ENVIROVENT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ENVIROVENT LIMITED
COMPANY INFORMATION
Directors
H Tome
C Campderros
E Scotcher
A Makin
J Lecue Yuste
G Grigorova
Secretary
G Grigorova
Company number
06297061 (England and Wales)
Registered office
Unit 1 Bardner Bank
Harrogate West Business Park
Killinghall
Harrogate
North Yorkshire
HG3 2SP
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Auditors
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
Business address
Unit 1 Bardner Bank
Harrogate West Business Park
Killinghall
Harrogate
North Yorkshire
HG3 2SP
Bankers
Banco de Sabadell
Level 10
30 St. Mary Axe
London
EC3A 8EP
Barclays Bank plc
Leicester
Leicestershire
LE87 2BB
ENVIROVENT LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 30
The following pages do not form part of the statutory financial statements:
Detailed trading and profit and loss account
Appendix
ENVIROVENT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Principal activities and business review

The company's principal activity is the design, manufacture and installation of domestic ventilation products and the curing of condensation and mould problems.

 

The majority of sales are into the UK Domestic Ventilation sector with some export activities. There have been no significant changes in the company's principal activities in the year and the directors are not aware of any likely changes in the forthcoming year.

 

The company has continued to invest further in the development of new products to create further growth within the UK Domestic Ventilation sector. There is further investment planned for new UK manufactured products and improvements planned on already established products.

 

As shown in the company's statement of comprehensive income, sales have increased by 17.1% on the prior year. The company's key measurement, the EBITDA increased to £5,291,292 (2022: £3,966,982). The gross profit margin has increased by 1.0%.

 

The company generated a cash inflow of £1,884,932 (2022: £1,950,562).

 

The company's financial position remains healthy with net current assets of £16,911,676 (2022: £13,715,071) and net assets of £19,972,703 (2022: £16,369,441).

 

The directors believe the quality and range of the company's products, together with its customer service, will help to see satisfactory trading results in the coming year.

 

2023 marks the first full year since the company's relocation in September 2022 to a new 61,000 sq ft premises on Harrogate West Business Park which brought together EnviroVent's manufacturing, warehousing, head office and training suite into one purpose-built space for its 250-plus employees. It is fantastic for the company to be together under one roof in our new headquarters. We are truly committed to good environmental practices throughout our business and these purpose-built premises allow EnviroVent to operate on an even more sustainable basis. With much larger premises, we have room to expand and ambitious plans.

 

Working alongside our parent company Soler & Palau, we fully expect to grow our brand, protecting and creating employee roles, benefitting our customers, our suppliers and the wider community. We are very excited about the future.

Principal risks and uncertainties

The extent to which the cost of living crisis and Brexit impacts on the wider macroeconomy and consumer confidence together with its effect on the company's business remains uncertain. The company has mitigated against potential supply issues by careful stock management including retaining a level of buffer stock.

 

The directors are confident that demand for the company's products and services will remain strong.

Financial risk management objectives and policies

The company finances its operations through a mixture of retained profits and where necessary to fund capital expenditure programs through hire purchase financing arrangements. In addition, should the need arise, the company would also consider financing its operations through bank or group borrowings. The management's objectives are to:

 

 

As the company's surplus funds are primarily invested in sterling bank accounts, this limits exposure to price risk.

 

The company's credit risk is primarily attributable to its trade debtors. Credit insurance is utilised by the company to mitigate this particular risk.

- 1 -
ENVIROVENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Non-financial key performance indicators

The company's key non-financial performance indicators during the year were as follows:

 

                          2023                 2022

 

Operations            

 

Number of products manufactured                280,627                218,743                

First time pass yield                 99.81%             99.48%

 

Number of completed sales orders                35,396                34,560

 

 

People

 

Long-time injury rate                     161.4                167.12

(number of work-related injuries x 1,000/ average number of employees)

 

Near miss rate (number of reported near misses)        36                10        

 

Employee absence rate                    7.07%                7.37%    

(number of absence days/(total employees x work days)) x 100%

Promoting the success of the company
Section 172

Section 172 of the Companies Act states directors must act in a manner they consider, would in good faith, benefit the members of the company. Taking into account the long term consequences of their decisions on all stakeholder groups, including employees. The directors also acknowledge the need to act fairly for every stakeholder.

Employee engagement statement

Our employees are our most important asset. The board ensure that wherever possible we provide appropriate training and career development.

 

We adhere to our policies covering recruitment, equal opportunities, harassment and bullying. The company is committed to satisfying latest employment legislation and providing a safe working environment.

- 2 -
ENVIROVENT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Engagement with suppliers, customers and others

Delivering our strategy requires strong mutually beneficial relationships with suppliers, customers, and all those with whom we do business with. The company seeks to promote and apply to those relationships, principles which are based on our core values. The ability to promote these principles effectively is a key factor in the decision to enter or remain in such relationships

 

Suppliers are selected based on several criteria such as; quality, compliance with our policies covering anti bribery, corruption & modern slavery act 2015. Close relationships with suppliers are encouraged to benefit the company. Regular dialogue is encouraged and feedback sought at every opportunity to improve our business.

 

Our customers are at the heart of our decision-making and we seek regular feedback from them. The directors continuously assess the priorities related to customers and those with whom we do business, and engage on these topics, for example, within the context of business strategy updates.

 

The directors of the company are committed to high standards of business conduct and governance and seek advice from its advisors, as and when required, to ensure the consideration of business conduct and that the company's reputation is maintained

 

The board and senior management conduct regular reviews of business performance with a view to managing risk. Informed decisions can then be taken to mitigate risks wherever possible. Decision-making and long-term strategy is reviewed regularly and consideration is given to our operations and the impact on the communities where we operate.

Impact of the company's operations on the community and the environment

The company is aware of its social responsibilities to the communities where it operates.

 

We encourage sustainable practices and are constantly seeking to be environmentally responsible. For instance, policies are implemented to reduce the business' carbon footprint such as considerations when replenishing our fleet of vehicles and installation of a Building Management System (BMS) at our Head Office to assist in monitoring and controlling business energy usage. We constantly strive to reduce waste.

 

Further information on the company's energy consumption is contained within the Energy and Carbon reporting section of the Directors' Report.

 

 

On behalf of the board

A Makin
Director
15 April 2024
- 3 -
ENVIROVENT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

Results and dividends

The results for the year are set out on page 11.

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:

H Tome
C Campderros
E Scotcher
A Makin
J Lecue Yuste
G Grigorova
Research and development

The company's research and development activities involve the development of new products, new processes, quality improvement of existing products and cost reduction programs.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company employs a variety of means of regular consultation with its employees including annual appraisals, discussion groups and other less formal arrangements. The objective is to provide a sound basis for constructive employee relations.

 

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

Auditor

In accordance with the company's articles, a resolution proposing that Ashworth Moulds be reappointed as auditor of the company will be put at a General Meeting.

Energy and carbon report

In compliance with "The Companies Act 2006" (Strategic Report and Directors' Report) in particular Part 7A to Schedule 7 "Dealing with energy and carbon disclosures by large unquoted companies", we make the following disclosures of energy and Carbon Dioxide (CO2) information for EnviroVent Limited for the year ended 31 December 2023.

 

The information includes the reporting of greenhouse gas emissions (Scope 1 and 2), energy consumption data for fuels, electricity and transport, and also a CO2 intensity ratio. The implementation of energy saving measures is also explained below.

- 4 -
ENVIROVENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
2,757,146
2,637,095
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
36.27
- Fuel consumed for owned transport
615.28
540.16
615.28
576.43
Scope 2 - indirect emissions
- Electricity purchased
38.02
40.53
Scope 3 - other indirect emissions
- Electricity transmission and distribution
3.27
3.71
- Fuel consumed for transport not owned by the company
13.49
7.21
Total gross emissions
670.06
627.88
Intensity ratio
Tonnes CO2e per £M of revenue
15.90
17.44
Quantification and reporting methodology

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

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £M of revenue.

Measures taken to improve energy efficiency

We have installed a BMS at Head Office to assist in monitoring and control of the business energy usage and to monitor our solar gain from the 722 solar panels we have had installed. Video conferencing is encouraged to reduce the need for travel. We have improved our fleet selection to include an electric vehicle selection with Hybrid cars as as an alternative option for our company car users.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

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.

- 5 -
ENVIROVENT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Going concern

The company has a strong balance sheet, and the directors consider that the future prospects of the company are good. The company does not require support from the parent company as it is cash generative on a standalone basis.

 

The directors have a reasonable expectation that both the group and company have adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

On behalf of the board
A Makin
Director
15 April 2024
- 6 -
ENVIROVENT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

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.

- 7 -
ENVIROVENT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENVIROVENT LIMITED
Opinion
- 8 -

We have audited the financial statements of Envirovent Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting 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 the audit:

 

ENVIROVENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ENVIROVENT LIMITED
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 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 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.

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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

Audit response to risks identified

We addressed detecting material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, as follows:

- 9 -
ENVIROVENT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ENVIROVENT LIMITED
Risks identified
Audit response
Risk of fraud through management bias and override of controls

 

 

 

Risk of irregularities and non-compliance with laws and regulations

 

 

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 for the audit of the financial statements is located 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.

James Lye BA(Hons) FCA
Senior Statutory Auditor
For and on behalf of Ashworth Moulds
15 April 2024
Chartered Accountants
Statutory Auditor
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
- 10 -
ENVIROVENT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Notes
£
£
Turnover
3
42,147,551
35,996,359
Cost of sales
(23,362,050)
(20,317,552)
Gross profit
18,785,501
15,678,807
Distribution costs
(5,931,473)
(5,312,876)
Administrative expenses
(8,556,806)
(7,129,993)
Other operating income
62,499
43,739
Operating profit
4
4,359,721
3,279,677
Interest receivable and similar income
8
168,363
37,348
Interest payable and similar expenses
9
(3,119)
(6,707)
Profit before taxation
4,524,965
3,310,318
Taxation
10
(921,703)
(482,523)
Profit for the financial year
3,603,262
2,827,795
The notes on pages 15 - 30 form an integral part of these financial statements.

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

- 11 -
ENVIROVENT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
905,210
1,131,530
Other intangible assets
11
244,674
192,178
Total intangible assets
1,149,884
1,323,708
Tangible assets
12
2,629,840
1,898,506
3,779,724
3,222,214
Current assets
Stocks
13
7,825,083
5,006,427
Debtors
14
10,686,499
10,161,828
Cash at bank and in hand
8,407,052
6,522,120
26,918,634
21,690,375
Creditors: amounts falling due within one year
15
(10,006,958)
(7,975,304)
Net current assets
16,911,676
13,715,071
Total assets less current liabilities
20,691,400
16,937,285
Creditors: amounts falling due after more than one year
16
-
0
(23,870)
Provisions for liabilities
Provisions
18
98,000
98,000
Deferred tax liability
19
620,697
445,974
(718,697)
(543,974)
Net assets
19,972,703
16,369,441
Capital and reserves
Called up share capital
21
1,200,000
1,200,000
Profit and loss reserves
18,772,703
15,169,441
Total equity
19,972,703
16,369,441
The notes on pages 15 - 30 form an integral part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 15 April 2024 and are signed on its behalf by:
A Makin
G Grigorova
Director
Director
Company registration number 06297061 (England and Wales)
- 12 -
ENVIROVENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
1,200,000
12,341,646
13,541,646
Year ended 31 December 2022:
Profit and total comprehensive income
-
2,827,795
2,827,795
Balance at 31 December 2022
1,200,000
15,169,441
16,369,441
Year ended 31 December 2023:
Profit and total comprehensive income
-
3,603,262
3,603,262
Balance at 31 December 2023
1,200,000
18,772,703
19,972,703
- 13 -
ENVIROVENT LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
3,631,985
3,507,644
Interest paid
(3,119)
(6,707)
Income taxes paid
(400,000)
(406,150)
Net cash inflow from operating activities
3,228,866
3,094,787
Investing activities
Purchase of intangible assets
(169,710)
(95,508)
Purchase of tangible fixed assets
(1,265,473)
(1,010,102)
Proceeds on disposal of tangible fixed assets
18,291
29,412
Interest received
168,363
37,348
Net cash used in investing activities
(1,248,529)
(1,038,850)
Financing activities
(Payment)/Receipt of group loan
-
(6,120)
Payment of finance leases obligations
(95,405)
(99,255)
Net cash used in financing activities
(95,405)
(105,375)
Net increase in cash and cash equivalents
1,884,932
1,950,562
Cash and cash equivalents at beginning of year
6,522,120
4,571,558
Cash and cash equivalents at end of year
8,407,052
6,522,120
- 14 -
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
Company information

Envirovent Limited is a company limited by shares incorporated in England and Wales. The registered office is Unit 1 Bardner Bank, Harrogate West Business Park, Killinghall, Harrogate, North Yorkshire, HG3 2SP.

 

The company's principal activities are disclosed in the Strategic Report.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have 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.

1.3
Turnover
- 15 -

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

In respect of supply-only sales, the turnover shown in the profit and loss account represents amounts receivable in respect of goods delivered during the year net of sales discounts and exclusive of Value Added Tax.

In respect of supply-and-fit sales, the turnover shown in the profit and loss account represents amounts receivable in respect of goods installed and services provided during the year exclusive of Value Added Tax.

Other income

Interest income is accrued on a time-apportioned basis, by reference to the principal outstanding at the effective interest rate.

1.4
Research and development expenditure

Research and development expenditure is written off against profits in the year in which it is incurred.

1.5
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 20 years.

ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Software
5 years
Intellectual property
5 years
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.

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

Leasehold improvements
straight line over the length of the lease
Plant and equipment
10% straight line
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
Equipment
20% straight line
Installer tools
25% straight line

Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life.

 

Major spare parts that are expected to be used in more than one period, or that can only be used for one asset, are capitalised as tangible assets. All other spare parts are classified as stocks.

 

Subsequent costs, including replacement parts and major inspections, are capitalised only when it is probable that such costs will generate future economic benefits. Any replaced parts or remaining carrying amounts of previous inspections are then derecognised. All other costs of repairs and maintenance are charged to profit or loss as incurred.

 

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 income statement.

1.8
Impairment of fixed assets

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

- 16 -
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
1.9
Stocks
- 17 -

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average cost basis and comprises of direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks held for distribution at no or nominal consideration are measured at cost, adjusted where applicable for any loss of service potential, i.e. benefits expected from use or sale of the stock.

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.

1.10
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.

 

A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).

 

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

 

All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.

 

Amortised cost: the original transaction value, less amounts settled, less any adjustment for impairment.

 

Effective interest method: where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.

Derecognition of financial assets

Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.

 

Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.

1.11
Taxation

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

Current tax

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

ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
Deferred tax

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is not discounted.

 

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

 

Current and deferred tax is charged or credited in profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income.

 

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
Employee benefits

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

1.14
Retirement benefits

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

1.15
Leases

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

 

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

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

- 18 -
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
1.16
Foreign exchange

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.

 

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate prevailing at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

 

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

1.17

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.

 

Government grants relating to the Coronavirus Job Retention Scheme are recognised as other income in the period to which the employee costs are recognised for the relevant furlough period.

1.18

Dividends

Dividends are recognised as liabilities once they are no longer at the discretion of the company.

1.19

Related party transactions

The company has taken advantage of paragraph 33.1A of FRS 102 not to disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

- 19 -
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.

Critical judgements
Provisions

Stocks are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.

 

The company generally offers warranties for its products. Management estimates the related provision for future warranty claims based on historical warranty claim information, as well as evaluating recent trends that might suggest that past cost information may differ from future claims. The warranty provision included at the balance sheet date was £98,000 (2022: £98,000).

 

A deferred tax provision of £620,697 (2022: £445,974) has been recognised based upon timing differences between taxable profits and total comprehensive income at the relevant applicable tax rate.

Leases

In categorising leases as finance leases or operating leases, management makes judgements as to whether the significant risks and rewards of ownership have transferred to the Company as a lessee.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover
United Kingdom
40,646,931
34,988,227
Europe
1,233,873
750,794
Channel Islands
266,747
257,338
42,147,551
35,996,359
Other significant revenue
Interest income
168,363
37,348
- 20 -
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Exchange losses
33,517
42,431
Research and development costs
225,660
139,991
Depreciation of owned tangible fixed assets
546,193
290,214
Depreciation of tangible fixed assets held under finance leases
41,772
55,608
Loss on disposal of tangible fixed assets
72
44,847
Amortisation of intangible assets
312,744
296,636
Loss on disposal of intangible assets
30,790
-
Operating lease charges
897,174
892,445
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 company
34,550
32,550
For other services
Taxation compliance services
5,750
5,950
All other non-audit services
7,700
5,850
13,450
11,800
6
Employees

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

2023
2022
Number
Number
Number of production staff
66
57
Number of sales staff
46
41
Number of administrative staff
103
97
Number of installation staff
62
59
Directors
6
6
283
260
- 21 -
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
10,626,598
9,275,009
Social security costs
1,099,669
995,947
Pension costs
515,178
443,920
12,241,445
10,714,876
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
264,678
240,228
Company pension contributions to defined contribution schemes
32,840
30,231
297,518
270,459

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
148,530
133,454
Company pension contributions to defined contribution schemes
19,477
17,663
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
167,112
36,830
Other interest income
1,251
518
Total income
168,363
37,348
- 22 -
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
191
18
Other finance costs:
Interest on finance leases and hire purchase contracts
2,928
6,689
3,119
6,707
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
746,980
317,127
Deferred tax
Origination and reversal of timing differences
174,723
165,396
Total tax charge
921,703
482,523

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
4,524,965
3,310,318
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
1,131,241
628,960
Tax effect of expenses that are not deductible in determining taxable profit
32,216
23,324
Effect of change in corporation tax rate
(46,986)
-
0
Amortisation on assets not qualifying for tax allowances
56,580
43,000
Other permanent differences
(8,277)
(57,631)
Change in deferred tax rate
-
0
39,694
Patent box additional deduction
(243,071)
(194,824)
Taxation charge for the year
921,703
482,523
- 23 -
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Intangible fixed assets
Goodwill
Software
Intellectual property
Total
£
£
£
£
Cost
At 1 January 2023
4,873,859
894,282
118,129
5,886,270
Additions
-
0
169,710
-
0
169,710
Disposals
-
0
(54,050)
-
0
(54,050)
At 31 December 2023
4,873,859
1,009,942
118,129
6,001,930
Amortisation and impairment
At 1 January 2023
3,742,329
713,701
106,532
4,562,562
Amortisation charged for the year
226,320
83,676
2,748
312,744
Disposals
-
0
(23,260)
-
0
(23,260)
At 31 December 2023
3,968,649
774,117
109,280
4,852,046
Carrying amount
At 31 December 2023
905,210
235,825
8,849
1,149,884
At 31 December 2022
1,131,530
180,581
11,597
1,323,708
- 24 -
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Tangible fixed assets
Leasehold improve-ments
Plant and equipment
Fixtures and fittings
Motor vehicles
Equipment
Installer tools
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
67,431
2,093,352
813,304
1,097,869
603,464
-
0
4,675,420
Additions
-
0
52,948
88,300
1,054,999
38,100
31,126
1,265,473
Disposals
-
0
(2,950)
-
0
(216,954)
-
0
-
0
(219,904)
Transfers
-
0
-
0
-
0
-
0
-
0
216,787
216,787
At 31 December 2023
67,431
2,143,350
901,604
1,935,914
641,564
247,913
5,937,776
Depreciation and impairment
At 1 January 2023
-
0
1,411,398
47,095
823,911
494,510
-
0
2,776,914
Depreciation charged in the year
-
0
122,483
156,031
229,327
47,160
32,964
587,965
Eliminated in respect of disposals
-
0
(725)
-
0
(200,816)
-
0
-
0
(201,541)
Transfers
-
0
-
0
-
0
-
0
-
0
144,598
144,598
At 31 December 2023
-
0
1,533,156
203,126
852,422
541,670
177,562
3,307,936
Carrying amount
At 31 December 2023
67,431
610,194
698,478
1,083,492
99,894
70,351
2,629,840
At 31 December 2022
67,431
681,954
766,209
273,958
108,954
-
0
1,898,506
Transfers relate to installer tools reclassified from stocks.
- 25 -
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Tangible fixed assets
(Continued)

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Motor vehicles
125,139
166,911
Depreciation charge for the year in respect of leased assets
41,772
55,608
13
Stocks
2023
2022
£
£
Raw materials and consumables
4,050,366
2,691,381
Work in progress
263,580
189,418
Finished goods and goods for resale
3,511,137
2,125,628
7,825,083
5,006,427

Finished goods stock with a carrying value of £43,473 (2022: £43,284) has been written down to £Nil. Raw material stock with a carrying value of £88,595 (2022: £74,175 has been written down to £Nil. Work in progress stock with a carrying value of £3,669 (2022: £2,063) has been written down to £Nil. No earlier stock write down has been reversed during the current, or proceeding period.

14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
9,179,215
9,102,870
Corporation tax recoverable
-
0
123,968
Amounts owed by group undertakings
183,835
152,413
Prepayments and accrued income
1,323,449
782,577
10,686,499
10,161,828
- 26 -
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
17
23,870
95,405
Trade creditors
4,281,708
3,592,353
Corporation tax
160,470
-
0
Other taxation and social security
954,119
1,187,929
Other creditors
841,524
695,374
Amounts owed to group undertakings - trading balance
2,620,504
1,718,367
Accruals and deferred income
1,124,763
685,876
10,006,958
7,975,304
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
17
-
0
23,870

Obligations under finance lease and hire purchase agreements are wholly repayable within five years and are effectively secured on the tangible fixed assets to which they relate.

17
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
23,870
95,405
In two to five years
-
0
23,870
23,870
119,275

It is the company's policy to lease certain motor vehicles under finance leases. The average lease term is 3-4 years. Interest rates are fixed at the contract date. All leases are on a fixed repayment basis and arrangements have been entered into for contingent rental payments.

18
Provisions for liabilities
2023
2022
£
£
Warranty
98,000
98,000
Movements on provisions:
Warranty
£
At 1 January 2023 and 31 December 2023
98,000
- 27 -
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Provisions for liabilities
(Continued)

Further details of provisions are given in note 2.

19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
638,962
446,173
Other timing differences
(18,265)
(199)
620,697
445,974
2023
Movements in the year:
£
Liability at 1 January 2023
445,974
Charge to profit or loss
174,723
Liability at 31 December 2023
620,697
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
515,178
443,920

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.

21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
"A" ordinary shares of £1 each
960,000
960,000
960,000
960,000
"B" ordinary shares of £1 each
240,000
240,000
240,000
240,000
1,200,000
1,200,000
1,200,000
1,200,000

The 'A' Ordinary shares and 'B' Ordinary shares rank pari passu in all respects.

- 28 -
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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:

2023
2022
£
£
Within one year
330,705
182,391
Between two and five years
384,929
158,228
715,634
340,619

At the time of approval of these financial statements the company is nearing completion of a lease for the main premises from which it operates. The draft terms are for a 20 year lease with break clause at the end of year 15 with annual rents commencing at £570,000 per annum.

23
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
51,083
17,935
Acquisition of intangible assets
59,716
415,712
110,799
433,647
24
Related party transactions
Remuneration of key management personnel

The total remuneration of the directors and other employees who are considered to be a key management personnel is as follows:

2023
2022
£
£
Aggregate compensation
976,939
917,894

No guarantees have been given or received.

- 29 -
ENVIROVENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
25
Ultimate controlling party

At the 31 December 2023 the company's immediate parent company was Soler & Palau Ventilation Group S.L.U, a company incorporated in Spain, which is the smallest and largest company for which consolidated financial statements of EnviroVent Limited are prepared.

 

The consolidated financial statements of Soler & Palau Ventilation Group S.L.U. are available from its registered office, CL Doctor Ferran 25 1°B, 08034 Barcelona, Spain.

 

The company was controlled throughout the period by SEIS PM S.L, a company registered in Spain.

26
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
3,603,262
2,827,795
Adjustments for:
Taxation charged
921,703
482,523
R&D tax credit
(62,542)
-
Finance costs
3,119
6,707
Investment income
(168,363)
(37,348)
Loss on disposal of tangible fixed assets
72
44,847
Loss on disposal of intangible assets
30,790
-
Amortisation and impairment of intangible assets
312,744
296,636
Depreciation and impairment of tangible fixed assets
587,965
345,822
Decrease in provisions
-
0
(443,000)
Movements in working capital:
(Increase)/decrease in stocks
(2,890,845)
650,080
Increase in debtors
(648,639)
(2,849,894)
Increase in creditors
1,942,719
2,183,476
Cash generated from operations
3,631,985
3,507,644
27
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
6,522,120
1,884,932
8,407,052
Obligations under finance leases
(119,275)
95,405
(23,870)
6,402,845
1,980,337
8,383,182
- 30 -
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2023.300No description of principal activityH TomeC CampderrosE ScotcherA MakinJ Lecue YusteG GrigorovaG 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