Company registration number 03218876 (England and Wales)
FWB HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FWB HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mrs P A Johnson
Mrs J J Scragg
Mr A J Key
Mr J A Key
Company number
03218876
Registered office
Whieldon Road
Stoke on Trent
Staffordshire
ST4 4JE
Auditor
Geens Limited
Graphic House
124 City Road
Stoke on Trent
ST4 2PH
FWB HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 30
FWB HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

The principle activity of the business for the year is Holding Company to both FWB Properties Limited (Co. No. 3218872) and FWB Products Limited (Co. No. 1660947). FWB Properties owns three buildings located in Stoke-on-Trent, Wrexham and Truro and as a business it is the principal Landlord to the FWB Products Limited trading company.

Principal risks and uncertainties

The risks to the FWB Holdings company are those experienced under its subsidiaries. FWB Properties Ltd must be fully aware of changing legislation in terms of the energy efficiency of its buildings. The laws pertaining to the energy rating could in the future have a direct impact on the rental potential of industrial buildings.

FWB Products Limited risks revolve around the market conditions and trading platforms. Markets over the past 4/5 years have been exceptionally volatile and although expected to stabilise this has not happened in some part due to the political uncertainty of the UK. FWB has to ensure all channels to market are available and trading platforms are current to reach its full potential in sales.

Development and performance

FWB Properties Ltd has a full maintenance schedule for all buildings to keep their condition in good order, ensuring its rental potential or resale value are favourable. Over the past 6 years the buildings have achieved a combined 28% uplift in value.

FWB Products Ltd continues to perform well with growth in many sectors. The balance sheet remains strong and all KPI’s are favourable. Following the introduction of both a new sales analytical platform and a stock control system the business is strengthening from within, providing a positive customer experience with lean and efficient stock profiles.

On behalf of the board

Mr A J Key
Director
15 August 2024
FWB HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

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

Principal activities

The principal activity of the Group during the year was the supply and distribution of a comprehensive range of industrial consumables for the maintenance, repair and operations across a wide range of industries.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £331,235. The directors do not recommend payment of a further dividend.

Directors

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

Mrs P A Johnson
Mrs J J Scragg
Mr A J Key
Mr J A Key
Statement of directors' responsibilities

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

 

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

 

 

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

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.

Medium-sized companies exemption

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

FWB HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
On behalf of the board
Mr A J Key
Director
15 August 2024
FWB HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FWB HOLDINGS LIMITED
- 4 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

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:

FWB HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FWB HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

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.

Identifying and assessing potential risks related to irregularities

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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

FWB HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FWB HOLDINGS LIMITED
- 6 -
Audit reponse to risks identified

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

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Karen Staley FCA BSc (Hons) (Senior Statutory Auditor)
For and on behalf of Geens Limited
15 August 2024
Chartered Accountants
Statutory Auditor
Graphic House
124 City Road
Stoke on Trent
ST4 2PH
FWB HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
10,577,794
10,960,142
Cost of sales
(6,441,897)
(6,952,602)
Gross profit
4,135,897
4,007,540
Distribution costs
(1,235,864)
(1,172,525)
Administrative expenses
(2,160,703)
(2,141,222)
Operating profit
4
739,330
693,793
Interest receivable and similar income
7
2,995
207
Interest payable and similar expenses
8
(13,134)
(26,004)
Profit before taxation
729,191
667,996
Tax on profit
9
(202,654)
(132,168)
Profit for the financial year
526,537
535,828
Profit for the financial year is all attributable to the owners of the parent company.
FWB HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
£
£
Profit for the year
526,537
535,828
Other comprehensive income
Revaluation of tangible fixed assets
476,000
-
0
Total comprehensive income for the year
1,002,537
535,828
Total comprehensive income for the year is all attributable to the owners of the parent company.
FWB HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
4,608,552
4,087,171
Current assets
Stocks
14
1,627,093
1,852,908
Debtors
15
2,611,130
2,610,191
Cash at bank and in hand
840,908
1,155,803
5,079,131
5,618,902
Creditors: amounts falling due within one year
16
(1,711,560)
(2,378,923)
Net current assets
3,367,571
3,239,979
Total assets less current liabilities
7,976,123
7,327,150
Creditors: amounts falling due after more than one year
17
-
(157,894)
Provisions for liabilities
Deferred tax liability
20
435,000
299,435
(435,000)
(299,435)
Net assets
7,541,123
6,869,821
Capital and reserves
Called up share capital
22
450,000
450,000
Revaluation reserve
1,274,925
798,925
Capital redemption reserve
50,000
50,000
Profit and loss reserves
5,766,198
5,570,896
Total equity
7,541,123
6,869,821

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

The financial statements were approved by the board of directors and authorised for issue on 15 August 2024 and are signed on its behalf by:
15 August 2024
Mr A J Key
Director
Company registration number 03218876 (England and Wales)
FWB HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
8,773,826
8,773,826
Current assets
Debtors
15
657,746
543,280
Cash at bank and in hand
-
0
138,917
657,746
682,197
Creditors: amounts falling due within one year
16
(161,728)
(186,028)
Net current assets
496,018
496,169
Net assets
9,269,844
9,269,995
Capital and reserves
Called up share capital
22
450,000
450,000
Capital redemption reserve
50,000
50,000
Profit and loss reserves
8,769,844
8,769,995
Total equity
9,269,844
9,269,995

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 £331,084 (2022 - £338,661 profit).

The financial statements were approved by the board of directors and authorised for issue on 15 August 2024 and are signed on its behalf by:
15 August 2024
Mr A J Key
Director
Company registration number 03218876 (England and Wales)
FWB HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
500,000
798,925
-
0
6,019,122
7,318,047
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
535,828
535,828
Dividends
10
-
-
-
(284,054)
(284,054)
Own shares acquired
-
-
-
(700,000)
(700,000)
Redemption of shares
22
(50,000)
-
50,000
-
-
0
Balance at 31 December 2022
450,000
798,925
50,000
5,570,896
6,869,821
Year ended 31 December 2023:
Profit for the year
-
-
-
526,537
526,537
Other comprehensive income:
Revaluation of tangible fixed assets
-
476,000
-
-
476,000
Total comprehensive income
-
476,000
-
526,537
1,002,537
Dividends
10
-
-
-
(331,235)
(331,235)
Balance at 31 December 2023
450,000
1,274,925
50,000
5,766,198
7,541,123
FWB HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
500,000
-
0
9,415,388
9,915,388
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
338,661
338,661
Dividends
10
-
-
(284,054)
(284,054)
Own shares acquired
-
-
(700,000)
(700,000)
Redemption of shares
22
(50,000)
50,000
-
-
0
Balance at 31 December 2022
450,000
50,000
8,769,995
9,269,995
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
331,084
331,084
Dividends
10
-
-
(331,235)
(331,235)
Balance at 31 December 2023
450,000
50,000
8,769,844
9,269,844
FWB HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
523,370
1,589,916
Interest paid
(13,134)
(26,004)
Income taxes paid
(151,499)
(129,992)
Net cash inflow from operating activities
358,737
1,433,920
Investing activities
Purchase of tangible fixed assets
(5,616)
(75,457)
Proceeds from disposal of tangible fixed assets
14,000
13,842
Interest received
2,995
207
Net cash generated from/(used in) investing activities
11,379
(61,408)
Financing activities
Purchase of treasury shares
-
0
(700,000)
Repayment of bank loans
(337,686)
(603,756)
Payment of finance leases obligations
(16,141)
(12,760)
Dividends paid to equity shareholders
(331,235)
(284,054)
Net cash used in financing activities
(685,062)
(1,600,570)
Net decrease in cash and cash equivalents
(314,946)
(228,058)
Cash and cash equivalents at beginning of year
1,155,803
1,383,861
Cash and cash equivalents at end of year
840,857
1,155,803
Relating to:
Cash at bank and in hand
840,908
1,155,803
Bank overdrafts included in creditors payable within one year
(51)
-
FWB HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
192,267
1,122,969
Financing activities
Purchase of treasury shares
-
0
(700,000)
Dividends paid to equity shareholders
(331,235)
(284,054)
Net cash used in financing activities
(331,235)
(984,054)
Net (decrease)/increase in cash and cash equivalents
(138,968)
138,915
Cash and cash equivalents at beginning of year
138,917
2
Cash and cash equivalents at end of year
(51)
138,917
Relating to:
Cash at bank and in hand
-
0
138,917
Bank overdrafts included in creditors payable within one year
(51)
-
FWB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

FWB Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Whieldon Road, Stoke on Trent, Staffordshire, ST4 4JE.

 

The group consists of FWB Holdings 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

There have been no mergers or acquisitions in the year.

1.3
Basis of consolidation

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

 

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

 

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

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

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover principally consists of wholesale trade of industrial engineering goods which is recognised at the point goods are delivered and legal title is passed.

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.

FWB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.6
Tangible fixed assets

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

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

Freehold land and buildings
none provided
Plant and equipment
20% reducing balance or straight line
Fixtures and fittings
20% reducing balance or straight line
Motor vehicles
25% reducing balance

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

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.8
Impairment of fixed assets

At each reporting period end date, the group 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.

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.

FWB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.9
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.10
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.

1.11
Financial instruments

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

 

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

 

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

Basic financial assets

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

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.

FWB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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 and loans from fellow group companies 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.

Other financial liabilities

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.

1.12
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.

FWB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.13
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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

1.14
Employee benefits

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

 

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

 

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

1.15
Retirement benefits

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

1.16
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

FWB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
2
Judgements and key sources of estimation uncertainty

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

 

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

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.

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the property plant and equipment, and note 1.6 for the useful economic lives for each class of assets.

Stock provisioning

The company supplies components and allied products to the plumbing industry. As a result it is necessary to consider the recoverability of the cost of the stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods particularly where the units have been in stock for some time.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 15 for the net carrying amount of the debtors and associated impairment provision.

Valuation of land and buildings

As described in note 11 to the financial statements, land and buildings are stated at fair value based on the valuation performed by independent professional valuers. The valuers used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset. However, the rise in interest rates and inflation has caused significant disruption and uncertainty in the UK property market which has inevitably increased the degree of judgement involved in the property valuations.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of Goods in the UK
10,577,794
10,960,142
FWB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 21 -
2023
2022
£
£
Other revenue
Interest income
2,995
207
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
20,000
32,763
Depreciation of owned tangible fixed assets
119,235
67,771
Depreciation of tangible fixed assets held under finance leases
-
6,320
(Profit)/loss on disposal of tangible fixed assets
(16,484)
567
5
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Office and management
37
40
-
-
Warehouse and distribution
34
38
-
-
Total
71
78
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,767,086
1,939,896
-
0
-
0
Social security costs
158,651
200,975
-
-
Pension costs
213,046
126,916
-
0
-
0
2,138,783
2,267,787
-
0
-
0
FWB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
199,403
521,936
Company pension contributions to defined contribution schemes
186,487
99,155
385,890
621,091
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
2,995
207
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
2,995
207
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
11,719
24,316
Other finance costs:
Interest on finance leases and hire purchase contracts
1,137
1,688
Other interest
278
-
Total finance costs
13,134
26,004
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
208,139
125,979
Adjustments in respect of prior periods
17,950
7,569
Total current tax
226,089
133,548
Deferred tax
Origination and reversal of timing differences
(23,435)
(1,380)
Total tax charge
202,654
132,168
FWB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 23 -

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
729,191
667,996
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
182,298
126,919
Tax effect of expenses that are not deductible in determining taxable profit
14,605
767
Tax effect of income not taxable in determining taxable profit
-
0
(39)
Effect of change in corporation tax rate
(10,385)
-
Permanent capital allowances in excess of depreciation
313
(1,782)
Under/(over) provided in prior years
17,987
7,569
Deferred tax adjustments in respect of prior years
(214)
(1,380)
Tax at marginal rate
(1,950)
-
0
Structures and building allowances
-
0
(45)
Losses Carried forward
-
0
159
Taxation charge
202,654
132,168
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
331,235
284,054
FWB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2023
3,760,000
140,389
571,266
31,025
4,502,680
Additions
-
0
-
0
5,616
-
0
5,616
Disposals
-
0
(25,410)
(247,027)
-
0
(272,437)
Revaluation
635,000
-
0
-
0
-
0
635,000
At 31 December 2023
4,395,000
114,979
329,855
31,025
4,870,859
Depreciation and impairment
At 1 January 2023
-
0
83,327
319,377
12,805
415,509
Depreciation charged in the year
-
0
25,793
80,837
12,605
119,235
Eliminated in respect of disposals
-
0
(25,410)
(247,027)
-
0
(272,437)
At 31 December 2023
-
0
83,710
153,187
25,410
262,307
Carrying amount
At 31 December 2023
4,395,000
31,269
176,668
5,615
4,608,552
At 31 December 2022
3,760,000
57,062
251,889
18,220
4,087,171
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.

The carrying value of land and buildings comprises:

Group
Company
2023
2022
2023
2022
£
£
£
£
Freehold
4,395,000
3,760,000
-
0
-
0

The land and buildings were professionally revalued as follows:

 

Stoke - 24th May 2023 by Mounsey Chartered Surveyors

Truro - 18th September 2023 by Mounsey Chartered Surveyors

Wrexham - 4th May 2023 by Alder King Property Consultants

 

The valuations were done on an open market value basis and conform to International Valuation Standards.

If land and buildings were measured using the cost model, the cost would be as follows:

2023
2022
£
£
Group
Cost
2,833,741
2,833,741
FWB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
8,773,826
8,773,826
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
8,773,826
Carrying amount
At 31 December 2023
8,773,826
At 31 December 2022
8,773,826
13
Subsidiaries

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

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
FWB Products Limited
1
Engineers' merchant
Ordinary
100.00
FWB Properties Limited
1
Management of group property portfolio
Ordinary
100.00
FWB South West Limited
1
Dormant
Ordinary
100.00
FWB Cymru Limited
1
Dormant
Ordinary
100.00

Registered office addresses

 

1
Whieldon Road, Stoke-on-Trent, Staffordshire ST4 4JE
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
1,627,093
1,852,908
-
0
-
0
FWB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,387,823
1,575,163
-
0
-
0
Amounts owed by group undertakings
-
-
522,196
543,280
Other debtors
1,106,273
899,559
135,550
-
0
Prepayments and accrued income
117,034
135,469
-
0
-
0
2,611,130
2,610,191
657,746
543,280
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
51
184,273
51
-
0
Obligations under finance leases
19
-
0
11,660
-
0
-
0
Trade creditors
964,904
1,131,903
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
113,287
-
0
Corporation tax payable
208,137
133,547
-
0
-
0
Other taxation and social security
171,713
233,626
-
-
Deferred income
20,000
-
0
-
0
-
0
Other creditors
48,390
186,357
48,390
186,028
Accruals and deferred income
298,365
497,557
-
0
-
0
1,711,560
2,378,923
161,728
186,028
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
-
0
153,413
-
0
-
0
Obligations under finance leases
19
-
0
4,481
-
0
-
0
-
157,894
-
-
FWB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
-
0
337,686
-
0
-
0
Bank overdrafts
51
-
0
51
-
0
51
337,686
51
-
Payable within one year
51
184,273
51
-
0
Payable after one year
-
0
153,413
-
0
-
0

The long-term loans were secured by fixed charges over the group's freehold property held in FWB Properties Ltd.

19
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
11,660
-
0
-
0
In two to five years
-
0
4,481
-
0
-
0
-
16,141
-
-

Finance lease payments represent rentals payable by the company or 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. All leases were on a fixed repayment basis and no arrangements had been entered into for contingent rental payments.

20
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
45,537
68,972
Revaluations
389,463
230,463
435,000
299,435
The company has no deferred tax assets or liabilities.
FWB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Deferred taxation
(Continued)
- 28 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
299,435
-
Charge to profit or loss
135,565
-
Liability at 31 December 2023
435,000
-

The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances and gains on property values.

21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
213,046
126,916

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.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary of £1 each
101,617
101,617
101,617
101,617
B ordinary of £1 each
101,617
101,617
101,617
101,617
D ordinary of £1 each
93,283
93,283
93,283
93,283
E ordinary of £1 each
153,483
153,483
153,483
153,483
450,000
450,000
450,000
450,000
23
Related party transactions

The company has taken advantage of exemption, under the terms of the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

AJ Key, J A Key and JJ Scragg are directors and shareholders of Oakbray Holdings Limited. Arrangements between the groups are on commercial terms. The sales made to the Oakbray Group amount to £16,412 and the balance due from them is £884,478 ( 2022 £842,954).

FWB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
24
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
526,537
535,827
Adjustments for:
Taxation charged
202,654
132,168
Finance costs
13,134
26,004
Investment income
(2,995)
(207)
(Gain)/loss on disposal of tangible fixed assets
(16,484)
567
Depreciation and impairment of tangible fixed assets
119,235
74,091
Movements in working capital:
Decrease/(increase) in stocks
225,815
(17,233)
(Increase)/decrease in debtors
(939)
542,800
(Decrease)/increase in creditors
(563,587)
295,899
Increase in deferred income
20,000
-
Cash generated from operations
523,370
1,589,916
25
Cash generated from operations - company
2023
2022
£
£
Profit for the year after tax
331,084
338,661
Movements in working capital:
(Increase)/decrease in debtors
(114,466)
1,879,370
Decrease in creditors
(24,351)
(1,095,062)
Cash generated from operations
192,267
1,122,969
26
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,155,803
(314,895)
840,908
Bank overdrafts
-
0
(51)
(51)
1,155,803
(314,946)
840,857
Borrowings excluding overdrafts
(337,686)
337,686
-
Obligations under finance leases
(16,141)
16,141
-
801,976
38,881
840,857
FWB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
27
Analysis of changes in net funds/(debt) - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
138,917
(138,917)
-
Bank overdrafts
-
0
(51)
(51)
138,917
(138,968)
(51)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100Mrs P A JohnsonMrs J J ScraggMr A J KeyMr J A 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