Company registration number 12292422 (England and Wales)
DENBIES HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
DENBIES HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr C A White
Mr R S Potton
Secretary
Mr R S Potton
Company number
12292422
Registered office
London Road
Dorking
Surrey
RH5 6AA
Auditor
Sumer Audit
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
DENBIES HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11 - 12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 30
DENBIES 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.

 

Results and performance

The directors are pleased with the business performance and results for the year. Turnover and other operating income has increased throughout the business helped by a larger harvest, expansion of the existing operation, and further returns on long term capital investment. A healthy profit has been maintained against a headwind of higher inflation and increased interest rates.

 

The investment in the year on additional PV panels has doubled the amount of solar energy produced therefore assisting energy costs and reducing our carbon footprint.

 

The business maintains a healthy cash balance for operational and future investment opportunities and continues the upward trend in net asset value.

 

Business environment

We are experiencing the anticipated income levels in line with our 2024 forecast.

 

The growing season has started well, and we have avoided the spring frosts and therefore have the potential for a high level of fruitfulness.

 

We have a strong wine sales and contract wine making order book, and an encouraging number of hospitality related future bookings.

 

The expanded vineyard hotel continues to perform well. Planning permission has been granted to increase occupancy with additional bedrooms. The hotel vineyard restaurant is being expanded to extend our hospitality offering which will include an English wine bar and greater cover capacity.

 

Customer awareness and demand for sustainable business practices has never been greater. We are proud to have achieved net carbon Zero UKCCC certification in the production of our wine, the first UK wine producer to do so. We have also become a B Corp accredited business, being an early adopter of this global movement to meet high standards of social and environmental performance, transparency and accountability.

 

We have provided existing onsite partners with additional infrastructure to support them with their expansion plans. A joint planning application has been granted to expand the Surrey Hill Physiotherapy which includes doubling the number of consultancy rooms, a gymnasium and administration office.

 

We have just completed the expansion of our onsite bonded warehouse facilities to accommodate a further 200,000 bottles of wine to support growth in our own and contract wine making activity.

 

Strategy

Optimisation of existing operations and facilities remain our key focus to ensure that maximum returns and full potential are achieved. Further opportunities within our already diversified business activities will be pursued to expand our target market, maximise wine sales and minimise financial risk. We will continue to invest capital as required to grow income and increase the value of the business. With all new capital projects, a best practice in environmental consideration together with financial return is adopted.

DENBIES HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties

 

Market risk

Whilst competition continues to grow we continue to invest in our team of employees, invest in technology, and invest capital into areas that have opportunity to grow and diversify the business further.

 

Liquidity risk

The group manages its cash and borrowing requirements centrally in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

 

Interest rate risk

The group is exposed to interest rate risk on its variable rate and loan.

 

Foreign currency risk

The group's principal foreign currency exposures arise from purchases from European suppliers.

 

Credit risk

Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the directors. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

 

Technology risk
The group is subject to risks relating to its ability to implement and maintain effective systems to process a high volume of transactions with customers. A failure to manage technology infrastructure and systems affect group performance. The group engages third party professionals to assist and advise with all aspects of technology including hardware, software and storage.

Key performance indicators

The company monitors progress across a range of financial targets. The main key performance indicators are:

 

                 2023     2022

£     £

Cash at bank              1,162,973     1,420,937

Total equity             11,580,407     11,079,252

Current ratio 2.44 2.25

Working capital 2,413,556 2,238,581

Debt to equity .32 .37

 

Non financial key performance indicators:

 

                 2023     2022

MWh     MWh

PV power generation          72.8     29.1

 

2023

Tonnes CO2e

Net carbon sequestration -96

Future developments

The business will continue to maximise organic growth in all departments, and review all options for future opportunities and investment to expand current operations.

DENBIES HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

On behalf of the board

Mr C A White
Director
28 August 2024
DENBIES HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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

Principal activities

The principal activity of the company and group continued to be that of growing of grapes and the production and sale of wine. The group also provides tourism, retail and hospitality services.

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a dividend.

Directors

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

Mr C A White
Mr R S Potton
Auditor

Carpenter Box were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed 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.

Strategic report

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

 

On behalf of the board
Mr C A White
Director
28 August 2024
DENBIES HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

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

 

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

DENBIES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DENBIES HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Denbies Holdings 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:

Basis for opinion

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

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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:

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

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

 

We have nothing to report in respect of the following matters where 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.

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

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the group for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law and compliance with the UK Companies Act.

DENBIES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DENBIES HOLDINGS LIMITED
- 8 -

In addition to the above, our procedures to respond to risks identified included the following:

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

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.

Tony Summers BA FCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
28 August 2024
Chartered Accountants
Statutory Auditor
Crawley
Sumer Audit is the trading name of Sumer Auditco Limited
DENBIES HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
8,132,008
7,496,599
Cost of sales
(2,633,241)
(2,176,105)
Gross profit
5,498,767
5,320,494
Distribution costs
(71,568)
(70,627)
Administrative expenses
(4,977,165)
(4,315,538)
Other operating income
395,699
281,501
Operating profit
4
845,733
1,215,830
Interest receivable and similar income
7
32,596
2,206
Interest payable and similar expenses
8
(182,831)
(92,344)
Gain on investment property
9
-
169,906
Profit before taxation
695,498
1,295,598
Tax on profit
10
(194,343)
(282,234)
Profit for the financial year
501,155
1,013,364
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.
DENBIES HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
10,695,361
10,596,708
Investment properties
12
675,000
675,000
11,370,361
11,271,708
Current assets
Stocks
15
2,112,919
2,094,749
Debtors
16
815,897
508,239
Cash at bank and in hand
1,162,973
1,420,937
4,091,789
4,023,925
Creditors: amounts falling due within one year
17
(1,678,233)
(1,785,344)
Net current assets
2,413,556
2,238,581
Total assets less current liabilities
13,783,917
13,510,289
Creditors: amounts falling due after more than one year
18
(2,017,610)
(2,282,837)
Provisions for liabilities
Deferred tax liability
21
185,900
148,200
(185,900)
(148,200)
Net assets
11,580,407
11,079,252
Capital and reserves
Called up share capital
24
50
50
Share premium account
5,939,970
5,939,970
Other reserves
25
1,353,439
1,353,439
Non-distributable profits reserve
26
127,406
127,406
Distributable profit and loss reserves
4,159,542
3,658,387
Total equity
11,580,407
11,079,252
The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
28 August 2024
Mr R S Potton
Director
DENBIES HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
9,776,378
9,840,121
Investment properties
12
675,000
675,000
10,451,378
10,515,121
Current assets
Debtors
16
20,063
29,852
Cash at bank and in hand
22,046
63,592
42,109
93,444
Creditors: amounts falling due within one year
17
(4,475,500)
(4,449,767)
Net current liabilities
(4,433,391)
(4,356,323)
Total assets less current liabilities
6,017,987
6,158,798
Creditors: amounts falling due after more than one year
18
(70,000)
(125,000)
Provisions for liabilities
Deferred tax liability
21
42,500
42,500
(42,500)
(42,500)
Net assets
5,905,487
5,991,298
Capital and reserves
Called up share capital
24
50
50
Share premium account
5,939,970
5,939,970
Non-distributable profits reserve
26
127,406
127,406
Distributable profit and loss reserves
(161,939)
(76,128)
Total equity
5,905,487
5,991,298

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 £85,811 (2022 - loss £58,685).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

DENBIES HOLDINGS LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
28 August 2024
Mr R S Potton
Director
Company Registration No. 12292422
DENBIES HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Other reserves
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 January 2022
50
5,939,970
1,353,439
-
0
2,772,429
10,065,888
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
127,406
885,958
1,013,364
Balance at 31 December 2022
50
5,939,970
1,353,439
127,406
3,658,387
11,079,252
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
-
501,155
501,155
Balance at 31 December 2023
50
5,939,970
1,353,439
127,406
4,159,542
11,580,407
DENBIES HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Share premium account
Non-distri-butable profits
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2022
50
5,939,970
-
0
(7,407)
5,932,613
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
127,406
(68,721)
58,685
Balance at 31 December 2022
50
5,939,970
127,406
(76,128)
5,991,298
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
(85,811)
(85,811)
Balance at 31 December 2023
50
5,939,970
127,406
(161,939)
5,905,487
DENBIES HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
688,922
1,401,474
Interest paid
(182,831)
(92,344)
Income taxes paid
(347,165)
(324,834)
Net cash inflow from operating activities
158,926
984,296
Investing activities
Purchase of tangible fixed assets
(281,425)
(1,596,290)
Proceeds from disposal of tangible fixed assets
21,225
14,950
Interest received
32,596
2,206
Net cash used in investing activities
(227,604)
(1,579,134)
Financing activities
Proceeds from borrowings
-
55,000
Proceeds from new bank loans
-
800,000
Repayment of bank loans
(174,286)
(231,006)
Payment of finance leases obligations
(15,000)
-
Net cash (used in)/generated from financing activities
(189,286)
623,994
Net (decrease)/increase in cash and cash equivalents
(257,964)
29,156
Cash and cash equivalents at beginning of year
1,420,937
1,391,781
Cash and cash equivalents at end of year
1,162,973
1,420,937
DENBIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

Denbies Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is London Road, Dorking, Surrey, RH5 6AA.

 

The group consists of Denbies 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 £1.

The financial statements have been prepared under the historical cost convention, modified to include the investment properties. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The group consolidated financial statements include the financial statements of the company and its subsidiary made up to 31 December 2023.

 

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

 

Subsidiaries have been accounted for using the merger accounting method.

 

All intra-group transactions, balances, income and expenses are eliminated on consolidation.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecasted future cash flows and the impact of subsequent events in making their assessment.  Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.4
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.

DENBIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.5
Research and development expenditure

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

1.6
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
2% per annumn on a straight line basis on relevant costs
Leasehold improvements
Evenly over the term of the lease
Plant and equipment
10% - 25% per annum on a straight line basis
Fixtures and fittings
20% per annum on a straight line basis
Vines
5% per annum on a straight line basis

Assets under the course of construction are only depreciated when brought into use.

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
Investment properties

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

 

Property rented to a group entity is accounted for as tangible fixed assets.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost les 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
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.

1.10
Cash and cash equivalents

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

DENBIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.

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.

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.

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.

1.15
Retirement benefits

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

 

 

 

 

DENBIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.16
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using an earnings based model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.17
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
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.

DENBIES 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.

Stock Valuation

The directors have estimated the valuation of stock by considering all costs involved in bringing the product to a saleable condition.

Depreciation

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their estimated useful lives, on the bases set out in note 1.6.

Valuation of Investment Properties

The valuation of the properties has been based on an external valuation in 2022, which the director's consider to be materially correct for the current year.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Agriculture and production
1,960,833
1,666,154
Hospitality and leisure
6,160,343
5,815,197
Other
10,832
15,248
8,132,008
7,496,599
2023
2022
£
£
Other significant revenue
Interest income
32,596
2,206
Grants received
51,392
64,449
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
8,132,008
7,496,599
DENBIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
335
881
Government grants
(51,392)
(64,449)
Depreciation of owned tangible fixed assets
209,023
197,905
(Profit)/loss on disposal of tangible fixed assets
(1,116)
3,686
Operating lease charges
-
4,130
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,500
7,500
Audit of the financial statements of the company's subsidiaries
8,250
8,250
15,750
15,750

The audit fee for the company was bourne by Denbies Wine Estate Limited.

6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Admin
15
16
-
-
Hospitality and leisure
145
152
-
-
Agriculture and production
24
19
-
-
Total
184
187
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,698,800
2,375,424
-
0
-
0
Social security costs
240,385
177,793
-
-
Pension costs
68,907
55,431
-
0
-
0
3,008,092
2,608,648
-
0
-
0
DENBIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
32,596
2,206
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
156,791
87,668
Interest on finance leases and hire purchase contracts
16,932
4,676
Other interest
9,108
-
Total finance costs
182,831
92,344
9
Gain on investment property
2023
2022
£
£
Changes in the fair value of investment properties
-
169,906
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
157,800
238,000
Adjustments in respect of prior periods
(657)
2,834
Total current tax
157,143
240,834
Deferred tax
Origination and reversal of timing differences
37,200
31,200
Changes in tax rates
-
0
10,200
Total deferred tax
37,200
41,400
Total tax charge
194,343
282,234
DENBIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
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
695,498
1,295,598
Expected tax charge based on the standard rate of corporation tax in the UK of 23.70% (2022: 19.00%)
164,833
246,164
Tax effect of expenses that are not deductible in determining taxable profit
1,349
5,396
Adjustments in respect of prior years
(657)
2,834
Depreciation on assets not qualifying for tax allowances
25,181
22,196
Land remedial relief
(166)
(4,145)
Difference between current and deferred tax rate
2,203
10,088
Other
1,600
(299)
Taxation charge
194,343
282,234
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Vines
Total
£
£
£
£
£
£
Cost
At 1 January 2023
10,506,804
240,086
742,243
58,108
101,873
11,649,114
Additions
53,079
-
0
274,706
-
0
-
0
327,785
Disposals
-
0
-
0
(43,275)
-
0
-
0
(43,275)
At 31 December 2023
10,559,883
240,086
973,674
58,108
101,873
11,933,624
Depreciation and impairment
At 1 January 2023
347,350
240,086
372,610
56,703
35,657
1,052,406
Depreciation charged in the year
116,822
-
0
85,702
1,405
5,094
209,023
Eliminated in respect of disposals
-
0
-
0
(23,166)
-
0
-
0
(23,166)
At 31 December 2023
464,172
240,086
435,146
58,108
40,751
1,238,263
Carrying amount
At 31 December 2023
10,095,711
-
0
538,528
-
0
61,122
10,695,361
At 31 December 2022
10,159,454
-
0
369,633
1,405
66,216
10,596,708
DENBIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Tangible fixed assets
(Continued)
- 24 -
Company
Freehold land and buildings
£
Cost
At 1 January 2023
10,174,252
Additions
53,079
At 31 December 2023
10,227,331
Depreciation and impairment
At 1 January 2023
334,131
Depreciation charged in the year
116,822
At 31 December 2023
450,953
Carrying amount
At 31 December 2023
9,776,378
At 31 December 2022
9,840,121

Land and buildings with a carrying amount of £7,753,645 (2022 - £7,870,468) have been pledged to secure borrowings of the group. These are recorded at cost, less depreciation.

12
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023 and 31 December 2023
675,000
675,000

Investment property comprises commercial property. The fair value of the investment property has been arrived at on the basis of a valuation carried out at October 2022 by Savills (UK) Limited Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors do not consider there to be a material difference between this valuation and the valuation as at 31 December 2023.

13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investment in subsidiaries
14
-
0
-
0
-
0
-
0

On the 21st January 2020 the company acquired 100% of the share capital of Denbies Wine Estate Limited and an investment of £0.02p has been recorded, being the nominal value of the shares exchanged in consideration.

DENBIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
14
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Denbies Wine Estate Limited
England & Wales
Production and the sale of wine
Ordinary
100.00
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
114,999
189,395
-
-
Work in progress
621,894
761,917
-
-
Finished goods and goods for resale
1,376,026
1,143,437
-
0
-
0
2,112,919
2,094,749
-
-
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
675,395
366,896
20,063
29,852
Other debtors
63,020
41,101
-
0
-
0
Prepayments and accrued income
74,882
98,142
-
0
-
0
813,297
506,139
20,063
29,852
Deferred tax asset (note 21)
2,600
2,100
-
0
-
0
815,897
508,239
20,063
29,852
DENBIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
19
250,348
193,500
-
0
-
0
Obligations under finance leases
20
10,453
-
0
-
0
-
0
Other borrowings
19
55,000
55,000
55,000
55,000
Trade creditors
349,567
306,257
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
4,240,016
4,185,516
Corporation tax payable
47,978
238,000
9,800
18,000
Other taxation and social security
318,627
316,640
7,028
7,485
Deferred income
172,112
232,179
152,326
174,250
Other creditors
358,770
336,351
660
16
Accruals and deferred income
115,378
107,417
10,670
9,500
1,678,233
1,785,344
4,475,500
4,449,767
18
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
19
1,926,703
2,157,837
-
0
-
0
Obligations under finance leases
20
20,907
-
0
-
0
-
0
Other creditors
70,000
125,000
70,000
125,000
2,017,610
2,282,837
70,000
125,000
19
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
2,177,051
2,351,337
-
0
-
0
Other loans
55,000
55,000
55,000
55,000
2,232,051
2,406,337
55,000
55,000
Payable within one year
305,348
248,500
55,000
55,000
Payable after one year
1,926,703
2,157,837
-
0
-
0
DENBIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
19
Loans and overdrafts
(Continued)
- 27 -

The bank loans are secured by fixed and floating charges over all assets and undertakings of the group, including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital, both present and future.

 

Interest is charged at 2.3%-2.4% per annum above base rate.

 

Freehold land and buildings were transferred from the subsidiary, Denbies Wine Estate Limited, in a prior year and an unlimited multilateral guarantee was given by Denbies Holdings Limited in respect of the loans on these assets.

20
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
10,453
-
0
-
0
-
0
In two to five years
20,907
-
0
-
0
-
0
31,360
-
-
-

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

21
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
143,400
105,700
-
-
Revaluations
42,500
42,500
-
-
Retirement benefit obligations
-
-
2,600
2,100
185,900
148,200
2,600
2,100
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Revaluations
42,500
42,500
-
-
DENBIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Deferred taxation
(Continued)
- 28 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
146,100
42,500
Charge to profit or loss
37,200
-
Liability at 31 December 2023
183,300
42,500

The directors have considered the deferred tax liabilities noted above and concluded that it is not possible to state the estimated liabilities which will reverse in the next 12 months. This is due to the level of reversal being dependant on events which are not yet known.

22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
68,907
55,431

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.

23
Share-based payment transactions

During the year to 31 December 2023, the company implemented a share option plan.

 

In the current year, 200 share options were granted to directors of the company at an exercise price of £0.01. Of these options, 100 £0.01 ordinary B share options and 100 £0.01 ordinary C share options were still in place as at 31 December 2023.

 

The options can only be exercised if an exit event occurs. If the options remain unexercised after a period of ten years from the date of the grant or if the option holder ceases employment the options lapse. The shares when exercised are subject to a hurdle above which the shares participate in the value of an exit. As a result of the terms of the options, no charge for the issue of options has been recognised in the income statement in the year.

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
4,990
4,986
50
50

The shares have attached to them full voting, dividend and capital distribution rights.

DENBIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
25
Reserves
Merger reserve

The other reserve relates to a merger reserve recognised when Denbies Wine Estate Limited was acquired under the merger accounting method. This reserve reflects share premium included on the balance sheet of Denbies Wine Estate Limited at the point of acquisition and the difference in nominal value of the shares acquired compared to the shares issued in exchange.

26
Non-distributable profits reserve
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
127,406
-
127,406
-
Non distributable profits in the year
-
127,406
-
127,406
At the end of the year
127,406
127,406
127,406
127,406

The non-distributable reserves are as a result of investment property revaluation movements, less the deferred tax arising on the revaluations.

27
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
32,748
21,103
-
-
Between two and five years
40,545
48,063
-
-
73,293
69,166
-
-
28
Related party transactions

As at the balance sheet date, the company owed £125,000 (2022 - £180,000) to the Anchorage Trust, a former shareholder of the company. The company was owed £3,180 (2022 - £nil) from the St Kilda Trust and £810 (2022 - £nil) from The Denbies Trust, of which the directors are trustees.

DENBIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
30
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
501,155
1,013,364
Adjustments for:
Taxation charged
194,343
282,234
Finance costs
182,831
92,344
Investment income
(32,596)
(2,206)
(Gain)/loss on disposal of tangible fixed assets
(1,116)
3,686
Depreciation and impairment of tangible fixed assets
209,023
197,905
Other gains and losses
-
(169,906)
Movements in working capital:
Increase in stocks
(18,170)
(394,693)
(Increase)/decrease in debtors
(307,158)
149,535
(Decrease)/increase in creditors
(39,390)
229,211
Cash generated from operations
688,922
1,401,474
31
Analysis of changes in net debt - group
1 January 2023
Cash flows
New finance leases
31 December 2023
£
£
£
£
Cash at bank and in hand
1,420,937
(257,964)
-
1,162,973
Borrowings excluding overdrafts
(2,406,337)
174,286
-
(2,232,051)
Obligations under finance leases
-
15,000
(46,360)
(31,360)
Net debt
(985,400)
(68,678)
(46,360)
(1,100,438)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200Mr C A WhiteMr R PottonMr R S 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