Company registration number 05480765 (England and Wales)
PAXTON ACCESS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAXTON ACCESS GROUP LIMITED
COMPANY INFORMATION
Directors
A Stroud
S Brotherton-Ratcliffe
A Clements
(Appointed 1 January 2024)
Secretary
A Clements
Company number
05480765
Registered office
Paxton House
Home Farm Road
Brighton
East Sussex
BN1 9HU
Auditor
Humphrey & Co Audit Services Ltd
7-9 The Avenue
Eastbourne
East Sussex
BN21 3YA
Business address
Paxton House
Home Farm Road
Brighton
East Sussex
BN1 9HU
Bankers
HSBC Bank plc
153 North Street
Brighton
East Sussex
BN1 1SW
PAXTON ACCESS GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Group income statement
11
Group statement of comprehensive income
12
Group statement of financial position
13
Company statement of financial position
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 41
PAXTON ACCESS GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Fair review of the business

Following a challenging 2022, 2023 has been a very successful year for the Paxton group.

In brief, the group grew during the year, with turnover increasing by 7.2% (2022: 9.7%) and gross profit by 18.8% (2022: 1.9%). At the same time administrative expenses increased by 5.0% (2022: 20.9%) and net profit for the year before tax ended up at £3,902,610 (2022: £135,228). The group's net worth at the end of the year was £28,564,136 (2022: £24,953,322).

The group operates in a highly competitive market. In order to maintain and improve its position in this market substantial investment has continued to be made by the group in Research and Development. This investment goes to improving existing products and creating new innovative products for the market with a focus on providing returns over the longer term.

The group did not enter any new markets in the year, instead looking to cultivate the overseas markets already entered into, with particular focus on the US.

Environmental matters

The group is committed to being environmentally responsible and has shown this in achieving the ISO 14001:2015 accreditation for its manufacturing facility in Eastbourne (originally in February 2018) and passing the audit for this in the past five years. The group continuously reviews its policies and capital to see where environmental improvements can be made and has installed charge-points for plug in hybrid cars to encourage the use of low emission vehicles. As well as this, the group has a cross company environmental group to track and report on environmental initiatives. As part of the design and build process of our new Electronics Centre we installed 96,400w solar panels to the roof of the building to help reduce our emissions.

Social and community issues

The group takes social and community issues seriously and has arranged multiple charity days through the year to generate donation income for selected charities.

Principal risks and uncertainties
  1. The group's business is partly speculative, in that it is not known which new products will succeed, even though sales trends for existing products are known. The Directors cannot give any undertaking as to the success or otherwise of new products yielded by its research and development work. There is therefore a significant risk inherent with expenditure related to this.

  2. The Directors are not privy to new products currently in development by the group's competitors; there is therefore a risk that sales of its own products may suffer in the future as a result of unknown improvements in competitors' products.

  3. The group is typical of many businesses of its type in that it is heavily reliant on IT systems. Whilst the Directors diligently review and improve measures for ensuring resilience of its systems and back up of its data, they cannot absolutely ensure that failures will not damage the group's business at some point. In order to mitigate this risk the group continues to invest heavily in its IT infrastructure.

  4. Sales to the group's customers are made on a credit basis. Trade debtors amount to a substantial sum. Mindful of the current credit conditions affecting all companies, including our customers, there is an increased awareness regarding the importance of adherence to our credit terms. The Board has satisfied itself that its customers are financially sound and will continue to be able to fund their debt for the foreseeable future. There is continued focus on strong credit management to ensure timely payment from customers and a healthy corporate liquidity position.

  5. As a group with a global presence, we are aware of the risk posed by worldwide geo-political instability. To mitigate this, we always take this under consideration whenever looking to expand into new markets and when sourcing new materials, as well as keeping our current positions under ongoing review.

PAXTON ACCESS GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Section 172 Statement
Duty to promote the success of the company and group

The Directors consider the successful running of the company and group in terms of achieving its long-term strategy which centres on building a resilient company and group that is great to work for and known for the quality of our products. The ongoing success of the company and group centres around positively engaging all stakeholders of the company. The Directors remain mindful of the long term consequences of key commercial decisions and determined that these were in the interests of the company and group’s owner, employees, agency staff, contractors, customers, installers, suppliers and local community.

The principal decisions made in the year were:

As set out in the Directors’ report, the company and group takes employee involvement very seriously and we ensure we engage with our teams at all levels on a wide range of matters. The company and group regularly engages with its distributors, installers, and suppliers to seek feedback and maintain these important relationships.

The Directors confirm that throughout the year they have acted in the way they consider in good faith, to be most likely to promote the continued success of the company and group for the benefit of its members.

On behalf of the board

A Stroud
Director
30 April 2024
PAXTON ACCESS GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

Paxton Access Group Limited is a holding company whose principal activity, carried on through subsidiary undertakings, is the manufacture and distribution of electronic goods and software development.

Results and dividends

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

Ordinary dividends were paid amounting to £250,000. The directors do not recommend payment of a further dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

A Stroud
S Brotherton-Ratcliffe
A Clements
(Appointed 1 January 2024)
Financial instruments
Treasury operations and financial instruments

The group operates a treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company’s activities.

 

The group’s principal financial instruments are cash balances. In addition, the group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations.

Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

Interest rate risk arises from cash balances, bank overdrafts and loans. The directors continually review the group's exposure to interest rates and take action to ensure that the risk is appropriate in relation to the financial results of the group.

Foreign currency risk

The group’s principal foreign currency exposures arise from trading with overseas companies. Dollar and Euro bank accounts are maintained in order to try and mitigate foreign currency risk.

Credit risk

The group has implemented policies that require appropriate credit checks on potential customers before sales are made. In addition the company has insured its risk of debtor irrecoverability.

Research and development

The group is heavily committed to research and development activities. During the year the group concentrated its research and development activities on both continuous improvement on its current product portfolio as well as diversification into other market sectors.

PAXTON ACCESS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Disabled persons

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

Employee involvement

The group is conscious of the need to keep employees informed regarding the progress and future plans of the group and the mutual benefit that can be engendered by good internal communications. This is achieved through regular meetings with managers and staff and an open forum in which a two way flow of comment and ideas is encouraged. An example of this is the Paxton Exchange which offers senior management the opportunity to communicate the group goals and achievements to all members of staff. A significant amount of time and money is invested in employee training in the group and is available to all levels of staff. The Paxton Seagull, the staff newsletter, is a further commitment to the concept of improving communications within the group. The group is committed to providing a fantastic company culture for all its staff members. In July 2022 the decision was made by the directors to offer all staff an increase to their base salaries to help with the cost of living challenged faced both in the UK and the markets we operate in overseas.

 

Business relationships

The directors consider the fostering of good relationships with all stakeholders as essential for the ongoing success of the company. In that regard they have always considered the impact on the suppliers, customers, end users, staff and others of all decisions made. Key decisions, and their impact on specific groups, have been summarised in the s172 statement included on both our website and in the strategic report.

Future developments

The group is continuing to develop its overseas marketing and sales strategy and the directors expect that this will contribute to an increase in profitability.

Auditor

The auditor, Humphrey & Co Audit Services Ltd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

PAXTON ACCESS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Energy and Greenhouse Gas report
Paxton Access Group Limited has appointed Carbon Footprint Ltd, a leading carbon and energy management company, to independently assess its UK Greenhouse Gas (GHG) emissions in accordance with the UK Government's ‘Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance'.
The GHG emissions have been assessed following the ISO 14064-1:2018 standard and has used the 2022 emission conversion factors published by Department for Environment, Food and Rural Affairs (Defra) and the Department for Business, Energy & Industrial Strategy (BEIS). The assessment follows the dual reporting approach for assessing Scope 2 emissions from electricity usage. The financial control approach has been used.
The table below summarises the GHG emissions for reporting year: 1st January 2022 to 31st December 2023.
Location-Based (tCO₂e)
Market-Based (tCO₂e)
Scope
Emission Source
1
Natural Gas
25.79
25.79
1
Company vehicles
18.93
18.93
2
Electricity
194.54
364.61
2
Company vehicles off-site charging
3.03
3.03
3.6
Cash Opt Out
70.45
70.45
3.6
Grey Fleet (employee-owned vehicles)
16.39
16.39
All
Total tCO₂e
329.13
499.20
All
Total tCO₂e per employee (FTE)
0.99
1.50
All
Total tCO₂e per £M turnover
5.36
8.13
Measures taken during 2023 to improve energy efficiency:
•  96,400w solar panels installed (456m²).
•  We have moved 98% of our fleet cars to fully electric.
•  Installed 6 car charging facilities across Brighton and Eastbourne.
•  Replaced 100% warehouse high beam lighting to LED.
•  VRF system installed at our electronic centre. Heat pump technology to heat our hot water.
•  Green policy launched.
•  Taken on a carbon consultant Carbon Footprint to help us calculate and reduce our Scope 1&2 emissions.
Activity
2023
2022
Total energy consumed (kWh)
1,224,474
1,210,448
Total Gross Location-Based Emissions (tCO₂e)
329.13
282.21
Total Gross Market-Based Emissions (tCO₂e)
499.20
*
Total Net Market-Based Emissions (tCO₂e)
499.20
*
Intensity ratio: tCO₂e (gross market-based) per employee
1.50
*
Intensity ratio: tCO₂e (gross market-based) per £M turnover
8.13
*
* it was not practical to prepare comparative data.
PAXTON ACCESS GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
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.

On behalf of the board
A Stroud
Director
30 April 2024
PAXTON ACCESS GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -

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.

PAXTON ACCESS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PAXTON ACCESS GROUP LIMITED
- 8 -
Opinion

We have audited the financial statements of Paxton Access Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group income statement, 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, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

PAXTON ACCESS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PAXTON ACCESS GROUP LIMITED
- 9 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

We obtained an understanding of the group and the laws and regulations that could reasonably be expected to have a direct effect on the financial statements through discussion with the directors and management and the application of our knowledge and experience. We discussed with management whether there were any known or suspected instances of fraud and/or non-compliance with relevant laws and regulations. We also obtained an understanding of the company's and group's accounting systems and internal controls.

 

We audited the risk of management override of controls, by testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. Our other group audit procedures included, but were not limited to, attending a year end stock count, carrying out detailed substantive testing of a sample of income and expenditure transactions arising in the year and a sample of balance sheet items such as fixed assets, debtors, creditors, etc. We also reviewed the financial statements and checked disclosures to supporting documentation to assess compliance with applicable law and regulation.

 

Because of the inherent risk of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements as we will be less likely to become aware of instances of non-compliance. The risk is greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion omission or misrepresentation.

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.

PAXTON ACCESS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PAXTON ACCESS GROUP LIMITED
- 10 -

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.

Mr Michael Macefield (Senior Statutory Auditor)
For and on behalf of Humphrey & Co Audit Services Ltd
30 April 2024
Chartered Accountants
Statutory Auditor
7-9 The Avenue
Eastbourne
East Sussex
BN21 3YA
PAXTON ACCESS GROUP LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
Turnover
3
66,400,225
61,956,569
Cost of sales
(29,023,296)
(30,485,356)
Gross profit
37,376,929
31,471,213
Administrative expenses
(33,119,420)
(31,532,272)
Other operating income
736,011
550,952
Operating profit
4
4,993,520
489,893
Interest receivable and similar income
8
2,111
-
0
Interest payable and similar expenses
9
(1,093,021)
(354,665)
Profit before taxation
3,902,610
135,228
Tax on profit
10
(17,022)
869,174
Profit for the financial year
27
3,885,588
1,004,402
Profit for the financial year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

PAXTON ACCESS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
£
£
Profit for the year
3,885,588
1,004,402
Other comprehensive income
Currency translation loss taken to retained earnings
(24,774)
(42,900)
Total comprehensive income for the year
3,860,814
961,502
Total comprehensive income for the year is all attributable to the owners of the parent company.
PAXTON ACCESS GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
119,348
203,985
Tangible assets
13
24,228,349
20,149,782
24,347,697
20,353,767
Current assets
Stocks
16
8,745,121
11,138,960
Debtors falling due after more than one year
17
2,403,958
2,471,201
Debtors falling due within one year
17
17,060,154
17,983,456
Cash at bank and in hand
3,128,095
535,616
31,337,328
32,129,233
Creditors: amounts falling due within one year
18
(17,331,322)
(20,084,964)
Net current assets
14,006,006
12,044,269
Total assets less current liabilities
38,353,703
32,398,036
Creditors: amounts falling due after more than one year
19
(9,304,567)
(7,209,714)
Provisions for liabilities
Provisions
22
485,000
235,000
(485,000)
(235,000)
Net assets
28,564,136
24,953,322
Capital and reserves
Called up share capital
25
1,211,002
1,211,002
Merger reserve
26
57,450
57,450
Profit and loss reserves
27
27,295,684
23,684,870
Total equity
28,564,136
24,953,322
The financial statements were approved by the board of directors and authorised for issue on 30 April 2024 and are signed on its behalf by:
30 April 2024
A Stroud
Director
Company registration number 05480765 (England and Wales)
PAXTON ACCESS GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 14 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
20,987,237
18,062,865
Investments
14
234,073
234,073
21,221,310
18,296,938
Current assets
Debtors
17
1,260,490
1,999,356
Cash at bank and in hand
456,646
44,799
1,717,136
2,044,155
Creditors: amounts falling due within one year
18
(12,937,236)
(11,345,791)
Net current liabilities
(11,220,100)
(9,301,636)
Total assets less current liabilities
10,001,210
8,995,302
Creditors: amounts falling due after more than one year
19
(8,440,044)
(7,209,714)
Provisions for liabilities
Deferred tax liability
23
310,042
328,063
(310,042)
(328,063)
Net assets
1,251,124
1,457,525
Capital and reserves
Called up share capital
25
1,211,002
1,211,002
Profit and loss reserves
27
40,122
246,523
Total equity
1,251,124
1,457,525

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £43,599 (2022 - £94,987 loss).

The financial statements were approved by the board of directors and authorised for issue on 30 April 2024 and are signed on its behalf by:
30 April 2024
A Stroud
Director
Company registration number 05480765 (England and Wales)
PAXTON ACCESS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1,211,002
57,450
22,943,368
24,211,820
Year ended 31 December 2022:
Profit for the year
-
-
1,004,402
1,004,402
Other comprehensive income:
Currency translation differences
-
-
(42,900)
(42,900)
Total comprehensive income
-
-
961,502
961,502
Dividends
11
-
-
(220,000)
(220,000)
Balance at 31 December 2022
1,211,002
57,450
23,684,870
24,953,322
Year ended 31 December 2023:
Profit for the year
-
-
3,885,588
3,885,588
Other comprehensive income:
Currency translation differences
-
-
(24,774)
(24,774)
Total comprehensive income
-
-
3,860,814
3,860,814
Dividends
11
-
-
(250,000)
(250,000)
Balance at 31 December 2023
1,211,002
57,450
27,295,684
28,564,136
PAXTON ACCESS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
1,211,002
561,510
1,772,512
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(94,987)
(94,987)
Dividends
11
-
(220,000)
(220,000)
Balance at 31 December 2022
1,211,002
246,523
1,457,525
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
43,599
43,599
Dividends
11
-
(250,000)
(250,000)
Balance at 31 December 2023
1,211,002
40,122
1,251,124
PAXTON ACCESS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
31
7,534,339
(3,540,014)
Interest paid
(1,093,021)
(354,665)
Income taxes (paid)/refunded
(25,857)
89,721
Net cash inflow/(outflow) from operating activities
6,415,461
(3,804,958)
Investing activities
Purchase of intangible assets
(6,204)
(109,791)
Purchase of tangible fixed assets
(3,960,747)
(815,110)
Proceeds from disposal of tangible fixed assets
76,365
1,200
Interest received
2,111
-
0
Net cash used in investing activities
(3,888,475)
(923,701)
Financing activities
Proceeds from borrowings
-
136,842
Repayment of borrowings
(84,510)
(750,000)
Proceeds from new bank loans and invoice financing
5,139,601
-
Repayment of bank loans
(1,343,591)
(1,325,106)
Payment of finance leases obligations
(704,087)
(281,453)
Dividends paid to equity shareholders
(250,000)
(220,000)
Net cash generated from/(used in) financing activities
2,757,413
(2,439,717)
Net increase/(decrease) in cash and cash equivalents
5,284,399
(7,168,376)
Cash and cash equivalents at beginning of year
(2,141,862)
4,990,894
Effect of foreign exchange rates
(14,442)
35,620
Cash and cash equivalents at end of year
3,128,095
(2,141,862)
Relating to:
Cash at bank and in hand
3,128,095
535,616
Bank overdrafts included in creditors payable within one year
-
(2,677,478)
PAXTON ACCESS GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
3,180,975
1,190,050
Interest paid
(546,535)
(306,519)
Net cash inflow from operating activities
2,634,440
883,531
Investing activities
Purchase of tangible fixed assets
(3,256,289)
-
0
Dividends received
404,295
-
0
Net cash used in investing activities
(2,851,994)
-
Financing activities
Proceeds from borrowings
-
0
136,842
Repayment of borrowings
(84,510)
-
Proceeds from new bank loans
2,275,821
-
Repayment of bank loans
(1,311,910)
(929,452)
Dividends paid to equity shareholders
(250,000)
(220,000)
Net cash generated from/(used in) financing activities
629,401
(1,012,610)
Net increase/(decrease) in cash and cash equivalents
411,847
(129,079)
Cash and cash equivalents at beginning of year
44,799
173,878
Cash and cash equivalents at end of year
456,646
44,799
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
1
Accounting policies
Company information

Paxton Access Group Limited (“the Company”) is a limited company by shares domiciled and incorporated in England and Wales. The registered office is Paxton House, Home Farm Road, Brighton, East Sussex, BN1 9HU.

 

The Group consists of Paxton Access 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 sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Paxton Access Group Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

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

1.3
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.

1.4
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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 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:

Development Costs
33% reducing balance and 33% straight line
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 properties
1% straight line
Leasehold properties
Straight line over the life of the lease
Plant and machinery
20% reducing balance and 33% straight line
Fixtures, fittings & equipment
20% reducing balance and 20%/25%/33% straight line
Motor vehicles
25% reducing balance

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.8
Fixed asset investments

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

 

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

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

PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.9
Impairment of fixed assets

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

 

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

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.

1.10
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

The cost of stock is based on an average cost basis, where the actual cost of stock purchased to obtain the quantity held is identified and an average cost calculated.

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

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.12
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.

PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
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.

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.

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.

PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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.

1.16
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.

1.17
Retirement benefits

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

1.18
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 statement of financial position 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 leased asset are consumed.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation in each period.

1.19
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at a fixed rate that is used as an approximation for the actual rate. The fixed rates are reviewed periodically. All differences are taken to profit and loss account.
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The critical judgments which have the most significant impact on amounts recognised in the financial statements are as follows:

Stock provisioning

Provision is made where necessary for obsolete, slow moving and defective stocks. The directors review the level of provision based on the level and condition of stock items and their knowledge of the business.

Warranty provisioning

The group provides a 5 year warranty on its products. A provision for expected warranty claims is calculated based on prior experience of levels of warranty claims incurred and future expectations.

Useful life of fixed assets

The directors estimate the expected useful lives of the company's fixed assets which in turn impacts on the amount of depreciation charged in the year.

Deferred tax asset

The directors estimate the amount of deferred tax that is likely to be recovered by the likely availability of future taxable profits.

Key sources of estimation uncertainty

In the opinion of the directors there are no estimates or assumptions which have a significant risk of causing a material misstatement to the carrying amount of assets and liabilities within the next financial year.

 

3
Turnover and other revenue

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

2023
2022
£
£
Turnover analysed by class of business
Electronic access control systems
66,400,225
61,956,569
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 26 -
2023
2022
£
£
Turnover analysed by geographical market
UK
43,217,133
38,815,056
Europe
9,286,406
10,006,711
Rest of World
13,896,686
13,134,802
66,400,225
61,956,569
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(15,177)
(180,565)
Research and development costs
711,514
860,202
Compensation for faulty goods
(134,049)
(163,566)
Rent receivable
(504,667)
(315,000)
Depreciation of owned tangible fixed assets
1,064,130
852,879
Depreciation of tangible fixed assets held under finance leases
94,937
92,388
(Profit)/loss on disposal of tangible fixed assets
(1,627)
158
Amortisation of intangible assets
90,841
117,704
Operating lease charges
586,307
487,385
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,250
3,500
Audit of the financial statements of the company's subsidiaries
34,500
32,850
37,750
36,350
For other services
Taxation compliance services
6,750
6,000
All other non-audit services
6,250
6,150
13,000
12,150
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration
310
356
-
-
Production
74
74
-
-
Cleaning
2
2
-
-
Total
386
432
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
19,645,397
18,225,080
-
0
-
0
Social security costs
1,724,186
1,681,941
-
-
Pension costs
825,518
1,256,200
-
0
-
0
22,195,101
21,163,221
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
684,523
873,940
Company pension contributions to defined contribution schemes
24,690
32,972
709,213
906,912

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

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
552,523
749,702
Company pension contributions to defined contribution schemes
17,658
17,483
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
2,111
-
0
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
958,770
315,184
Other interest on financial liabilities
82,385
26,311
1,041,155
341,495
Other finance costs:
Interest on finance leases and hire purchase contracts
51,674
13,170
Other interest
192
-
Total finance costs
1,093,021
354,665
10
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
(76,078)
(94,743)
Foreign current tax on profits for the current period
25,857
5,022
Total current tax
(50,221)
(89,721)
Deferred tax
Origination and reversal of timing differences
425,632
(779,453)
Adjustment in respect of prior periods
(358,389)
-
0
Total deferred tax
67,243
(779,453)
Total tax charge/(credit)
17,022
(869,174)

The standard rate of corporation tax in the UK increased from 19% to 25% on 1 April 2023. The average rate for the year was 23.5%.

PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 29 -

The actual charge/(credit) 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
3,902,610
135,228
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
917,113
25,693
Tax effect of expenses that are not deductible in determining taxable profit
23,147
8,903
Tax effect of utilisation of tax losses not previously recognised
-
0
(14,661)
Effect of change in corporation tax rate
-
(349,186)
Permanent capital allowances in excess of depreciation
-
(33,678)
Depreciation on assets not qualifying for tax allowances
70,978
56,058
Research and development tax credit
(559,749)
(562,303)
Under/(over) provided in prior years
(434,467)
-
0
Taxation charge/(credit)
17,022
(869,174)
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final dividends paid on ordinary shares
250,000
220,000
12
Intangible fixed assets
Group
Development Costs
£
Cost
At 1 January 2023
818,468
Additions - internally developed
6,204
At 31 December 2023
824,672
Amortisation and impairment
At 1 January 2023
614,483
Amortisation charged for the year
90,841
At 31 December 2023
705,324
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Intangible fixed assets
(Continued)
- 30 -
Carrying amount
At 31 December 2023
119,348
At 31 December 2022
203,985
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
13
Tangible fixed assets
Group
Freehold properties
Leasehold properties
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
2,375,400
18,694,276
4,865,187
2,790,667
-
0
28,725,530
Additions
-
0
3,261,147
1,887,030
146,626
26,999
5,321,802
Disposals
-
0
-
0
(243,042)
-
0
-
0
(243,042)
Exchange adjustments
-
0
(14,256)
-
0
(20,958)
-
0
(35,214)
At 31 December 2023
2,375,400
21,941,167
6,509,175
2,916,335
26,999
33,769,076
Depreciation and impairment
At 1 January 2023
161,300
2,451,240
3,588,160
2,375,048
-
0
8,575,748
Depreciation charged in the year
17,091
428,920
502,453
204,603
6,000
1,159,067
Eliminated in respect of disposals
-
0
-
0
(168,304)
-
0
-
0
(168,304)
Exchange adjustments
-
0
(2,488)
-
0
(23,296)
-
0
(25,784)
At 31 December 2023
178,391
2,877,672
3,922,309
2,556,355
6,000
9,540,727
Carrying amount
At 31 December 2023
2,197,009
19,063,495
2,586,866
359,980
20,999
24,228,349
At 31 December 2022
2,214,100
16,243,036
1,277,027
415,619
-
0
20,149,782
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Tangible fixed assets
(Continued)
- 31 -
Company
Freehold properties
Leasehold properties
Plant and machinery
Total
£
£
£
£
Cost
At 1 January 2023
2,370,400
17,493,262
336,229
20,199,891
Additions
-
0
3,190,167
66,122
3,256,289
At 31 December 2023
2,370,400
20,683,429
402,351
23,456,180
Depreciation and impairment
At 1 January 2023
161,300
1,639,497
336,229
2,137,026
Depreciation charged in the year
17,091
312,958
1,868
331,917
At 31 December 2023
178,391
1,952,455
338,097
2,468,943
Carrying amount
At 31 December 2023
2,192,009
18,730,974
64,254
20,987,237
At 31 December 2022
2,209,100
15,853,765
-
0
18,062,865

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and machinery
1,245,119
369,553
-
0
-
0
Motor vehicles
20,999
-
0
-
0
-
0
1,266,118
369,553
-
-
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
234,073
234,073
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Fixed asset investments
(Continued)
- 32 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
234,073
Carrying amount
At 31 December 2023
234,073
At 31 December 2022
234,073
15
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
General Distribution Limited
Paxton House, Home Farm Road, Brighton, East Sussex
Ordinary
100.00
Paxton Access FZE
Office Number A101-05, 1st Floor, Operations & Facilities Building, Dubai Silicon Oasis, UAE
Ordinary
100.00
Paxton Access GmbH
Bennigsen-Platz 1, 40474 Dusseldorf, Germany
Ordinary
100.00
Paxton Access Inc
138 Commerce Centre, Greenville, South Carolina, USA
Ordinary
100.00
Paxton Access Limited
Paxton House, Home Farm Road, Brighton, East Sussex
Ordinary
100.00

The investments in subsidiaries are all stated at cost.

16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
279,264
141,715
-
-
Finished goods and goods for resale
8,465,857
10,997,245
-
0
-
0
8,745,121
11,138,960
-
-
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
14,214,495
13,632,337
141,600
103,458
Corporation tax recoverable
78,848
2,770
-
0
-
0
Amounts owed by group undertakings
-
-
1,000,000
1,000,000
Other debtors
143,994
91,583
96,424
53,558
Prepayments and accrued income
2,622,817
4,256,766
22,466
842,340
17,060,154
17,983,456
1,260,490
1,999,356
Amounts falling due after more than one year:
Deferred tax asset (note 23)
2,403,958
2,471,201
-
0
-
0
Total debtors
19,464,112
20,454,657
1,260,490
1,999,356

Amounts due from group undertakings are interest free and have no set repayment date.

18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
4,192,263
4,304,061
1,328,483
1,594,902
Obligations under finance leases
21
297,206
232,649
-
0
-
0
Other borrowings
20
141,733
226,243
141,733
226,243
Trade creditors
7,038,974
11,201,879
63,730
180,685
Amounts owed to group undertakings
-
0
-
0
8,820,906
7,289,884
Other taxation and social security
1,784,857
906,760
-
-
Other creditors
2,500,826
2,026,163
2,429,124
1,977,577
Accruals and deferred income
1,375,463
1,187,209
153,260
76,500
17,331,322
20,084,964
12,937,236
11,345,791

Amounts owed to group undertakings are interest free and have no set repayment date.

 

Included within bank loans and overdrafts is an amount of £2,863,780 (2022: £nil) in respect of the company’s invoice discounting facility. This amount is secured by fixed and floating charges over the company’s assets.

PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
8,440,044
7,209,714
8,440,044
7,209,714
Obligations under finance leases
21
864,523
-
0
-
0
-
0
9,304,567
7,209,714
8,440,044
7,209,714
Amounts included above which fall due after five years are as follows:
Payable by instalments
1,334,446
808,757
1,334,446
808,757
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
12,632,307
8,836,297
9,768,527
8,804,616
Bank overdrafts
-
0
2,677,478
-
0
-
0
Directors' loans and loans from related parties
581,764
1,977,577
581,764
1,977,577
Loans from related parties
1,989,093
226,243
1,989,093
226,243
15,203,164
13,717,595
12,339,384
11,008,436
Payable within one year
6,763,120
6,507,881
3,899,340
3,798,722
Payable after one year
8,440,044
7,209,714
8,440,044
7,209,714
Amounts included above which fall due after five years:
Payable by instalments
1,334,446
808,757
1,334,446
808,757
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Loans and overdrafts
(Continued)
- 35 -

Bank loans are secured over the company's freehold and leasehold properties. There is also a debenture in favour of HSBC Bank comprising a fixed and floating charge over all the assets and undertakings of Paxton Access Limited and Paxton Access Inc.

 

There were eight bank loans at the year end and they are repayable in monthly instalments and are due to be repaid fully between 2024 and 2029. Interest is charged at a fixed rate of 3.6% on one of the loans and interest on the other loans is charged at rates of between 2.25% to 2.35% over the Bank of England base rate.

 

Included within bank loans is an amount of £2,863,780 (2022: £nil) in respect of the company’s invoice discounting facility. This amount is secured by fixed and floating charges over the company’s assets.

 

Loans from related parties are in respect of loans from close family members of a director and are repayable on demand. Interest is charged on the loans at a rate equal to the Bank of England base rate.

 

Directors' loans are also repayable on demand. Interest is charged at a rate equal to the Bank of England base rate.

21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
297,206
232,649
-
0
-
0
In two to five years
864,523
-
0
-
0
-
0
1,161,729
232,649
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Provisions for liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
Warranty repairs
485,000
235,000
-
-
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Provisions for liabilities
(Continued)
- 36 -
Movements on provisions:
Warranty repairs
Group
£
At 1 January 2023
235,000
Additional provisions in the year
250,000
At 31 December 2023
485,000

The provision for warranty claims is a provision for future product costs arising in the normal course of business from prior year sales. The group provides a 5 year warranty on its products.

23
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
-
-
(457,551)
(371,881)
Tax losses
-
-
2,861,509
2,843,082
-
-
2,403,958
2,471,201
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accelerated capital allowances
394,551
372,501
-
-
Tax losses
(84,509)
(44,438)
-
-
310,042
328,063
-
-
Group
Company
2023
2023
Movements in the year:
£
£
Liability/(Asset) at 1 January 2023
(2,471,201)
328,063
Charge/(credit) to profit or loss
67,243
(18,021)
Liability/(Asset) at 31 December 2023
(2,403,958)
310,042
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
23
Deferred taxation
(Continued)
- 37 -

It is estimated that £625,000 of the deferred tax asset set out above is expected to reverse within the next 12 months.

Deferred tax balances have been measured at 25%.

24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
825,518
1,256,200

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.

 

At the Balance Sheet date the group had a pension liability of £155,631 (2022 - £146,969).

25
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £211.002 each
1,000
1,000
211,002
211,002
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference Shares of £1 each
1,000,000
1,000,000
1,000,000
1,000,000
Preference shares classified as equity
1,000,000
1,000,000
Total equity share capital
1,211,002
1,211,002

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

 

The holders of preference shares are entitled to receive dividends as declared from time to time but the shares do not carry any voting rights. The preference shares are not redeemable and rank ahead of the ordinary shares with regard to the company's residual assets.

26
Merger reserve
2023
2022
Group
£
£
At the beginning and end of the year
57,450
57,450
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
26
Merger reserve
(Continued)
- 38 -
2023
2022
Company
£
£
At the beginning and end of the year
-
-

Merger Reserve

 

This reserve was created following a share for share exchange whereby Paxton Access Group Ltd acquired all of the share capital of Paxton Access Inc from Mr A Brotherton-Ratcliffe.

27
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
23,684,870
22,943,368
246,523
561,510
Profit/(loss) for the year
3,885,588
1,004,402
43,599
(94,987)
Dividends
(250,000)
(220,000)
(250,000)
(220,000)
Currency translation differences
(24,774)
(42,900)
-
0
-
0
At the end of the year
27,295,684
23,684,870
40,122
246,523
28
Operating lease commitments
Lessee

Operating lease rentals consist of rentals payable by the group for motor vehicles, software and equipment. The motor vehicle leases are generally for a term of 3 years. Software and equipment leases are generally for a term of 5 years.

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
527,106
361,558
-
-
Between two and five years
847,604
439,275
-
-
1,374,710
800,833
-
-
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
28
Operating lease commitments
(Continued)
- 39 -
Lessor

The operating lease represents a lease of property to a third party. The lease is over a term of 10 years with a rent review after 5 years, ending in 2027.

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

 

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
472,000
472,000
472,000
472,000
Between two and five years
1,337,333
1,809,333
1,337,333
1,809,333
1,809,333
2,281,333
1,809,333
2,281,333
29
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
152,107
664,831
-
-

There is a commitment of £152,107 (2022 - £664,831) for property, plant and equipment, which are contracted for but not provided for in the Financial Statements.

30
Controlling party

The ultimate controlling party is A Brotherton-Ratcliffe, a former director of the company.

PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 40 -
31
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Profit for the year after tax
3,885,588
1,004,402
Adjustments for:
Taxation charged/(credited)
17,022
(869,174)
Finance costs
1,093,021
354,665
Investment income
(2,111)
-
0
(Gain)/loss on disposal of tangible fixed assets
(1,627)
158
Amortisation and impairment of intangible assets
90,841
117,704
Depreciation and impairment of tangible fixed assets
1,159,067
945,267
Foreign exchange gains on cash equivalents
14,442
(35,620)
Increase in provisions
250,000
-
Movements in working capital:
Decrease/(increase) in stocks
2,393,839
(3,695,770)
Decrease/(increase) in debtors
999,380
(2,551,298)
(Decrease)/increase in creditors
(2,365,123)
1,189,652
Cash generated from/(absorbed by) operations
7,534,339
(3,540,014)
32
Cash generated from operations - company
2023
2022
£
£
Profit/(loss) for the year after tax
43,599
(94,987)
Adjustments for:
Taxation charged
3,258
95,547
Finance costs
546,535
306,519
Investment income
(425,574)
-
0
Depreciation and impairment of tangible fixed assets
331,917
327,451
Movements in working capital:
Decrease/(increase) in debtors
738,866
(1,258,823)
Increase in creditors
1,942,374
1,814,343
Cash generated from operations
3,180,975
1,190,050
PAXTON ACCESS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 41 -
33
Analysis of changes in net debt - group
1 January 2023
Cash flows
New finance leases
Exchange rate movements
31 December 2023
£
£
£
£
£
Cash at bank and in hand
535,616
2,606,921
-
(14,442)
3,128,095
Bank overdrafts
(2,677,478)
2,677,478
-
-
-
0
(2,141,862)
5,284,399
-
(14,442)
3,128,095
Borrowings excluding overdrafts
(9,062,540)
(3,711,500)
-
-
(12,774,040)
Obligations under finance leases
(232,649)
704,087
(1,633,167)
-
(1,161,729)
(11,437,051)
2,276,986
(1,633,167)
(14,442)
(10,807,674)
34
Analysis of changes in net debt - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
44,799
411,847
456,646
Borrowings excluding overdrafts
(9,030,859)
(879,401)
(9,910,260)
(8,986,060)
(467,554)
(9,453,614)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100A Brotherton-RatcliffeA StroudS Brotherton-RatcliffeS Brotherton-RatcliffeMr A ClementsA Clementsfalse05480765bus:Consolidated2023-01-012023-12-31054807652023-01-012023-12-3105480765bus:Director22023-01-012023-12-3105480765bus:Director32023-01-012023-12-3105480765bus:CompanySecretaryDirector12023-01-012023-12-3105480765bus:CompanySecretary12023-01-012023-12-3105480765bus:Director12023-01-012023-12-3105480765bus:Director42023-01-012023-12-3105480765bus:Director52023-01-012023-12-3105480765bus:RegisteredOffice2023-01-012023-12-3105480765bus:Agent12023-01-012023-12-3105480765bus:Consolidated2023-12-31054807652023-12-3105480765bus:Consolidated2022-01-012022-12-31054807652022-01-012022-12-3105480765core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-01-012023-12-3105480765core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-01-012022-12-3105480765core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3105480765core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3105480765core:OtherResidualIntangibleAssetsbus:Consolidated2023-12-3105480765core:OtherResidualIntangibleAssetsbus:Consolidated2022-12-3105480765core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-12-3105480765core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2022-12-3105480765bus:Consolidated2022-12-31054807652022-12-3105480765core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-3105480765core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-12-3105480765core:PlantMachinerybus:Consolidated2023-12-3105480765core:FurnitureFittingsbus:Consolidated2023-12-3105480765core:MotorVehiclesbus:Consolidated2023-12-3105480765core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-3105480765core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-12-3105480765core:PlantMachinerybus:Consolidated2022-12-3105480765core:FurnitureFittingsbus:Consolidated2022-12-3105480765core:MotorVehiclesbus:Consolidated2022-12-3105480765core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3105480765core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3105480765core:PlantMachinery2023-12-3105480765core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3105480765core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3105480765core:PlantMachinery2022-12-3105480765core:ShareCapitalbus:Consolidated2023-12-3105480765core:ShareCapitalbus:Consolidated2022-12-3105480765core:OtherMiscellaneousReservebus:Consolidated2023-12-3105480765core:OtherMiscellaneousReservebus:Consolidated2022-12-3105480765core:ShareCapital2023-12-3105480765core:ShareCapital2022-12-3105480765core:RetainedEarningsAccumulatedLosses2023-12-3105480765core:ShareCapitalbus:Consolidated2021-12-3105480765core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-12-3105480765core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3105480765core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3105480765core:ShareCapital2021-12-3105480765core:RetainedEarningsAccumulatedLosses2021-12-3105480765core:RetainedEarningsAccumulatedLosses2022-12-3105480765bus:Consolidated2021-12-31054807652021-12-3105480765core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3105480765core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-3105480765core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3105480765core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3105480765core:PlantMachinery2023-01-012023-12-3105480765core:FurnitureFittings2023-01-012023-12-3105480765core:MotorVehicles2023-01-012023-12-3105480765core:UKTaxbus:Consolidated2023-01-012023-12-3105480765core:UKTaxbus:Consolidated2022-01-012022-12-3105480765core:ForeignTaxbus:Consolidated2023-01-012023-12-3105480765core:ForeignTaxbus:Consolidated2022-01-012022-12-3105480765bus:Consolidated12023-01-012023-12-3105480765bus:Consolidated12022-01-012022-12-3105480765core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2022-12-3105480765core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:InternallyGeneratedIntangibleAssetsbus:Consolidated2023-01-012023-12-3105480765core:DevelopmentCostsCapitalisedDevelopmentExpenditurebus:Consolidated2023-01-012023-12-3105480765core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-3105480765core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-12-3105480765core:PlantMachinerybus:Consolidated2022-12-3105480765core:FurnitureFittingsbus:Consolidated2022-12-3105480765core:MotorVehiclesbus:Consolidated2022-12-3105480765bus:Consolidated2022-12-3105480765core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3105480765core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3105480765core:PlantMachinery2022-12-31054807652022-12-3105480765core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-01-012023-12-3105480765core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-01-012023-12-3105480765core:PlantMachinerybus:Consolidated2023-01-012023-12-3105480765core:FurnitureFittingsbus:Consolidated2023-01-012023-12-3105480765core:MotorVehiclesbus:Consolidated2023-01-012023-12-3105480765core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3105480765core:MotorVehicles2023-12-3105480765core:MotorVehicles2022-12-3105480765core:Subsidiary12023-01-012023-12-3105480765core:Subsidiary22023-01-012023-12-3105480765core:Subsidiary32023-01-012023-12-3105480765core:Subsidiary42023-01-012023-12-3105480765core:Subsidiary52023-01-012023-12-3105480765core:Subsidiary112023-01-012023-12-3105480765core:Subsidiary212023-01-012023-12-3105480765core:Subsidiary312023-01-012023-12-3105480765core:Subsidiary412023-01-012023-12-3105480765core:Subsidiary512023-01-012023-12-3105480765core:CurrentFinancialInstruments2023-12-3105480765core:CurrentFinancialInstruments2022-12-3105480765core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3105480765core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3105480765core:Non-currentFinancialInstrumentsbus:Consolidated2023-12-3105480765core:Non-currentFinancialInstrumentsbus:Consolidated2022-12-3105480765core:Non-currentFinancialInstruments2023-12-3105480765core:Non-currentFinancialInstruments2022-12-3105480765core:WithinOneYearbus:Consolidated2023-12-3105480765core:WithinOneYearbus:Consolidated2022-12-3105480765core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3105480765core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3105480765core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-12-3105480765core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2022-12-3105480765core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3105480765core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3105480765core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3105480765core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3105480765core:WithinOneYear2023-12-3105480765core:WithinOneYear2022-12-3105480765core:BetweenTwoFiveYearsbus:Consolidated2023-12-3105480765core:BetweenTwoFiveYearsbus:Consolidated2022-12-3105480765core:BetweenTwoFiveYears2023-12-3105480765core:BetweenTwoFiveYears2022-12-3105480765bus:PrivateLimitedCompanyLtd2023-01-012023-12-3105480765bus:FRS1022023-01-012023-12-3105480765bus:Audited2023-01-012023-12-3105480765bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3105480765bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP