Company registration number 03178500 (England and Wales)
STILLER WAREHOUSING & DISTRIBUTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
STILLER WAREHOUSING & DISTRIBUTION LIMITED
COMPANY INFORMATION
Directors
Mr P W Stiller
Mr M P Stiller
Mrs G Stiller
Mr B Simpson
Ms A Howes
Secretary
Mrs K L Woodhart
Company number
03178500
Registered office
Stiller Warehousing
Ridgeway
Aycliffe Business Park
Newton Aycliffe
County Durham
DL5 6SP
Auditor
Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
Solicitors
Hewitts Solicitors
207 Newgate Street
Bishop Auckland
County Durham
United Kingdom
DL14 7EL
STILLER WAREHOUSING & DISTRIBUTION LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 26
STILLER WAREHOUSING & DISTRIBUTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Principal activities
The main activities of the Company are warehousing, distribution and commerical property.
Fair review of the business
The Board of Directors is pleased to report a robust trading performance in 2023, with an increase in net assets helping to support our planned capital expenditure for the forthcoming year, 2024.
The company's key financial and other performance indicators during the year were as follows:
Business environment
In 2023, the Company's Distribution Division reported sales of £14.41 million, down from £15.71 million in 2022. This decrease was primarily due to a slowdown in distribution for online retail and reduced fuel surcharges as diesel prices fell. Despite the decline in demand, resourcing costs were well-controlled, and the Directors are satisfied with the gross margin achieved by the division.
The Warehouse Division, on the other hand, saw an increase in sales, reaching £6.50 million, up from £5.45 million in 2022. This growth was driven by increased trade from existing clients and the acquisition of new clients. Additionally, the division benefited from the full-year impact of additional warehousing business added in July of the previous year.
In 2023, the Company established a Contract Packing department in Newton Aycliffe, complete with its own premises and team, following the award of new client business. The reported results include the establishment costs of this new operation, which successfully commenced operations in early 2024.
Regarding affiliations and certifications, the Company maintains memberships with key organisations, including the Road Haulage Association, the United Kingdom Warehousing Association, and the North East Chamber of Commerce. In 2023, the Company received a gold award from the Royal Society for the Prevention of Accidents (RoSPA), building on the silver award achieved in 2022. The Company also holds ISO 9001, ISO 14001, and ISO 45001 certifications, verifying its systems and processes in quality management, environmental management, and occupational health and safety.
STILLER WAREHOUSING & DISTRIBUTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Control
Our Company's management uses a comprehensive set of key performance indicators (KPIs) covering financial, operational, service, safety, and environmental aspects to guide decision-making and strategy. The management team and directors hold bi-annual offsite meetings to review the company’s financial performance and collaborate on current and future priorities for each department.
The Board of Directors regularly review and update an annual Business Plan. Performance against the targets set in this plan is evaluated weekly through a structured reporting process and frequent management meetings. Daily KPIs include metrics such as fleet and warehouse utilisation, while service-focused KPIs concentrate on client and partner service delivery, goods traceability, and administrative efficiency. Each revenue-generating division's financial performance is reported weekly, allowing for regular reviews and swift adjustments in resource allocation as needed.
Health and safety reports are leveraged to monitor trends and patterns in accident types, injury categories, and root cause analysis. The Company conducts regular departmental and steering group Health and Safety meetings, performs behavioural safety audits, and provides safety training courses for all employees. Training in mental health is also undertaken by department heads.
We are committed to providing ongoing skills training, recruitment, and staff retention to ensure a skilled and motivated workforce. We measure headcount and retention monthly, and we conduct exit interviews with all departing staff.
The Company enforces a drug and alcohol policy that includes pre-employment, random, and post-accident testing.
Principal Risks and Uncertainties
To mitigate the impact of fuel price fluctuations, we have established fuel surcharge agreements with our customers.
We maintain a versatile vehicle fleet consisting of owned, leased, and short-term hire vehicles to effectively respond to changes in client demand.
The Company's borrowing is limited to fixed interest rate hire purchase contracts to manage financial risk.
Strategy & future developments
The Company operates under clearly defined Mission, Vision and Values Statements, with a focus on four key principles: customer service, profitability, compliance, and integrity.
At Stiller Warehousing and Distribution Limited, we recognise our customers as the core of our operations. Our aim is to consistently deliver unparalleled service. To communicate our dedication, we have established a Business Service Charter that underscores our commitment to customer service excellence.
Our growth strategy involves enhancing sales in our primary services, alongside expanding sales in the complimentary service of contract packing. We establish sales goals prior to each financial year and closely monitor performance on a weekly basis.
We plan ongoing investment in equipment and facilities to maintain exceptional standards and enhance efficiency. The Capital Expenditure Plan is ratified by the Board of Directors at the start of the financial year to align with the company's growth objectives.
Mr M P Stiller
Director
23 August 2024
STILLER WAREHOUSING & DISTRIBUTION 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.
Directors
The directors who held office during the year were as follows:
Mr P W Stiller
Mr M P Stiller
Mrs G Stiller
Mr B Simpson
Ms A Howes
Financial risk management objectives and policies
The company has an established, structured approach to risk management. The company's activities expose it to a variety of financial risks, including the effects of credit, liquidity and cash flow, and interest rate risks. The company is not exposed to foreign exchange risk. The company has adopted risk management policies that seek to mitigate these risks in a cost effective manner. Financial assets that expose the company to financial risk consist primarily of trade debtors and cash. Financial liabilities that expose the company to financial risk consist principally of trade creditors and hire purchase creditors.
Credit risk is the risk of loss in the value of financial assets due to counterparties failing to meet all or part of their obligations. The company performs ongoing credit evaluation of its customers' financial condition and manages credit facilities accordingly.
Liquidity risk is the risk that the company does not have sufficient liquid assets to meet its obligations as they fall due. Liquidity is maintained at a prudent level and the company ensures there is an adequate liquidity buffer to cover contingencies. The company maintains sufficient cash and open committed credit lines from its bankers and finance providers to meet its funding requirements.
Interest rate risks with regard to unfavourable movements in interest rates is not perceived as being material to the accounts due to the fixed rate borrowings in place.
Future developments
See disclosures within the Strategic Report regarding future developments of the company.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Azets Audit Services as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
On behalf of the board
Mr M P Stiller
Director
23 August 2024
STILLER WAREHOUSING & DISTRIBUTION 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 company and of the profit or loss of the company 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;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
STILLER WAREHOUSING & DISTRIBUTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STILLER WAREHOUSING & DISTRIBUTION LIMITED
- 5 -
Opinion
We have audited the financial statements of Stiller Warehousing & Distribution Limited (the 'company') for the year ended 31 December 2023 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity 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 company's affairs as at 31 December 2023 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
STILLER WAREHOUSING & DISTRIBUTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STILLER WAREHOUSING & DISTRIBUTION LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
STILLER WAREHOUSING & DISTRIBUTION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STILLER WAREHOUSING & DISTRIBUTION LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
We identified the following applicable laws and regulations as those most likely to have a material impact on the financial statements: Health and Safety; Compliance with ISO accreditations; employment law (including the Working Time Directive); and compliance with UK Companies Act.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
Claire Hinshaw ACCA
Senior Statutory Auditor
For and on behalf of Azets Audit Services
25 August 2024
Chartered Accountants
Bulman House
Statutory Auditor
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
STILLER WAREHOUSING & DISTRIBUTION LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
20,734,913
21,034,758
Cost of sales
(14,492,281)
(15,121,217)
Gross profit
6,242,632
5,913,541
Administrative expenses
(5,151,679)
(3,575,842)
Other operating income
229,631
239,635
Operating profit
4
1,320,584
2,577,334
Interest receivable and similar income
8
65,816
2,780
Interest payable and similar expenses
9
(90,674)
(21,664)
Profit before taxation
1,295,726
2,558,450
Tax on profit
10
(62,730)
(376,773)
Profit for the financial year
1,232,996
2,181,677
The income statement has been prepared on the basis that all operations are continuing operations.
STILLER WAREHOUSING & DISTRIBUTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
1,232,996
2,181,677
Other comprehensive income
-
-
Total comprehensive income for the year
1,232,996
2,181,677
STILLER WAREHOUSING & DISTRIBUTION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
5,719,913
3,168,158
Investments
13
21,466
21,466
5,741,379
3,189,624
Current assets
Stocks
15
7,829
-
Debtors
16
4,676,533
4,633,896
Cash at bank and in hand
2,688,988
2,741,942
7,373,350
7,375,838
Creditors: amounts falling due within one year
17
(3,417,814)
(3,104,977)
Net current assets
3,955,536
4,270,861
Total assets less current liabilities
9,696,915
7,460,485
Creditors: amounts falling due after more than one year
18
(2,022,032)
(754,829)
Provisions for liabilities
Deferred tax liability
20
906,716
840,485
(906,716)
(840,485)
Net assets
6,768,167
5,865,171
Capital and reserves
Called up share capital
23
201
201
Profit and loss reserves
6,767,966
5,864,970
Total equity
6,768,167
5,865,171
The financial statements were approved by the board of directors and authorised for issue on 23 August 2024 and are signed on its behalf by:
Mr M P Stiller
Director
Company Registration No. 03178500
STILLER WAREHOUSING & DISTRIBUTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
201
4,910,293
4,910,494
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
2,181,677
2,181,677
Dividends
11
-
(1,227,000)
(1,227,000)
Balance at 31 December 2022
201
5,864,970
5,865,171
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
1,232,996
1,232,996
Dividends
11
-
(330,000)
(330,000)
Balance at 31 December 2023
201
6,767,966
6,768,167
STILLER WAREHOUSING & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information
Stiller Warehousing & Distribution Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stiller Warehousing, Ridgeway, Aycliffe Business Park, Newton Aycliffe, County Durham, DL5 6SP.
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, except that as disclosed in the accounting policies, certain items are shown at fair value. The principal accounting policies adopted are set out below.
This 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:
Disclosures in respect of each class of share capital have not been presented;
No cash flow statement has been presented for the company;
Disclosures in respect of financial instruments have not been presented;
No disclosure has been given for the aggregate remuneration of key management personnel.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Stiller Warehousing & Distribution Limited is a wholly owned subsidiary of Stiller Holdings Ltd and the results of Stiller Warehousing & Distribution Limited are included in the consolidated financial statements of Stiller Holdings Ltd which are available from Stiller Warehousing, Ridgeway, Aycliffe Business Park, Newton Aycliffe, County Durham, DL5 6SP.
The company has taken advantage of the exemption available under paragraph 33.1A of FRS 102 and does not disclose related party transactions with members of the same group that are wholly owned.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
STILLER WAREHOUSING & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
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 professional 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 it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Leasehold property
Over the life of the lease
Plant and machinery
10% - 100% on cost
Fixtures and fittings
8% - 50% on cost
Equipment
10% - 33% on cost
Motor Vehicles
10% - 50% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit and loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when recievable.
STILLER WAREHOUSING & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
STILLER WAREHOUSING & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
STILLER WAREHOUSING & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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 income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
STILLER WAREHOUSING & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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 statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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.
1.15
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.
STILLER WAREHOUSING & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
The directors have classified the building and certain vehicle leases of the company as operating leases, on the grounds that the risks and rewards attached to the leasing arrangments are not considered to be substantially transferred to the company. All other leases are treated as hire purchase leases as the risks and rewards are held by the company.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Warehousing & distribution
20,701,673
21,034,758
Contract packing
33,240
-
20,734,913
21,034,758
2023
2022
£
£
Turnover analysed by geographical market
UK
20,572,876
20,832,153
Europe
116,128
140,643
Rest of world
45,909
61,962
20,734,913
21,034,758
2023
2022
£
£
Other revenue
Interest income
63,026
2,780
Dividends received
2,790
-
Grants received
3,534
4,568
Rental income
226,097
235,067
STILLER WAREHOUSING & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(3,534)
(4,568)
Depreciation of owned tangible fixed assets
1,065,651
678,415
Profit on disposal of tangible fixed assets
(43,106)
(584,599)
Operating lease charges
1,442,597
702,646
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 company
11,000
10,000
For other services
Taxation compliance services
1,600
1,210
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Production
131
129
Administration and support
47
47
Total
178
176
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
5,794,316
5,472,190
Social security costs
567,305
563,700
Pension costs
366,330
163,272
6,727,951
6,199,162
STILLER WAREHOUSING & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
234,041
244,743
Company pension contributions to defined contribution schemes
182,642
40,000
416,683
284,743
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 1).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
17,766
119,300
Company pension contributions to defined contribution schemes
180,000
-
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
63,026
2,780
Other income from investments
Dividends received
2,790
Total income
65,816
2,780
9
Interest payable and similar expenses
2023
2022
£
£
Interest on finance leases and hire purchase contracts
90,674
21,664
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
167,326
Adjustments in respect of prior periods
(3,501)
Total current tax
(3,501)
167,326
STILLER WAREHOUSING & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
2023
2022
£
£
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
66,231
209,447
Total tax charge
62,730
376,773
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
1,295,726
2,558,450
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
304,755
486,106
Tax effect of expenses that are not deductible in determining taxable profit
177
(96,277)
Tax effect of income not taxable in determining taxable profit
(831)
(75,893)
Gains not taxable
13,517
Change in unrecognised deferred tax assets
(11,201)
Adjustments in respect of prior years
(3,501)
Effect of change in corporation tax rate
4,582
50,267
Group relief
(947)
Other permanent differences
397
Fixed asset adjustments
(231,648)
Taxation charge for the year
62,730
376,773
11
Dividends
2023
2022
£
£
Final paid
10,000
Interim paid
320,000
1,227,000
330,000
1,227,000
STILLER WAREHOUSING & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
12
Tangible fixed assets
Leasehold property
Plant and machinery
Fixtures and fittings
Equipment
Motor Vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
922,923
969,304
634,292
95,023
3,762,079
6,383,621
Additions
93,232
13,182
10,800
3,620,884
3,738,098
Disposals
(12,399)
(617,354)
(629,753)
At 31 December 2023
922,923
1,050,137
647,474
105,823
6,765,609
9,491,966
Depreciation and impairment
At 1 January 2023
457,564
699,898
399,972
88,623
1,569,406
3,215,463
Depreciation charged in the year
48,849
142,386
103,980
5,128
765,308
1,065,651
Eliminated in respect of disposals
(11,400)
(497,661)
(509,061)
At 31 December 2023
506,413
830,884
503,952
93,751
1,837,053
3,772,053
Carrying amount
At 31 December 2023
416,510
219,253
143,522
12,072
4,928,556
5,719,913
At 31 December 2022
465,359
269,406
234,320
6,400
2,192,673
3,168,158
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and machinery
90,991
170,089
Motor Vehicles
4,199,840
1,113,279
4,290,831
1,283,368
13
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
14
1
1
Unlisted investments
21,465
21,465
21,466
21,466
The above represents a 100% investment in Stiller Warehousing Ltd.
The unlisted investment represents an investment in Palletline Limited, a private limited company.
STILLER WAREHOUSING & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Stiller Warehousing Ltd
Stiller Warehousing, Ridgeway, Aycliffe Business Park, Newton Aycliffe, County Durham, DL5 6SP
Ordinary
100.00
Stiller Warehousing is a dormant company and its aggregate capital and reserves at 31 December 2023 was £1 (2022 - £1).
15
Stocks
2023
2022
£
£
Finished goods and goods for resale
7,829
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,309,790
3,321,602
Other debtors
398,000
403,000
Prepayments and accrued income
968,743
909,294
4,676,533
4,633,896
17
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
19
940,883
507,231
Trade creditors
1,356,833
1,315,131
Corporation tax
110,648
Other taxation and social security
730,966
707,490
Government grants
21
2,987
6,021
Dividends payable
10,000
Other creditors
79,835
66,787
Accruals and deferred income
296,310
391,669
3,417,814
3,104,977
18
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
19
2,022,032
754,829
STILLER WAREHOUSING & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
19
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
940,883
507,231
In two to five years
2,022,032
754,829
2,962,915
1,262,060
The finance lease creditor is secured on the assets to which it relates.
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
1,290,449
841,308
Tax losses
(381,423)
-
Short term timing differences
(2,310)
(823)
906,716
840,485
2023
Movements in the year:
£
Liability at 1 January 2023
840,485
Charge to profit or loss
66,231
Liability at 31 December 2023
906,716
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
21
Government grants
2023
2022
£
£
Arising from government grants
2,987
6,021
STILLER WAREHOUSING & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
366,330
163,272
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions totalling £9,234 (2022 - £7,774) were payable to the scheme at the end of the year and are included in creditors.
23
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
'A' Ordinary shares of £1 each
100
100
100
100
'B' Ordinary shares of £1 each
1
1
1
1
201
201
201
201
24
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
685,462
456,593
Between two and five years
557,681
913,589
1,243,143
1,370,182
25
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
70,229
2,884,844
STILLER WAREHOUSING & DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
26
Related party transactions
During the year, the company recharged goods and services to the value of £142,703 (2022: £57,769) to G Stiller (Transport) Limited SSAS and at the year end G Stiller (Transport) Limited owed £Nil (2022: £5,524) to the company. The company paid rent to the value of £1,298,064 (2022: £1,140,817) to G Stiller (Transport) Limited SSAS, at the year end the company owed £Nil (2022: £Nil) to G Stiller (Transport) SSAS.
Mr P W Stiller, Mrs G Stiller and Mr M P Stiller are trustees and beneficiaries of G Stiller (Transport) Limited SSAS. During the prior year the company sold property held in fixed assets for £900,000 to G Stiller (Transport) Limited SSAS and recognised a gain on disposals of £531,516.
During the year the company received the value of £Nil (2022: £Nil) from Rogsen limited and there were no other related party balances or transactions in the current year. Rogsen Limited is controlled by Mr M P Stiller.
During the year, the company paid dividends of £330,000 (2022: £1,227,000) to Stiller Holdings Ltd. The company is a subsidiary of Stiller Holdings Ltd.
During the year the company received dividends from the investment in Palletline Limited of £2,790 (2022: £Nil).
27
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Closing balance
£
£
Mr M P Stiller - Director's loan account
-
200,000
200,000
200,000
200,000
The loan to the director is interest free and is repayable on demand.
28
Ultimate controlling party
The company's immediate parent is Stiller Holdings Ltd, incorporated in England and Wales.
The most senior parent entity producing publicly available financial statements is Stiller Holdings Ltd. These financial statements are available upon request from Companies House.
The ultimate controlling party is Mr M P Stiller.
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