Company registration number 00965267 (England and Wales)
HADLEIGH CASTINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
HADLEIGH CASTINGS LIMITED
COMPANY INFORMATION
Directors
Mr N E Warnes
Mr D C Hart
Mrs C L Lock
Mr N J Morsman
Mr C P Warnes
Mrs B A Warnes
Mr M Sarginson
Secretary
Mr N E Warnes
Company number
00965267
Registered office
Pond Hall Road
Hadleigh
Ipswich
IP7 5PW
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
HADLEIGH CASTINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
HADLEIGH CASTINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Business review and principal risks and uncertainties

Throughout 2023, and as in previous years, it has been a struggle for manufacturers against lower selling prices from low-cost countries. Further to this, as widely reported in the press, high rates of inflation have attacked the margin with prices paid by manufacturers having risen steeply over the past few years, and even well above the published rate of inflation. This continues to be the case particularly in respect of energy charges, raw materials, and legislation costs. Additionally, the fluctuating state of the Euro/Pound always provides an air of uncertainty. Price comparisons for quotations continually set us against Far Eastern suppliers, against whom it is very difficult to compete, especially as they have the advantage of different Health, Safety and Employment legislation.

 

2023 has not been as affected by the Covid-19 Pandemic, compared to 2022, but there continues to be increased costs through such areas as:

This has been largely because although the Pandemic subsided, there have still been several cases within our workforce, leading to absenteeism and disturbed shifts for those who have not succumbed to it at the same time. Covid has continued to appear in differing levels of intensity through various areas of the Country, so when it seems to concentrate more locally, we apply these more protective measures, for the benefit of our Employees and Visitors.

 

Additionally, there continues to be further issues to overcome in relation to Brexit. We feel that these extra costs will transpire well into the future.

 

During the year we gained orders from a new ‘household name’ Customer, having significant forecasts for the future, which would require additional manufacturing floor space. Accordingly we have achieved Planning Approval for some small industrial units on an unused piece of our ground. Our strategy is that we could move non-manufacturing facilities out of the main building to create more internal work space areas to accommodate any forecast additional requirements should they become a reality.

 

Nevertheless, we continue to try to set off most of these increases by an ongoing level of improved labour efficiency and considerable capital investment, and although this was limited during 2022, we pursued plans for commitments to new major capital purchases during 2023, and expect to continue that strategy for the forthcoming year or two.

 

2023 has not been particularly low in terms of sales, but there has been a high level of new work, some of which is from new Customers, which remains very encouraging, but our regular Customers have ordered in reasonable quantities through the year. Unfortunately, many of our projects do not yield production orders for up to 2-3 years after initial quotation and sampling, and we are seeing some of this work being ordered at the time of writing. Fortunately, our position for 2024 and beyond, is looking very positive, meaning that we are expecting to remain in profit in future years, albeit modestly, but it should allow us to release our investment plans.

 

Higher costs and stable selling prices have led to a loss in 2023, but although this is unwelcome, it is comparatively modest, when set against a year of very difficult trading for this, and many other manufacturing Companies in the UK.

 

Our balance sheet remained strong both in terms of net current assets, remaining at £1.9m, and net assets being £4.3m (2022: £4.7m). We have continued to manage our debts during the year, and invested in over £350,000 of new equipment.

 

HADLEIGH CASTINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Financial instruments

The company's financial risk management objective is broadly to seek to make neither profit nor loss form exposure to currency or interest rate risks. Its policy is to finance working capital through retained earnings and through borrowings at prevailing market interest rates. Its policy is to finance fixed assets through fixed rate borrowings for a term broadly expected to match the useful economic lives of the assets.

 

The company's exposure to the price risk of financial instruments is therefore minimal. As the counterpart to all financial instruments is its bankers, it is also exposed to minimal credit and liquidity risks in respect of these instruments.

 

During the year and since the year the company has continued to manage the risk in relation to the COVID-19 pandemic. Whilst the severity appears to have decreased due to the level of vaccinations and amount of Herd Immunity, the directors remain vigilant and consider that the company remains well placed to manage the current and future effects of the pandemic.

 

The directors do not consider any other risks attaching to the use of financial instruments to be material to an assessment of its financial position or profit.

 

 

Future developments

We remain convinced that the way forward is to stay as the niche industry in which we are now established, which will again demand some significant but cautious investment, and we are therefore predicting a modest profit during the year ending 31 December 2024.

Key performance indicators

 

2023

2022

 

Turnover vs Budget

 

94.2%

100.5%

Gross profit margin %

 

37.3%

37.5%

Operating profit margin %

 

-0.5%

2.2%

Current ratio

 

2.3

2.7

On behalf of the board

Mr N E Warnes
Director
13 August 2024
HADLEIGH CASTINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

 

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties.

Principal activities

The principal activity of the company continued to be that of pattern markers, die and sand castings.

Results and dividends

The loss for the year, before taxation, amounted to £68,063 (The profit for the year in 2022, before taxation, amounted to £153,729).

During the year the company paid dividends of £270,865 (2022: £83,170).

Directors

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

Mr N E Warnes
Mr D C Hart
Mrs C L Lock
Mr N J Morsman
Mr C P Warnes
Mrs B A Warnes
Mr M Sarginson
Research and development

The company places considerable emphasis on research and development of existing and new products and on the improvement of the production process, focused primarily on extending competitive advantage. In the year ended 31 December 2023, the companies research and development expenditure amounted to £Nil (2022: £123,460).

Post reporting date events

There have been no significant events affecting the company since the year end.

Future developments

The company's business activities, together with the factors likely to affect its future development, its financial position, details of its financial instruments and its exposures to price, credit, liquidity and cash flow risk are described in the Strategic Report. The company has sufficient financial resources. As a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the difficult trading conditions. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Auditor

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

HADLEIGH CASTINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr N E Warnes
Director
13 August 2024
HADLEIGH CASTINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

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

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HADLEIGH CASTINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HADLEIGH CASTINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Hadleigh Castings Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HADLEIGH CASTINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HADLEIGH CASTINGS LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our audit was designed, after obtaining suitable knowledge and understanding of the company and the industry that it operates within, to include tests of detail together with an assessment of the control environment, to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including transactions with related parties, revenue recognition and areas where there is a risk of management override of systems and controls, and accounting estimates.

We also obtained an understanding of the legal and regulatory framework that the company operates in, through discussions with the directors and other management, and from our own knowledge and experience of the sector.

HADLEIGH CASTINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HADLEIGH CASTINGS LIMITED (CONTINUED)
- 8 -

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

 

 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection 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.

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.

Christopher Barrett
Senior Statutory Auditor
For and on behalf of Ensors Accountants LLP
14 August 2024
Chartered Accountants
Statutory Auditor
Connexions
159 Princes Street
Ipswich
IP1 1QJ
HADLEIGH CASTINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
7,632,011
7,506,535
Cost of sales
(4,785,061)
(4,690,925)
Gross profit
2,846,950
2,815,610
Distribution costs
(320,144)
(280,871)
Administrative expenses
(2,570,415)
(2,388,835)
Other operating income
6,105
15,681
Operating (loss)/profit
4
(37,504)
161,585
Interest receivable and similar income
7
12,640
12,839
Interest payable and similar expenses
8
(43,200)
(20,695)
(Loss)/profit before taxation
(68,064)
153,729
Tax on (loss)/profit
9
10,351
(10,170)
(Loss)/profit for the financial year
(57,713)
143,559

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

HADLEIGH CASTINGS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
2023-12-31
- 10 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,562,382
2,469,308
Investment property
12
484,817
484,817
3,047,199
2,954,125
Current assets
Stocks
15
1,032,657
907,046
Debtors
16
2,029,505
2,603,146
Cash at bank and in hand
218,050
235,144
3,280,212
3,745,336
Creditors: amounts falling due within one year
17
(1,406,447)
(1,437,961)
Net current assets
1,873,765
2,307,375
Total assets less current liabilities
4,920,964
5,261,500
Creditors: amounts falling due after more than one year
18
(305,006)
(303,929)
Provisions for liabilities
Deferred tax liability
21
291,222
304,257
(291,222)
(304,257)
Net assets
4,324,736
4,653,314
Capital and reserves
Called up share capital
23
55,602
55,602
Share premium account
69,784
69,784
Revaluation reserve
624,524
627,709
Capital redemption reserve
60,334
60,334
Profit and loss reserves
3,514,492
3,839,885
Total equity
4,324,736
4,653,314

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 13 August 2024 and are signed on its behalf by:
Mr N E Warnes
Director
Company registration number 00965267 (England and Wales)
HADLEIGH CASTINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
55,602
69,784
630,894
60,334
3,776,311
4,592,925
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
-
143,559
143,559
Dividends
10
-
-
-
-
(83,170)
(83,170)
Transfers
-
-
(3,185)
-
3,185
-
Balance at 31 December 2022
55,602
69,784
627,709
60,334
3,839,885
4,653,314
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
-
-
(57,713)
(57,713)
Dividends
10
-
-
-
-
(270,865)
(270,865)
Transfers
-
-
(3,185)
-
3,185
-
Balance at 31 December 2023
55,602
69,784
624,524
60,334
3,514,492
4,324,736
HADLEIGH CASTINGS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
30
375,707
(674)
Interest paid
(43,200)
(20,695)
Income taxes refunded
87,968
-
0
Net cash inflow/(outflow) from operating activities
420,475
(21,369)
Investing activities
Purchase of tangible fixed assets
(373,426)
(298,734)
Proceeds from disposal of tangible fixed assets
7,143
-
0
Repayment of loans
152,316
(15,357)
Interest received
12,640
12,839
Net cash used in investing activities
(201,327)
(301,252)
Financing activities
Repayment of borrowings
-
0
(83,212)
Payment of finance leases obligations
34,623
45,224
Dividends paid
(270,865)
(83,170)
Net cash used in financing activities
(236,242)
(121,158)
Net decrease in cash and cash equivalents
(17,094)
(443,779)
Cash and cash equivalents at beginning of year
235,144
678,923
Cash and cash equivalents at end of year
218,050
235,144
HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Hadleigh Castings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pond Hall Road, Hadleigh, Ipswich, IP7 5PW.

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.

Group accounts have not been prepared as the company's subsidiary is permitted to be excluded from group accounts by virtue of sections 402 and 405 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

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 delivery 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.

1.4
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. Historic cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

The company adds to the carrying amount of an item of fixed assets the cost replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replacement part is derecognised. Repairs and maintenance are charged to profit and loss during the year in which they are incurred.

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
2% straight line
Plant and equipment
15% reducing balance
Office equipment
15% reducing balance and 20% straight line
Tools & equipment
15% reducing balance
Motor vehicles
25% reducing balance

Freehold land is not depreciated.

HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -

The assets' residual values, useful lives and depreciation methods are review, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

 

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

1.5
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.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those 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.

1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.10
Financial instruments

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

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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

HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

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

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.12
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

1.13
Employee benefits

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.15
Leases

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

 

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 leases asset are consumed.

1.16
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.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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

Key sources of estimation uncertainty

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

Work in progress

In calculating the value of work in progress, standard costing rates for labour and overhead absorption are calculated. These rates are estimates of the actual costs incurred in production. These costing rates are likely to vary depending on the level of output and level of costs in a period and as such are re-assessed on a regular basis by the directors.

HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
3
Turnover and other revenue

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

2023
2022
£
£
Turnover analysed by class of business
Sale of goods
7,632,011
7,506,535
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
6,544,416
6,653,594
Rest of Europe
765,259
569,708
Rest of the world
322,336
283,233
7,632,011
7,506,535
2023
2022
£
£
Other revenue
Interest income
12,640
12,839
Grants received
-
15,681
4
Operating (loss)/profit
2023
2022
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
11,312
(30,119)
Government grants
-
(15,681)
Fees payable to the company's auditor for the audit of the company's financial statements
11,860
9,750
Depreciation of owned tangible fixed assets
165,597
144,706
Depreciation of tangible fixed assets held under finance leases
102,544
86,599
Loss on disposal of tangible fixed assets
5,068
11,302
Operating lease charges
62,589
59,175
5
Employees

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

2023
2022
Number
Number
Factory and production
93
89
Sales and administration
16
15
Total
109
104
HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
3,536,112
3,374,119
Social security costs
366,938
362,181
Pension costs
94,485
107,469
3,997,535
3,843,769
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
675,430
671,327
Company pension contributions to defined contribution schemes
24,768
43,949
700,198
715,276

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2022 - 6).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
170,700
168,000
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
12,640
12,839
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
10,449
138
Other finance costs:
Interest on finance leases and hire purchase contracts
31,821
18,373
Other interest
930
2,184
43,200
20,695
HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
2,684
(23,074)
Adjustments in respect of prior periods
-
0
10,753
Total current tax
2,684
(12,321)
Deferred tax
Origination and reversal of timing differences
(13,035)
22,491
Total tax (credit)/charge
(10,351)
10,170

The Finance Act 2021 was substantively enacted in May 2021 and has increased the corporation tax rate from 19% to 25% with effect from 1 April 2023. The deferred taxation balances have been measured using the rates expected to apply in the reporting periods when the timing differences reverse.

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

2023
2022
£
£
(Loss)/profit before taxation
(68,064)
153,729
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.53% (2022: 19.00%)
(16,015)
29,209
Tax effect of expenses that are not deductible in determining taxable profit
-
0
4,867
Adjustments in respect of prior years
2,684
10,753
Effect of change in corporation tax rate
(767)
-
0
Permanent capital allowances in excess of depreciation
3,747
(19,820)
Research and development tax credit
-
0
(838)
Losses carried back
-
0
(14,001)
Taxation (credit)/charge for the year
(10,351)
10,170
10
Dividends
2023
2022
£
£
Interim paid
270,865
83,170
HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
11
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Office equipment
Tools & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
1,259,562
3,560,807
604,296
256,792
95,488
5,776,945
Additions
-
0
268,745
1,041
23,660
79,980
373,426
Disposals
-
0
(216,542)
-
0
-
0
(37,092)
(253,634)
At 31 December 2023
1,259,562
3,613,010
605,337
280,452
138,376
5,896,737
Depreciation and impairment
At 1 January 2023
179,660
2,366,852
566,334
121,789
73,002
3,307,637
Depreciation charged in the year
14,377
194,523
12,420
21,994
24,827
268,141
Eliminated in respect of disposals
-
0
(208,432)
-
0
-
0
(32,991)
(241,423)
At 31 December 2023
194,037
2,352,943
578,754
143,783
64,838
3,334,355
Carrying amount
At 31 December 2023
1,065,525
1,260,067
26,583
136,669
73,538
2,562,382
At 31 December 2022
1,079,902
1,193,955
37,962
135,003
22,486
2,469,308

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

2023
2022
£
£
Plant and equipment
715,948
604,363
Motor vehicles
59,985
15,596
Tools & equipment
53,609
63,069
829,542
683,028

Included in freehold land and buildings is freehold land of £527,823 (2022: £527,823) which is not depreciated.

12
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
484,817
HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Investment property
(Continued)
- 22 -

The fair value of the investment property of 19 Neptune Square, Ipswich, has been prepared by the directors as at 31 December 2023.

 

A professional valuation was previously carried out on 15 December 2022 by Watsons Property Group Limited, who are not connected to the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The fair value at the time of the valuation was £484,817.

Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2023 & 31 December 2023
146,093
Impairment
At 1 January 2023 & 31 December 2023
146,093
Carrying amount
At 31 December 2023
-
At 31 December 2022
-
14
Subsidiaries

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

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Hadleigh Patterns Limited
Pond Hall Road, Hadleigh, Ipswich, Suffolk, IP7 5PW
Dormant
Ordinary £1
100
-
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Hadleigh Patterns Limited
800
HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
15
Stocks
2023
2022
£
£
Raw materials and consumables
183,774
240,649
Work in progress
848,883
666,397
1,032,657
907,046
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,321,219
1,634,257
Corporation tax recoverable
9,471
100,123
Other debtors
537,733
695,952
Prepayments and accrued income
161,082
172,814
2,029,505
2,603,146
17
Creditors: amounts falling due within one year
2023
2022
as restated
Notes
£
£
Obligations under finance leases
20
232,917
199,371
Other borrowings
19
84,460
84,460
Trade creditors
609,806
617,147
Taxation and social security
325,244
301,640
Other creditors
68,898
116,119
Accruals and deferred income
85,122
119,224
1,406,447
1,437,961

Net obligations under finance are secured over the assets to which they relate.

 

Other creditors include an invoice financing facility £34,267 (2022: £81,948) which is secured by a charge created by Lloyds Bank Commercial Finance Ltd. This contains a fixed charge over certain assets and floating charge over all property and undertakings of the Company, present and future.

 

18
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
20
305,006
303,929

Finance lease creditors are secured on the underlying assets concerned.

HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
19
Loans and overdrafts
2023
2022
£
£
Loans from related parties
84,460
84,460
Payable within one year
84,460
84,460
20
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
260,638
226,482
In two to five years
331,303
323,733
591,941
550,215
Less: future finance charges
(54,018)
(46,915)
537,923
503,300

Finance lease payments represent rentals payable by the company for certain items of fixed assets. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
290,831
304,554
Tax losses
391
-
Retirement benefit obligations
-
(297)
291,222
304,257
2023
Movements in the year:
£
Liability at 1 January 2023
304,257
Credit to profit or loss
(13,035)
Liability at 31 December 2023
291,222
HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Deferred taxation
(Continued)
- 25 -

The deferred tax liability set out above is expected to reverse in due course and relates to accelerated capital allowances.

22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
94,485
107,469

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

23
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,702
4,702
4,702
4,702
B Ordinary shares of £1 each
4,810
4,810
4,810
4,810
C Ordinary shares of £1 each
4,304
4,304
4,304
4,304
D Ordinary shares of £1 each
41,686
41,686
41,686
41,686
E Ordinary shares of £1 each
100
100
100
100
55,602
55,602
55,602
55,602

All shares rank pari passu.

24
Financial commitments, guarantees and contingent liabilities

At the year end the Company was in discussion with Health and Safety Executives following an incident in the year.

25
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
26,696
60,683
Between two and five years
8,484
35,180
35,180
95,863
HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
-
78,000
27
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
808,251
791,412
Transactions with related parties

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

During the year the company paid rent to Hadleigh Castings Director's Pension Scheme, a Scheme under common control, of £45,000 (2022: £45,000), no amount outstanding at the year end.

 

During the 2018 year the company received a loan of £410,000 from the Hadleigh Castings Director's Pension Scheme, repayable over a period of five years. The loan has an interest rate of 1.5% and £85,727 (2022: £84,460) is still outstanding at the year end.

 

During the year the company paid rent to C P Warnes (director) of £8,100 (2022: £8,100), no amount is outstanding at the year end.

28
Directors' transactions

Dividends totalling £270,865 (2022 - £83,170) were paid in the year in respect of shares held by the company's directors.

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Interest charged
Amounts repaid
Closing balance
£
£
£
£
Mr N E Warnes
3.00
472,495
12,640
(162,640)
322,495
Mr N E Warnes
-
21,738
-
(2,203)
19,535
Mrs C L Lock
-
38,347
-
(113)
38,234
Mr C P Warnes
-
7,241
-
-
7,241
Mrs B Warnes
-
100
-
-
100
539,921
12,640
(164,956)
387,605
HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
29
Ultimate controlling party

The company is controlled by Mr N E Warnes as director and majority shareholder.

30
Cash generated from/(absorbed by) operations
2023
2022
£
£
(Loss)/profit for the year after tax
(57,713)
143,559
Adjustments for:
Taxation (credited)/charged
(10,351)
10,170
Finance costs
43,200
20,695
Investment income
(12,640)
(12,839)
Loss on disposal of tangible fixed assets
5,068
11,302
Depreciation and impairment of tangible fixed assets
268,141
231,305
Movements in working capital:
Increase in stocks
(125,611)
(137,059)
Decrease/(increase) in debtors
330,673
(629,160)
(Decrease)/increase in creditors
(65,060)
361,353
Cash generated from/(absorbed by) operations
375,707
(674)
31
Analysis of changes in net debt
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
235,144
(17,094)
218,050
Borrowings excluding overdrafts
(84,460)
-
(84,460)
Obligations under finance leases
(503,300)
(34,623)
(537,923)
(352,616)
(51,717)
(404,333)
32
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100Mr D C HartMrs C L LockMr N J MorsmanMr C P WarnesMrs B A WarnesMr M SarginsonMr M SarginsonMr N E Warnesfalsefalse009652672023-01-012023-12-3100965267bus:CompanySecretaryDirector12023-01-012023-12-3100965267bus:Director12023-01-012023-12-3100965267bus:Director22023-01-012023-12-3100965267bus:Director32023-01-012023-12-3100965267bus:Director42023-01-012023-12-3100965267bus:Director52023-01-012023-12-3100965267bus:Director62023-01-012023-12-3100965267bus:CompanySecretary12023-01-012023-12-3100965267bus:Director72023-01-012023-12-3100965267bus:RegisteredOffice2023-01-012023-12-31009652672023-12-31009652672022-01-012022-12-3100965267core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3100965267core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31009652672022-12-3100965267core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3100965267core:PlantMachinery2023-12-3100965267core:FurnitureFittings2023-12-3100965267core:ComputerEquipment2023-12-3100965267core:MotorVehicles2023-12-3100965267core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3100965267core:PlantMachinery2022-12-3100965267core:FurnitureFittings2022-12-3100965267core:ComputerEquipment2022-12-3100965267core:MotorVehicles2022-12-3100965267core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3100965267core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3100965267core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3100965267core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3100965267core:ShareCapital2023-12-3100965267core:ShareCapital2022-12-3100965267core:SharePremium2023-12-3100965267core:SharePremium2022-12-3100965267core:RevaluationReserve2023-12-3100965267core:RevaluationReserve2022-12-3100965267core:CapitalRedemptionReserve2023-12-3100965267core:CapitalRedemptionReserve2022-12-3100965267core:RetainedEarningsAccumulatedLosses2023-12-3100965267core:RetainedEarningsAccumulatedLosses2022-12-3100965267core:ShareCapital2021-12-3100965267core:SharePremium2021-12-3100965267core:RevaluationReserve2021-12-3100965267core:CapitalRedemptionReserve2021-12-3100965267core:RetainedEarningsAccumulatedLosses2021-12-3100965267core:ShareCapitalOrdinaryShares2023-12-3100965267core:ShareCapitalOrdinaryShares2022-12-3100965267core:RevaluationReserve2022-01-012022-12-3100965267core:RevaluationReserve2023-01-012023-12-31009652672022-12-31009652672021-12-3100965267core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3100965267core:PlantMachinery2023-01-012023-12-3100965267core:FurnitureFittings2023-01-012023-12-3100965267core:ComputerEquipment2023-01-012023-12-3100965267core:MotorVehicles2023-01-012023-12-310096526712023-01-012023-12-310096526712022-01-012022-12-3100965267core:UKTax2023-01-012023-12-3100965267core:UKTax2022-01-012022-12-3100965267core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3100965267core:PlantMachinery2022-12-3100965267core:FurnitureFittings2022-12-3100965267core:ComputerEquipment2022-12-3100965267core:MotorVehicles2022-12-3100965267core:CurrentFinancialInstruments2023-12-3100965267core:CurrentFinancialInstruments2022-12-3100965267core:Non-currentFinancialInstruments2023-12-3100965267core:Non-currentFinancialInstruments2022-12-3100965267core:WithinOneYear2023-12-3100965267core:WithinOneYear2022-12-3100965267core:BetweenTwoFiveYears2023-12-3100965267core:BetweenTwoFiveYears2022-12-3100965267bus:PrivateLimitedCompanyLtd2023-01-012023-12-3100965267bus:FRS1022023-01-012023-12-3100965267bus:Audited2023-01-012023-12-3100965267bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP