 -
2022
2021
$
$
Other revenue
Interest income
-
141
Grants received
81,962
-
4
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
$
$
Exchange (gains)/losses
(232,512)
151,795
Government grants
(81,962)
-
Depreciation of owned property, plant and equipment
583,114
538,530
Amortisation of intangible assets
184,347
184,346
Operating lease charges
438,856
146,791
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
$
$
For audit services
Audit of the financial statements of the company
18,200
15,250
6
Investment income
2022
2021
$
$
Interest income
Interest on bank deposits
-
0
141
7
Finance costs
2022
2021
$
$
Interest payable to group undertakings
113,879
147,709
WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 20 -
8
Employees

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

2022
2021
Consultancy
25
21
Technical records
13
15
Maintenance services
15
13
Finance and admin
16
16
Teesside
22
15
92
80

Their aggregate remuneration comprised:

2022
2021
$
$
Wages and salaries
7,285,074
6,611,968
Pension costs
269,619
247,641
7,554,693
6,859,609

No remuneration was paid to directors during the period. All directors are paid through the parent company Willis Lease Finance Corporation.

9
Taxation
2022
2021
$
$
Current tax
UK corporation tax on profits for the current period
-
0
164,344
Adjustments in respect of prior periods
63,198
-
0
Total current tax
63,198
164,344
Deferred tax
Origination and reversal of timing differences
227,574
369,264
Changes in tax rates
71,998
-
0
Adjustment in respect of prior periods
(83,156)
-
0
Total deferred tax
216,416
369,264
Total tax charge
279,614
533,608
WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
9
Taxation
(Continued)
- 21 -

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
662,932
1,388,949
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
125,957
263,900
Tax effect of expenses that are not deductible in determining taxable profit
101,616
108,022
Adjustments in respect of prior years
(19,958)
5,006
Tax rate changes
71,999
156,680
Taxation charge for the year
279,614
533,608
10
Intangible fixed assets
Goodwill
Contractual relationships
Non-contractual relationships
Developed technology
Total
$
$
$
$
$
Cost
At 1 January 2022 and 31 December 2022
1,256,037
540,000
50,000
170,000
2,016,037
Amortisation and impairment
At 1 January 2022
648,962
374,344
50,000
170,000
1,243,306
Amortisation charged for the year
125,606
58,741
-
0
-
184,347
At 31 December 2022
774,568
433,085
50,000
170,000
1,427,653
Carrying amount
At 31 December 2022
481,469
106,915
-
0
-
588,384
At 31 December 2021
607,075
165,656
-
0
-
772,731
WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 22 -
11
Property, plant and equipment
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Total
$
$
$
$
$
$
Cost
At 1 January 2022
7,128,648
-
0
2,231,557
400,578
577,449
10,338,232
Additions
106,963
1,690,763
240,003
209,971
3,720
2,251,420
At 31 December 2022
7,235,611
1,690,763
2,471,560
610,549
581,169
12,589,652
Depreciation and impairment
At 1 January 2022
841,815
-
0
995,530
188,689
336,981
2,363,015
Depreciation charged in the year
276,840
-
0
173,343
58,940
73,991
583,114
At 31 December 2022
1,118,655
-
0
1,168,873
247,629
410,972
2,946,129
Carrying amount
At 31 December 2022
6,116,956
1,690,763
1,302,687
362,920
170,197
9,643,523
At 31 December 2021
6,286,833
-
0
1,236,027
211,889
240,468
7,975,217
12
Inventories
2022
2021
$
$
Finished goods and goods for resale
306,159
116,190
13
Trade and other receivables
2022
2021
Amounts falling due within one year:
$
$
Trade receivables
1,339,903
906,651
Gross amounts owed by contract customers
1,816,471
1,330,056
Amounts owed by group undertakings
231,055
-
0
Other receivables
128,049
297,754
Prepayments and accrued income
912,026
1,555,288
4,427,504
4,089,749
Deferred tax asset (note 17)
4,504
-
0
4,432,008
4,089,749
WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
13
Trade and other receivables
(Continued)
- 23 -
2022
2021
Amounts falling due after more than one year:
$
$
Amounts owed by group undertakings
1,899,908
-
0
Deferred tax asset (note 17)
29,915
-
0
1,929,823
-
0
Total debtors
6,361,831
4,089,749

Amounts owed by group undertakings due after more than one year are unsecured and repayable on demand except that thirteen months notice in writing is required prior to repayment having to be made. No interest has been charged on the balance.

14
Current liabilities
2022
2021
Notes
$
$
Trade payables
2,010,176
2,152,844
Amounts owed to group undertakings
3,996,215
366,585
Corporation tax
227,542
164,344
Other taxation and social security
287,080
236,656
Deferred income
18
358,214
410,646
Other payables
62,038
4,803
Accruals and deferred income
570,122
1,062,380
7,511,387
4,398,258
15
Borrowings
2022
2021
$
$
Loans from group undertakings
3,200,000
3,200,000
Payable after one year
3,200,000
3,200,000

Borrowings represent funding advanced by Willis Lease Finance Corporation to fund the acquisition of the trade and assets of Total Engine Support Limited and freehold property in 2016. In the year ended 31 December 2019, the parties entered into an agreement to convert $3.2m to an intercompany promissory loan note. On 15 November 2021 the agreement was amended and the note is interest bearing at a rate of 3.559% after the amendment date (4.768% prior to amendment), payable on a quarterly basis. As at the 31 December 2022, the principal was due for repayment on 31 January 2024. Subsequently, on 9 November 2023, the deadline for the principal repayment was extended to 31 January 2026.

WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 24 -
16
Non-current liabilities
2022
2021
Notes
$
$
Other borrowings
15
3,200,000
3,200,000
Deferred income
18
432,738
-
0
3,632,738
3,200,000
17
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2022
2021
2022
2021
Balances:
$
$
$
$
Accelerated capital allowances
872,860
639,298
-
-
Tax losses
-
-
1,609
-
Short term timing differences - trading
-
(31,958)
32,810
-
Short term timing differences - non trading
26,729
41,414
-
-
899,589
648,754
34,419
-
2022
Movements in the year:
$
Liability at 1 January 2022
648,754
Charge to profit or loss
216,416
Liability at 31 December 2022
865,170
18
Deferred income
2022
2021
$
$
Arising from government grants
517,867
-
Other deferred income
273,085
410,646
790,952
410,646
WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
18
Deferred income
(Continued)
- 25 -

Deferred income is included in the financial statements as follows:

Current liabilities
358,214
410,646
Non-current liabilities
432,738
-
0
790,952
410,646
19
Retirement benefit schemes
2022
2021
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
269,619
247,641

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary share of $1 each
1
1
1
1

The company has one class of ordinary shares with full voting, dividend and capital distribution rights.

21
Capital commitments

Amounts contracted for but not provided in the financial statements:

2022
2021
$
$
Acquisition of property, plant and equipment
190,934
969,719
22
Operating lease commitments
Lessee

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

2022
2021
$
$
Within one year
385,828
416,031
Between two and five years
1,447,189
1,631,744
In over five years
846,507
1,355,063
2,679,524
3,402,838
WILLIS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 26 -
23
Events after the reporting date

Subsequent to the year end the operations of the group were restructured, with the Aircraft Maintenance Service activity undertaken by the company during 2022 being transferred to fellow UK subsidiary Willlis Aviation Services Limited, including all related trade, assets and liabilities. Revenues generated by the company in 2022 for this activty totalled $938,381.

24
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2022
2021
2022
2021
$
$
$
$
Entities with control, joint control or significant influence over the company
5,644,875
5,044,569
58,992
110,964
Other related parties
1,145
4,400
228,858
221,703
Management fees paid
2022
2021
$
$
Entities with control, joint control or significant influence over the company
729,600
807,954

The following amounts were outstanding at the reporting end date:

2022
2021
Amounts due to related parties
$
$
Entities with control, joint control or significant influence over the company
6,808,061
6,694,391
Other related parties
388,154
72,195
2022
2021
Amounts due from related parties
$
$
Other related parties
2,111,717
-
25
Ultimate controlling party

The parent company and ultimate controlling party is considered to be Willis Lease Finance Corporation, 4700 Lyons Technology Parkway, Coconut Creek, Florida 33073, USA who own 100% of the shares in the company.

2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.300Mr C F WillisMr D M PoulakidasMr B R HoleNorose Company Secretarial Services Limitedfalse104383252022-01-012022-12-3110438325bus:Director12022-01-012022-12-3110438325bus:Director22022-01-012022-12-3110438325bus:Director32022-01-012022-12-3110438325bus:CompanySecretary12022-01-012022-12-3110438325bus:RegisteredOffice2022-01-012022-12-31104383252022-12-31104383252021-01-012021-12-3110438325core:RetainedEarningsAccumulatedLosses2021-01-012021-12-3110438325core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3110438325core:Goodwill2022-12-3110438325core:Goodwill2021-12-3110438325core:OtherResidualIntangibleAssets2022-12-3110438325core:OtherResidualIntangibleAssets2021-12-31104383252021-12-3110438325core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3110438325core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-12-3110438325core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2021-12-3110438325core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2021-12-3110438325core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3110438325core:ConstructionInProgressAssetsUnderConstruction2022-12-3110438325core:PlantMachinery2022-12-3110438325core:FurnitureFittings2022-12-3110438325core:ComputerEquipment2022-12-3110438325core:LandBuildingscore:OwnedOrFreeholdAssets2021-12-3110438325core:ConstructionInProgressAssetsUnderConstruction2021-12-3110438325core:PlantMachinery2021-12-3110438325core:FurnitureFittings2021-12-3110438325core:ComputerEquipment2021-12-3110438325core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3110438325core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3110438325core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3110438325core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3110438325core:CurrentFinancialInstruments2022-12-3110438325core:CurrentFinancialInstruments2021-12-3110438325core:Non-currentFinancialInstruments2022-12-3110438325core:Non-currentFinancialInstruments2021-12-3110438325core:ShareCapital2022-12-3110438325core:ShareCapital2021-12-3110438325core:OtherMiscellaneousReserve2022-12-3110438325core:OtherMiscellaneousReserve2021-12-3110438325core:RetainedEarningsAccumulatedLosses2022-12-3110438325core:RetainedEarningsAccumulatedLosses2021-12-3110438325core:ShareCapital2020-12-3110438325core:OtherMiscellaneousReserve2020-12-3110438325core:RetainedEarningsAccumulatedLosses2020-12-31104383252020-12-3110438325core:Goodwill2022-01-012022-12-3110438325core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3110438325core:LandBuildingscore:OwnedOrFreeholdAssets2022-01-012022-12-3110438325core:PlantMachinery2022-01-012022-12-3110438325core:FurnitureFittings2022-01-012022-12-3110438325core:ComputerEquipment2022-01-012022-12-3110438325core:UKTax2022-01-012022-12-3110438325core:UKTax2021-01-012021-12-311043832512022-01-012022-12-311043832512021-01-012021-12-3110438325core:Goodwill2021-12-3110438325core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2021-12-3110438325core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2021-12-31104383252021-12-3110438325core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-01-012022-12-3110438325core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2022-01-012022-12-3110438325core:LandBuildingscore:OwnedOrFreeholdAssets2021-12-3110438325core:ConstructionInProgressAssetsUnderConstruction2021-12-3110438325core:PlantMachinery2021-12-3110438325core:FurnitureFittings2021-12-3110438325core:ComputerEquipment2021-12-3110438325core:ConstructionInProgressAssetsUnderConstruction2022-01-012022-12-3110438325core:AfterOneYear2022-12-3110438325core:AfterOneYear2021-12-3110438325core:WithinOneYear2022-12-3110438325core:WithinOneYear2021-12-3110438325core:BetweenTwoFiveYears2022-12-3110438325core:BetweenTwoFiveYears2021-12-3110438325core:MoreThanFiveYears2022-12-3110438325core:MoreThanFiveYears2021-12-3110438325core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntitycore:SaleOrPurchaseGoods2022-01-012022-12-3110438325core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntitycore:SaleOrPurchaseGoods2021-01-012021-12-3110438325core:OtherRelatedPartiescore:SaleOrPurchaseGoods2022-01-012022-12-3110438325core:OtherRelatedPartiescore:SaleOrPurchaseGoods2021-01-012021-12-3110438325core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2022-12-3110438325bus:PrivateLimitedCompanyLtd2022-01-012022-12-3110438325bus:FRS1022022-01-012022-12-3110438325bus:Audited2022-01-012022-12-3110438325bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP