Company registration number 03081395 (England and Wales)
B.S. SPECIALIST PRODUCTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
B.S. SPECIALIST PRODUCTS LIMITED
COMPANY INFORMATION
Directors
D N Belton
D N Frost
T S Spalding
Company number
03081395
Registered office
Industrial Estate South
Park Road
Calverton
Nottingham
NG14 6BP
Auditor
UHY Hacker Young
14 Park Row
Nottingham
NG1 6GR
Business address
Industrial Estate South
Park Road
Calverton
Nottingham
NG14 6BP
B.S. SPECIALIST PRODUCTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10 - 11
Company balance sheet
12 - 13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 34
B.S. SPECIALIST PRODUCTS 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 year has been challenging for the Group, companies within the Group performed with variable results.
Material prices seemed to steady during the year.
Customers are spending after the Covid 19 Pandemic.
Principal risks and uncertainties
The main risks and uncertainties that the Group have faced are labour shortages, price increases from suppliers and delays in the supply chain.
Measures have been put in place to reduce the impact of the above on the Group including cost reduction and restructuring.
Demand for fencing products increased during the year, whereas manufactured products had a slight decrease in sales.
Companies are hopefully getting back to the purchasing trends from before the Pandemic.
Development and performance
The Group are looking to capitalise on the opportunities that arise due to the market conditions in the year. The board of directors will focus on core activities within the construction industry for the next year.
Prospects for the year ahead look favourable providing economic and geopolitical influences do not impact the business. The Directors anticipate some modest capital expenditure in the year ahead to replace some of the vehicles.
The Directors judge that the Group is in a strong position which will enable some growth in the following year. The Group are excited about the opportunities that will arise in the future.
Key performance indicators
The Group's key performance indicators are as follows:
1 Turnover has decreased this year to £8,205,457 (2022: £8,809,807)
2 Gross Profit % has increased to 37% (2022: 33% )
3 Operating Profit has increased to £235,117 (2022: £223,166)
4 Net Assets have decreased to £3,501,950 (2022: £3,541,875)
B.S. SPECIALIST PRODUCTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
D N Frost
Director
10 July 2024
B.S. SPECIALIST PRODUCTS 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.
Principal activities
The principal activities of the group continued to be that of the manufacture, supply and installation of specialist construction materials.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £213,075 (2022: £285,000). The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
D N Belton
D N Frost
T S Spalding
Auditor
In accordance with the company's articles, a resolution proposing that UHY Hacker Young be reappointed as auditors of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
D N Frost
Director
10 July 2024
B.S. SPECIALIST PRODUCTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF B.S. SPECIALIST PRODUCTS LIMITED
- 5 -
Opinion
We have audited the financial statements of B.S. Specialist Products Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF B.S. SPECIALIST PRODUCTS LIMITED
- 6 -
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF B.S. SPECIALIST PRODUCTS LIMITED
- 7 -
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.
Based on our understanding of the Group and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the Group, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and profit.
Audit procedures performed included, but were not limited to:
evaluating whether journals posted gave indications of bias by the Directors, that represented a risk of material misstatement due to fraud;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
making enquiries of management on whether they had knowledge of any actual, suspected or alleged fraud;
gaining an understanding of the internal controls in place through performing walkthrough procedures; and
reading the minutes of meetings of those charged with governance.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF B.S. SPECIALIST PRODUCTS LIMITED
- 8 -
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.
James Simmonds (Senior Statutory Auditor)
For and on behalf of UHY Hacker Young
31 July 2024
Chartered Accountants
Statutory Auditor
B.S. SPECIALIST PRODUCTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
2
8,205,457
8,809,807
Cost of sales
(5,200,368)
(5,887,825)
Gross profit
3,005,089
2,921,982
Distribution costs
(123,201)
(118,367)
Administrative expenses
(2,646,771)
(2,580,449)
Operating profit
3
235,117
223,166
Interest receivable and similar income
7
12,993
3,928
Interest payable and similar expenses
8
(23,293)
(34,329)
Amounts written off investments
9
9,309
-
Profit before taxation
234,126
192,765
Tax on profit
10
(60,976)
(113,901)
Profit for the financial year
25
173,150
78,864
Other comprehensive income
Revaluation of tangible fixed assets
456,732
Total comprehensive income for the year
173,150
535,596
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
B.S. SPECIALIST PRODUCTS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
75,412
86,117
Tangible assets
13
2,349,425
2,312,731
2,424,837
2,398,848
Current assets
Stocks
15
797,132
880,150
Debtors
17
1,206,892
1,564,241
Cash at bank and in hand
1,069,879
1,134,399
3,073,903
3,578,790
Creditors: amounts falling due within one year
18
(1,093,178)
(1,450,213)
Net current assets
1,980,725
2,128,577
Total assets less current liabilities
4,405,562
4,527,425
Creditors: amounts falling due after more than one year
19
(813,404)
(897,526)
Provisions for liabilities
Deferred tax liability
22
90,208
88,024
(90,208)
(88,024)
Net assets
3,501,950
3,541,875
Capital and reserves
Called up share capital
24
900
900
Revaluation reserve
25
508,748
511,627
Capital redemption reserve
25
100
100
Profit and loss reserves
25
2,992,202
3,029,248
Total equity
3,501,950
3,541,875
B.S. SPECIALIST PRODUCTS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 10 July 2024 and are signed on its behalf by:
10 July 2024
D N Frost
Director
Company registration number 03081395 (England and Wales)
B.S. SPECIALIST PRODUCTS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,605,200
1,585,758
Investments
14
1,565,012
1,565,012
3,170,212
3,150,770
Current assets
Stocks
15
119,877
204,691
Debtors
17
467,557
577,114
Cash at bank and in hand
698,471
892,190
1,285,905
1,673,995
Creditors: amounts falling due within one year
18
(1,714,468)
(1,720,854)
Net current liabilities
(428,563)
(46,859)
Total assets less current liabilities
2,741,649
3,103,911
Creditors: amounts falling due after more than one year
19
(790,493)
(857,563)
Net assets
1,951,156
2,246,348
Capital and reserves
Called up share capital
24
900
900
Revaluation reserve
25
302,107
302,107
Capital redemption reserve
25
100
100
Profit and loss reserves
25
1,648,049
1,943,241
Total equity
1,951,156
2,246,348
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £82,117 (2022 - £34,309 loss).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
B.S. SPECIALIST PRODUCTS LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 10 July 2024 and are signed on its behalf by:
10 July 2024
D N Frost
Director
Company registration number 03081395 (England and Wales)
B.S. SPECIALIST PRODUCTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
900
56,701
100
3,233,578
3,291,279
Year ended 31 December 2022:
Profit for the year
-
-
-
78,864
78,864
Other comprehensive income:
Revaluation of tangible fixed assets
-
456,732
-
-
456,732
Total comprehensive income
-
456,732
-
78,864
535,596
Dividends
11
-
-
-
(285,000)
(285,000)
Transfers
-
(1,806)
-
1,806
-
Balance at 31 December 2022
900
511,627
100
3,029,248
3,541,875
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
173,150
173,150
Dividends
11
-
-
-
(213,075)
(213,075)
Transfers
-
(2,879)
-
2,879
-
Balance at 31 December 2023
900
508,748
100
2,992,202
3,501,950
B.S. SPECIALIST PRODUCTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
900
56,701
100
2,261,224
2,318,925
Year ended 31 December 2022:
Loss for the year
-
-
-
(34,309)
(34,309)
Other comprehensive income:
Revaluation of tangible fixed assets
-
246,732
-
-
246,732
Total comprehensive income
-
246,732
-
(34,309)
212,423
Dividends
11
-
-
-
(285,000)
(285,000)
Transfers
-
(1,326)
-
1,326
-
Balance at 31 December 2022
900
302,107
100
1,943,241
2,246,348
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
(82,117)
(82,117)
Dividends
11
-
-
-
(213,075)
(213,075)
Balance at 31 December 2023
900
302,107
100
1,648,049
1,951,156
B.S. SPECIALIST PRODUCTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
480,039
260,484
Interest paid
(23,293)
(34,329)
Income taxes paid
(66,350)
(198,613)
Net cash inflow from operating activities
390,396
27,542
Investing activities
Purchase of tangible fixed assets
(212,917)
(57,157)
Proceeds from disposal of tangible fixed assets
48,298
4,832
Repayment of loans
3,907
(3,369)
Interest received
12,993
3,928
Net cash used in investing activities
(147,719)
(51,766)
Financing activities
Repayment of bank loans
(77,070)
(49,399)
Payment of finance leases obligations
(17,052)
(19,345)
Dividends paid to equity shareholders
(213,075)
(160,000)
Net cash used in financing activities
(307,197)
(228,744)
Net decrease in cash and cash equivalents
(64,520)
(252,968)
Cash and cash equivalents at beginning of year
1,134,399
1,387,367
Cash and cash equivalents at end of year
1,069,879
1,134,399
B.S. SPECIALIST PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
1
Accounting policies
Company information
B.S. Specialist Products Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Industrial Estate South, Park Road, Calverton, Nottingham, NG14 6BP.
The group consists of B.S. Specialist Products 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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
B.S. SPECIALIST PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation
The consolidated financial statements incorporate those of B.S. Specialist Products Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 31 December 2023. 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.
Corden Hardware Limited, Corden Manufacturing Limited, D.G. Scott Limited and Midway Fencing Contractors Limited have been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of the group companies since the date of acquisition. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.
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
Group turnover represents amounts receivable for goods and services net of VAT and trade discounts and is recognised as goods are despatched or work is performed.
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.
Revenue from contracts for the provision of engineering services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.6
Intangible fixed assets - goodwill
Goodwill arising on consolidation is written off in equal annual installments over its estimated useful economic life of 10 and 20 years.
Patents are now fully amortised in both periods.
B.S. SPECIALIST PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Not depreciated or 2% straight line basis
Plant and machinery
10-20% straight line basis or 15% reducing balance basis
Fixtures, fittings & equipment
15-25% straight line basis or 10-15% reducing balance basis
Motor vehicles
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.8
Fixed asset investments
Those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably 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.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.10
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.
1.11
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand. Bank overdrafts are shown within borrowings in current liabilities.
B.S. SPECIALIST PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.12
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
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.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price.
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.
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.
B.S. SPECIALIST PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
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
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
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.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.17
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.
1.18
Revaluation of tangible fixed assets
Individual freehold properties are carried at current year value at the balance sheet date. A full valuation is obtained from a qualified valuer for each property every five years, with an interim valuation three years after the previous full valuation, and in any year where it is likely that there has been a material change in value.
Revaluation gains and losses are recognised in the Statement of total recognised gains and losses even when the carrying amount reaches the historical depreciable cost. This is due to it being deemed that the recoverable amount is greater than the revalued amount.
B.S. SPECIALIST PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
2
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
UK
8,195,739
8,534,937
North America
-
274,870
8,195,739
8,809,807
Analysis per statutory database
8,195,739
8,809,807
Statutory database analysis does not agree to the trial balance by:
9,718
-
3
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
1,486
(5,208)
Depreciation of owned tangible fixed assets
145,704
85,722
Depreciation of tangible fixed assets held under finance leases
11,041
14,721
(Profit)/loss on disposal of tangible fixed assets
(28,820)
4,835
Amortisation of intangible assets
10,705
10,706
Operating lease charges
1,280
4,825
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
9,250
9,205
Audit of the financial statements of the company's subsidiaries
20,250
18,810
29,500
28,015
B.S. SPECIALIST PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
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
Non directors
49
51
6
6
Directors
8
7
3
3
Total
57
58
9
9
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,578,384
1,530,209
234,787
224,215
Social security costs
63,306
61,520
22,089
19,256
Pension costs
52,508
92,452
4,842
48,528
1,694,198
1,684,181
261,718
291,999
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
91,867
85,205
Company pension contributions to defined contribution schemes
3,124
41,927
94,991
127,132
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
12,993
3,928
B.S. SPECIALIST PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Interest receivable and similar income
(Continued)
- 24 -
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
12,993
3,928
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on invoice finance arrangements
12,039
12,033
Other interest on financial liabilities
9,804
20,483
21,843
32,516
Other finance costs:
Interest on finance leases and hire purchase contracts
1,565
1,813
Other interest
(115)
-
Total finance costs
23,293
34,329
9
Amounts written off investments
2023
2022
£
£
Other gains and losses
9,309
-
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
58,082
66,803
Adjustments in respect of prior periods
(45)
(1,482)
Total current tax
58,037
65,321
Deferred tax
Origination and reversal of timing differences
2,939
48,580
Total tax charge
60,976
113,901
B.S. SPECIALIST PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 25 -
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
234,126
192,765
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
55,066
36,625
Tax effect of expenses that are not deductible in determining taxable profit
364
10,737
Tax effect of income not taxable in determining taxable profit
(1,122)
(3,016)
Adjustments in respect of prior years
(45)
(1,693)
Group relief
(3,700)
Permanent capital allowances in excess of depreciation
1,709
41,274
Other differences
8,615
28,570
Deferred tax not recognised
89
1,404
Taxation charge
60,976
113,901
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
213,075
285,000
12
Intangible fixed assets
Group
Consolidated goodwill
£
Cost
At 1 January 2023 and 31 December 2023
187,575
Amortisation and impairment
At 1 January 2023
101,458
Amortisation charged for the year
10,705
At 31 December 2023
112,163
B.S. SPECIALIST PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Intangible fixed assets
(Continued)
- 26 -
Carrying amount
At 31 December 2023
75,412
At 31 December 2022
86,117
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
13
Tangible fixed assets
Group
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2023
2,095,000
963,804
172,144
356,450
3,587,398
Additions
48,974
163,943
212,917
Disposals
(13,275)
(3,344)
(121,225)
(137,844)
At 31 December 2023
2,095,000
999,503
168,800
399,168
3,662,471
Depreciation and impairment
At 1 January 2023
48,370
844,866
137,322
244,109
1,274,667
Depreciation charged in the year
23,089
65,407
3,142
65,107
156,745
Eliminated in respect of disposals
(12,386)
(3,344)
(102,636)
(118,366)
At 31 December 2023
71,459
897,887
137,120
206,580
1,313,046
Carrying amount
At 31 December 2023
2,023,541
101,616
31,680
192,588
2,349,425
At 31 December 2022
2,046,630
118,938
34,822
112,341
2,312,731
B.S. SPECIALIST PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Tangible fixed assets
(Continued)
- 27 -
Company
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2023
1,550,000
52,783
116,096
117,958
1,836,837
Additions
66,948
66,948
Disposals
(1,476)
(3,081)
(60,213)
(64,770)
At 31 December 2023
1,550,000
51,307
113,015
124,693
1,839,015
Depreciation and impairment
At 1 January 2023
3,542
52,783
95,825
98,929
251,079
Depreciation charged in the year
16,860
1,755
19,940
38,555
Eliminated in respect of disposals
(1,476)
(3,081)
(51,262)
(55,819)
At 31 December 2023
20,402
51,307
94,499
67,607
233,815
Carrying amount
At 31 December 2023
1,529,598
18,516
57,086
1,605,200
At 31 December 2022
1,546,458
20,271
19,029
1,585,758
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2023
2022
2023
2022
£
£
£
£
Motor vehicles
33,122
44,164
The group and company have land and buildings with a carrying amount of £1,546,458 were revalued at 27 October 2022 by Spencerbirch Chartered Surveyors, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £1,317,757 (2022 - £1,331,057), being cost £1,375,390 (2022 - £1,375,390) and depreciation £57,633 (2022 - £44,333).
B.S. SPECIALIST PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Unlisted investments
1,565,012
1,565,012
Movements in fixed asset investments
Company
Investments
£
Cost or valuation
At 1 January 2023 and 31 December 2023
1,565,012
Carrying amount
At 31 December 2023
1,565,012
At 31 December 2022
1,565,012
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
797,132
880,150
119,877
204,691
16
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,128,681
1,489,473
402,043
509,162
Equity instruments measured at cost less impairment
-
-
1,565,012
1,565,012
Carrying amount of financial liabilities
Measured at amortised cost
1,690,619
2,051,412
2,486,021
2,550,739
B.S. SPECIALIST PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
882,641
1,140,026
180,404
241,268
Amounts owed by group undertakings
-
-
10,555
-
Other debtors
246,062
349,447
211,084
267,894
Prepayments and accrued income
71,945
67,769
62,533
62,808
1,200,648
1,557,242
464,576
571,970
Deferred tax asset (note 22)
6,244
6,999
2,981
5,144
1,206,892
1,564,241
467,557
577,114
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
20
44,000
54,000
44,000
54,000
Obligations under finance leases
21
18,153
18,153
75
75
Trade creditors
680,910
976,527
259,612
303,309
Amounts owed to group undertakings
(4)
1,363,685
1,307,494
Corporation tax payable
58,615
66,928
Other taxation and social security
157,348
229,399
18,940
27,678
Other creditors
56,675
23,729
14,044
13,868
Accruals and deferred income
77,481
81,477
14,112
14,430
1,093,178
1,450,213
1,714,468
1,720,854
Bank loans are secured against the freehold land and buildings, together with a fixed and floating charge over current and future assets.
Obligations under finance lease and hire purchase contracts are secured against the assets that they relate to.
B.S. SPECIALIST PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
790,493
857,563
790,493
857,563
Obligations under finance leases
21
22,911
39,963
813,404
897,526
790,493
857,563
Bank loans are secured against the freehold land and buildings, together with a fixed and floating charge over current and future assets.
Obligations under finance lease and hire purchase contracts are secured against the assets that they relate to.
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
834,493
911,563
834,493
911,563
Payable within one year
44,000
54,000
44,000
54,000
Payable after one year
790,493
857,563
790,493
857,563
21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
18,153
18,153
75
75
In two to five years
22,911
39,963
41,064
58,116
75
75
B.S. SPECIALIST PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
22
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Fixed asset timing differences
90,208
88,024
6,244
6,999
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Fixed asset timing differences
-
-
2,981
5,144
Group
Company
2023
2023
Movements in the year:
£
£
Liability/(Asset) at 1 January 2023
81,025
(5,144)
Charge to profit or loss
2,939
2,163
Liability/(Asset) at 31 December 2023
83,964
(2,981)
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
52,508
92,452
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.
B.S. SPECIALIST PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
-
-
900
-
Ordinary 'A' shares of £1 each
450
450
-
450
Ordinary 'C' shares of £1 each
450
450
-
450
900
900
900
900
25
Reserves
Revaluation reserve
The revaluation reserve represents the revaluation of freehold properties per the accounting policy in note 1.20 to the financial statements.
Profit and loss reserve
Profit and loss account represents cumulative profit or losses, net of dividends paid and other adjustments.
Capital redemption reserve
The capital redemption reserve contains the nominal value of own shares that have been acquired by the company and cancelled.
26
Financial commitments, guarantees and contingent liabilities
The group companies have signed cross guarantees in respect of the bank borrowings of the group.
B.S. SPECIALIST PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
27
Related party transactions
Transactions with related parties
During the year the company paid hire of equipment charges of £54,140 (2021: £46,569) to Milo Trading Ltd, of which J Watkinson is a director of.
Other information
The company is not required to disclose transaction with fellow group companies due to the FRS 102 exemption for wholly owned subsidiaries.
The company paid rent of £90,000 (2022: £82,500) to the B.S. Specialist Products Limited SSAS, a pension scheme related by virtue of the directors being members.
28
Directors' transactions
Dividends totalling £213,075 (2022 - £147,500) were paid in the year in respect of shares held by the company's directors.
The above balance is included with other debtors.
29
Controlling party
The group is ultimately controlled by D N Belton, director by virtue of the majority shareholding.
30
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
173,151
78,864
Adjustments for:
Taxation charged
60,976
113,901
Finance costs
23,293
34,329
Investment income
(12,993)
(3,928)
(Gain)/loss on disposal of tangible fixed assets
(28,820)
4,835
Amortisation and impairment of intangible assets
10,705
10,706
Depreciation and impairment of tangible fixed assets
156,745
100,443
Other gains and losses
(9,309)
-
Movements in working capital:
Decrease in stocks
83,018
89,067
Decrease/(increase) in debtors
352,687
(73,455)
Decrease in creditors
(329,414)
(94,278)
Cash generated from operations
480,039
260,484
B.S. SPECIALIST PRODUCTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
31
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,134,399
(64,520)
1,069,879
Borrowings excluding overdrafts
(911,563)
77,070
(834,493)
Obligations under finance leases
(58,116)
17,052
(41,064)
164,720
29,602
194,322
32
Analysis of changes in net debt - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
892,190
(193,719)
698,471
Borrowings excluding overdrafts
(911,563)
77,070
(834,493)
Obligations under finance leases
(75)
-
(75)
(19,448)
(116,649)
(136,097)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100D N BeltonD N FrostT S SpaldingR A S 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