Company Registration No. 11105229 (England and Wales)
BARAM JTC LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
BARAM JTC LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 31
BARAM JTC LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. J Maynard
Mr. T Brenton
Ms. C Schofield
Mr. N Stubbington
Mrs S Stubbington
Company number
11105229
Registered office
Yelfs Yard
Botley Road
Bishops Waltham
Southampton
Hampshire
United Kingdom
SO32 1DR
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
Business address
Yelfs Yard
Botley Road
Bishops Waltham
Southampton
Hampshire
United Kingdom
SO32 1DR
BARAM JTC LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

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

Fair review of the business

Baram Ltd undertakes groundwork and civil engineering disciplines mainly for housing developers, working on contracts ranging in value from £1m to £20m. Works are undertaken throughout the South and South East, in particular Hampshire and West Sussex.

Operating companies
Baram Ltd is the Groundworks Company, established over 20 years and employing the services of around 150 people and various specialist sub contractors in its business. Nas Plant Ltd owns and maintains plant hired to Baram.

Principal risks and uncertainties

Financial:

 

Production:

 

Structural:

The risks are mitigated by the following:

 

Financial:

 

Production:

 

Structural:

BARAM JTC LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Future developments

We are continually tendering for new works and are noticing projects which were previously delayed are now coming through for construction. Generally, it seems that following the election clients are showing more optimism with regards to the planning system which has been holding up build starts. The market we operate in is sound and we expect it to be expanding rapidly towards the end of 2024.

 

Labour remains a challenge with the supply of skilled labour restricted. We are improving levels of pay in order to both attract and retain labour.

 

Plant supply issues have eased and we are continuing with our plant and vehicle replacement programme. We have established a level of affordable borrowing to support investment and remain within it.

 

 

 

On behalf of the board

Mr. J Maynard
Director
BARAM JTC LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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

Principal activities

The principal activity of the company was that of a holding company. The principal activity of the group was that of civil engineering equipment hire and provision of groundworks and civil engineering services,

Directors

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

Mr. J Maynard
Mr. T Brenton
Ms. C Schofield
Mr. N Stubbington
Mrs S Stubbington
Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £350,808. The directors do not recommend payment of a further dividend.

Statement of directors' responsibilities

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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.

BARAM JTC LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Strategic Report

The grouptrue has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group'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.

Auditor

The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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
Mr. J Maynard
Director
22 July 2024
BARAM JTC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BARAM JTC LIMITED
- 6 -
Opinion

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

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.

BARAM JTC LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BARAM JTC LIMITED
- 7 -

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:

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.

BARAM JTC LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BARAM JTC LIMITED
- 8 -
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. 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

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

 

BARAM JTC LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BARAM JTC LIMITED
- 9 -

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Graham Figgins FCA (Senior Statutory Auditor)
For and on behalf of TC Group
22 July 2024
Chartered Accountants
3 Acorn Business Centre
Statutory Auditor
Northarbour Road
Cosham
Portsmouth
Hampshire
BARAM JTC LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
16,849,009
19,312,045
Cost of sales
(14,816,473)
(16,820,954)
Gross profit
2,032,536
2,491,091
Administrative expenses
(1,172,421)
(931,294)
Other operating income
29,760
-
EBITDA
5
889,875
1,559,797
Depreciation
(300,330)
(464,279)
Amortisation
(920,002)
(920,002)
Operating (loss)/profit
(330,457)
175,516
Interest receivable and similar income
-
4,772
Removal of default interest
7
-
901,898
Other interest payable and similar expenses
7
(224,872)
(349,043)
(Loss)/profit before taxation
(555,329)
733,143
Tax on (loss)/profit
8
(90,736)
(287,576)
(Loss)/profit for the financial year
(646,065)
445,567
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 16 to 31 form part of these financial statements.

BARAM JTC LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
4,063,343
4,983,345
Tangible assets
11
2,072,399
2,363,186
6,135,742
7,346,531
Current assets
Debtors
14
2,829,546
3,787,937
Cash at bank and in hand
1,567,687
1,974,441
4,397,233
5,762,378
Creditors: amounts falling due within one year
15
(10,978,004)
(12,222,255)
Net current liabilities
(6,580,771)
(6,459,877)
Total assets less current liabilities
(445,029)
886,654
Creditors: amounts falling due after more than one year
16
(427,791)
(717,615)
Provisions for liabilities
17
(8,875)
(53,861)
Net (liabilities)/assets
(881,695)
115,178
Capital and reserves
Called up share capital
19
150
150
Share premium account
805,318
805,318
Profit and loss reserves
(1,687,163)
(690,290)
Total equity
(881,695)
115,178
The financial statements were approved by the board of directors and authorised for issue on 22 July 2024 and are signed on its behalf by:
22 July 2024
Mr. J Maynard
Director
The notes on pages 16 to 31 form part of these financial statements
BARAM JTC LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
15,411,967
15,411,967
Current assets
Debtors
14
1,209,575
1,160,774
Creditors: amounts falling due within one year
15
(13,816,976)
(13,621,773)
Net current liabilities
(12,607,401)
(12,460,999)
Net assets
2,804,566
2,950,968
Capital and reserves
Called up share capital
19
150
150
Share premium account
805,318
805,318
Profit and loss reserves
1,999,098
2,145,500
Total equity
2,804,566
2,950,968

The notes on pages 16 to 31 form part of these financial statements.

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 £204,405 (2022 - £2,918,441 profit).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 July 2024 and are signed on its behalf by:
22 July 2024
Mr. J Maynard
Director
Company registration number 11105229 (England and Wales)
BARAM JTC LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
150
805,318
(755,049)
50,419
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
445,567
445,567
Dividends
9
-
-
(380,808)
(380,808)
Balance at 31 December 2022
150
805,318
(690,290)
115,178
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(646,065)
(646,065)
Dividends
9
-
-
(350,808)
(350,808)
Balance at 31 December 2023
150
805,318
(1,687,163)
(881,695)

The notes on pages 16 to 31 form part of these financial statements.

BARAM JTC LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
150
805,318
(392,133)
413,335
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
2,918,441
2,918,441
Dividends
9
-
-
(380,808)
(380,808)
Balance at 31 December 2022
150
805,318
2,145,500
2,950,968
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
204,406
204,406
Dividends
9
-
-
(350,808)
(350,808)
Balance at 31 December 2023
150
805,318
1,999,098
2,804,566

The notes on pages 16 to 31 form part of these financial statements.

BARAM JTC LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
1,090,011
365,943
Interest paid
(224,872)
552,855
Income taxes (paid)/refunded
(104,611)
68,366
Net cash inflow from operating activities
760,528
987,164
Investing activities
Purchase of tangible fixed assets
(62,312)
(39,006)
Proceeds on disposal of tangible fixed assets
215,455
98,084
Interest received
-
0
4,772
Net cash generated from investing activities
153,143
63,850
Financing activities
Repayment of borrowings
(531,070)
(520,000)
Repayment of bank loans
(26,181)
(25,520)
Payment of finance leases obligations
(412,366)
(518,859)
Dividends paid to equity shareholders
(350,808)
(380,808)
Net cash used in financing activities
(1,320,425)
(1,445,187)
Net decrease in cash and cash equivalents
(406,754)
(394,173)
Cash and cash equivalents at beginning of year
1,974,441
2,368,614
Cash and cash equivalents at end of year
1,567,687
1,974,441
The notes on pages 16 to 31 form part of these financial statements
BARAM JTC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

Baram JTC Limited (“the company”) is a private limited company limited by shares and domiciled and incorporated in England and Wales. The registered office is Yelfs Yard, Botley Road, Bishops Waltham, Southampton, United Kingdom, SO32 1DR.

 

The group consists of Baram JTC 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.

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

 

- 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’: 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.

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

BARAM JTC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

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

 

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.

Baram Limited and Nas Plant Limited have been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Baram Limited and Nas Plant Limited for the 12 months to 31 December 2019.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered a period of 12 months from the date of approval of these accounts. The directors have an understanding with the holder of the secured loan notes in terms of the flexible repayment of said loan notes. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

The turnover shown in the profit and loss account represents amounts receivable for services provided

during the year, exclusive of Value Added Tax.

 

In the case of contracts treated as long term, turnover reflects the contract activity during the period and

the proportion of total contract value which costs incurred to date bear to total expected costs. The

attributable profit on contracts is recognised once their outcome can be assessed with reasonable

certainty. The profit recognised reflects the proportion of work completed to date on the project. Full

provision is made for losses on all contracts in the year in which the loss is first foreseen.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

Investments to which the goodwill is attributable are reviewed for impairment annually.

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.

BARAM JTC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -

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
50 years straight line
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Motor vehicles
25% straight line

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

1.7
Fixed asset investments

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.

1.8
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.

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 at bank and in hand

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.

BARAM JTC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet 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.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.

1.11
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.

1.12
Taxation

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

BARAM JTC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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 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.

 

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 if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

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

 

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.

1.14
Retirement benefits

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

1.15
Leases

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

Hire purchase obligations

Assets held under hire purchase agreements are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a hire purchase obligation. 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.

BARAM JTC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
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 following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Long term contracts

In the case of contracts treated as long term the directors assess the stage of completion by comparing the current costs with the total expected costs for the project. Consideration is given to external factors that may affect the overall outcome of the project.

Useful economic lives of tangible assets

The annual deprecation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are reassessed annually.

Deferred consideration

The estimated deferred contingent consideration included at the time of the management buy out has been updated in line with the share purchase agreement to reflect the final calculation. The final calculation is based on EBITDA results of relevant years.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Groundwork and civil engineering services
15,571,641
17,501,916
Hire of civil engineering equipment
1,277,368
1,810,129
16,849,009
19,312,045

All turnover relates to the United Kingdom.

BARAM JTC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
4
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
2,500
2,500
Audit of the financial statements of the company's subsidiaries
9,050
8,460
11,550
10,960
5
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
18,707
15,495
Depreciation of tangible fixed assets held under hire purchase agreements
281,623
448,784
Profit on disposal of tangible fixed assets
(162,686)
(43,207)
Amortisation of intangible assets
920,002
920,002
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
Operational
34
40
-
-
Administrative and directors
13
13
5
5
Total
47
53
5
5
BARAM JTC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,061,268
2,120,221
-
0
-
0
Social security costs
216,113
224,276
-
-
Pension costs
50,472
37,020
-
0
-
0
2,327,853
2,381,517
-
0
-
0
7
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
5,628
6,370
Restatement of deferred consideration
-
0
(368,040)
Removal of default interest
-
0
(901,898)
Other interest on financial liabilities
195,203
675,939
Interest on finance leases and hire purchase contracts
24,041
34,774
Total finance costs
224,872
(552,855)
Disclosed on the profit and loss account as follows:
Removal of default interest
-
(901,898)
Other interest payable and similar expenses
224,872
349,043

Default interest on late repayments of loan notes had previously been accounted for in line with the share purchase agreement. However the loan note holder who is a related party agreed on 30 December 2022 that no default interest will be charged and all default interest previously charged will be waived.

8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
135,723
104,612
BARAM JTC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
2023
2022
£
£
(Continued)
- 24 -
Deferred tax
Origination and reversal of timing differences
(44,987)
170,038
Changes in tax rates
-
0
12,926
Total deferred tax
(44,987)
182,964
Total tax charge
90,736
287,576

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

2023
2022
£
£
(Loss)/profit before taxation
(555,329)
733,143
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(130,613)
139,297
Tax effect of expenses that are not deductible in determining taxable profit
5,030
32,696
Restatement of deferred consideration not taxable
-
0
(69,928)
Capital allowances enhanced relief
(64)
(2,215)
Effect of deferred tax at future rate
-
0
12,926
Amortisation of goodwill on consolidation
216,383
174,800
Taxation charge
90,736
287,576
9
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Paid
350,808
380,808
BARAM JTC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
9,200,021
Amortisation and impairment
At 1 January 2023
4,216,676
Amortisation charged for the year
920,002
At 31 December 2023
5,136,678
Carrying amount
At 31 December 2023
4,063,343
At 31 December 2022
4,983,345
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
527,372
3,979,761
8,231
580,976
5,096,340
Additions
-
0
47,312
-
0
15,000
62,312
Disposals
-
0
(294,647)
-
0
(1,677)
(296,324)
At 31 December 2023
527,372
3,732,426
8,231
594,299
4,862,328
Depreciation and impairment
At 1 January 2023
31,533
2,427,939
7,663
266,019
2,733,154
Depreciation charged in the year
6,880
240,856
189
52,405
300,330
Eliminated in respect of disposals
-
0
(241,878)
-
0
(1,677)
(243,555)
At 31 December 2023
38,413
2,426,917
7,852
316,747
2,789,929
Carrying amount
At 31 December 2023
488,959
1,305,509
379
277,552
2,072,399
At 31 December 2022
495,839
1,551,822
568
314,957
2,363,186
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
BARAM JTC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Tangible fixed assets
(Continued)
- 26 -

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
1,262,358
1,528,444
-
0
-
0
Motor vehicles
258,213
308,018
-
0
-
0
1,520,571
1,836,462
-
-
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
15,411,967
15,411,967
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
15,411,967
Carrying amount
At 31 December 2023
15,411,967
At 31 December 2022
15,411,967
13
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
Nas Plant Limited
England
Ordinary shares
100.00
Baram Limited
England
Ordinary shares
100.00
BARAM JTC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,580,384
3,559,392
-
0
-
0
Gross amounts owed by contract customers
1,157,229
114,689
-
0
-
0
Amounts owed by group undertakings
-
-
939,542
939,542
Other debtors
77,738
106,360
135
135
Prepayments and accrued income
14,195
7,496
-
0
-
0
2,829,546
3,787,937
939,677
939,677
Deferred tax asset (note 17)
-
0
-
0
269,898
221,097
2,829,546
3,787,937
1,209,575
1,160,774
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
26,844
26,181
-
0
-
0
Obligations under finance leases
257,882
407,268
-
0
-
0
Other borrowings
5,362,403
5,893,473
5,362,403
5,893,473
Payments received on account
163,286
981,043
-
0
-
0
Trade creditors
1,288,968
1,275,951
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
4,814,449
4,283,379
Corporation tax payable
135,723
104,612
-
0
-
0
Other taxation and social security
83,852
71,785
-
-
Other creditors
2,560,531
2,560,531
2,560,531
2,560,531
Accruals and deferred income
1,098,515
901,411
1,079,593
884,390
10,978,004
12,222,255
13,816,976
13,621,773

The bank loan is secured on the assets of the company.

 

The hire purchase contracts are secured by the assets to which they relate.

 

Other borrowings represent fixed rate secured loan notes. The loan notes are being repaid in monthly instalments. Interest is charged annually in June at a rate of 3% of the principal amount outstanding which is included in accruals.

 

Other creditors represents the additional consideration per the share purchase agreement which is based on the EBITDA results of previous years.

BARAM JTC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
16
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
178,851
205,695
-
0
-
0
Obligations under hire purchase agreements
248,940
511,920
-
-
427,791
717,615
-
-

The bank loan is secured on the assets of the company.

 

The hire purchase contracts are secured by the assets to which they relate.

17
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
278,773
274,958
-
-
Other timing differences
(269,898)
(221,097)
-
-
8,875
53,861
-
-
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Other timing differences
-
-
269,898
221,097
BARAM JTC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Deferred taxation
(Continued)
- 29 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability/(asset) at 1 January 2023
53,861
(221,097)
Credit to profit or loss
(42,325)
(45,914)
Effect of change in tax rate - profit or loss
(2,661)
(2,887)
Liability/(asset) at 31 December 2023
8,875
(269,898)

 

18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
50,472
37,020

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.

19
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
45
45
45
45
Ordinary B shares of £1 each
45
45
45
45
Ordinary C shares of £1 each
45
45
45
45
Ordinary D shares of £1 each
15
15
15
15
150
150
150
150
BARAM JTC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
20
Operating lease commitments

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
-
1,582
-
-
-
1,582
-
-
21
Cash generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(646,065)
445,567
Adjustments for:
Taxation charged
90,736
287,576
Finance costs
224,872
(552,855)
Investment income
-
0
(4,772)
Gain on disposal of tangible fixed assets
(162,686)
(43,207)
Amortisation and impairment of intangible assets
920,002
920,002
Depreciation and impairment of tangible fixed assets
300,330
464,279
Movements in working capital:
Decrease in debtors
958,391
1,520,312
Decrease in creditors
(595,569)
(2,670,959)
Cash generated from operations
1,090,011
365,943
BARAM JTC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
22
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,974,441
(406,754)
1,567,687
Borrowings excluding overdrafts
(6,125,349)
557,251
(5,568,098)
Obligations under finance leases
(919,188)
412,366
(506,822)
(5,070,096)
562,863
(4,507,233)
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