Company registration number 03542206 (England and Wales)
BOELS RENTAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
BOELS RENTAL LIMITED
COMPANY INFORMATION
Directors
Mr P B M Boels
Ms E P M Boels Van Kerkom
Mr J H Valk
Company number
03542206
Registered office
Unit A8 Riverview
Embankment Business Park
Heaton Mersey
Stockport
SK4 3GN
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
BOELS RENTAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10 - 11
Statement of changes in equity
12
Notes to the financial statements
13 - 26
BOELS RENTAL 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
The core activity of the company continues to be the rental of plant, tools and equipment to the construction and related industries.
Given challenging market conditions, which were having an impact on forecasted performance FY23, we continued to focus on:
- The health and safety of our colleagues, customers and other stakeholders
- Existing and new customer development
- Investing in revenue generating initiatives
- Managing costs
- Optimising our product and service offering to make us an attractive supply
- Investment in developing our people
- Continuing with the Boels ‘NXT’ strategy across the business
The Boels ‘Group’ continues to support the UK business in particular in relation to the significant investment in new and replacement fleet required to serve our customers in the UK market.
Development and performance
During 2023 we acquired an event lighting business Illumin8 to add as a specialist division of the UK business. Our programme of general improvement we started in 2021 has continued into 2023, with a particular focus on health & safety with our network of depots.
Our colleagues are critical to our success, we have therefore continued our development programme of upskilling our managers via the BOLD training programme, with a focus on our operational colleagues. As part of our continuous improvement programme we have improved on our ISO 9001 standard, now adding the UK support office and ongoing development of the general rental depots in a liniment to our survey depots for the ISO standard.
In relation to improving our customer service, with the use of Salesforce and a mechanism to record and monitor our Net Promotor Score (NPS). Both these help further improvement for our customer service.
Key performance indicators
Sales Turnover increased by £0,6m to £30,7m, representing a 2,1% increase, this increase in turnover is mainly caused by the hive in of Illumin8 within Boels Rental Ltd.
BOELS RENTAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Future developments
The UK market whilst challenging, continues to be an improving one, our position in this market, the products we offer, the geographic footprint of our trading locations and the relentless focus on exceptional customer service, continues to create opportunity to develop our market share in the medium term.
We have a stable management team who remain dedicated to deliver on the company objectives.
Our focus has not changed since the last financial year and continues to be on the following five areas:
1. Continued focus on improving health and safety systems and processes
2. Revenue growth with a particular focus on delivering exceptional customer service
3. Minimising our cost to serve
4. Fleet development
5. People engagement
We remain committed to ensuring the resources are deployed to ensure we develop each of these areas and are optimistic of further growth and improved returns.
Ms E P M Boels Van Kerkom
Director
9 July 2024
BOELS RENTAL 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
The principal activity of the company continued to be that of small plant and tool hire and sales.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr P B M Boels
Ms E P M Boels Van Kerkom
Mr J H Valk
Financial instruments
Liquidity risk
The company mitigates liquidity risk by managing cash generation by its operations, applying cash on collection targets and setting authorised limits for investment. The company's funding is not reliant on external finance and is wholly provided by group funds.
Interest rate risk
The company does not have any external debt.
Foreign currency risk
The company has no operations outside of the United Kingdom but does purchase goods denominated in currencies other than Sterling. As a result the value of the companies non-sterling purchases, financial assets, liabilities and cash flows can be effected significantly by movements in the exchange rates in general.
The company's transactional currency exposure arises from purchases in currencies other than its functional currency. It is the company's policy not to enter into forward contracts.
Credit risk
In order to manage credit risk the company set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history.
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
BOELS RENTAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Employee involvement
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
Auditor
In accordance with the company's articles, a resolution proposing that MHA be reappointed as auditor of the company will be put at a General Meeting.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. 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.
On behalf of the board
Ms E P M Boels Van Kerkom
Director
9 July 2024
BOELS RENTAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
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.
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.
BOELS RENTAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOELS RENTAL LIMITED
- 6 -
Opinion
We have audited the financial statements of Boels Rental 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 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.
BOELS RENTAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOELS RENTAL LIMITED (CONTINUED)
- 7 -
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.
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.
Matters on which we are required to report by exception
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.
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:
Enquiries with 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;
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
Auditing the risk of fraud in revenue, including through the testing of the cut off of income at the year end and sales transaction testing to ensure revenue is complete in the financial statements and recognised in the correct accounting period;
Because of the field in which the client operates we identified that employment law, health and safety legislation and compliance with the UK Companies Act are the areas most likely to have a material impact on the financial statements.
BOELS RENTAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOELS RENTAL LIMITED (CONTINUED)
- 8 -
Because of the inherent limitations 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. This 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 also 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.
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.
Paul Locker BSc(Hons) FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
11 July 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
BOELS RENTAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
30,713,739
30,093,517
Cost of sales
(8,288,597)
(10,521,792)
Gross profit
22,425,142
19,571,725
Distribution costs
(824,237)
(1,020,691)
Administrative expenses
(19,795,463)
(17,882,960)
Other operating income
9,940
Operating profit
4
1,815,382
668,074
Interest payable and similar expenses
7
(1,340,638)
(554,038)
Profit before taxation
474,744
114,036
Tax on profit
8
31,722
17,463
Profit for the financial year
506,466
131,499
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BOELS RENTAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
9
5,142,525
Other intangible assets
9
10,166
Total intangible assets
5,152,691
Tangible assets
10
7,734,698
5,609,962
Investments
11
3,109,138
15,996,527
5,609,962
Current assets
Debtors
12
8,887,431
6,941,245
Cash at bank and in hand
1,123,125
29,757
10,010,556
6,971,002
Creditors: amounts falling due within one year
13
(8,116,475)
(3,376,863)
Net current assets
1,894,081
3,594,139
Total assets less current liabilities
17,890,608
9,204,101
Creditors: amounts falling due after more than one year
14
(15,026,839)
(7,560,214)
Provisions for liabilities
Provisions
15
413,382
Deferred tax liability
16
300,034
(713,416)
-
Net assets
2,150,353
1,643,887
Capital and reserves
Called up share capital
18
10,000
10,000
Share premium account
54,000
54,000
Profit and loss reserves
2,086,353
1,579,887
Total equity
2,150,353
1,643,887
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
BOELS RENTAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 9 July 2024 and are signed on its behalf by:
Ms E P M Boels Van Kerkom
Director
Company registration number 03542206 (England and Wales)
BOELS RENTAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
10,000
54,000
1,448,388
1,512,388
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
131,499
131,499
Balance at 31 December 2022
10,000
54,000
1,579,887
1,643,887
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
506,466
506,466
Balance at 31 December 2023
10,000
54,000
2,086,353
2,150,353
BOELS RENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information
Boels Rental Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit A8 Riverview, Embankment Business Park, Heaton Mersey, Stockport, SK4 3GN.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Boels Topholding B.V. These consolidated financial statements are available from its registered office, Dr. Nolenslaan 140, 6136 GV Sittard, The Netherlands.
The company has taken the section 402 exemption from the requirement to prepare group accounts as under section 405 all of its subsidiary undertakings could be excluded from consolidation in Companies Act group accounts.
1.2
Going concern
At the time of approving the financial statements, and taking into account the good results of 202true2, the Directors have produced forecasts with specific focus areas for 2023, and the further strengthening and optimisation of the business.
The company has financial support available from the Boels group and the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
BOELS RENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.3
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the hire of equipment and machinery under hire contracts is accounted for on a straight line basis over the period of hire.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated 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 5 - 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
3 years straight line
Trademarks
3 years straight line
1.6
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 land and buildings
4% straight line
Leasehold land and buildings
10% straight line
Plant and machinery
20 - 35% straight line
Fixtures, fittings & equipment
20% straight line
Computers
20% straight line
Motor vehicles
14% straight line
BOELS RENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
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.
The company aligned the useful lives in it's tangible assets to the Group policy which resulted in a change in estimate. The depreciation rates for the Freehold land and buildings, Leasehold land and buildings, Computers and Motor Vehicles were impacted by this.
1.7
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.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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.
1.9
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.
BOELS RENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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.
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.
BOELS RENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
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.
1.12
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.
BOELS RENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the 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.
1.13
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.
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.17
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.
BOELS RENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Provision of irrecoverable trade debtors
At each balance sheet date, management undertake a review of the outstanding trade debtor balances and estimate the balance that should either be impaired or provided against.
This calculation is based on the financial position of the customers, the historical speed of payment and any ongoing discussions.
3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Hire services
30,713,739
30,093,517
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(2,425)
11,531
Depreciation of owned tangible fixed assets
1,192,201
1,716,093
Profit on disposal of tangible fixed assets
(493,247)
(1,398,649)
Amortisation of intangible assets
89,825
-
Operating lease charges
2,229,628
1,972,560
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
24,500
25,000
BOELS RENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Office & management
26
29
Sales
23
23
Other
230
241
Total
279
293
2023
2022
£
£
Wages and salaries
9,574,879
9,472,861
Social security costs
964,432
955,357
Pension costs
303,868
298,592
10,843,179
10,726,810
7
Interest payable and similar expenses
2023
2022
£
£
Interest on loans
1,340,638
554,038
8
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
(16,106)
(17,463)
Other taxes
2,608
Total current tax
(13,498)
(17,463)
Deferred tax
Origination and reversal of timing differences
(18,224)
Total tax credit
(31,722)
(17,463)
BOELS RENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 21 -
The actual 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
474,744
114,036
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
111,660
21,667
Tax effect of expenses that are not deductible in determining taxable profit
342,197
(2,129)
Group relief
1,965
16,350
Under/(over) provided in prior years
(16,106)
(17,463)
Deferred tax adjustments in respect of prior years
(155,788)
Deferred tax asset not recognised
51,990
Superdeduction
(87,878)
Withholding tax
2,608
Deferred tax - hive in
(318,258)
Taxation credit for the year
(31,722)
(17,463)
9
Intangible fixed assets
Goodwill
Software
Trademarks
Total
£
£
£
£
Cost
At 1 January 2023
4,437,997
3,360
4,441,357
Additions
5,229,686
5,229,686
Transfers
15,695
15,695
At 31 December 2023
9,667,683
15,695
3,360
9,686,738
Amortisation and impairment
At 1 January 2023
4,437,997
3,360
4,441,357
Amortisation charged for the year
87,161
2,664
89,825
Transfers
2,865
2,865
At 31 December 2023
4,525,158
5,529
3,360
4,534,047
Carrying amount
At 31 December 2023
5,142,525
10,166
5,152,691
At 31 December 2022
BOELS RENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
10
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost
At 1 January 2023
413,004
2,562,595
94,284
2,485,009
1,741,273
524,939
4,463,648
12,284,752
Additions
22,251
665,565
24,805
56,852
395,931
1,165,404
Business combinations
2,218,650
10,187
303,409
2,532,246
Disposals
(895,705)
(395,759)
(1,291,464)
Transfers
645,394
(479,232)
(79,923)
50,349
136,588
At 31 December 2023
413,004
3,230,240
280,617
3,807,954
1,696,342
632,140
4,767,229
14,827,526
Depreciation and impairment
At 1 January 2023
73,660
947,090
1,288,710
1,279,590
388,493
2,697,247
6,674,790
Depreciation charged in the year
18,041
259,553
240,796
155,952
47,920
469,939
1,192,201
Eliminated in respect of disposals
(534,992)
(388,590)
(923,582)
Transfers
89,993
4,589
54,837
149,419
At 31 December 2023
91,701
1,296,636
994,514
1,440,131
491,250
2,778,596
7,092,828
Carrying amount
At 31 December 2023
321,303
1,933,604
280,617
2,813,440
256,211
140,890
1,988,633
7,734,698
At 31 December 2022
339,344
1,615,505
94,284
1,196,299
461,683
136,446
1,766,401
5,609,962
BOELS RENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
11
Fixed asset investments
2023
2022
Notes
£
£
Loans to subsidiaries
3,109,138
Movements in fixed asset investments
Loans to subsidiaries
£
Cost or valuation
At 1 January 2023
-
Additions
3,109,138
At 31 December 2023
3,109,138
Carrying amount
At 31 December 2023
3,109,138
At 31 December 2022
-
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,318,333
6,346,134
Corporation tax recoverable
16,106
16,106
Amounts owed by group undertakings
1,518,747
Other debtors
13,912
2,794
Prepayments and accrued income
1,020,333
576,211
8,887,431
6,941,245
13
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,745,773
1,584,813
Amounts owed to group undertakings
3,109,138
Taxation and social security
723,674
641,035
Other creditors
410,857
59,131
Accruals and deferred income
1,127,033
1,091,884
8,116,475
3,376,863
Obligations under finance leases were secured against the assets to which they related.
BOELS RENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
14
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
15,026,839
7,560,214
The long-term loans are secured by a fixed charge over the assets of the company.
15
Provisions for liabilities
2023
2022
£
£
Provisions for onerous contracts
413,382
-
Movements on provisions:
Provisions for onerous contracts
£
Additional provisions in the year
413,382
16
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
592,588
(374,277)
Tax losses
(262,531)
406,370
Short term timing differences
-
(28,624)
Other
(30,023)
(3,469)
300,034
-
2023
Movements in the year:
£
Liability at 1 January 2023
-
Credit to profit or loss
(18,224)
Other
318,258
Liability at 31 December 2023
300,034
BOELS RENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
303,868
298,592
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.
Contributions totalling £46,486 (2022: £45,798) were payable to the fund at the balance sheet date and are stated in creditors falling due within one year.
18
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
AT Ordinary shares of £1 each
5,220
5,220
10,000
5,220
AW Ordinary shares of £1 each
3,480
3,480
-
3,480
BT Ordinary shares of £1 each
300
300
-
300
BW Ordinary shares of £1 each
200
200
-
200
CT Ordinary shares of £1 each
300
300
-
300
CW Ordinary shares of £1 each
200
200
-
200
DT Ordinary shares of £1 each
90
90
-
90
DW Ordinary shares of £1 each
60
60
-
60
ET Ordinary shares of £1 each
90
90
-
90
EW Ordinary shares of £1 each
60
60
-
60
10,000
10,000
10,000
10,000
Dividends may be declared at different rates in respect of each class of share subject to the written approval of the holders of at least seventy five percent of the AT and AW shares then in use.
On a return of capital, redemption of shares or liquidation the assets of the company after payment of its liabilities will be distributed firstly the sum of £100,000 to the holders of the DT shares and then in proportion to the aggregate number of shares held.
All categories of share holders are entitled to receive notice of and to attend general meetings of the Company and to vote except for the holders of the ET ordinary shares and the EW ordinary shares as they do not have any voting rights attached.
BOELS RENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
19
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
1,824,639
1,613,503
Between two and five years
5,086,529
5,038,722
In over five years
1,677,461
1,980,747
8,588,629
8,632,972
20
Related party transactions
The company has taken advantage of the exemption permitted under Section 33.1A from disclosing transactions with the parent and fellow wholly owned group subsidiary companies.
21
Ultimate controlling party
The parent company is Boels-Gosink B.V., a company incorporated in the Netherlands.
Boels-Gosink B.V. is owned and controlled by P B M Boels, who is considered to be the ultimate controlling party.
The parent undertaking of the largest and smallest group for which Group accounts are prepared is Boels Topholding B.V. a Dutch company.
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