Company registration number 13060850 (England and Wales)
MAVEGA GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
MAVEGA GROUP LIMITED
COMPANY INFORMATION
Directors
Mr G Borriello
Mr M Caleo
Company number
13060850
Registered office
Colette House
52- 55 Piccadilly
London
W1J 0DX
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
MAVEGA GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 5
Group statement of comprehensive income
6
Group statement of financial position
7
Company statement of financial position
8
Group statement of changes in equity
9
Company statement of changes in equity
10
Group statement of cash flows
11
Notes to the financial statements
12 - 28
MAVEGA GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -

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

Review of the business

The directors consider the Group's key performance indicators to be turnover and operating income. The Group continues to ensure costs are maintained within acceptable levels.

 

Turnover in 2022 has increased to $20.2m from $18.0m in 2021, due to higher activity and rates in the market. Gross profit has experienced a marginal decline, decreasing to $11.5m from $12.6m.

Principal risks and uncertainties

Shipping is a global industry and effected by global trends, all of which potentially impact the business (favourably or otherwise).

Development and performance

The Group continues to have a healthy cash position at the year end of $4.59m (2021: $3.48m). Alongside a strong net asset position at 31 December 2022 of $6.5m (2021: $5.3m) the group has significant resources to continue developing the business. 2023 has seen a good start with increasing levels of turnover, operating income and cash to the end of the first quarter.

Key performance indicators

The key financial indicators monitored by the Group include turnover, shareholders funds and cash.

 

 

2022

2021

 

$’000

$’000

Turnover

20,225

18,042

Total equity

5,752

4,786

Cash and cash equivalents

4,592

3,476

 

On behalf of the board

Mr M Caleo
Director
11 March 2024
MAVEGA GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -

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

Principal activities

The principal activity of the company and group continued to be that of shipbroking.

Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. 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:

Mr G Borriello
Mr M Caleo
Future developments

The markets continued to be unpredictable for all sectors however the Group continues to see growth and is well positioned to continue this trend.

 

Having increased reserves, cash and performance, the Group is well placed to accept any challenges or opportunities that the oil market, Covid-19, or other geo-political events may bring.

 

The Group has focused its efforts on ensuring that it continues to operate under a cost efficient environment while maximising broking staff opportunities as we look to grow market share from both London and other sister companies, including overseas offices.

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
Mr M Caleo
Director
11 March 2024
2024-03-11
MAVEGA GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -

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

 

Company law requires the directors 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.

MAVEGA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MAVEGA GROUP LIMITED
- 4 -

Disclaimer of opinion on financial statements

We were engaged to audit the financial statements of Mavega Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

We do not express an opinion on the accompanying financial statements of the group and company.

 

Because of the significance of the matters described in the basis for disclaimer of opinion section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

Basis for disclaimer of opinion

As explained in note 1.3, the financial statements for one or more material subsidiaries are included in these consolidated financial statements but have not been audited, as component auditors have not been appointed.

 

Had all subsidiaries been audited, the possible effects of adjustments arising as a result of the audit process on the consolidated financial statements could be both material and pervasive. In the absence of audited accounts, the effects on the consolidated financial statements of any audit adjustments that might arise in respect of the unaudited subsidiaries has therefore not been determined. There were no alternative audit procedures that we could perform in order to gain sufficient appropriate evidence in this regard.

 

Our opinion on the parent company's financial statements is also disclaimed as we have been unable to obtain sufficient appropriate audit evidence in respect of the initial cost of the subsidiary investments and any subsequent impairment that might be required, or the completeness of creditors to finance these investments. There were no alternative audit procedures that we could perform in order to gain sufficient appropriate evidence in this regard and we have been unable to determine whether any adjustments are necessary in relation to these areas.

Opinions on other matters prescribed by the Companies Act 2006

Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have been unable to form an opinion, whether based in the work we have undertaken in the course of the audit:

Matters on which we are required to report by exception

Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit performed, subject to the pervasive limitations described above, we have not identified material misstatements in the directors report.

 

Arising from the limitations of our work referred to above:

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

MAVEGA GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MAVEGA GROUP LIMITED
- 5 -
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 responsibility is to conduct an audit of the financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor’s report.

 

However, because of the matters described in the basis for disclaimer of opinion section of our report we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

 

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.

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.

Barry Gostling (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP
12 March 2024
Chartered Accountants
Statutory Auditor
Connexions
159 Princes Street
Ipswich
IP1 1QJ
MAVEGA GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
2022
2021
Notes
$
$
Turnover
4
20,224,762
18,041,905
Cost of sales
(8,678,310)
(5,427,139)
Gross profit
11,546,452
12,614,766
Administrative expenses
(10,753,786)
(8,627,003)
Other operating income
1,588,793
192,338
Impairment of related company loans
5
(375,623)
-
0
Operating profit
6
2,005,836
4,180,101
Other interest receivable and similar income
10
211
2,026
Interest payable and similar expenses
11
(7,572)
(2,348)
Profit before taxation
1,998,475
4,179,779
Tax on profit
12
(509,916)
(999,646)
Profit for the financial year
1,488,559
3,180,133
Other comprehensive income
Currency translation loss taken to retained earnings
(522,716)
(10,164)
Total comprehensive income for the year
965,843
3,169,969
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.
MAVEGA GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 7 -
2022
2021
Notes
$
$
$
$
Fixed assets
Negative goodwill
13
(455,481)
(658,001)
Other intangible assets
13
45,955
76,092
Total intangible assets
(409,526)
(581,909)
Tangible assets
14
105,151
78,528
(304,375)
(503,381)
Current assets
Debtors
17
11,060,868
8,433,501
Cash at bank and in hand
4,592,215
3,475,766
15,653,083
11,909,267
Creditors: amounts falling due within one year
18
(9,588,926)
(6,612,492)
Net current assets
6,064,157
5,296,775
Total assets less current liabilities
5,759,782
4,793,394
Provisions for liabilities
Deferred tax liability
19
8,124
7,579
(8,124)
(7,579)
Net assets
5,751,658
4,785,815
Capital and reserves
Called up share capital
21
149
149
Other reserves
(270,176)
(270,176)
Profit and loss reserves
6,021,685
5,055,842
Total equity
5,751,658
4,785,815

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 11 March 2024 and are signed on its behalf by:
11 March 2024
Mr M Caleo
Director
Company registration number 13060850 (England and Wales)
MAVEGA GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 2022
- 8 -
2022
2021
Notes
$
$
$
$
Fixed assets
Investments
15
1,118,456
1,118,456
Current assets
Debtors
17
6,314
135
Cash at bank and in hand
9,994
-
0
16,308
135
Creditors: amounts falling due within one year
18
(1,138,991)
(1,102,014)
Net current liabilities
(1,122,683)
(1,101,879)
Net (liabilities)/assets
(4,227)
16,577
Capital and reserves
Called up share capital
21
149
149
Profit and loss reserves
(4,376)
16,428
Total equity
(4,227)
16,577

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was $20,804 (2021 - $16,428 profit).

The financial statements were approved by the board of directors and authorised for issue on 11 March 2024 and are signed on its behalf by:
11 March 2024
Mr M Caleo
Director
Company registration number 13060850 (England and Wales)
MAVEGA GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
Share capital
Merger reserve
Profit and loss reserves
Total
Notes
$
$
$
$
Balance at 1 January 2021
135
(149,904)
1,885,873
1,736,104
Year ended 31 December 2021:
Profit for the year
-
-
3,180,133
3,180,133
Other comprehensive income:
Currency translation differences
-
-
(10,164)
(10,164)
Total comprehensive income
-
-
3,169,969
3,169,969
Issue of share capital
21
14
-
-
14
Other movements
-
(120,272)
-
(120,272)
Balance at 31 December 2021
149
(270,176)
5,055,842
4,785,815
Year ended 31 December 2022:
Profit for the year
-
-
1,488,559
1,488,559
Other comprehensive income:
Currency translation differences
-
-
(522,716)
(522,716)
Total comprehensive income
-
-
965,843
965,843
Balance at 31 December 2022
149
(270,176)
6,021,685
5,751,658
MAVEGA GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
Share capital
Profit and loss reserves
Total
Notes
$
$
$
Balance at 1 January 2021
135
-
0
135
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
16,428
16,428
Issue of share capital
21
14
-
14
Balance at 31 December 2021
149
16,428
16,577
Year ended 31 December 2022:
Profit and total comprehensive income
-
(20,804)
(20,804)
Balance at 31 December 2022
149
(4,376)
(4,227)
MAVEGA GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
2022
2021
Notes
$
$
$
$
Cash flows from operating activities
Cash generated from operations
25
2,672,850
3,208,884
Interest paid
(7,572)
(2,348)
Income taxes paid
(879,602)
(650,539)
Net cash inflow from operating activities
1,785,676
2,555,997
Investing activities
Purchase of business
-
471,940
Purchase of intangible assets
-
(76,092)
Purchase of tangible fixed assets
(127,487)
(475)
Repayment of loans
(19,235)
(57,742)
Interest received
211
2,026
Net cash (used in)/generated from investing activities
(146,511)
339,657
Financing activities
Proceeds from issue of shares
-
14
Dividends paid to equity shareholders
-
0
(120,272)
Net cash used in financing activities
-
(120,258)
Net increase in cash and cash equivalents
1,639,165
2,775,396
Cash and cash equivalents at beginning of year
3,475,766
710,534
Effect of foreign exchange rates
(522,716)
(10,164)
Cash and cash equivalents at end of year
4,592,215
3,475,766
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 12 -
1
Accounting policies
Company information

Mavega Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Mavega Group Limited 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 USD, 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.

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

 

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.

MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 13 -
1.3
Basis of consolidation

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

 

Mavega Asia Pte Ltd, Mavega Italia Srl, Mavega Geneve SA and Mavega Guangzhou Company Ltd are all 100% subsidiary companies. Each of these subsidiaries are included in the consolidated accounts but these entites have not been audited.

 

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

 

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

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

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

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

 

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

 

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

1.4
Going concern

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

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage pf completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 14 -
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.

 

Negative goodwill arises where the fair value of net assets acquired exceeds the cost of acquisition. Negative goodwill is released to the Statement of Comprehensive Income in line with the depreciation period of the fixed assets acquired.

1.7
Intangible fixed assets other than goodwill

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

 

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

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

Other intangible assets
33% straight line
1.8
Tangible fixed assets

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

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

Leasehold improvements
33% straight line
Plant and equipment
25% straight line
Motor vehicles
25% straight line

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.

1.9
Fixed asset investments

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

 

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

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

MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 15 -

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

 

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

 

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

 

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

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

1.10
Impairment of fixed assets

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

 

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

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

 

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

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

1.11
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.

MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 16 -
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 statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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

Classification of financial liabilities

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

MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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

 

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

Derecognition of financial liabilities

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

1.13
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.

Current tax

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

MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 18 -
Deferred tax

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

 

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

1.15
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.

2
Change in accounting policy

The entity has changed its presentation currency from GBP to USD since the prior period. The presentation currency has been changed to match the functional currency of the group. This change has been applied fully retrospectively and comparative amounts have been restated to the new presentation currency.

3
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.

MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
3
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provisions for bad and doubtful debts

Provisions are raised against debtors where there is uncertainty over whether they will be recoverable. Calculation of these provisions requires judgements to be made about the recoverability of debts that remain outstanding at the date of the approval of the financial statements.

4
Turnover and other revenue
2022
2021
$
$
Turnover analysed by class of business
Ship broking services
20,224,762
18,041,905
2022
2021
$
$
Turnover analysed by geographical market
United Kingdom
6,289,438
10,363,889
Europe
1,625,135
708,005
Rest of the world
12,310,189
6,970,011
20,224,762
18,041,905
2022
2021
$
$
Other revenue
Interest income
211
2,026
5
Exceptional item
2022
2021
$
$
Expenditure
Impairment of related company loans
375,623
-
6
Operating profit
2022
2021
$
$
Operating profit for the year is stated after charging/(crediting):
Exchange losses
394,383
7,537
Depreciation of owned tangible fixed assets
100,863
35,867
Amortisation of intangible assets
30,137
-
Release of negative goodwill
(202,520)
(152,079)
Operating lease charges
352,611
248,711
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 20 -
7
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
$
$
For audit services
Audit of the financial statements of the group and company
19,509
12,193
Audit of the financial statements of the company's subsidiaries
40,480
38,909
59,989
51,102
For other services
All other non-audit services
20,161
40,161
8
Employees

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

Group
Company
2022
2021
2022
2021
Number
Number
Number
Number
Sales and administration
48
51
-
-
Directors
2
2
-
-
Total
50
53
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2022
2021
2022
2021
$
$
$
$
Wages and salaries
5,573,495
4,463,492
-
0
-
0
Social security costs
297,906
281,845
-
-
Pension costs
35,782
41,819
-
0
-
0
5,907,183
4,787,156
-
0
-
0
9
Directors' remuneration
2022
2021
$
$
Remuneration for qualifying services
587,434
418,846
Company pension contributions to defined contribution schemes
1,611
1,816
589,045
420,662
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
9
Directors' remuneration
(Continued)
- 21 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2021 - 1).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2022
2021
$
$
Remuneration for qualifying services
404,544
212,217
10
Interest receivable and similar income
2022
2021
$
$
Interest income
Interest on bank deposits
211
2,026
Disclosed on the income statement as follows:
Other interest receivable and similar income
211
2,026
11
Interest payable and similar expenses
2022
2021
$
$
Interest on bank overdrafts and loans
-
2,348
Other interest
7,572
-
Total finance costs
7,572
2,348
12
Taxation
2022
2021
$
$
Current tax
UK corporation tax on profits for the current period
490,511
1,004,587
Adjustments in respect of prior periods
18,033
-
0
Total current tax
508,544
1,004,587
Deferred tax
Origination and reversal of timing differences
1,372
(4,941)
Total tax charge
509,916
999,646
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
12
Taxation
(Continued)
- 22 -

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

2022
2021
$
$
Profit before taxation
1,998,475
4,179,779
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
379,710
794,158
Tax effect of expenses that are not deductible in determining taxable profit
73,948
156,682
Tax effect of income not taxable in determining taxable profit
-
0
18,938
Change in unrecognised deferred tax assets
105,759
38,851
Effect of overseas tax rates
(64,864)
(9,595)
Foreign exchange differences
15,363
612
Taxation charge
509,916
999,646
13
Intangible fixed assets
Group
Negative goodwill
Other intangible assets
Total
$
$
$
Cost
At 1 January 2022 and 31 December 2022
(810,080)
76,092
(733,988)
Amortisation and impairment
At 1 January 2022
(152,079)
-
0
(152,079)
Amortisation charged for the year
(202,520)
30,137
(172,383)
At 31 December 2022
(354,599)
30,137
(324,462)
Carrying amount
At 31 December 2022
(455,481)
45,955
(409,526)
At 31 December 2021
(658,001)
76,092
(581,909)
The company had no intangible fixed assets at 31 December 2022 or 31 December 2021.
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 23 -
14
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Motor vehicles
Total
$
$
$
$
Cost
At 1 January 2022
18,209
225,263
-
0
243,472
Additions
19,448
69,509
38,529
127,486
At 31 December 2022
37,657
294,772
38,529
370,958
Depreciation and impairment
At 1 January 2022
-
0
164,944
-
0
164,944
Depreciation charged in the year
33,105
51,271
16,487
100,863
At 31 December 2022
33,105
216,215
16,487
265,807
Carrying amount
At 31 December 2022
4,552
78,557
22,042
105,151
At 31 December 2021
18,209
60,319
-
0
78,528
The company had no tangible fixed assets at 31 December 2022 or 31 December 2021.
15
Fixed asset investments
Group
Company
2022
2021
2022
2021
Notes
$
$
$
$
Investments in subsidiaries
16
-
0
-
0
1,118,456
1,118,456
Movements in fixed asset investments
Company
Shares in subsidiaries
$
Cost or valuation
At 1 January 2022 and 31 December 2022
1,118,456
Carrying amount
At 31 December 2022
1,118,456
At 31 December 2021
1,118,456
16
Subsidiaries

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

MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
16
Subsidiaries
(Continued)
- 24 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Mavega Asia Pte Limited
6 Battery Road, #15-05, 049909, Singapore
Ordinary
100.00
-
Mavega Italia Srl
Via Fieschi 3/12, 16121, Genova, Italy
Ordinary
100.00
-
Mavega Geneve SA
Place de la Synagogue, CH1204, Geneve, Switzerland
Ordinary
100.00
-
Mavega UK Limited
Colette House, 52-55 Picadilly, London, W1J 0DX
Ordinary
100.00
-
Mavega Guangzhou Company Limited
Room 1402, Carton Fair Tower, 679 Fengpu zhong lu Road, 510335 Guangzhou, China
Ordinary
-
100.00
17
Debtors
Group
Company
2022
2021
2022
2021
Amounts falling due within one year:
$
$
$
$
Trade debtors
3,234,634
3,728,964
-
0
-
0
Other debtors
5,108,745
1,823,407
5,136
135
Prepayments and accrued income
2,717,489
2,881,130
1,178
-
0
11,060,868
8,433,501
6,314
135
18
Creditors: amounts falling due within one year
Group
Company
2022
2021
2022
2021
$
$
$
$
Trade creditors
1,028,764
1,757,784
43,309
32,403
Amounts owed to group undertakings
-
0
-
0
1,095,682
784,635
Corporation tax payable
527,340
897,571
-
0
-
0
Other taxation and social security
745,584
836,713
-
-
Other creditors
4,690,853
668,327
-
0
284,976
Accruals and deferred income
2,596,385
2,452,097
-
0
-
0
9,588,926
6,612,492
1,138,991
1,102,014
19
Deferred taxation

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

Liabilities
Liabilities
2022
2021
Group
$
$
Accelerated capital allowances
8,124
7,579
The company has no deferred tax assets or liabilities.
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
19
Deferred taxation
(Continued)
- 25 -
Group
Company
2022
2022
Movements in the year:
$
$
Liability at 1 January 2022
7,579
-
Charge to profit or loss
545
-
Liability at 31 December 2022
8,124
-

The deferred tax liability set out above is expected to reverse in line with the depreciation of fixed assets and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2022
2021
Defined contribution schemes
$
$
Charge to profit or loss in respect of defined contribution schemes
35,782
41,819

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
2022
2021
2022
2021
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary shares of £1 each
110
110
149
149
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
2022
2021
2022
2021
$
$
$
$
Within one year
46,504
114,585
-
-
Between two and five years
-
52,537
-
-
46,504
167,122
-
-
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 26 -
23
Related party transactions
Transactions with related parties

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

Other operating income
Commissions payable
2022
2021
2022
2021
$
$
$
$
Group
Other related parties
641,929
102,188
3,482,893
2,062,191

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2022
2021
$
$
Group
Other related parties
1,928,568
1,965,879
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
23
Related party transactions
(Continued)
- 27 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2022
2022
2022
2021
2021
2021
Balance
Provision
Net
Balance
Provision
Net
$
$
$
$
$
$
Group
Key management personnel
76,977
-
76,977
57,742
-
57,742
Other related parties
709,556
550,305
159,251
437,857
395,335
42,522
MAVEGA GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 28 -
24
Controlling party

Mavega Group Limited is under the control of Guiseppe Borriello, director.

25
Cash generated from group operations
2022
2021
$
$
Profit for the year after tax
1,488,559
3,180,133
Adjustments for:
Taxation charged
509,916
999,646
Finance costs
7,572
2,348
Investment income
(211)
(2,026)
Amortisation and impairment of intangible assets
(172,383)
(152,079)
Depreciation and impairment of tangible fixed assets
100,863
35,867
Movements in working capital:
Increase in debtors
(2,608,132)
(3,545,217)
Increase in creditors
3,346,666
2,690,212
Cash generated from operations
2,672,850
3,208,884
26
Analysis of changes in net funds - group
1 January 2022
Cash flows
Exchange rate movements
31 December 2022
$
$
$
$
Cash at bank and in hand
3,475,766
1,639,165
(522,716)
4,592,215
2022-12-312022-01-01falseCCH SoftwareCCH Accounts Production 2023.300Mr G BorrielloMr M Caleofalse13060850bus:Consolidated2022-01-012022-12-31130608502022-01-012022-12-3113060850bus:Director12022-01-012022-12-3113060850bus:Director22022-01-012022-12-3113060850bus:RegisteredOffice2022-01-012022-12-3113060850bus:Consolidated2022-12-31130608502022-12-3113060850bus:Consolidated2021-01-012021-12-3113060850bus:Consolidated12022-01-012022-12-3113060850bus:Consolidated12021-01-012021-12-31130608502021-01-012021-12-3113060850core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-01-012022-12-3113060850core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-01-012021-12-3113060850core:NegativeGoodwillbus:Consolidated2022-12-3113060850core:NegativeGoodwillbus:Consolidated2021-12-3113060850core:OtherResidualIntangibleAssetsbus:Consolidated2022-12-3113060850core:OtherResidualIntangibleAssetsbus:Consolidated2021-12-3113060850core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2022-12-3113060850core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2021-12-3113060850bus:Consolidated2021-12-3113060850core:LeaseholdImprovementsbus:Consolidated2022-12-3113060850core:PlantMachinerybus:Consolidated2022-12-3113060850core:MotorVehiclesbus:Consolidated2022-12-3113060850core:LeaseholdImprovementsbus:Consolidated2021-12-3113060850core:PlantMachinerybus:Consolidated2021-12-3113060850core:MotorVehiclesbus:Consolidated2021-12-31130608502021-12-3113060850core:CurrentFinancialInstruments2022-12-3113060850core:CurrentFinancialInstruments2021-12-3113060850core:ShareCapitalbus:Consolidated2022-12-3113060850core:ShareCapitalbus:Consolidated2021-12-3113060850core:OtherMiscellaneousReservebus:Consolidated2022-12-3113060850core:OtherMiscellaneousReservebus:Consolidated2021-12-3113060850core:ShareCapital2022-12-3113060850core:ShareCapital2021-12-3113060850core:RetainedEarningsAccumulatedLosses2022-12-3113060850core:ShareCapitalbus:Consolidated2020-12-3113060850core:RetainedEarningsAccumulatedLossesbus:Consolidated2020-12-3113060850core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-12-3113060850core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3113060850core:ShareCapital2020-12-3113060850core:RetainedEarningsAccumulatedLosses2020-12-3113060850core:RetainedEarningsAccumulatedLosses2021-12-3113060850core:ShareCapitalbus:Consolidated2021-01-012021-12-3113060850core:ShareCapital2021-01-012021-12-3113060850bus:Consolidated2020-12-3113060850core:Goodwill2022-01-012022-12-3113060850core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3113060850core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-01-012022-12-3113060850core:LeaseholdImprovements2022-01-012022-12-3113060850core:PlantMachinery2022-01-012022-12-3113060850core:MotorVehicles2022-01-012022-12-3113060850core:UKTaxbus:Consolidated2022-01-012022-12-3113060850core:UKTaxbus:Consolidated2021-01-012021-12-3113060850core:NegativeGoodwillbus:Consolidated2021-12-3113060850core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2021-12-3113060850bus:Consolidated2021-12-3113060850core:NegativeGoodwillbus:Consolidated2022-01-012022-12-3113060850core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2022-01-012022-12-3113060850core:LeaseholdImprovementsbus:Consolidated2021-12-3113060850core:PlantMachinerybus:Consolidated2021-12-3113060850core:MotorVehiclesbus:Consolidated2021-12-3113060850core:LeaseholdImprovementsbus:Consolidated2022-01-012022-12-3113060850core:PlantMachinerybus:Consolidated2022-01-012022-12-3113060850core:MotorVehiclesbus:Consolidated2022-01-012022-12-3113060850core:Subsidiary12022-01-012022-12-3113060850core:Subsidiary22022-01-012022-12-3113060850core:Subsidiary32022-01-012022-12-3113060850core:Subsidiary42022-01-012022-12-3113060850core:Subsidiary52022-01-012022-12-3113060850core:Subsidiary112022-01-012022-12-3113060850core:Subsidiary212022-01-012022-12-3113060850core:Subsidiary312022-01-012022-12-3113060850core:Subsidiary412022-01-012022-12-3113060850core:Subsidiary512022-01-012022-12-3113060850core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3113060850core:CurrentFinancialInstrumentsbus:Consolidated2021-12-3113060850core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3113060850core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2021-12-3113060850core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3113060850core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3113060850bus:PrivateLimitedCompanyLtd2022-01-012022-12-3113060850bus:FRS1022022-01-012022-12-3113060850bus:Audited2022-01-012022-12-3113060850bus:ConsolidatedGroupCompanyAccounts2022-01-012022-12-3113060850bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP