Company registration number 03866672 (England and Wales)
WHAT MORE UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WHAT MORE UK LIMITED
COMPANY INFORMATION
Directors
Mr A M Holt
Mrs V Hargreaves
Mr J A M Grimshaw
Mrs J M Holt
Mr A Riley
Mr I Sellick
Mr R S Tout
Mr G K Ireland
Mr R Walker
Secretary
Mrs J Dyson
Company number
03866672
Registered office
Pendle Court
and business address
4 Mead Way Shuttleworth Mead Business Park
Padiham
Burnley
Lancashire
BB12 7NG
Auditor
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
WHAT MORE UK LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 8
Directors' responsibilities statement
9
Independent auditor's report
10 - 12
Profit and loss account
13
Statement of comprehensive income
14
Balance sheet
15
Statement of changes in equity
16
Notes to the financial statements
17 - 34
WHAT MORE UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Section 172(1) Statement
What More UK Limited is a leading manufacturer of plastic house, gardenwares and bakewares which depends on the trust and confidence of its stakeholders to operate sustainably in the long term. The company is always looking to put its customers' interests first, to invest in its employees, to support the local community in which it is based and to strive to generate increasing profits to reinvest in future growth.
The directors of What More UK Limited have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, will consistently promote the success of the company for the benefit of its members as a whole, having regard to the stakeholders and matters set in Section 172(1) of the Companies Act 2006.
Section 172 considerations are implemented in all the decision making undertaken at board level. The company's vision and values are set out in the Strategic Report together with the risks facing the company. The Board of directors believe that strong governance is essential to the company.
The company and its directors are committed to help create ways to reuse household and post industrial waste. The company has pledged to manufacture durable, reusable plastic products from industrial and household single use plastic waste. New product ranges are being developed that are made from this recycled plastic.
WHAT MORE UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Fair review of the business
In the 2022 strategic report we talked about commodity price hikes and the demand destruction it would cause, and it did. Sales fell from £70.7 million to £66.2 million, but in these latest accounts we have seen a growth in sales of 9.45% to £72.45 million.
We lost a lot of business, particularly in steel, where European price increases made us uncompetitive with China. Tariffs have been applied to Chinese steel imports, but not Chinese steel products. Often products could be sourced below the base EU steel cost from Chinese suppliers. Across Europe producers have been and are being seriously damaged by this.
We took steps to address supply challenges by the group acquisition of Firsteel Limited and have spent a lot of time, effort and cost getting this company somewhere near right. It’s a fact though whilst headline sales have grown, the amount of steel in those sales is lower. There has been some slight easing but nowhere near enough to make us competitive with often inferior Chinese products.
We are comfortable with our supply lines and keep reasonable stocks of all materials to guarantee service to our many clients worldwide. Most of our production is fully automated and, whilst productivity in the UK is alleged not to be improving, it is at What More UK.
The Covid pandemic gave us a step up in sales due to supply lines being challenged for major retail, but the level of sales achieved was higher than our capacity and supplemented by our stocks. We have since significantly increased our capacity for both plastic and steel production.
On the brighter side inflation is coming back down, power costs that, while still too high, are less unpredictable.
So, it’s really difficult to budget, but is not difficult to see where we are going and need to go as a business or group of businesses. We increase pace and build faster, as the review of our business will demonstrate.
Many businesses got a lift in sales during the Covid pandemic, What More UK being one of them. Sales increases quickly evaporated for many companies leaving them with high stocks as business reverted to more normal levels. Some companies went under. Others really struggled to manage the downside of high demand. We were determined that we would not follow this path. Our productive capacity was too low to continue growth, so we made a major investment in our overall capacity.
Much of our new investment is up and running and our overall capacity is now north of £130 million. Covid level of sales is a walk in the park in terms of production, with our fantastic, long serving team performing brilliantly as per.
WHAT MORE UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Fair review of the business contd.
Now we have capacity in place, we are more than trebling NEW PRODUCT DEVELOPMENT. Several new areas of business have been identified and will be good areas of growth for us.
It’s an exciting, newness, which others try to imitate, that has always been our strength. We are fast to act, quicker to market, smiling at competitors trying to copy or imitate products some of which I never liked in the first place!
What More UK is a great business and has a great team. From base materials, we design it, make it, colour it, paint it, make tools to produce it, warehouse it, deliver it, to retail wholesale, direct to the public for our retail customers.
We supply thousands of valued customers, many of whom we’ve dealt with for decades. Home and abroad.
Major investment in marketing, omnichannel retailing, design, branding. The team has taken a while to assemble but is close to the base line needed to succeed going forward.
The group bought the Brand Betterware in the year, established in 1928, which is about to be relaunched with great brand recognition.
We are about to appoint our first export sales director, to lead our export ambitions.
We are also actively looking for acquisitions and are close on one, with another under consideration.
The risks are the risks, the company takes no risk that is so great as to threaten it, budgets are sensitised for all known risks. All debt is secured only by the asset to which it relates. We have enough funds and wool on our back to substantially grow this business.
A business that I think we can double in size within 5 years provided we don’t get further unknown shocks (which is unlikely on past form).
WHAT MORE UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Fair review of the business contd.
Finally…
…I think manufacturing is the place to be, you might say that I would say that, and you’d be right.
The next decades will be about the West securing and increasing its productive base. We need to reduce dependence on those that would seek to do us down, it a no brainer and one day the political leaders or whoever is Prime Minister will realise this.
All manufacturing is good. You can’t easily move it, especially not to China. Everyone is seeking to go the other way.
We’ll be increasingly doing our bit.
Make Britain great again?
See thee next year….
Description of Principal Risks and Uncertainties
The company is exposed to the usual credit and cash flow risks associated with selling on credit and manages this through effective credit control procedures. The company's foreign exchange rate exposure arises from trading with overseas companies. The company manages this exposure by the use of foreign currency forward contracts. The company also uses an invoice discounting facility to help manage the risk of bad debts and to also help finance working capital.
Mr A M Holt
Director
2 August 2024
WHAT MORE UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
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 the manufacture of plastic house, gardenwares and bakewares.
Results and dividends
The results for the year are set out on page 13.
Ordinary dividends were paid amounting to £1,000,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr A M Holt
Mrs V Hargreaves
Mr J A M Grimshaw
Mrs J M Holt
Mr A Riley
Mr I Sellick
Mr R S Tout
Mr G K Ireland
Mr R Walker
Political donations
The company made the following political donations in the current year:
Hyndburn Conservative Association - £6,484
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.
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.
WHAT MORE UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Business relationships
The directors engage with a variety of stakeholders, including customers and suppliers, to inform and enable balanced decisions to be made whilst incorporating the overall strategy of the business.
The directors closely monitor customer satisfaction and issues with suppliers. The company recognises that the fair treatment of customers is central to its overall strategy and continuing success of its business. The company and its directors perceive its supplier network to be a major contribution to its product quality and continuing innovation..The relationship with this network is based on a shared understanding of product quality, production efficiency, security of supplies, competitive prices and innovation.
In making decisions the directors consider all issues relating to the company's stakeholders to maintain and enhance the company's integrity, brand and reputation.
Auditor
In accordance with the company's articles, a resolution proposing that Pierce C A Limited be reappointed as auditor of the company will be put at a General Meeting.
WHAT MORE UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Energy and carbon report
The Companies Act 2006 (Strategic Report and Directors’ Report) Regulation 2018 requires What More UK Limited to disclose annual UK energy consumption and Greenhouse Gas (GHG) emissions from SECR regulated sources. Energy and GHG emissions have been independently calculated by Envantage Ltd for the reporting period to 31 December 2023.
Reported energy and GHG emissions data is compliant with SECR requirements and has been calculated in accordance with the GHG Protocol and SECR guidelines. Energy and GHG emissions are reported from buildings and transport where operational control is held – this includes electricity, natural gas, and business travel in company-owned or grey-fleet cars.
2023
Energy consumption
kWh
Aggregate of energy consumption in the year
20,858,902
2023
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Natural gas
91.60
- Company vehicles
59.30
150.90
Scope 2 - indirect emissions
- Electricity
4,158.20
Scope 3 - other indirect emissions
- Grey fleet
6.10
Total gross emissions
4,315.20
Intensity ratio
Tonnes CO2e per £1 million of turnover
59.56
Quantification and reporting methodology
Electricity and natural gas disclosures have been calculated using metered kWh consumption taken from supplier fiscal invoices where available. Where invoices were unavailable, kWh consumption was estimated by the average daily kWh for the MPRN/MPAN.
GHG emissions associated with Scope 2 purchased electricity have been reported using both market-based and location-based methodologies. Where fuel mix disclosures were not available, such as for landlord supplies, the emissions factor for the residual fuel mix of the UK was instead adopted. Only emissions calculated using the location-based methodology have been carried into the total emissions figure.
Transport disclosures have been calculated using a combination of fuel card transaction reports and business mileage expense claim records. Fuel volumes and mileages have been converted into equivalent energy and GHG emissions using emissions factors published by BEIS in 2021.
Measures taken to improve energy efficiency
What More UK Limited are committed to reducing their environmental impact and contribution to climate change through increased continuous improvement procedures. During the reporting period, the company has removed the diesel generators running machines in one of their production facilities, connecting the machines to the grid using renewable energy.
WHAT MORE UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
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.
On behalf of the board
Mr A M Holt
Director
2 August 2024
WHAT MORE UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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.
WHAT MORE UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WHAT MORE UK LIMITED
- 10 -
Opinion
We have audited the financial statements of What More UK Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, 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.
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.
WHAT MORE UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WHAT MORE UK LIMITED
- 11 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing risks of material misstatements in respect of irregularities (including fraud) we considered the following:
The nature of the industry, the company’s control environment, the significant laws and regulations relevant to the company, and the company’s policies on detection of fraud;
Results of our enquiries of management, those charged with governance, and of staff in compliance roles;
Our review of disclosures included in the financial statements; and
Engagement team discussions in respect of any potential indicators of non-compliance or fraud.
We have also performed specific procedures to consider the risk of management override and of fraud arising in significant transactions outside the normal course of business.
We did not identify a material risk of non-compliance with laws and regulations or of fraud.
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.
WHAT MORE UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WHAT MORE UK LIMITED
- 12 -
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.
Linda Wilkinson (Senior Statutory Auditor)
For and on behalf of Pierce C A Limited
2 August 2024
Statutory Auditor
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
WHAT MORE UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
Turnover
3
72,453,735
66,199,637
Cost of sales
(49,518,751)
(48,444,179)
Gross profit
22,934,984
17,755,458
Distribution costs
(9,432,059)
(7,921,380)
Administrative expenses
(7,191,318)
(6,414,721)
Other operating income
152,208
160,049
Operating profit
4
6,463,815
3,579,406
Interest receivable and similar income
8
160,232
113,941
Interest payable and similar expenses
9
(579,430)
(398,737)
Profit before taxation
6,044,617
3,294,610
Tax on profit
10
(1,049,285)
(543,407)
Profit for the financial year
4,995,332
2,751,203
The profit and loss account has been prepared on the basis that all operations are continuing operations.
WHAT MORE UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
£
£
Profit for the year
4,995,332
2,751,203
Other comprehensive income
-
-
Total comprehensive income for the year
4,995,332
2,751,203
WHAT MORE UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 15 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
323,648
323,648
Tangible assets
13
26,569,680
27,991,360
Investments
14
353,823
353,823
27,247,151
28,668,831
Current assets
Stocks
15
14,361,051
12,632,093
Debtors
16
21,966,866
20,933,531
Cash at bank and in hand
2,354,898
2,415,608
38,682,815
35,981,232
Creditors: amounts falling due within one year
17
(24,470,261)
(24,377,581)
Net current assets
14,212,554
11,603,651
Total assets less current liabilities
41,459,705
40,272,482
Creditors: amounts falling due after more than one year
18
(3,286,798)
(6,105,332)
Provisions for liabilities
Deferred tax liability
21
2,336,320
2,325,895
(2,336,320)
(2,325,895)
Net assets
35,836,587
31,841,255
Capital and reserves
Called up share capital
24
1,700,010
1,700,010
Profit and loss reserves
34,136,577
30,141,245
Total equity
35,836,587
31,841,255
The financial statements were approved by the board of directors and authorised for issue on 2 August 2024 and are signed on its behalf by:
Mr A M Holt
Director
Company registration number 03866672 (England and Wales)
WHAT MORE UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
1,700,010
28,890,042
30,590,052
Year ended 31 December 2022:
Profit and total comprehensive income
-
2,751,203
2,751,203
Dividends
11
-
(1,500,000)
(1,500,000)
Balance at 31 December 2022
1,700,010
30,141,245
31,841,255
Year ended 31 December 2023:
Profit and total comprehensive income
-
4,995,332
4,995,332
Dividends
11
-
(1,000,000)
(1,000,000)
Balance at 31 December 2023
1,700,010
34,136,577
35,836,587
WHAT MORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
1
Accounting policies
Company information
What More UK Limited is a limited company domiciled and incorporated in England and Wales. The registered office is Pendle Court, 4 Mead Way Shuttleworth Mead Business Park, Padiham, Burnley, Lancashire, BB12 7NG.
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 £1 sterling.
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:
What More UK Limited is a wholly owned subsidiary of 0404 Investments Limited and the results of What More UK Limited are included in the consolidated financial statements of 0404 Investments Limited which are available from the registered office.
1.2
Going concern
The company is dependent on the ongoing support of its bankers and its invoice discounting facility providers.true
The directors are not aware of any reasons why the bank overdraft and loan facilities and the invoice discounting facility will not be maintained at their current levels.
The directors are satisfied that in preparing the financial statements they have taken into account all the information that could reasonably be expected to be available.
On this basis they consider that it is appropriate to prepare the financial statements on the going concern basis.
1.3
Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
WHAT MORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.5
Intangible fixed assets other than goodwill
Website development expenses are stated at cost. Amortisation is calculated so as to write off the cost or valuation of these assets less their residual values over their useful lives on the following bases:
Website
25% straight line basis
Trademarks are stated at cost. They are not amortised, but are reviewed annually for any impairment in value.
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:
Land and buildings Freehold
1-8% straight line basis
Plant and moulds
10% and 20% straight line basis to a residual value of 10%. Residual value of moulds written down to £nil over a further period of 10 years.
Fixtures, fittings & equipment
15% straight line basis
Office & computer equipment
15% straight line basis
Motor vehicles
25% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Investments held as fixed assets are shown at cost less provision for impairment.
1.8
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowances for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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.
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.
WHAT MORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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.
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.
WHAT MORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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 direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Derivatives
The company enters into foreign exchange forward contracts in order to manage its exposure to foreign exchange risk.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
WHAT MORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
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.
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
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
WHAT MORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
From principal activity
72,453,735
66,199,637
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
62,927,221
57,596,095
Rest of European Union
8,656,613
8,095,612
Rest of the World
869,901
507,930
72,453,735
66,199,637
2023
2022
£
£
Other revenue
Interest income
160,232
113,941
WHAT MORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Research and development costs
2,954
17,773
Depreciation of owned tangible fixed assets
1,715,394
1,718,610
Depreciation of tangible fixed assets held under finance leases
1,288,905
1,488,469
Profit on disposal of tangible fixed assets
(490)
(16,088)
Operating lease charges
1,412,055
1,068,532
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
25,000
23,000
For other services
All other non-audit services
3,500
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Production and despatch staff
170
189
Office and sales staff
102
88
Total
272
277
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
9,151,676
7,678,458
Social security costs
862,243
792,590
Pension costs
159,112
141,667
10,173,031
8,612,715
7
Directors' remuneration
No remuneration was paid to the directors during the current year. The company's directors are remunerated from 0404 Investments Limited, the parent company. Management charges are paid by this company which include a charge for the services provided by the directors.
WHAT MORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest received
160,232
113,941
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
48,715
21,113
Interest on finance leases and hire purchase contracts
185,337
212,982
Other interest
345,378
164,642
579,430
398,737
WHAT MORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
959,763
138,921
Adjustments in respect of prior periods
79,097
(46,718)
Total current tax
1,038,860
92,203
Deferred tax
Origination and reversal of timing differences
10,425
451,204
Total tax charge
1,049,285
543,407
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
6,044,617
3,294,610
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,421,694
625,976
Tax effect of expenses that are not deductible in determining taxable profit
9,686
8,897
Group relief
(442,901)
(46,159)
Permanent capital allowances in excess of depreciation
(45,904)
(40,312)
Depreciation on assets not qualifying for tax allowances
27,240
21,991
Research and development tax credit
(85,500)
Other permanent differences
(115)
(3,057)
Under-provided in prior year
79,097
(46,718)
Effect of changes in estimated future tax rates
488
108,289
Taxation charge for the year
1,049,285
543,407
11
Dividends
2023
2022
£
£
Final paid
1,000,000
1,500,000
WHAT MORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
12
Intangible fixed assets
Website
Trademarks
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
161,055
323,648
484,703
Amortisation and impairment
At 1 January 2023 and 31 December 2023
161,055
161,055
Carrying amount
At 31 December 2023
323,648
323,648
At 31 December 2022
323,648
323,648
13
Tangible fixed assets
Land and buildings Freehold
Plant and moulds
Fixtures, fittings & equipment
Office & computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
9,944,461
44,386,175
2,288,342
765,375
448,735
57,833,088
Additions
561,277
758,531
131,243
45,261
101,103
1,597,415
Disposals
(56,497)
(56,497)
At 31 December 2023
10,505,738
45,144,706
2,419,585
810,636
493,341
59,374,006
Depreciation and impairment
At 1 January 2023
1,580,620
25,341,289
2,073,204
616,254
230,361
29,841,728
Depreciation charged in the year
115,817
2,716,248
79,780
44,760
61,312
3,017,917
Eliminated in respect of disposals
(55,319)
(55,319)
At 31 December 2023
1,696,437
28,057,537
2,152,984
661,014
236,354
32,804,326
Carrying amount
At 31 December 2023
8,809,301
17,087,169
266,601
149,622
256,987
26,569,680
At 31 December 2022
8,363,841
19,044,886
215,138
149,121
218,374
27,991,360
WHAT MORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Tangible fixed assets
(Continued)
- 27 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases.
2023
2022
£
£
Plant and moulds
8,897,009
11,192,576
Fixtures, fittings & equipment
86,796
130,866
Motor vehicles
24,814
34,120
9,008,619
11,357,562
Freehold land and buildings with a carrying amount of £7,710,836 (2022 - £7,790,718) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
WHAT MORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
14
Fixed asset investments
2023
2022
£
£
Unlisted investments
353,823
353,823
Movements in fixed asset investments
Unlisted investments
£
Cost or valuation
At 1 January 2023 & 31 December 2023
353,823
Carrying amount
At 31 December 2023
353,823
At 31 December 2022
353,823
15
Stocks
2023
2022
£
£
Raw materials and consumables
6,437,569
5,402,436
Work in progress
809,436
681,194
Finished goods and goods for resale
7,114,046
6,548,463
14,361,051
12,632,093
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
13,918,736
14,129,973
Corporation tax recoverable
210,972
Amounts owed by group undertakings
5,734,372
5,085,190
Other debtors
1,455,618
724,607
Prepayments and accrued income
858,140
782,789
21,966,866
20,933,531
Included in Other debtors is a loan made by the company to one of its directors. The total amount advanced in the year was £32,090. The total amount repaid was £20,189 and no interest has been charged. The closing balance of the loan outstanding was £14,975 (2022: £3,074).
WHAT MORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
17
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Invoice discounting advances
19
9,920,468
7,974,313
Bank loans
19
238,682
238,682
Obligations under finance leases
20
2,544,813
2,730,645
Trade creditors
4,968,046
6,845,409
Amounts owed to group undertakings
947,475
1,120,055
Corporation tax
292,296
Other taxation and social security
1,454,422
1,528,669
Government grants
22
13,246
13,644
Other creditors
296,561
305,740
Accruals and deferred income
3,794,252
3,620,424
24,470,261
24,377,581
During a previous year the company entered into an agreement to acquire plant from a third party. The consideration was payable over a three year term. The consideration of £50,000 (2022: £100,000) outstanding at the balance sheet date is included in Other creditors.
18
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
19
159,276
395,122
Obligations under finance leases
20
3,127,522
5,646,964
Government grants
22
13,246
Other creditors
50,000
3,286,798
6,105,332
WHAT MORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
19
Loans and overdrafts
2023
2022
£
£
Invoice discounting advances
9,920,468
7,974,313
Bank loans
397,958
633,804
10,318,426
8,608,117
Payable within one year
10,159,150
8,212,995
Payable after one year
159,276
395,122
Invoice discounting advances are secured by a mortgage debenture and a first legal charge over certain property and assets of the company.
The bank loan is secured by mortgage debentures and first legal charges over certain property and assets of the company. The loan is due for repayment within five years of the balance sheet date.
20
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
2,544,813
2,730,645
In two to five years
3,127,522
5,646,964
5,672,335
8,377,609
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is five years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Obligations under finance leases are secured upon the assets for which they are held.
WHAT MORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
21
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
2,340,764
2,332,525
Unrelieved pension contributions
(4,444)
(6,630)
2,336,320
2,325,895
2023
Movements in the year:
£
Liability at 1 January 2023
2,325,895
Charge to profit or loss
10,425
Liability at 31 December 2023
2,336,320
The deferred tax liability set out above is expected to reverse within five years and relates to accelerated capital allowances that are expected to mature within the same period and unrelieved pension contributions paid after the balance sheet date.
22
Government grants
2023
2022
£
£
Arising from government grants
13,246
26,890
Included in the financial statements as follows:
Current liabilities
13,246
13,644
Non-current liabilities
13,246
13,246
26,890
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
159,112
141,667
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.
WHAT MORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
24
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
17,000,080 A Ordinary shares of 10p each
1,700,008
1,700,008
20 B Ordinary shares of 10p each
2
2
1,700,010
1,700,010
The B Ordinary shares hold no voting rights or rights to receive a dividend.
25
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
672,748
722,183
Between two and five years
1,128,975
1,507,274
In over five years
1,898,667
2,154,667
3,700,390
4,384,124
26
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
1,080,433
230,529
WHAT MORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
27
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Purchases
2023
2022
£
£
Entities under the common control of Mr A M Holt
781,174
250,646
Other group companies
65,000
65,000
Rent charged
Interest received
2023
2022
2023
2022
£
£
£
£
Entities under the common control of Mr A M Holt
1,011,405
1,011,046
-
-
Other group companies
-
-
142,629
112,510
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Entities under the common control of Mr A M Holt
46,046
22,230
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities under the common control of Mr A M Holt
1,193,666
660,823
Other group companies
4,908,106
4,844,679
28
Events after the reporting date
The company has declared and paid dividends of £1,450,000 in respect of its issued share capital after the balance sheet date.
WHAT MORE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
29
Ultimate controlling party
The ultimate parent company is 0404 Investments Limited, a company registered in England and Wales.
The ultimate controlling party of the company is Mr A M Holt by virtue of his shareholding in 0404 Investments Limited.
The following are the parents of the largest and smallest groups in which this company's results are consolidated:
Largest group
0404 Investments Limited
Smallest group
0404 Investments Limited
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