Company registration number 05106531 (England and Wales)
0404 INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
0404 INVESTMENTS LIMITED
COMPANY INFORMATION
Director
Mr A M Holt
Secretary
Mrs V Hargreaves
Company number
05106531
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
0404 INVESTMENTS LIMITED
CONTENTS
Page
Strategic report
1 - 4
Director's report
5 - 8
Director's responsibilities statement
9
Independent auditor's report
10 - 12
Profit and loss account
13
Group statement of comprehensive income
14
Group balance sheet
15
Company balance sheet
16
Group statement of changes in equity
17
Company statement of changes in equity
18
Group statement of cash flows
19
Notes to the financial statements
20 - 46
0404 INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Section 172(1) Statement

The 0404 Investments group 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 group 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 director of the group has acted in accordance with his duties codified in law, which include his duty to act in the way in which he considers, in good faith, will consistently promote the success of the group 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 group's vision and values are set out in the Strategic Report together with the risks facing the group. The director believes that strong governance is essential to the group.

 

The group and its director are committed to help create ways to reuse household and post industrial waste. The group 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.

0404 INVESTMENTS 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 £78.13 million to £73.01 million, but in these latest accounts we have seen a growth in sales of 3.47% to £75.54 million, excluding turnover from acquisitions made in the year.

 

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.

0404 INVESTMENTS 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 group 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).

0404 INVESTMENTS 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….

Principal risks and uncertainties

The group is exposed to the usual credit and cash flow risks associated with selling on credit and manages this through effective credit control procedures. The group's foreign exchange rate exposure arises from trading with overseas companies. The group manages this exposure by the use of foreign currency forward contracts. The group also uses an invoice discounting facility to help manage the risk of bad debts and to also help finance working capital.

On behalf of the board

Mr A M Holt
Director
2 August 2024
0404 INVESTMENTS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

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

Principal activities

The principal activity of the company during the year was that of a holding company.

 

The principal activity of the group continues to be the provision of quality homewares, designed in house for worldwide retail distribution.

 

Results and dividends

The results for the year are set out on page 13.

Dividends of £800,000 were paid in the year. 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 A M Holt
Political donations

The group 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 group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group'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 group's performance.

 

 

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 group recognises that the fair treatment of customers is central to its overall strategy and continuing success of its business. The group 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 group's stakeholders to maintain and enhance the group's integrity, brand and reputation.

0404 INVESTMENTS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Auditor

In accordance with the company's articles, a resolution proposing that Pierce C A Limited be reappointed as auditor of the group will be put at a General Meeting.

0404 INVESTMENTS LIMITED
DIRECTOR'S 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 0404 Investments 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 2021.

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
33,553,207
2023
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Natural gas
2,181.58
- Company vehicles
60.20
2,241.78
Scope 2 - indirect emissions
- Electricity
4,630.96
Scope 3 - other indirect emissions
- Grey fleet
9.80
Total gross emissions
6,882.54
Intensity ratio
Tonnes CO2e per £1 million of turnover
80.96
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

The 0404 Investments Limited group is committed to reducing its environmental impact and contribution to climate change through increased continuous improvement procedures. During the reporting period, the group has removed the diesel generators running machines in one of their production facilities, connecting the machines to the grid using renewable energy.

0404 INVESTMENTS LIMITED
DIRECTOR'S 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 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 A M Holt
Director
2 August 2024
0404 INVESTMENTS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -

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.

0404 INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF 0404 INVESTMENTS LIMITED
- 10 -
Opinion

We have audited the financial statements of 0404 Investments 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 statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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:

0404 INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 0404 INVESTMENTS LIMITED
- 11 -
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.

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:

 

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.

0404 INVESTMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF 0404 INVESTMENTS LIMITED
- 12 -

Use of our report

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

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
0404 INVESTMENTS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
Turnover
3
85,010,512
73,014,065
Cost of sales
(56,502,312)
(49,226,554)
Gross profit
28,508,200
23,787,511
Distribution costs
(10,806,180)
(8,929,120)
Administrative expenses
(13,146,131)
(10,882,163)
Other operating income
168,079
173,269
Operating profit
4
4,723,968
4,149,497
Interest receivable and similar income
7
-
0
1,431
Interest payable and similar expenses
8
(580,452)
(398,737)
Profit before taxation
4,143,516
3,752,191
Tax on profit
11
(1,082,393)
(585,949)
Profit for the financial year
3,061,123
3,166,242
Profit for the financial year is attributable to:
- Owners of the parent company
3,338,687
3,113,089
- Non-controlling interests
(277,564)
53,153
3,061,123
3,166,242

The profit and loss account has been prepared on the basis that all operations are continuing operations.

0404 INVESTMENTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
£
£
Profit for the year
3,061,123
3,166,242
Other comprehensive income
-
-
Total comprehensive income for the year
3,061,123
3,166,242
Total comprehensive income for the year is attributable to:
- Owners of the parent company
3,338,687
3,113,089
- Non-controlling interests
(277,564)
53,153
3,061,123
3,166,242
0404 INVESTMENTS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 15 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
434,787
338,564
Tangible assets
14
34,545,746
35,651,669
Investment property
13
40,526
40,526
Investments
15
1,854,334
1,854,334
36,875,393
37,885,093
Current assets
Stocks
17
15,699,363
13,335,222
Debtors
19
17,014,341
17,472,908
Cash at bank and in hand
3,273,571
3,145,637
35,987,275
33,953,767
Creditors: amounts falling due within one year
20
(26,892,035)
(25,378,792)
Net current assets
9,095,240
8,574,975
Total assets less current liabilities
45,970,633
46,460,068
Creditors: amounts falling due after more than one year
21
(3,967,954)
(6,728,937)
Provisions for liabilities
Deferred tax liability
24
2,336,320
2,325,895
(2,336,320)
(2,325,895)
Net assets
39,666,359
37,405,236
Capital and reserves
Called up share capital
27
701,000
701,000
Share premium account
3,359,100
3,359,100
Profit and loss reserves
34,705,649
32,166,962
Equity attributable to owners of the parent company
38,765,749
36,227,062
Non-controlling interests
900,610
1,178,174
39,666,359
37,405,236
The financial statements were approved and signed by the director and authorised for issue on 2 August 2024
02 August 2024
Mr A M Holt
Director
Company registration number 05106531 (England and Wales)
0404 INVESTMENTS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 16 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
110,000
-
0
Investment property
13
40,526
40,526
Investments
15
9,348,837
8,490,611
9,499,363
8,531,137
Current assets
Debtors
19
1,047,485
1,473,652
Cash at bank and in hand
174,638
272,699
1,222,123
1,746,351
Creditors: amounts falling due within one year
20
(656,181)
(464,218)
Net current assets
565,942
1,282,133
Net assets
10,065,305
9,813,270
Capital and reserves
Called up share capital
27
701,000
701,000
Share premium account
3,359,100
3,359,100
Profit and loss reserves
6,005,205
5,753,170
Total equity
10,065,305
9,813,270

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 £1,052,034 (2022 - £1,626,806 profit).

The financial statements were approved and signed by the director and authorised for issue on 2 August 2024
02 August 2024
Mr A M Holt
Director
Company registration number 05106531 (England and Wales)
0404 INVESTMENTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
Share capital
Share premium account
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2022
701,000
3,359,100
32,053,873
36,113,973
1,125,021
37,238,994
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
3,113,089
3,113,089
53,153
3,166,242
Dividends
10
-
-
(3,000,000)
(3,000,000)
-
(3,000,000)
Balance at 31 December 2022
701,000
3,359,100
32,166,962
36,227,062
1,178,174
37,405,236
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
3,338,687
3,338,687
(277,564)
3,061,123
Dividends
10
-
-
(800,000)
(800,000)
-
(800,000)
Balance at 31 December 2023
701,000
3,359,100
34,705,649
38,765,749
900,610
39,666,359
0404 INVESTMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
701,000
3,359,100
7,126,364
11,186,464
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
1,626,806
1,626,806
Dividends
10
-
-
(3,000,000)
(3,000,000)
Balance at 31 December 2022
701,000
3,359,100
5,753,170
9,813,270
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,052,035
1,052,035
Dividends
10
-
-
(800,000)
(800,000)
Balance at 31 December 2023
701,000
3,359,100
6,005,205
10,065,305
0404 INVESTMENTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
35
5,856,478
7,689,351
Interest paid
(580,452)
(398,737)
Income taxes paid
(586,495)
(224,650)
Net cash inflow from operating activities
4,689,531
7,065,964
Investing activities
Purchase of business
(827,775)
-
Purchase of intangible assets
(110,000)
(22,500)
Proceeds from sale of player registrations
207,300
1,214,137
Purchase of tangible fixed assets
(1,967,845)
(2,757,255)
Proceeds from disposal of tangible fixed assets
1,668
40,000
Proceeds from disposal of investment property
-
321,000
Interest received
-
0
1,431
Net cash used in investing activities
(2,696,652)
(1,203,187)
Financing activities
Movement in invoice discounting advances
1,946,155
(243,289)
Repayment of borrowings
(60,800)
(60,800)
Repayment of bank loans
(235,846)
(235,586)
Payment of finance leases obligations
(2,714,454)
(2,937,777)
Dividends paid to equity shareholders
(800,000)
(3,000,000)
Net cash used in financing activities
(1,864,945)
(6,477,452)
Net increase/(decrease) in cash and cash equivalents
127,934
(614,675)
Cash and cash equivalents at beginning of year
3,145,637
3,760,312
Cash and cash equivalents at end of year
3,273,571
3,145,637
0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
1
Accounting policies
Company information

0404 Investments Limited (“the Company”) 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.

 

The Group consists of 0404 Investments Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

1.2
Basis of consolidation

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.Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

The consolidated financial statements incorporate those of 0404 Investments Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 31 December 2023. Accrington Stanley Football Club Limited and Firsteel Limited have an accounting reference period ending on 30 June. The accounts included in the consolidation for the twelve month period to 31 December 2023 have been prepared from interim financial statements prepared by the companies to that date.

 

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

 

 

1.3
Going concern

The group is dependent on the ongoing support of its bankers and its invoice discounting facility providers.

 

The director is 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 director is satisfied that in preparing the financial statements he has taken into account all the information that could reasonably be expected to be available.

 

On this basis he considers that it is appropriate to prepare the financial statements on the going concern basis.

 

 

0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.4
Turnover

Turnover comprises revenue recognised by the group in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Turnover also includes income from gate receipts and season ticket income, television rights. donations, running youth development programmes and other ancillary commercial activities, exclusive of value added tax.

 

Transfer fees receivable are recognised in the profit on disposal of players' registrations.

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

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Intangible fixed assets - 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 five years.

 

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

1.7
Intangible fixed assets other than goodwill

Website development expenses are stated at cost.

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

Website
25% - 33.33% straight line
Player registrations
Term of the contract

Trademarks are stated at cost. They are not amortised, but are reviewed annually for any impairment in value.

0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.8
Tangible fixed assets

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

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

Freehold land and buildings
1- 8 % straight line basis
Football club land and buildings
2% straight line basis/over the term of the previous lease
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, 10% straight line, 15% straight line and reducing balance basis
Fixtures and fittings
15% and 20% straight line basis and 15% reducing balance basis
Office equipment
15% and 25% straight line basis and 15% reducing balance 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 recognised in the profit and loss account.

1.9
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.10
Fixed asset investments

Investments held as fixed assets are shown at cost less provision for impairment.

0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
1.11
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 group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

 

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

 

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

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

1.12
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. that have been incurred in bringing the stocks to their present location and condition.

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

1.13
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.

1.14
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.

0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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

Classification of financial liabilities

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

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.

0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 25 -
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 group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

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

1.16
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.

 

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.

1.17
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.

0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 26 -
1.18
Retirement benefits

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

1.19
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.

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.

1.20
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.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.21
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 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.

0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
3
Turnover and other revenue

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

2023
2022
£
£
Turnover analysed by class of business
From principal activity
80,391,868
68,384,205
From football club
4,618,644
4,629,860
85,010,512
73,014,065
2023
2022
£
£
Other revenue
Interest income
-
1,431
Profit on sale of player registrations
207,300
1,203,560
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
68,796,155
64,410,523
Rest of European Union
15,344,456
8,095,612
Rest of the World
869,901
507,930
85,010,512
73,014,065
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Research and development costs
2,954
17,773
Government grants received
(14,869)
(13,220)
Depreciation of owned tangible fixed assets
2,143,585
1,948,974
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)
Profit on sale of player registrations
(207,300)
(1,203,560)
Amortisation of intangible assets
13,777
54,143
Release of negative goodwill
(458,771)
-
Operating lease charges
1,535,820
1,211,771
0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
5
Auditors' remuneration
2023
2022
Fees payable to the company's auditor and its associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,000
3,000
Audit of the company's subsidiaries
35,040
29,960
38,040
32,960
For other services
Taxation compliance services
-
3,500
All other non-audit services
3,640
1,445
3,640
4,945
6
Employees

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

2023
2022
Number
Number
Production and despatch staff
170
195
Office, sales and management staff
102
84
Football club staff
148
213
420
492

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
15,384,646
12,692,971
Social security costs
1,488,720
1,255,803
Pension costs
259,536
290,415
17,132,902
14,239,189
0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
-
0
1,431

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
-
1,431
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
48,715
21,113
Other interest on financial liabilities
1,022
-
49,737
21,113
Other finance costs:
Interest on finance leases and hire purchase contracts
185,337
212,982
Other interest
345,378
164,642
Total finance costs
580,452
398,737
9
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
-
40,000
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
800,000
3,000,000
0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
992,871
189,825
Adjustments in respect of prior periods
79,097
(48,292)
Total current tax
1,071,968
141,533
Deferred tax
Origination and reversal of timing differences
10,425
444,416
Total tax charge
1,082,393
585,949

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
4,143,516
3,752,191
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
974,555
712,916
Tax effect of expenses that are not deductible in determining taxable profit
46,353
12,479
Permanent capital allowances in excess of depreciation
(45,777)
(132,877)
Depreciation on assets not qualifying for tax allowances
27,240
21,991
Research and development tax credit
-
0
(85,500)
Other permanent differences
(115)
(3,057)
Over provided in prior years
79,097
(48,292)
Tax at marginal rate
1,351
-
0
Effects of changes in estimated future tax rates
488
108,289
Unutilised tax losses
(799)
-
0
Taxation charge
1,082,393
585,949
0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
12
Intangible fixed assets
Group
Goodwill
Negative goodwill
Website
Trademarks
Player registrations
Total
£
£
£
£
£
£
Cost
At 1 January 2023
5,727,887
-
0
220,301
323,651
100,500
6,372,339
Additions - separately acquired
-
0
-
0
-
0
110,000
-
0
110,000
Additions - business combinations
-
0
(458,771)
-
0
-
0
-
0
(458,771)
Disposals
-
0
-
0
-
0
-
0
(77,500)
(77,500)
At 31 December 2023
5,727,887
(458,771)
220,301
433,651
23,000
5,946,068
Amortisation and impairment
At 1 January 2023
5,727,887
-
0
220,301
-
0
85,587
6,033,775
Amortisation charged for the year
-
0
(458,771)
-
0
-
0
13,777
(444,994)
Disposals
-
0
-
0
-
0
-
0
(77,500)
(77,500)
At 31 December 2023
5,727,887
(458,771)
220,301
-
0
21,864
5,511,281
Carrying amount
At 31 December 2023
-
0
-
0
-
0
433,651
1,136
434,787
At 31 December 2022
-
0
-
0
-
323,651
14,913
338,564
0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
Company
Trademarks
£
Cost
At 1 January 2023
-
0
Additions - separately acquired
110,000
At 31 December 2023
110,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
-
0
Carrying amount
At 31 December 2023
110,000
At 31 December 2022
-
0

Negative goodwill relates to the purchase in the year of the entire issued share capital of Firsteel Limited and represents the excess of the fair value of the assets acquired over the consideration price. The full amount of the negative goodwill was written back to profit in the year.

0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
13
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023 and 31 December 2023
40,526
40,526

In a previous year the group purchased land on Whalley Road, Accrington. The land is included in the balance sheet at its historic cost of £40,526. The director considers that this cost represents a reasonable estimate of its current market value.

 

 

 

0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
14
Tangible fixed assets
Group
Freehold land and buildings
Football club land and buildings
Plant and moulds
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
9,944,461
8,241,443
44,589,079
2,735,382
835,926
610,136
66,956,427
Additions
561,277
271,645
1,191,522
158,775
57,041
101,103
2,341,363
Disposals
-
0
-
0
-
0
-
0
-
0
(56,497)
(56,497)
At 31 December 2023
10,505,738
8,513,088
45,780,601
2,894,157
892,967
654,742
69,241,293
Depreciation and impairment
At 1 January 2023
1,580,620
1,014,729
25,453,347
2,240,683
743,266
272,113
31,304,758
Depreciation charged in the year
115,817
184,910
2,881,132
91,662
70,925
101,662
3,446,108
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(55,319)
(55,319)
At 31 December 2023
1,696,437
1,199,639
28,334,479
2,332,345
814,191
318,456
34,695,547
Carrying amount
At 31 December 2023
8,809,301
7,313,449
17,446,122
561,812
78,776
336,286
34,545,746
At 31 December 2022
8,363,841
7,226,714
19,135,732
494,699
92,660
338,023
35,651,669
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Tangible fixed assets
(Continued)
- 35 -

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and moulds
8,897,009
11,192,576
-
0
-
0
Fixtures and fittings
86,796
130,866
-
0
-
0
Motor vehicles
24,814
34,120
-
0
-
0
9,008,619
11,357,562
-
-
Depreciation charge for the year in respect of leased assets
1,288,905
1,488,469
-
-

Freehold land and buildings with a carrying amount of £7,710,836 (2022 - £7,790,718) have been pledged to secure borrowings of the group. The group is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 36 -
15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
7,848,326
6,990,100
Unlisted investments
1,854,334
1,854,334
1,500,511
1,500,511
1,854,334
1,854,334
9,348,837
8,490,611
Movements in fixed asset investments
Group
Unlisted investments
£
Cost or valuation
At January 2022 & 31 December 2022
1,854,334
Carrying amount
At 31 December 2023
1,854,334
At 31 December 2022
1,854,334
Movements in fixed asset investments
Company
Shares in group undertakings
Unlisted investments
Total
£
£
£
Cost or valuation
At January 2022 & 31 December 2022
7,809,364
1,500,511
9,309,875
Additions
858,226
-
858,226
At 31 December 2023
8,667,590
1,500,511
10,168,101
Impairment
At January 2022 & 31 December 2022
819,264
-
819,264
Carrying amount
At 31 December 2023
7,848,326
1,500,511
9,348,837
At 31 December 2022
6,990,100
1,500,511
8,490,611
In accordance with Financial Reporting Standard 102 - Section 27 - 'Impairment of assets', the carrying value of the company's investment in Accrington Stanley Football Club Limited has been compared to its recoverable amount, represented by its value in use to the company. This resulted in an impairment loss of £819,264 being recognised at 31 December 2015. The impairment loss is equivalent to the total cost of the investment acquired by the company. A review of the value in use at the current balance sheet date has resulted in no change arising to the impairment provision brought forward.
0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 37 -
16
Subsidiaries

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

Name of undertaking
Registered Office
Nature of business
Class of
% Held
shareholding
What More UK Limited
Pendle Court, 4 Mead Way, Shuttleworth Mead Business Park, Padiham, Burnley, Lancashire, BB12 7NG
Manufacture of plastic house and gardenwares
Ordinary
100.00
-
Octoplus Limited
As above
Retailer of fishing products
Ordinary
100.00
-
The Plastic Box Company Limited
As above
Internet wholesaler of house & gardenwares
Ordinary
100.00
-
Wham World Limited
As above
Plant hire
Ordinary
100.00
-
0303 LLP *
As above
Dormant
Ordinary
100.00
-
Accrington Stanley Football Club Limited
Livingstone Road, Accrington, Lancashire, BB5 5BX
Professional football club
Ordinary
75.30
-
Firsteel Limited
As above
Ordinary
100.00
-

* Shares held by What More UK Limited.

 

The individual company accounts for Wham World Limited, company number 08232798, and Octoplus Limited, company number 08607967, have not been subject to audit. Both companies are entitled to the exemption from audit under Section 479A of the Companies Act 2006 relating to subsidiary companies.

 

0404 Investments Limited has guaranteed all the outstanding liabilities to which Wham World Limited and Octoplus Limited are subject to, at 31 December 2023, until such liabilities are satisfied in full. The amount of these liabilities at the balance sheet date was as follows:

 

Wham World Limited        £1,084

Octoplus Limited            £138,288

17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
7,102,031
5,402,436
-
-
Work in progress
809,436
681,194
-
-
Finished goods and goods for resale
7,787,896
7,251,592
-
0
-
0
15,699,363
13,335,222
-
-
0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 38 -
18
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
16,002,680
16,401,615
1,047,485
1,473,652
Carrying amount of financial liabilities
Measured at amortised cost
28,095,742
29,664,610
486,975
300,386
19
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
14,560,636
15,440,228
-
0
-
0
Corporation tax recoverable
-
0
167,876
-
0
-
0
Amounts due from subsidiary undertakings
-
0
-
0
1,047,475
1,238,262
Other debtors
1,459,056
961,576
10
235,390
Prepayments and accrued income
994,649
903,228
-
0
-
0
17,014,341
17,472,908
1,047,485
1,473,652
20
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Invoice discounting advances
22
9,920,468
7,974,313
-
0
-
0
Bank loans
22
238,682
233,932
-
0
-
0
Obligations under finance leases
23
2,544,813
2,730,645
-
0
-
0
Other borrowings
22
30,800
60,800
-
0
-
0
Trade creditors
6,055,365
7,444,996
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
60,000
60,000
Corporation tax payable
325,481
7,884
1,204
7,884
Other taxation and social security
1,744,364
1,802,320
168,002
155,948
Government grants
25
13,246
26,864
-
0
-
0
Other creditors
612,185
361,941
193,113
-
0
Accruals and deferred income
5,406,631
4,730,347
233,862
240,386
26,892,035
25,374,042
656,181
464,218

During a previous year the group 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.

 

 

0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 39 -
21
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
22
159,276
395,122
-
0
-
0
Obligations under finance leases
23
3,127,522
5,646,964
-
0
-
0
Other borrowings
22
-
0
30,800
-
0
-
0
Grants
25
681,156
606,051
-
0
-
0
Other creditors
-
0
50,000
-
0
-
0
3,967,954
6,728,937
-
0
-
0
22
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Invoice discounting advances
9,920,468
7,974,313
-
0
-
0
Bank loans
397,958
633,804
-
0
-
0
Other loans
30,800
91,600
-
0
-
0
10,349,226
8,699,717
-
-
Payable within one year
10,189,950
8,273,795
-
0
-
0
Payable after one year
159,276
425,922
-
0
-
0

The bank loan is secured by mortgage debentures and first legal charges over certain property and assets of the group and is due for repayment within five years of the balance sheet date.

 

Invoice discounting advances are secured by a mortgage debenture and a first legal charge over certain property and assets of the group.

 

During a previous year the group received an 'Advanced Distributions loan' of £182,800 from the EFL. This loan is unsecured and interest-free. A balance of £30,800 (2022: £91,600) was outstanding at the balance sheet date in respect of this loan.

 

 

 

 

0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 40 -
23
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
2,544,813
2,730,645
-
0
-
0
In two to five years
3,127,522
5,646,964
-
0
-
0
5,672,335
8,377,609
-
-

Finance lease payments represent rentals payable by the group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 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.

24
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
2,340,764
2,332,525
Unrelieved pension contributions
(4,444)
(6,630)
2,336,320
2,325,895
The company has no deferred tax assets or liabilities.
Group
Company
2023
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.

0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 41 -
25
Government and other grants

Deferred income is included in the financial statements as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Arising from government and other grants
694,402
632,915
-
-
694,402
632,915
-
-
Current liabilities
13,246
26,864
-
0
-
0
Non-current liabilities
681,156
606,051
-
0
-
0
694,402
632,915
-
-

In a previous year the group received grants totalling £660,983 from The Football Stadia Improvement Fund to contribute to the costs of improving its football stadium.

 

The above grant is secured by way of a legal charge over the football club property.

 

The grant provider has the right to claw back whole or part of the grant over a period of twenty-one years, under certain circumstances, from the date of receipt.

 

During the current year the group received a grant of £90,000 from The EFL Stadia & Facility Fund to contribute to the cost of constructing its new changing rooms.

 

The grant provider has the right to claw back the whole grant over a period of ten years, under certain circumstances, from the date of receipt.

 

26
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit and loss in respect of defined contribution schemes
259,536
290,415

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.

27
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Issued and fully paid
701,000 Ordinary shares of £1 each
701,000
701,000
0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 42 -
28
Acquisition of a business

On 24 February 2023 the group acquired 100 percent of the issued capital of Firsteel Limited, a company incorporated in England and Wales.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
36,338
328,000
364,338
Inventories
617,827
240,398
858,225
Trade and other receivables
1,919,612
-
1,919,612
Cash and cash equivalents
30,451
-
30,451
Trade and other payables
(1,855,629)
-
(1,855,629)
Total identifiable net assets
748,599
568,398
1,316,997
Goodwill
(458,771)
Total consideration
858,226
The consideration was satisfied by:
£
Cash
858,226
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
9,467,740
Loss after tax
(754,698)
29
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
1,080,433
230,529
-
-
0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 43 -
30
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
945,101
877,968
-
-
Between two and five years
1,768,020
1,731,345
-
-
In over five years
1,898,667
2,154,667
-
-
4,611,788
4,412,562
-
-

 

31
Events after the reporting date

The group has declared and paid dividends of £1,310,000 in respect of its issued share capital after the balance sheet date.

0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 44 -
32
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, who are also directors of What More UK Limited, is as follows.

2023
2022
£
£
Aggregate compensation
727,157
790,411

Certain of the directors of What More UK Limited are considered to be key management personnel by virtue of their authority and responsibility for planning, directing and controlling the activities of the group.

Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchase of goods
Rent charged
2023
2022
2023
2022
£
£
£
£
Group
Entities under the common control of Mr A M Holt
858,428
1,808,916
1,011,405
1,058,971
858,428
1,808,916
1,011,405
1,058,971

The following amounts were outstanding at the reporting end date:

Amounts owed to related parties
2023
2022
£
£
Group
Entities under the common control of Mr A M Holt
85,868
79,787

The following amounts were outstanding at the reporting end date:

Amounts owed by related parties
2023
2022
£
£
Group
Entities under the common control of Mr A M Holt
1,193,666
660,823

 

The group sold its land at George Lane, Burnley to a close family member of the director, A M Holt, for a consideration of £321,000 in the previous year.

0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 45 -
33
Controlling party

The ultimate controlling party of 0404 Investments Limited is Mr A M Holt by virtue of his shareholding in the company.

34
Director's transactions

Dividends totalling £800,000 (2022: £3,000,000) were paid in the year in respect of shares held by the group's director.

Included in Other debtors in the previous year was a loan made by the group to its director. The opening balance on the loan was £238,454. The total amount advanced in the year was £1,989,614. An amount of £2,228,068 was repaid. The closing balance on the loan was £nil. No interest has been charged in respect of this loan in the year.

35
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
3,061,123
3,166,242
Adjustments for:
Taxation charged
1,082,393
585,949
Finance costs
580,452
398,737
Investment income
-
0
(1,431)
Gain on disposal of tangible fixed assets
(490)
(16,088)
Profit on sale of player registrations
(207,300)
(1,203,560)
Amortisation and impairment of intangible assets
(444,994)
54,143
Depreciation and impairment of tangible fixed assets
3,446,108
3,451,087
Movements in working capital:
(Increase)/decrease in stocks
(1,505,916)
620,485
Decrease/(increase) in debtors
2,210,303
(359,228)
(Decrease)/increase in creditors
(2,426,688)
1,019,879
Increase/(decrease) in deferred income
61,487
(26,864)
Cash generated from operations
5,856,478
7,689,351
0404 INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 46 -
36
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
272,699
(98,061)
174,638
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