Company registration number 05423865 (England and Wales)
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
COMPANY INFORMATION
Directors
J C Hughes
J Deane
G Baines
(Appointed 4 September 2023)
Company number
05423865
Registered office
6 Portis Fields
Bristol Road
Portishead
Bristol
BS20 6PN
Auditor
Simpson Wreford LLP
Wellesley House
Duke of Wellington Avenue
Royal Arsenal
London
SE18 6SS
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 29
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Fair review of the business

The profit after tax for the year for the group was £6,670,038 (2022: £6,406,046).

 

The group had net assets of £25,321,225at the balance sheet date (2022: £25,651,187).

 

The subsidiary included within the consolidation reports a profit after tax of £115,461 (2022: £55,120) and net assets of £804,895 (2022: £689,434).

 

Principal risks and uncertainties

The company's principal activity is the manufacture and sale of commemorative and collector proof and semi-proof coins being solid gold, silver, platinum and base metals to companies all over the world.

 

The company strives to be the leading private mint in the UK and as such the directors are well aware of the risks inherent in the industry generally and keep these under constant review.

 

Risks to staff, the public, customers and end users are negated by maintaining high quality standards in manufacture, the adoption of best practice in health and safety and the Company’s compliance with environmental and safety regulations.

 

Continuity of the Company’s supply chain is ensured by maintaining close links and collaboration with its suppliers both in the UK and overseas.

 

The Company continues to set high standards of product quality and end finish in order to maintain its position.

 

Uncertainties of exchange rate fluctuation, valuation of gold and other precious metals and the economic conditions in export destinations pose an ongoing risk to the business but these are closely monitored by the directors to minimise the Company’s exposure as far as possible.

 

The risks outlined for the group as a whole are also the risks pertaining to the entity.

Key performance indicators

Financial KPIs

Turnover – the Company continues to pursue increased sales through expansion in the marketplace and product development. Turnover has increased by 104% from £39,042,623 in 2022 to £79,784,003 in 2023 for the company.

 

Profit after tax – the profit after tax increased in 2023 to £6,702,895 from £6,499,244 in 2022 for the company.

 

Cost control – the directors continually review costs and endeavour to take corrective action to ensure their management.

 

Financial KPIs are measured by the level of turnover and gross margin, the measurement of costs and performance against budgets and the extent to which profit is generated.

THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Other performance indicators

Non-Financial KPIs

Quality – the Company maintains the highest quality standards of design and manufacture and closely monitors the feedback of customers.

On behalf of the board

J Deane
Director
14 February 2024
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of manufacturing and dealing in coins and medals.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £7,000,000. The directors do not recommend payment of a further dividend.

Directors

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

J C Hughes
J Deane
M E Bach
(Resigned 4 September 2023)
G Baines
(Appointed 4 September 2023)
Auditor

The auditor, Simpson Wreford LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
J Deane
Director
14 February 2024
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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.

THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
- 5 -
Opinion

We have audited the financial statements of The Commonwealth Mint & Philatelic Bureau Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, 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:

THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
- 6 -
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, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Audit response to risk identified

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
- 7 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Michael Broder BSc FCA (Senior Statutory Auditor)
For and on behalf of Simpson Wreford LLP
22 February 2024
Chartered Accountants
Statutory Auditor
Wellesley House
Duke of Wellington Avenue
Royal Arsenal
London
SE18 6SS
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
80,024,304
39,202,937
Cost of sales
(66,808,530)
(27,307,571)
Gross profit
13,215,774
11,895,366
Administrative expenses
(4,237,112)
(3,937,423)
Other operating income
32,235
-
Operating profit
4
9,010,897
7,957,943
Interest receivable and similar income
8
49,623
806
Interest payable and similar expenses
9
(206,390)
(116,576)
Profit before taxation
8,854,130
7,842,173
Tax on profit
10
(2,184,092)
(1,436,127)
Profit for the financial year
6,670,038
6,406,046
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
1,038,227
1,186,545
Tangible assets
13
2,060,103
2,129,223
3,098,330
3,315,768
Current assets
Stocks
16
7,941,147
11,621,730
Debtors
17
6,196,410
3,419,098
Cash at bank and in hand
10,429,703
9,525,055
24,567,260
24,565,883
Creditors: amounts falling due within one year
18
(1,978,657)
(1,851,658)
Net current assets
22,588,603
22,714,225
Total assets less current liabilities
25,686,933
26,029,993
Provisions for liabilities
Deferred tax liability
19
365,708
378,806
(365,708)
(378,806)
Net assets
25,321,225
25,651,187
Capital and reserves
Called up share capital
21
50,000
50,000
Profit and loss reserves
25,271,225
25,601,187
Total equity
25,321,225
25,651,187

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 14 February 2024 and are signed on its behalf by:
14 February 2024
J Deane
Director
Company registration number 05423865 (England and Wales)
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
2,036,880
2,020,345
Investments
14
2,051,027
2,051,027
4,087,907
4,071,372
Current assets
Stocks
16
7,921,147
11,601,730
Debtors
17
6,170,394
3,364,691
Cash at bank and in hand
10,345,890
9,429,276
24,437,431
24,395,697
Creditors: amounts falling due within one year
18
(2,458,497)
(2,109,579)
Net current assets
21,978,934
22,286,118
Total assets less current liabilities
26,066,841
26,357,490
Provisions for liabilities
Deferred tax liability
19
303,972
297,516
(303,972)
(297,516)
Net assets
25,762,869
26,059,974
Capital and reserves
Called up share capital
21
50,000
50,000
Profit and loss reserves
25,712,869
26,009,974
Total equity
25,762,869
26,059,974

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 £6,702,895 (2022 - £6,499,244 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 14 February 2024 and are signed on its behalf by:
14 February 2024
J Deane
Director
Company registration number 05423865 (England and Wales)
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
50,000
19,195,141
19,245,141
Year ended 31 December 2022:
Profit and total comprehensive income
-
6,406,046
6,406,046
Balance at 31 December 2022
50,000
25,601,187
25,651,187
Year ended 31 December 2023:
Profit and total comprehensive income
-
6,670,038
6,670,038
Dividends
11
-
(7,000,000)
(7,000,000)
Balance at 31 December 2023
50,000
25,271,225
25,321,225
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
50,000
19,510,730
19,560,730
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
6,499,244
6,499,244
Balance at 31 December 2022
50,000
26,009,974
26,059,974
Year ended 31 December 2023:
Profit and total comprehensive income
-
6,702,895
6,702,895
Dividends
11
-
(7,000,000)
(7,000,000)
Balance at 31 December 2023
50,000
25,712,869
25,762,869
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
10,086,048
8,124,644
Interest paid
(206,390)
(116,576)
Income taxes paid
(1,560,831)
(1,110,556)
Net cash inflow from operating activities
8,318,827
6,897,512
Investing activities
Purchase of tangible fixed assets
(463,802)
(427,231)
Proceeds from disposal of tangible fixed assets
-
5,260
Repayment of loans
-
33,000
Interest received
49,623
806
Net cash used in investing activities
(414,179)
(388,165)
Financing activities
Dividends paid to equity shareholders
(7,000,000)
-
0
Net cash used in financing activities
(7,000,000)
-
Net increase in cash and cash equivalents
904,648
6,509,347
Cash and cash equivalents at beginning of year
9,525,055
3,015,708
Cash and cash equivalents at end of year
10,429,703
9,525,055
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
10,117,876
8,077,773
Interest paid
(205,905)
(116,338)
Income taxes paid
(1,581,178)
(1,088,283)
Net cash inflow from operating activities
8,330,793
6,873,152
Investing activities
Purchase of tangible fixed assets
(463,802)
(427,231)
Proceeds from disposal of tangible fixed assets
-
0
5,260
Repayment of loans
-
0
33,000
Interest received
49,623
806
Net cash used in investing activities
(414,179)
(388,165)
Financing activities
Dividends paid to equity shareholders
(7,000,000)
-
Net cash used in financing activities
(7,000,000)
-
Net increase in cash and cash equivalents
916,614
6,484,987
Cash and cash equivalents at beginning of year
9,429,276
2,944,289
Cash and cash equivalents at end of year
10,345,890
9,429,276
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

The Commonwealth Mint & Philatelic Bureau Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 6 Portis Fields, Bristol Road, Portishead, Bristol, BS20 6PN.

 

The group consists of The Commonwealth Mint & Philatelic Bureau 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.

65% of the share capital was acquired by Heimerle + Meule Group during the year and is the smallest group to which the company belongs.

 

A copy of the group accounts for the largest group to which the company belongs can be obtained from group registered office being Beckergrube 38-52, 23552 Lubeck, Deutschland.

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 The Commonwealth Mint & Philatelic Bureau 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 2023. 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.

THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -

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

The group subsidiary is Techgrave Limited (company registration number 10500249 (England & Wales)). This company is taking advantage of the exemption from audit under S479A of the Companies Act 2006.

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 represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised on the date goods are dispatched to the customer.

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
Intangible fixed assets - goodwill

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

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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.

THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

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
50 years straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
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.

1.8
Fixed asset investments

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

 

In the parent company financial statements, investments in subsidiaries, 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.

1.9
Impairment of fixed assets

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

 

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

1.10
Stocks

Stocks of precious metals are stated at valuation at the year end date, being the amount which they are readily able to be exchanged for. Stock is used on a FIFO basis.

THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -

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

1.11
Cash 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.

1.12
Financial instruments

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

 

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

 

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

1.13
Equity instruments

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

1.14
Taxation

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

1.15
Employee benefits

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

 

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

 

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

1.16
Retirement benefits

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

1.17
Leases

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

1.18
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.

THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
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
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
28,188,263
25,912,688
EU
771,401
890,206
Rest of world
51,064,640
12,400,043
80,024,304
39,202,937
2023
2022
£
£
Other revenue
Interest income
49,623
806
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Exchange losses
93,364
45,358
Depreciation of owned tangible fixed assets
532,922
417,550
Amortisation of intangible assets
148,318
148,318
Operating lease charges
27,400
28,380
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
22,500
21,000
For other services
All other non-audit services
11,320
9,071
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
64
61
59
55

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,226,019
2,231,459
1,954,661
1,958,053
Social security costs
213,560
241,041
185,679
213,722
Pension costs
42,831
44,441
38,036
39,514
2,482,410
2,516,941
2,178,376
2,211,289
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
465,000
330,703
Company pension contributions to defined contribution schemes
11,988
7,659
476,988
338,362
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
310,000
153,931
Company pension contributions to defined contribution schemes
7,992
2,323
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
49,623
806
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
21
Other finance costs:
Other interest
206,390
116,555
Total finance costs
206,390
116,576
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
2,101,079
1,433,339
Adjustments in respect of prior periods
96,111
-
0
Total current tax
2,197,190
1,433,339
Deferred tax
Origination and reversal of timing differences
(13,098)
2,788
Total tax charge
2,184,092
1,436,127

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:

2023
2022
£
£
Profit before taxation
8,854,130
7,842,173
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
2,213,533
1,490,013
Tax effect of expenses that are not deductible in determining taxable profit
59,682
23,997
Effect of change in corporation tax rate
(133,801)
-
Permanent capital allowances in excess of depreciation
(12,225)
(16,887)
Depreciation on assets not qualifying for tax allowances
-
0
27,157
Research and development tax credit
(26,110)
(61,750)
Under/(over) provided in prior years
96,112
-
0
Tax at marginal rate
-
0
(29,191)
Deferred tax
(13,099)
2,788
Taxation charge
2,184,092
1,436,127
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
7,000,000
-
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
1,483,181
Amortisation and impairment
At 1 January 2023
296,636
Amortisation charged for the year
148,318
At 31 December 2023
444,954
Carrying amount
At 31 December 2023
1,038,227
At 31 December 2022
1,186,545
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
929,016
3,272,081
257,843
19,856
4,478,796
Additions
-
0
421,492
42,310
-
0
463,802
At 31 December 2023
929,016
3,693,573
300,153
19,856
4,942,598
Depreciation and impairment
At 1 January 2023
98,734
2,072,526
164,483
13,830
2,349,573
Depreciation charged in the year
9,290
492,234
29,568
1,830
532,922
At 31 December 2023
108,024
2,564,760
194,051
15,660
2,882,495
Carrying amount
At 31 December 2023
820,992
1,128,813
106,102
4,196
2,060,103
At 31 December 2022
830,282
1,199,555
93,360
6,026
2,129,223
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Tangible fixed assets
(Continued)
- 23 -
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
929,016
2,437,397
257,843
19,856
3,644,112
Additions
-
0
421,492
42,310
-
0
463,802
At 31 December 2023
929,016
2,858,889
300,153
19,856
4,107,914
Depreciation and impairment
At 1 January 2023
98,734
1,346,720
164,483
13,830
1,623,767
Depreciation charged in the year
9,290
406,579
29,568
1,830
447,267
At 31 December 2023
108,024
1,753,299
194,051
15,660
2,071,034
Carrying amount
At 31 December 2023
820,992
1,105,590
106,102
4,196
2,036,880
At 31 December 2022
830,282
1,090,677
93,360
6,026
2,020,345
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
2,051,027
2,051,027
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
2,051,027
Carrying amount
At 31 December 2023
2,051,027
At 31 December 2022
2,051,027
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Techgrave Limited
Unit 16 Magreal Industrial Estate, Edgbaston, Birmingham, United Kingdom, B16 0QZ
Ordinary
100.00
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
20,000
20,000
-
-
Finished goods and goods for resale
7,921,147
11,601,730
7,921,147
11,601,730
7,941,147
11,621,730
7,921,147
11,601,730
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,028,139
2,731,606
6,015,825
2,688,420
Other debtors
89,773
507,592
81,157
502,592
Prepayments and accrued income
78,498
179,900
73,412
173,679
6,196,410
3,419,098
6,170,394
3,364,691
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
419,494
940,601
997,489
1,251,001
Corporation tax payable
1,217,537
581,178
1,144,710
568,012
Other taxation and social security
136,718
129,155
119,129
93,513
Other creditors
5,867
6,456
5,424
6,035
Accruals and deferred income
199,041
194,268
191,745
191,018
1,978,657
1,851,658
2,458,497
2,109,579
19
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
365,708
378,806
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
19
Deferred taxation
(Continued)
- 25 -
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
303,972
297,516
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
378,806
297,516
(Credit)/charge to profit or loss
(13,098)
6,456
Liability at 31 December 2023
365,708
303,972

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
42,831
44,441

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.

21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
50,000
50,000
50,000
50,000
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
22
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
2023
2022
2023
2022
£
£
£
£
Within one year
44,000
-
22,000
-
Between two and five years
25,666
-
12,833
-
69,666
-
34,833
-
23
Related party transactions
Transactions with related parties

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

Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Group
Other related parties
218
-
55,192,282
14,629,608
Company
Other related parties
218
-
55,192,282
14,629,608
Consultancy costs
2023
2022
£
£
Group
Other related parties
59,731
42,366
Company
Other related parties
59,731
42,366

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Other related parties
132,602
49,241
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
23
Related party transactions
(Continued)
- 27 -
Company
Other related parties
132,602
49,241

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Other related parties
218
-
Company
Other related parties
218
-
24
Controlling party

The company is owned 65% by Heimerle + Meule Group, by virtue of it's shareholding. There is no ultimate controlling party.

The accounts of the company are consolidated into Heimerle + Meule Group, the smallest group to which the company belongs.

 

Heimerle + Meule Group is consolidated into the accounts of Possehl Group, the largest group to which the company belongs.

 

A copy of the group accounts for the largest group to which the company belongs can be obtained from the group registered office being Beckergrube 38-52, 23552 Lubeck, Deutschland.

THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
25
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
6,670,038
6,406,046
Adjustments for:
Taxation charged
2,184,092
1,436,127
Finance costs
206,390
116,576
Investment income
(49,623)
(806)
Amortisation and impairment of intangible assets
148,318
148,318
Depreciation and impairment of tangible fixed assets
532,922
417,550
Movements in working capital:
Decrease in stocks
3,680,583
505,652
Increase in debtors
(2,777,312)
(410,071)
Decrease in creditors
(509,360)
(494,748)
Cash generated from operations
10,086,048
8,124,644
26
Cash generated from operations - company
2023
2022
£
£
Profit for the year after tax
6,702,895
6,499,244
Adjustments for:
Taxation charged
2,164,332
1,433,077
Finance costs
205,905
116,338
Investment income
(49,623)
(806)
Depreciation and impairment of tangible fixed assets
447,267
303,345
Movements in working capital:
Decrease in stocks
3,680,583
515,652
Increase in debtors
(2,805,703)
(388,231)
Decrease in creditors
(227,780)
(400,846)
Cash generated from operations
10,117,876
8,077,773
27
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
9,525,055
904,648
10,429,703
THE COMMONWEALTH MINT & PHILATELIC BUREAU LTD
GROUP ACCOUNTS
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
28
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
9,429,276
916,614
10,345,890
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2023.300J C HughesJ DeaneM E BachG Bainesfalse05423865bus:Consolidated2023-01-012023-12-31054238652023-01-012023-12-3105423865bus:Director12023-01-012023-12-3105423865bus:Director22023-01-012023-12-3105423865bus:Director42023-01-012023-12-3105423865bus:Director32023-01-012023-12-3105423865bus:RegisteredOffice2023-01-012023-12-31054238652023-12-3105423865bus:Consolidated2022-01-012022-12-31054238652022-01-012022-12-3105423865bus:Consolidated2023-12-3105423865core:Goodwillbus:Consolidated2023-12-3105423865core:Goodwillbus:Consolidated2022-12-3105423865bus:Consolidated2022-12-31054238652022-12-3105423865core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-3105423865core:PlantMachinerybus:Consolidated2023-12-3105423865core:FurnitureFittingsbus:Consolidated2023-12-3105423865core:MotorVehiclesbus:Consolidated2023-12-3105423865core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-3105423865core:PlantMachinerybus:Consolidated2022-12-3105423865core:FurnitureFittingsbus:Consolidated2022-12-3105423865core:MotorVehiclesbus:Consolidated2022-12-3105423865core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3105423865core:PlantMachinery2023-12-3105423865core:FurnitureFittings2023-12-3105423865core:MotorVehicles2023-12-3105423865core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3105423865core:PlantMachinery2022-12-3105423865core:FurnitureFittings2022-12-3105423865core:MotorVehicles2022-12-3105423865core:ShareCapitalbus:Consolidated2023-12-3105423865core:ShareCapitalbus:Consolidated2022-12-3105423865core:ShareCapital2023-12-3105423865core:ShareCapital2022-12-3105423865core:RetainedEarningsAccumulatedLosses2023-12-3105423865core:ShareCapitalbus:Consolidated2021-12-3105423865core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-12-3105423865core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3105423865core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3105423865core:ShareCapital2021-12-3105423865core:RetainedEarningsAccumulatedLosses2021-12-3105423865core:RetainedEarningsAccumulatedLosses2022-12-3105423865bus:Consolidated2021-12-31054238652021-12-3105423865core:Goodwill2023-01-012023-12-3105423865core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3105423865core:PlantMachinery2023-01-012023-12-3105423865core:FurnitureFittings2023-01-012023-12-3105423865core:MotorVehicles2023-01-012023-12-3105423865core:UKTaxbus:Consolidated2023-01-012023-12-3105423865core:UKTaxbus:Consolidated2022-01-012022-12-3105423865core:ContinuingOperationsbus:Consolidated2022-01-012022-12-3105423865core:ContinuingOperationsbus:Consolidated2023-01-012023-12-3105423865bus:Consolidated12023-01-012023-12-3105423865bus:Consolidated12022-01-012022-12-3105423865bus:Consolidated22023-01-012023-12-3105423865bus:Consolidated22022-01-012022-12-3105423865bus:Consolidated32023-01-012023-12-3105423865bus:Consolidated32022-01-012022-12-3105423865core:Goodwillbus:Consolidated2022-12-3105423865core:Goodwillbus:Consolidated2023-01-012023-12-3105423865core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-3105423865core:PlantMachinerybus:Consolidated2022-12-3105423865core:FurnitureFittingsbus:Consolidated2022-12-3105423865core:MotorVehiclesbus:Consolidated2022-12-3105423865bus:Consolidated2022-12-3105423865core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3105423865core:PlantMachinery2022-12-3105423865core:FurnitureFittings2022-12-3105423865core:MotorVehicles2022-12-31054238652022-12-3105423865core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-01-012023-12-3105423865core:PlantMachinerybus:Consolidated2023-01-012023-12-3105423865core:FurnitureFittingsbus:Consolidated2023-01-012023-12-3105423865core:MotorVehiclesbus:Consolidated2023-01-012023-12-3105423865core:CurrentFinancialInstruments2023-12-3105423865core:CurrentFinancialInstruments2022-12-3105423865core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3105423865core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3105423865core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3105423865core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3105423865core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3105423865core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3105423865bus:PrivateLimitedCompanyLtd2023-01-012023-12-3105423865bus:FRS1022023-01-012023-12-3105423865bus:Audited2023-01-012023-12-3105423865bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3105423865bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP