Company registration number 13189670 (England and Wales)
BTGM GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
BTGM GROUP LIMITED
COMPANY INFORMATION
Director
Mr B T G Milner
Company number
13189670
Registered office
King House
Stotts Park, James Street
Westhoughton
Bolton
Auditor
Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
BTGM GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Director's report
4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 29
BTGM GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The director presents the strategic report for the year ended 31 December 2023.

 

BTGM Group Limited, was incorporated on 9 February 2021 and on 26 February 2021 purchased the entire share capital of DL M & E Holdings Limited and its trading subsidiary, DL M & E Building Services Ltd.

 

The group has built upon its foundations and provided a quality service to its customers through the mutually beneficial and ethical relationship with their suppliers.

 

The group still offers its Mechanical and Electrical Design and Commercial resources. This resource offers it the greater opportunity to engage further with its clients to provide additional support on larger project schemes. This underpins its strong links to the large blue-chip clients that it works for, which, along with reciprocal relationships will give the group the platform to build sustainable future growth upon.

Fair review of the business

2023             2022

£                  £

 

Turnover                  16,836,534              21,567,771

Profit before taxation          2,271,208              3,947,122

 

2023 saw turnover decrease by 21.9% when compared with 2022. Gross profit margin fell slightly from 26.6% in 2022 to 23.5% in 2023. Inflationary pressures held the group back from making any changes to the gross margin.

 

The group's existing frameworks and tender projects continue to perform well, ensuring a steady workflow throughout the year. The year has also ended with a strong forward order book.

 

Average staff numbers decreased through the year, moving from 79 in 2022 to 76 in 2023.

 

Cash balances have remained strong throughout the year, despite a slight decrease from 2022.    

 

At the year end, shareholders' funds amounted to £5.8 million. The directors believe the group's position to be financially robust, particularly given that current assets exceed current liabilities to the extent of £3.7m.

 

Our strategy seeks to reinforce our position as a leader in the supply of Mechanical and Electrical services, whilst acting in a responsible and ethical manner. We aim to grow our cash flow and deliver competitive returns to fund future growth.

 

The group specialises in the provision of Mechanical and Electrical engineering services for construction projects in both private and public sectors.

 

Much of the group's activities are organised into the following divisions:

 

BTGM GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
As the whole manner of our Mechanical and Electrical projects become more complex and demanding, we believe our technical expertise along with excellent customer service will be a deciding factor in the growth of the group. Our key strengths include our knowledge and application of product and technology, the financial and project management skills that allow us to deliver solutions and the management of integrated value chains.

The group's credentials include registered membership of or accreditation by, the following associations and industry bodies;

• NICEIC (National Inspection Council for Electrical Installation)
• Constructionline UK Gold
• CHAS (Construction Health and Safety Awareness Scheme)
• ISO 9001 : 2015 Quality Management System
• REFCOM F - Gas Registered
• Mitsubishi Business Solutions Partner
• Daiken D1 Partner
Principal risks and uncertainties

There are several potential risks and uncertainties which could have a material impact on the business performance and could cause actual results to differ materially from expected and historical results.

 

The principal risks inherent in the business model, include the following:

 

Operational risk

The activities of the group subject it to risks relating to its ability to implement and maintain effective systems and process control. The group has implemented strict process control to monitor commercial and operational risks.

 

Competitor risk

The group faces competition in the core markets in which it operates. There is a danger that its profitability may be impaired. To manage this risk, the group maintains close relationships with its customers, introducers, and other significant participants.

 

Supplier risk

The group sources products from around the globe. There is the possibility that logistical problems in certain areas of the world may impact on its ability to supply. To mitigate this risk, the group has invested in strong relationships with its suppliers and has a comprehensive portfolio of products that mean it is able to supply from a variety of sources and minimise any disruption to supply.

 

Credit risk

The group operates larger contracts only with Blue Chip clients to mitigate any potential credit risks. The group also ensures that all its potential customers must go through a full test procedure before credit facilities are granted.

Key performance indicators

Key features of the group's performance during the period include the following:

 

 

 

Financial KPIs have been discussed in the fair review of the business.

BTGM GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

On behalf of the board

Mr B T G Milner
Director
17 July 2024
BTGM GROUP LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The director presents his annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company is that of a holding company,

 

BTGM Group Limited has two subsidiary undertakings:

 

DL M & E Holdings Limited - Holding company

DL M & E Building Services Ltd - Mechanical and electrical installations.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £722,004. The director does not recommend payment of a further dividend.

Director

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

Mr B T G Milner
Future developments

We continuously seek to improve the group's operating performance with the emphasis on quality, performance and operating costs. For 2024, we have set out three key priorities: improving our financial performance, develop existing and potential routes to market and to continue to focus on successful project delivery for our customers.

Auditor

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

Strategic report

The truegroup 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. It has done so in respect of financial instruments.

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 B T G Milner
Director
17 July 2024
BTGM GROUP LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

BTGM GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BTGM GROUP LIMITED
- 6 -
Opinion

We have audited the financial statements of BTGM Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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:

BTGM GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BTGM GROUP LIMITED
- 7 -
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 director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

BTGM GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BTGM GROUP LIMITED
- 8 -

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Use of our report

This report is made solely to the group'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 group and the group’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Cornes (Senior Statutory Auditor)
For and on behalf of Barlow Andrews LLP
17 July 2024
Chartered Accountants
Statutory Auditor
Carlyle House
78 Chorley New Road
Bolton
BTGM GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
16,836,534
21,567,771
Cost of sales
(12,882,265)
(15,826,281)
Gross profit
3,954,269
5,741,490
Administrative expenses
(1,703,953)
(1,799,716)
Other operating income
21,359
5,348
Operating profit
4
2,271,675
3,947,122
Interest receivable and similar income
8
3,741
-
0
Interest payable and similar expenses
9
(4,208)
-
0
Profit before taxation
2,271,208
3,947,122
Tax on profit
10
(610,462)
(751,436)
Profit for the financial year
1,660,746
3,195,686
Profit for the financial year is all attributable to the owners of the parent company.

There is no other comprehensive income for the period. The total comprehensive income is the profit for the financial period shown above.

BTGM GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
2,124,204
2,573,507
Tangible assets
13
26,197
34,492
2,150,401
2,607,999
Current assets
Debtors
16
3,413,433
2,146,990
Cash at bank and in hand
2,593,279
3,289,802
6,006,712
5,436,792
Creditors: amounts falling due within one year
17
(2,353,110)
(2,612,567)
Net current assets
3,653,602
2,824,225
Total assets less current liabilities
5,804,003
5,432,224
Creditors: amounts falling due after more than one year
18
-
(566,526)
Provisions for liabilities
Deferred tax liability
19
(643)
(1,080)
(643)
(1,080)
Net assets
5,803,360
4,864,618
Capital and reserves
Called up share capital
22
447,180
447,180
Profit and loss reserves
5,356,180
4,417,438
Total equity
5,803,360
4,864,618
The financial statements were approved by the board of directors and authorised for issue on 17 July 2024 and are signed on its behalf by:
17 July 2024
Mr B T G Milner
Director
Company registration number 13189670 (England and Wales)
BTGM GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
9,761,370
9,911,152
Current assets
Debtors
16
-
0
10,967
Cash at bank and in hand
1
1
1
10,968
Creditors: amounts falling due within one year
17
(9,314,013)
(8,907,486)
Net current liabilities
(9,314,012)
(8,896,518)
Total assets less current liabilities
447,358
1,014,634
Creditors: amounts falling due after more than one year
18
-
(566,526)
Net assets
447,358
448,108
Capital and reserves
Called up share capital
22
447,180
447,180
Profit and loss reserves
178
928
Total equity
447,358
448,108

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 £721,254 (2022 - £435,283 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 17 July 2024 and are signed on its behalf by:
17 July 2024
Mr B T G Milner
Director
Company registration number 13189670 (England and Wales)
BTGM GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
337,620
1,656,107
1,993,727
Year ended 31 December 2022:
Profit and total comprehensive income
-
3,195,686
3,195,686
Issue of share capital
105,088
-
105,088
Bonus issue of shares
4,472
(4,472)
-
0
Dividends
11
-
(429,883)
(429,883)
Balance at 31 December 2022
447,180
4,417,438
4,864,618
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,660,746
1,660,746
Dividends
11
-
(722,004)
(722,004)
Balance at 31 December 2023
447,180
5,356,180
5,803,360
BTGM GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
337,620
-
0
337,620
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
435,283
435,283
Issue of share capital
22
105,088
-
105,088
Bonus issue of shares
4,472
(4,472)
-
0
Dividends
-
(429,883)
(429,883)
Balance at 31 December 2022
447,180
928
448,108
Year ended 31 December 2023:
Profit and total comprehensive income
-
721,254
721,254
Dividends
11
-
(722,004)
(722,004)
Balance at 31 December 2023
447,180
178
447,358
BTGM GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
671,303
3,583,883
Interest paid
(4,208)
-
0
Income taxes paid
(795,137)
(908,638)
Net cash (outflow)/inflow from operating activities
(128,042)
2,675,245
Investing activities
Adjustment to consideration on purchase of business
149,782
(111,432)
Purchase of tangible fixed assets
-
(13,769)
Interest received
3,741
-
0
Net cash generated from/(used in) investing activities
153,523
(125,201)
Financing activities
Dividends paid to equity shareholders
(722,004)
(429,883)
Net cash used in financing activities
(722,004)
(429,883)
Net (decrease)/increase in cash and cash equivalents
(696,523)
2,120,161
Cash and cash equivalents at beginning of year
3,289,802
1,169,641
Cash and cash equivalents at end of year
2,593,279
3,289,802
BTGM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

BTGM Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is King House, Stotts Park, James Street, Westhoughton, Bolton.

 

The group consists of BTGM Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

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

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:

 

1.2
Business combinations

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 are accounted for at cost less impairment.

BTGM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

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

 

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

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

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

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

1.6
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.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

BTGM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Computers
33.3% straight line
Motor vehicles
25% reducing balance

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.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries 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.

1.9
Impairment of fixed assets

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

 

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

BTGM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.10
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.12
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.

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.

BTGM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors 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.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

BTGM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.14
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset 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.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of debtors.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.16
Retirement benefits

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

1.17
Share-based payments

Equity-settled share-based payments are measured at the cost of the shares. The cost of shares issued under an Enterprise Management Incentive scheme are recognised within administration expenses in the Profit and Loss account. A corresponding adjustment is made to equity.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

BTGM GROUP LIMITED
NOTES TO THE GROUP 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 director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stage of contract completion

Profit is recognised in the profit and loss account in proportion to the stage of completion of a contract, taking into account the work done and expected margin. Professional judgement is applied in assessing the stage of completion of a contract and the anticipated outcome.

Deferred consideration

Implemented as part of the management buy out, the group is liable, by contract, to pay a fixed percentage of profit to a former shareholder of the group. Part of the calculation of this consideration involves an estimation of future profits.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Long term contract revenue
16,836,534
21,567,771
2023
2022
£
£
Other revenue
Interest income
3,741
-

All turnover arose in the UK and is fully attributable to the principal activity of the group.

4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
8,295
13,144
Amortisation of intangible assets
299,521
313,060
Share-based payments
-
105,088
Operating lease charges
153,627
109,405
BTGM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,100
3,500
Audit of the financial statements of the company's subsidiaries
19,300
17,500
25,400
21,000
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
Management
25
22
1
2
Productive
51
57
-
-
Total
76
79
1
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,916,866
3,745,938
-
0
-
0
Social security costs
421,688
438,168
-
-
Pension costs
91,771
116,855
-
0
-
0
4,430,325
4,300,961
-
0
-
0
7
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
21,033
87,705
Company pension contributions to defined contribution schemes
188
41,289
21,221
128,994

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 2).

 

BTGM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
3,741
-
9
Interest payable and similar expenses
2023
2022
£
£
Other interest
4,208
-
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
610,899
807,513
Adjustments in respect of prior periods
-
0
(56,077)
Total current tax
610,899
751,436
Deferred tax
Origination and reversal of timing differences
(437)
-
0
Total tax charge
610,462
751,436

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

2023
2022
£
£
Profit before taxation
2,271,208
3,947,122
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
534,188
749,953
Tax effect of expenses that are not deductible in determining taxable profit
76,711
58,464
Adjustments in respect of prior years
-
0
(56,077)
Capital allowances in excess of depreciation
-
0
(904)
Deferred taxation movement
(437)
-
0
Taxation charge
610,462
751,436
BTGM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
722,004
429,883
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023
3,138,852
Adjustment to consideration paid
(149,782)
At 31 December 2023
2,989,070
Amortisation and impairment
At 1 January 2023
565,345
Amortisation charged for the year
299,521
At 31 December 2023
864,866
Carrying amount
At 31 December 2023
2,124,204
At 31 December 2022
2,573,507
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
13
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
662
14,298
9,439
30,050
54,449
Depreciation and impairment
At 1 January 2023
660
1,599
9,240
8,458
19,957
Depreciation charged in the year
1
2,704
192
5,398
8,295
At 31 December 2023
661
4,303
9,432
13,856
28,252
Carrying amount
At 31 December 2023
1
9,995
7
16,194
26,197
At 31 December 2022
2
12,699
199
21,592
34,492
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
BTGM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
9,761,370
9,911,152

The valuation movement noted below relates to the movement in the earn out calculation.

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
9,911,152
Valuation changes
(149,782)
At 31 December 2023
9,761,370
Carrying amount
At 31 December 2023
9,761,370
At 31 December 2022
9,911,152
15
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
DL M & E Holdings Limited
King House, James Street, Bolton
Ordinary
100.00
-
DL M & E Building Services Ltd
King House, James Street, Bolton
Ordinary
-
100.00
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
757,700
220,533
-
0
-
0
Gross amounts owed by contract customers
2,346,337
1,620,405
-
0
-
0
Other debtors
167,670
175,339
-
0
10,967
Prepayments and accrued income
141,726
130,713
-
0
-
0
3,413,433
2,146,990
-
10,967
BTGM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
1,350,368
1,147,094
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
8,905,736
8,218,505
Corporation tax payable
254,174
438,412
-
0
-
0
Other taxation and social security
128,576
116,292
-
-
Other creditors
423,259
710,748
405,777
686,481
Accruals and deferred income
196,733
200,021
2,500
2,500
2,353,110
2,612,567
9,314,013
8,907,486

Deferred consideration of £405,777 (2022 - £686,481), included in other creditors, is secured by a floating charge over the group's assets.

18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Other creditors
-
0
566,526
-
0
566,526
19
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
643
1,080
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
1,080
-
Credit to profit or loss
(437)
-
Liability at 31 December 2023
643
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

BTGM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
75,487
116,855

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

At the year end the group owed £17,674 (2022 - £23,772) in regard to pension contributions.

21
Share-based payment transactions
Group
Company
2023
2022
2023
2022
£
£
£
£
Expenses recognised in the year
Arising from equity settled share based payment transactions
-
105,088
-
-
22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
34,209,179
34,209,179
342,092
342,092
B Ordinary shares of 1p each
7,154,860
7,154,860
71,549
71,549
C Ordinary shares of 1p each
2,459,484
2,459,484
24,595
24,595
D Ordinary shares of 1p each
447,179
447,179
4,472
4,472
E Ordinary shares of 1p each
447,179
447,179
4,472
4,472
44,717,881
44,717,881
447,180
447,180

The ordinary shares rank pari passu in all respects as regard voting, dividends and distributions, including on winding up and are not redeemable.

 

The B, C, D and E shares rank pari passu with regard to dividends and distributions, however, the shares carry no voting rights unless there is to be an amendment or variation to the class rights attaching to the shares.

BTGM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
23
Operating lease commitments
Lessee

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
19,228
15,931
-
-
Between two and five years
41,870
1,299
-
-
61,098
17,230
-
-
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
159,881
401,235
Transactions with related parties

Amounts in relation to wages and pensions totalling £38,953 (2022 - £20,169) were paid to an employee connected to the director.

25
Directors' transactions

Dividends totalling £117,168 (2022 - £104,167) were paid in the year in respect of shares held by the director.

BTGM GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
26
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,660,746
3,195,686
Adjustments for:
Taxation charged
610,462
751,436
Finance costs
4,208
-
0
Investment income
(3,741)
-
0
Amortisation and impairment of intangible assets
299,521
313,060
Depreciation and impairment of tangible fixed assets
8,295
13,144
Equity settled share based payment expense
-
105,088
Movements in working capital:
(Increase)/decrease in debtors
(1,266,443)
127,884
Decrease in creditors
(641,745)
(922,415)
Cash generated from operations
671,303
3,583,883
27
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
3,289,802
(696,523)
2,593,279
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