Company registration number 13262716 (England and Wales)
AQUA COOLING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
AQUA COOLING LIMITED
COMPANY INFORMATION
Directors
Mr S P Davis
Mr P S Wilson
Mr R C Wilson
Mr O Hymers
(Appointed 11 January 2023)
Mr B D Davies
(Appointed 11 January 2023)
Mr M I West
(Appointed 11 January 2023)
Company number
13262716
Registered office
Unit 6, Brickfield Lane
Chandlers Ford Industrial Estate
Chandlers Ford
Eastleigh
SO53 4DP
Auditor
Sumer Audit
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
AQUA COOLING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 27
AQUA COOLING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
2023 was the company’s first full year of trading following the injection of investment and the bringing together of the three AQUA Cooling businesses that took place in the 18 month period ended 31 December 2022.
The business delivered 12 month like for like growth in revenue of 26% in line with the 5 year business plan, with a significant growth in the Hire division revenue of 41% due to investment in the Hire fleet in the year, but also growth in both Capital Sales and Service division revenues of 23% and 11% respectively.
The company has continued to invest in appropriate human resource, information technology and marketing in line with the 5 year business plan, and with a settled and established sales team and head office function, like for like operating margins have increased significantly in the year.
Principal risks and uncertainties
The primary risk that the company faces is from that of turnover and profitability, however the company seeks to manage these risks through the following measures:
i) Maintaining close and long term relationships with its customers;
ii) Marketing investment in the AQUA brand with a view to building the company core customer base;
iii) Providing a wide range of temperature control products to suit the company customer base;
iv) Providing the company customer base with both short and longer term solutions for capital sales, hire, and service;
vi) Investment in the Hire fleet to enable the company to react accordingly at peak times of the year.
Development and performance
With further growth anticipated in 2024 and the company infrastructure starting to fall into place, the Directors are confident that the business is well positioned to deliver on the company business plan and the company ambitious plans to become the leading player in the industry.
Key performance indicators
The company monitors a wide range of KPIs across the business on a daily, weekly and monthly basis to help understand underlying business performance; corrective actions are taken where required to ensure that the business delivers on targets.
The gross margin % and the operating margins % are the KPIs most commonly used by the business, both of which have improved like for like significantly in year, largely driven by significant investment in the Hire fleet in the year.
Mr S P Davis
Director
1 May 2024
AQUA COOLING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of sale, rental and servicing of industrial process temperature control equipment.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £285,485. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S P Davis
Mr P S Wilson
Mr R C Wilson
Mr O Hymers
(Appointed 11 January 2023)
Mr B D Davies
(Appointed 11 January 2023)
Mr M I West
(Appointed 11 January 2023)
Mr K J Lancaster
(Resigned 22 August 2023)
Financial instruments
The company operates a treasury function which is responsible for managing the liquidity, interest, foreign currency and credit risks associated with the company’s activities.
The company’s principal financial instruments include bank overdrafts and loans, the main purpose of which is to raise finance for the company’s operations. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations.
Liquidity risk
Liquidity risk is the risk that the business, although solvent, will have difficulty in meeting its obligations associated with its financial liabilities as they fall due. A detailed cashflow forecast is updated on a daily basis, which takes into account working capital requirements for the next 12 months, this enables the business to identify and asses potential stretch points and address these accordingly. As at 31 December 2023 the business has sufficient liquid resources to meets its obligations under all reasonably expected circumstances, and in addition has pre-approved finance facility available if required from its bankers.
Interest rate risk
The company manages its exposure to interest rate movements on borrowings through maintaining and appropriate balance between fixed and variable interest rates. As at 31 December 2023 all borrowing is held at fixed interest rates, to eradicate the volatility of interest rate movements and its associated financial exposure.
Foreign Currency Risk
The company is exposed to foreign currency exchange risk on the purchase of stock acquired for resale, and manages this risk through the use of combined spot trading and forward trading contracts to meet the business foreign currency requirements.
AQUA COOLING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Credit risk
Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and is primarily attributable to trade and other debtors. The company continues to monitor the economic environment and has taken actions to limit its exposure to customers that are severely impacted. As a minimum, the company has implemented policies that require appropriate credit checks on potential customers before sales commence, and the utilisation of credit insurance to further mitigate this risk.
Auditor
Sumer Audit were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of directors' responsibilities
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
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.
Future developments
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. It has done so in respect of future developments.
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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
AQUA COOLING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
On behalf of the board
Mr S P Davis
Director
1 May 2024
AQUA COOLING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AQUA COOLING LIMITED
- 5 -
Opinion
We have audited the financial statements of Aqua Cooling 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:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
AQUA COOLING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AQUA COOLING LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.
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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following :
Obtaining and understanding of the legal and regulatory framework in which the company operates, focusing on those laws and regulations that had a direct effect on the financial statements and operations;
Obtaining an understanding of the company's policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud; and
Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the company and our sector-specific experience.
As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law and compliance with the UK Companies Act.
In addition to the above, our procedures to respond to risks identified included the following:
Making enquiries of management about any known or suspected instances of non-compliance with laws and regulations and fraud;
Challenging assumptions and judgements made by management in their significant accounting estimates;
and
AQUA COOLING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AQUA COOLING LIMITED
- 7 -
Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected- in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
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.
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.
Alex Chidwick FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
1 May 2024
Chartered Accountants
Statutory Auditor
Worthing
Sumer Audit is the trading name of Sumer Auditco Limited
AQUA COOLING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Year
Period
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Turnover
3
20,443,391
20,894,042
Cost of sales
(12,196,709)
(13,155,186)
Gross profit
8,246,682
7,738,856
Administrative expenses
(6,172,288)
(7,692,698)
Operating profit
4
2,074,394
46,158
Interest receivable and similar income
7
289
75,000
Interest payable and similar expenses
8
(64,874)
(68,331)
Profit before taxation
2,009,809
52,827
Tax on profit
9
(720,334)
(20,000)
Profit for the financial year
1,289,475
32,827
The profit and loss account has been prepared on the basis that all operations are continuing operations.
AQUA COOLING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
3,648,202
3,856,671
Tangible assets
12
9,753,704
7,730,123
Investments
13
830,626
830,626
14,232,532
12,417,420
Current assets
Stocks
15
1,398,539
937,918
Debtors
16
3,849,192
3,815,445
Cash at bank and in hand
1,574,816
1,156,585
6,822,547
5,909,948
Creditors: amounts falling due within one year
17
(7,571,183)
(6,573,302)
Net current liabilities
(748,636)
(663,354)
Total assets less current liabilities
13,483,896
11,754,066
Creditors: amounts falling due after more than one year
18
(11,696,184)
(11,700,239)
Provisions for liabilities
Provisions
21
82,632
Deferred tax liability
22
667,196
20,000
(749,828)
(20,000)
Net assets
1,037,884
33,827
Capital and reserves
Called up share capital
25
1,067
1,000
Profit and loss reserves
1,036,817
32,827
Total equity
1,037,884
33,827
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 1 May 2024 and are signed on its behalf by:
Mr S P Davis
Director
Company registration number 13262716 (England and Wales)
AQUA COOLING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2021
1,000
1,000
Period ended 31 December 2022:
Profit and total comprehensive income
-
32,827
32,827
Balance at 31 December 2022
1,000
32,827
33,827
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,289,475
1,289,475
Issue of share capital
25
67
-
67
Dividends
10
-
(285,485)
(285,485)
Balance at 31 December 2023
1,067
1,036,817
1,037,884
AQUA COOLING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
3,607,024
5,641,791
Investing activities
Purchase of tangible fixed assets
(3,310,230)
(6,400,819)
Proceeds from disposal of tangible fixed assets
219,740
Interest received
289
Dividends received
75,000
Net cash used in investing activities
(3,090,201)
(6,325,819)
Financing activities
Proceeds from new bank loans
-
1,300,000
Repayment of bank loans
(75,461)
(67,254)
Proceeds from new finance leases
495,841
749,131
Repayment of finance leases
(168,613)
(72,933)
Interest paid
(64,874)
(68,331)
Dividends paid
(285,485)
Net cash (used in)/generated from financing activities
(98,592)
1,840,613
Net increase in cash and cash equivalents
418,231
1,156,585
Cash and cash equivalents at beginning of year
1,156,585
Cash and cash equivalents at end of year
1,574,816
1,156,585
AQUA COOLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information
Aqua Cooling Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6, Brickfield Lane, Chandlers Ford Industrial Estate, Chandlers Ford, Eastleigh, SO53 4DP.
1.1
Reporting period
The financial statements presented are for a period of 12 months, the comparative amounts presented are for a period of 18 months. Therefore, the comparative amounts presented in these financial statements may not be entirely comparable.
1.2
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.
The accounts only present the accounts of the company, not the consolidated accounts of the group. The company has relied upon the exemption from preparing group accounts contained in section 402 of the Companies Act 2006 since all the company's subsidiaries were non-trading throughout the year and taken together, their inclusion in consolidated accounts would not, in the opinion of the directors, be material for giving a true and fair view in accordance with section 405 of the Companies Act 2006.
1.3
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.
The company has net current liabilities at the period end date but is meeting all of its obligations as they fall due. The company continues to rely on the support of its subsidiaries in this regard.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue is recognised when (a) the significant risks and rewards of ownership have transferred to the buyer, (b) the company retains no continuing involvement or control over the goods, (c) the amount of revenue can be measured reliably, (d) it is probable that future economic benefits will flow to the entity, and (e) when the specific criteria relating as set out below have been met;
i. Capital Sales
Revenue is recognised on delivery to the customer when the title and the risks and rewards of ownership have substantially transferred to the customer. Both the persuasive evidence of a sales arrangement and fixed or determinable price criteria are deemed to be satisfied upon receipt of an executed and legally binding sales agreement or contract that clearly defines the terms and conditions of the transaction including the respective obligations of the parties. If the defined terms allow conditions allow variability in all or a component of the price, revenue is not recognised until such time that the price becomes fixed or determinable.
AQUA COOLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
ii. Provision of Services
Service revenue is recognised in the period in which the services are provided in accordance with the stage of completion of the contract and based on the selling price of the services provided.
The company also enters into maintenance and extended warranty contracts with customers. Revenue related to these services is recognised on a straight line basis over the duration of the contract, unless the cost of providing these services is incurred on a basis other than straight line. In these circumstances, revenue is recognised over the contract period in proportion to the costs expected to be incurred in performing the service.
1.5
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 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:
Freehold property
15 years and 33 years on a straight line basis (land is not depreciated)
Plant and machinery
3 years on a straight line basis
Hire fleet
Between 3 and 10 years on a straight line basis
Computer and office equipment
Between 3 and 5 years on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.8
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
AQUA COOLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
AQUA COOLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including 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 company’s contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
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 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.
AQUA COOLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
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.
1.15
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
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.
AQUA COOLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
In preparing these financial statements, the directors do not consider there to be any significant judgements.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale, rental and servicing of industrial process temperature equipment
20,443,391
20,894,042
2023
2022
£
£
Turnover analysed by geographical market
UK
18,616,598
20,251,676
EU
1,534,354
398,664
Rest of the world
292,439
243,702
20,443,391
20,894,042
2023
2022
£
£
Other revenue
Interest income
289
-
Dividends received
-
75,000
AQUA COOLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
12,299
(13,978)
Research and development costs
-
777
Fees payable to the company's auditor for the audit of the company's financial statements
22,500
Depreciation of owned tangible fixed assets
810,098
669,315
Depreciation of tangible fixed assets held under finance leases
124,105
93,999
Loss on disposal of tangible fixed assets
132,706
-
Amortisation of intangible assets
208,469
312,703
Operating lease charges
264,891
65,903
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Administration
25
24
Sales
23
23
Service
28
27
Total
76
74
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
3,603,216
4,624,652
Social security costs
488,447
635,743
Pension costs
250,592
363,813
4,342,255
5,624,208
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
338,642
343,773
Company pension contributions to defined contribution schemes
21,600
-
360,242
343,773
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 0).
AQUA COOLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Directors' remuneration
(Continued)
- 19 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
104,399
197,450
Company pension contributions to defined contribution schemes
7,200
-
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
289
Income from fixed asset investments
Income from shares in group undertakings
75,000
Total income
289
75,000
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
289
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
34,241
42,870
Other finance costs:
Interest on finance leases and hire purchase contracts
30,633
25,461
64,874
68,331
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
73,138
AQUA COOLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
2023
2022
£
£
(Continued)
- 20 -
Deferred tax
Origination and reversal of timing differences
524,466
20,000
Adjustment in respect of prior periods
122,730
Total deferred tax
647,196
20,000
Total tax charge
720,334
20,000
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
2,009,809
52,827
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
472,707
10,037
Tax effect of expenses that are not deductible in determining taxable profit
2,423
(49,449)
Effect of change in corporation tax rate
73,442
Amortisation on assets not qualifying for tax allowances
49,032
59,412
Deferred tax adjustments in respect of prior years
122,730
Taxation charge for the year
720,334
20,000
10
Dividends
2023
2022
£
£
Interim paid
285,485
AQUA COOLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
11
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
4,169,374
Amortisation and impairment
At 1 January 2023
312,703
Amortisation charged for the year
208,469
At 31 December 2023
521,172
Carrying amount
At 31 December 2023
3,648,202
At 31 December 2022
3,856,671
12
Tangible fixed assets
Freehold property
Plant and machinery
Hire fleet
Computer and office equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
3,162,449
67,721
4,766,588
496,679
8,493,437
Additions
1,518
3,049
2,948,824
356,839
3,310,230
Disposals
(418)
(401,547)
(22,979)
(424,944)
At 31 December 2023
3,163,967
70,352
7,313,865
830,539
11,378,723
Depreciation and impairment
At 1 January 2023
84,640
12,079
614,665
51,930
763,314
Depreciation charged in the year
103,630
10,357
769,399
50,817
934,203
Eliminated in respect of disposals
(329)
(59,378)
(12,791)
(72,498)
At 31 December 2023
188,270
22,107
1,324,686
89,956
1,625,019
Carrying amount
At 31 December 2023
2,975,697
48,245
5,989,179
740,583
9,753,704
At 31 December 2022
3,077,809
55,642
4,151,923
444,749
7,730,123
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
£
£
Hire fleet
1,243,923
827,462
AQUA COOLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
13
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
14
830,626
830,626
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Aqua Cooling Solutions Holdings Limited
a
non trading
Ordinary
100.00
-
Aqua Cooling Services Limited
a
non trading
Ordinary
100.00
-
Aqua Cooling Hire Ltd
a
non trading
Ordinary
100.00
-
Aqua Cooling Solutions Limited
a
non trading
Ordinary
0
100.00
Registered office addresses (all UK unless otherwise indicated):
a
Unit 6, Brickfield Lane, Chandlers Ford Industrial Estate, Chandlers Ford, Eastleigh, SO53 4DP
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Aqua Cooling Solutions Holdings Limited
636,749
Aqua Cooling Services Limited
264,318
Aqua Cooling Hire Ltd
(69,457)
Aqua Cooling Solutions Limited
636,747
15
Stocks
2023
2022
£
£
Work in progress
259,897
163,326
Finished goods and goods for resale
1,138,642
774,592
1,398,539
937,918
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,950,395
3,153,832
Other debtors
108,165
127,785
Prepayments and accrued income
790,632
533,828
3,849,192
3,815,445
AQUA COOLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
17
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
19
77,559
71,302
Obligations under finance leases
20
385,968
136,403
Trade creditors
2,806,564
2,527,971
Amounts owed to group undertakings
806,116
765,240
Corporation tax
73,138
Other taxation and social security
743,660
476,231
Deferred income
23
1,646,423
1,892,002
Other creditors
21,344
1,351
Accruals and deferred income
1,010,411
702,802
7,571,183
6,573,302
18
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
19
1,079,726
1,161,444
Obligations under finance leases
20
617,458
539,795
Other creditors
9,999,000
9,999,000
11,696,184
11,700,239
Included within other creditors above are loan notes totalling £9,999,000 (2022: £9,999,000). These are unsecured loan notes due to mature in 2031 and attract interest at 5% fixed rate. No interest has been accrued on these loan notes as of the balance sheet date because the Interest has been waived in 2022 and 2023. Whilst these loan notes can be repaid on demand, the directors have confirmed that there is no obligation to repay them until the company is in a position to do so. There is not intention for the loan notes to be repaid within 12 months of the reporting date, therefore this amount has been shown as a non current liability.
Amounts included above which fall due after five years are as follows:
Payable by instalments
783,817
853,351
Payable other than by instalments
9,999,000
9,999,000
10,782,817
10,852,351
AQUA COOLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
19
Loans and overdrafts
2023
2022
£
£
Bank loans
1,157,285
1,232,746
Payable within one year
77,559
71,302
Payable after one year
1,079,726
1,161,444
The mortgage facility is held over 15 years and attracts interest at a rate of 2.14% above the Bank of England base rate. The loan is secured against the property itself, Unit 6 Brickfield Lane, Chandlers Ford and its associated assets and also a debenture against AQUA Cooling Limited.
20
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
385,968
136,403
In two to five years
617,458
539,795
1,003,426
676,198
Lombard asset finance loans are held over 5 years and 2 years, and attract interest at rates of 6.05% fixed and 8.01% fixed. Security is held against the assets themselves as well as cross company guarantees held with fellow group companies.
21
Provisions for liabilities
2023
2022
£
£
Warranty
82,632
-
Movements on provisions:
Warranty
£
Additional provisions in the year
82,632
AQUA COOLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
22
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
667,196
20,000
2023
Movements in the year:
£
Liability at 1 January 2023
20,000
Charge to profit or loss
647,196
Liability at 31 December 2023
667,196
23
Deferred income
2023
2022
£
£
Other deferred income
1,646,423
1,892,002
24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
250,592
363,813
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.
25
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
10,000
1,000
1,000
1,000
Ordinary A shares of 10p each
669
-
67
-
10,669
1,000
1,067
1,000
AQUA COOLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
25
Share capital
(Continued)
- 26 -
On 11 January 2023, 1,000 ordinary shares of £1 each were sub-divided in to 10,000 ordinary shares of £0.10 each. The ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights.
On 11 January 2023, 669 ordinary A shares of £0.10 each were allotted and paid. The ordinary A shares do not have voting nor dividend rights.
26
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
247,740
223,863
Between two and five years
271,448
221,685
In over five years
20,242
539,430
445,548
27
Financial commitments, guarantees and contingent liabilities
Lombard asset finance loans are secured against the assets under leases and cross company guarantees held with fellow group companies.
28
Related party transactions
Remuneration of key management personnel
All directors are considered to be key management personnel. These costs are disclosed within the directors remuneration note.
Other information
The company has taken advantage of the exemption available in section 33.1A of FRS102 whereby it has not disclosed transactions with any wholly owned subsidiary undertaking of the group.
29
Directors' transactions
Dividends totalling £285,485 (2022 - £0) were paid in the year in respect of shares held by the company's directors.
Loan notes of £9,999,000 (2022: £9,999,000) included in creditors falling due after more than one year are owed to Mr S P Davis, Mr P S Wilson, Mr R C Wilson, who are directors of the company. See note 18 for further details.
As at the balance sheet date, the company was owed a total of £42,724 (2022: £32,728) by the directors.
30
Ultimate controlling party
The directors consider that there is no ultimate controlling party of the company.
AQUA COOLING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
31
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
1,289,475
32,827
Adjustments for:
Taxation charged
720,334
20,000
Finance costs
64,874
68,331
Investment income
(289)
(75,000)
Loss on disposal of tangible fixed assets
132,706
-
Amortisation and impairment of intangible assets
208,469
312,703
Depreciation and impairment of tangible fixed assets
934,203
763,314
Increase in provisions
82,632
-
Movements in working capital:
Increase in stocks
(460,621)
(937,918)
Increase in debtors
(33,680)
(908,063)
Increase in creditors
914,500
4,473,595
(Decrease)/increase in deferred income
(245,579)
1,892,002
Cash generated from operations
3,607,024
5,641,791
32
Analysis of changes in net debt
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,156,585
418,231
1,574,816
Borrowings excluding overdrafts
(1,232,746)
75,461
(1,157,285)
Obligations under finance leases
(676,198)
(327,228)
(1,003,426)
(752,359)
166,464
(585,895)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100Mr S P DavisMr P S WilsonMr R C WilsonMr O HymersMr B D DaviesMr M I WestMr K J Lancasterfalsefalse132627162023-01-012023-12-3113262716bus:Director12023-01-012023-12-3113262716bus:Director22023-01-012023-12-3113262716bus:Director32023-01-012023-12-3113262716bus:Director42023-01-012023-12-3113262716bus:Director52023-01-012023-12-3113262716bus:Director62023-01-012023-12-3113262716bus:Director72023-01-012023-12-3113262716bus:RegisteredOffice2023-01-012023-12-31132627162023-12-31132627162021-07-012022-12-3113262716core:RetainedEarningsAccumulatedLosses2021-07-012022-12-3113262716core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3113262716core:Goodwill2023-12-3113262716core:Goodwill2022-12-31132627162022-12-3113262716core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3113262716core:PlantMachinery2023-12-3113262716core:FurnitureFittings2023-12-3113262716core:ComputerEquipment2023-12-3113262716core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3113262716core:PlantMachinery2022-12-3113262716core:FurnitureFittings2022-12-3113262716core:ComputerEquipment2022-12-3113262716core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3113262716core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3113262716core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3113262716core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3113262716core:CurrentFinancialInstruments2023-12-3113262716core:CurrentFinancialInstruments2022-12-3113262716core:Non-currentFinancialInstruments2023-12-3113262716core:Non-currentFinancialInstruments2022-12-3113262716core:Non-currentFinancialInstrumentscore:MoreThanFiveYears2023-12-3113262716core:Non-currentFinancialInstrumentscore:MoreThanFiveYears2022-12-3113262716core:ShareCapital2023-12-3113262716core:ShareCapital2022-12-3113262716core:RetainedEarningsAccumulatedLosses2023-12-3113262716core:RetainedEarningsAccumulatedLosses2022-12-3113262716core:ShareCapital2021-06-3013262716core:RetainedEarningsAccumulatedLosses2021-06-3013262716core:ShareCapitalOrdinaryShares2023-12-3113262716core:ShareCapitalOrdinaryShares2022-12-3113262716core:ShareCapital2023-01-012023-12-31132627162022-12-31132627162021-06-3013262716core:Goodwill2023-01-012023-12-3113262716core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3113262716core:PlantMachinery2023-01-012023-12-3113262716core:FurnitureFittings2023-01-012023-12-3113262716core:ComputerEquipment2023-01-012023-12-3113262716core:UKTax2023-01-012023-12-3113262716core:UKTax2021-07-012022-12-311326271612023-01-012023-12-311326271612021-07-012022-12-3113262716core:Goodwill2022-12-3113262716core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3113262716core:PlantMachinery2022-12-3113262716core:FurnitureFittings2022-12-3113262716core:ComputerEquipment2022-12-3113262716core:Subsidiary12023-01-012023-12-3113262716core:Subsidiary22023-01-012023-12-3113262716core:Subsidiary32023-01-012023-12-3113262716core:Subsidiary42023-01-012023-12-311326271612023-01-012023-12-3113262716core:Subsidiary112023-01-012023-12-3113262716core:Subsidiary212023-01-012023-12-3113262716core:Subsidiary312023-01-012023-12-3113262716core:Subsidiary412023-01-012023-12-3113262716core:Subsidiary12023-12-3113262716core:Subsidiary22023-12-3113262716core:Subsidiary32023-12-3113262716core:Subsidiary42023-12-3113262716core:Non-currentFinancialInstruments12023-12-3113262716core:Non-currentFinancialInstruments12022-12-3113262716core:WithinOneYear2023-12-3113262716core:WithinOneYear2022-12-3113262716core:BetweenTwoFiveYears2023-12-3113262716core:BetweenTwoFiveYears2022-12-3113262716core:MoreThanFiveYears2023-12-3113262716core:MoreThanFiveYears2022-12-3113262716bus:PrivateLimitedCompanyLtd2023-01-012023-12-3113262716bus:FRS1022023-01-012023-12-3113262716bus:Audited2023-01-012023-12-3113262716bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP