Company registration number 03799367 (England and Wales)
MARCRIST INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
MARCRIST INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
Mrs M Halbeisen
Mr T Howard
Mr R J Ellison-Anderson
(Appointed 1 November 2023)
Secretary
Mr R J Ellison-Anderson
Company number
03799367
Registered office
Marcrist House
Kirk Sandall Industrial Estate
Doncaster
DN3 1QR
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
MARCRIST INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 29
MARCRIST INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

Turnover for the year ended 31 December 2023 was £7.839 million, a decrease of 19% on last year (31 December 2022: £9.685 million). Profit before tax and goodwill was £749k (year to 31 December 2022: £1,194k) a decrease of 37%.

 

 

2023

2022

Change

 

£’000

£’000

£’000

 

Turnover

7,839

9,685

(1,846)

Operating profit before goodwill

737

1,227

(490)

Profit before tax and goodwill

749

1,194

(445)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The directors report on an extremely challenging years trading which has resulted in a decrease in turnover of £1.8M across the Group to £7.8M (from £9.7M in 2022). Whilst gross profit % increased during the year, the overall gross profit was down to £5.8M from £6.5M in 2022. On a positive note, Net Assets increased by 8% to £10.8M (from £10M in 2022)

 

The Group began the year with a very strong cash position and this has improved further during the course of the year. The group have no long terms debts and have increased our cash position by 34% and have a current ratio of 5.95 and a quick ratio of 3.6.

 

The directors are satisfied that the Group’s continued investment in marketing, R&D and operational structure as well as the release of new innovative product ranges and solutions to the market will enable it to withstand continuing intense and difficult trading conditions worldwide. Our brand is well-recognized and trusted in the market, contributing to customer loyalty and repeat business. Investments in new machinery at the end of 2023 has increased our production capacity and the group has further investment plans for 2024 to improve our production efficiencies and lower costs. The directors expect that the benefits from these investments will positively affect market share and profitability during 2024 and beyond.

 

The KPI’s used, reflect the Group focus on quality and customer service, enabling the group to meet the needs of its customers. The main KPI’s are product quality, delivery performance and customer satisfaction all of which were maintained in the financial year.

 

The challenges facing the group in 2024 are the continued uncertainty in the stability of the global economy going forward. The main challenges are increased costs of raw materials & consumables, freight, energy, and staffing costs. We have continued to hold more finished goods, both in the UK and Europe, allowing us to react quickly to meet customer demand and take advantage of opportunities that arise. The volatility of exchange rates could also have a significant negative impact on the performance of the group.

 

The group’s ability to pass on higher input prices to its customers is limited and could adversely affect overall operating results. The directors believe that the product mix is balanced and capable of adapting to changing demand in the marketplace and have various R&D projects in the pipeline. In addition, the directors monitor costs, overheads, sales, and profits on a line-by-line basis making efficiency savings where possible.

 

 

 

 

 

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

 

Financial risk management objectives and policies
The group uses various financial instruments, other than derivatives, comprising borrowings, cash and liquid resources and various other items such as trade debtors and trade creditors that arise directly from its operation. The main purpose of these financial instruments is to raise finance for the company’s operations.

The main risks arising from the group’s financial instruments are interest rate risk, liquidity risk and currency risk. The directors review and agree policies for managing each of these risks and they are summarised below. The policies have remained unchanged from previous years.

Liquidity risk
The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Primarily this is achieved through the management of cash balances across all group trading companies.

Interest rate risk
The group finances its operations through a mixture of retained profits, bank borrowings and other loans. The group’s exposure to interest rate fluctuations on its borrowings is managed by use of both fixed and floating facilities.

Foreign currency risk
The group is exposed to translation and transaction foreign exchange risk. In relation to translation risk, as far as possible, the assets held in foreign currency are matched to an appropriate level of borrowings in the same currency.

The group’s sales to customers in Europe are invoiced in the currencies of the customers involved. The group policy is to try to match the timing of the settling of these sales to purchase invoices of the same currency to eliminate, as far as possible, currency exposures.

 

On behalf of the board

Mrs M Halbeisen
Director
22 August 2024
MARCRIST INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities
The company and the group are principally engaged in the manufacture and distribution of diamond cutting tools and diamond systems solutions for professional users.
Results and dividends

The results for the year are set out on page 8.

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:

Mrs M Halbeisen
Mr T Howard
Mr M Halbeisen
(Resigned 10 August 2023)
Mr R J Ellison-Anderson
(Appointed 1 November 2023)
Statement of directors' responsibilities

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

 

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

 

 

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

Statement of disclosure to auditor

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

Medium-sized companies exemption

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

MARCRIST INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
On behalf of the board
Mrs M Halbeisen
Director
22 August 2024
MARCRIST INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MARCRIST INTERNATIONAL LIMITED
- 5 -
Opinion

We have audited the financial statements of Marcrist International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

MARCRIST INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARCRIST INTERNATIONAL LIMITED
- 6 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

MARCRIST INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARCRIST INTERNATIONAL LIMITED
- 7 -

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

 

 

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

 

 

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

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director’s and other management and the inspection of regulatory and legal correspondence.

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.

Daniel Varley (Senior Statutory Auditor)
For and on behalf of BHP LLP
22 August 2024
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
MARCRIST INTERNATIONAL LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
7,839,299
9,685,211
Cost of sales
(2,056,346)
(3,161,415)
Gross profit
5,782,953
6,523,796
Administrative expenses
(5,073,198)
(5,352,105)
Other operating income
27,868
55,587
Operating profit
4
737,623
1,227,278
Interest receivable and similar income
8
25,895
37,320
Interest payable and similar expenses
9
(14,376)
(70,537)
Profit before taxation
749,142
1,194,061
Tax on profit
10
(136,055)
(127,240)
Profit for the financial year
613,087
1,066,821
Profit for the financial year is all attributable to the owners of the parent company.

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

MARCRIST INTERNATIONAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
613,087
1,066,821
Other comprehensive income
Currency translation gain taken to retained earnings
199,311
63,262
Total comprehensive income for the year
812,398
1,130,083
Total comprehensive income for the year is all attributable to the owners of the parent company.
MARCRIST INTERNATIONAL LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
3,443,765
3,564,067
Current assets
Stocks
13
3,496,245
3,744,680
Debtors
14
789,216
1,117,458
Cash at bank and in hand
4,582,671
3,419,388
8,868,132
8,281,526
Creditors: amounts falling due within one year
15
(1,490,947)
(1,834,441)
Net current assets
7,377,185
6,447,085
Total assets less current liabilities
10,820,950
10,011,152
Provisions for liabilities
Deferred tax liability
16
17,500
20,100
(17,500)
(20,100)
Net assets
10,803,450
9,991,052
Capital and reserves
Called up share capital
18
4,282,571
4,282,571
Profit and loss reserves
6,520,879
5,708,481
Total equity
10,803,450
9,991,052

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

The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
22 August 2024
Mrs M Halbeisen
Director
Company registration number 03799367 (England and Wales)
MARCRIST INTERNATIONAL LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
815,537
851,330
Current assets
Stocks
13
2,306,932
2,558,904
Debtors
14
1,563,677
1,717,530
Cash at bank and in hand
3,071,992
1,964,308
6,942,601
6,240,742
Creditors: amounts falling due within one year
15
(684,162)
(704,818)
Net current assets
6,258,439
5,535,924
Total assets less current liabilities
7,073,976
6,387,254
Provisions for liabilities
Deferred tax liability
16
17,500
20,100
(17,500)
(20,100)
Net assets
7,056,476
6,367,154
Capital and reserves
Called up share capital
18
4,282,571
4,282,571
Profit and loss reserves
2,773,905
2,084,583
Total equity
7,056,476
6,367,154

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £689,322 (2022 - £1,190,156 profit).

The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
22 August 2024
Mrs M Halbeisen
Director
Company registration number 03799367 (England and Wales)
MARCRIST INTERNATIONAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
4,282,571
4,578,398
8,860,969
Year ended 31 December 2022:
Profit for the year
-
1,066,821
1,066,821
Other comprehensive income:
Currency translation differences
-
63,262
63,262
Total comprehensive income
-
1,130,083
1,130,083
Balance at 31 December 2022
4,282,571
5,708,481
9,991,052
Year ended 31 December 2023:
Profit for the year
-
613,087
613,087
Other comprehensive income:
Currency translation differences
-
199,311
199,311
Total comprehensive income
-
812,398
812,398
Balance at 31 December 2023
4,282,571
6,520,879
10,803,450
MARCRIST INTERNATIONAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2022
4,282,571
894,427
5,176,998
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
1,190,156
1,190,156
Balance at 31 December 2022
4,282,571
2,084,583
6,367,154
Year ended 31 December 2023:
Profit and total comprehensive income
-
689,322
689,322
Balance at 31 December 2023
4,282,571
2,773,905
7,056,476
MARCRIST INTERNATIONAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
1,322,141
545,011
Interest paid
(14,376)
(70,537)
Income taxes paid
(174,656)
(169,210)
Net cash inflow from operating activities
1,133,109
305,264
Investing activities
Purchase of tangible fixed assets
(47,891)
(359,860)
Proceeds from disposal of tangible fixed assets
-
13,305
Repayment of loans
(40,183)
-
Interest received
25,895
37,320
Net cash used in investing activities
(62,179)
(309,235)
Financing activities
Repayment of preference shares
-
(200,000)
Dividends paid to equity shareholders
-
0
(317,333)
Net cash used in financing activities
-
(517,333)
Net increase/(decrease) in cash and cash equivalents
1,070,930
(521,304)
Cash and cash equivalents at beginning of year
3,419,388
3,916,240
Effect of foreign exchange rates
92,353
24,452
Cash and cash equivalents at end of year
4,582,671
3,419,388
MARCRIST INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

Marcrist International Limited (“the Company”) is a limited company domiciled and incorporated in England and Wales. The registered office is Marcrist House, Kirk Sandall Industrial Estate, Doncaster, DN3 1QR.

 

The Group consists of Marcrist International Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. 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
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

MARCRIST INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Marcrist International Limited together with all entities controlled by the parent company (its subsidiaries).

 

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

 

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

1.4
Going concern

At the time of approving the financial statements and after reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group and 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.

 

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

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.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset, by equal annual instalments over its expected useful life, as follows:
Freehold land and buildings
50 years
Plant and machinery
5 to 10 years
Fixtures, fittings & equipment
2 to 5 years
Motor vehicles
3 years

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

1.7
Fixed asset investments

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

 

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

MARCRIST INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

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

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

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

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.

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.

MARCRIST INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, 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.

1.12
Equity instruments

Share Capital issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on Share Capital 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.

MARCRIST INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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.

 

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

1.15
Retirement benefits

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

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

The assets and liabilities of foreign subsidiaries are translated at the rate of exchange ruling at the balance sheet date and the results of the foreign subsidiaries are translated at the average rate for the period.  The exchange differences arising from the retranslation of the opening net investment in subsidiaries are taken directly to reserves and all other exchange differences are dealt with through the profit and loss account.
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.

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

Significant estimates and assumptions have been made related to stock. Assessment of the net realisable value of stock have been made to determine the value of provision required. In determining this provision, judgements in the stock turnover and value recoverable for each item are made. Estimates are based on historical experience and knowledge of the items in stock. The value of group stock at the year end is £3,496,245 (2022: £3,744,680). The value of the group stock provision at the year end is £843,196 (2022: £841,731)

3
Turnover and other revenue

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

2023
2022
£
£
Turnover analysed by class of business
Sales of diamond cutting tools and diamond system solutions
7,839,299
9,685,211
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
3,035,447
4,087,500
Mainland Europe
4,270,182
4,644,749
Rest of the world
533,670
952,962
7,839,299
9,685,211
2023
2022
£
£
Other revenue
Interest income
25,895
37,320
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
76,978
(32,310)
Depreciation of owned tangible fixed assets
193,641
195,237
Profit on disposal of tangible fixed assets
-
(1,388)
Operating lease charges
33,631
42,342
MARCRIST INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
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
29,500
27,625
For other services
Taxation compliance services
4,000
3,575
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
Production
11
11
10
9
Selling and distribution
27
26
11
8
Administration
33
34
17
16
Total
71
71
38
33

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,216,763
2,366,229
1,116,708
1,037,530
Social security costs
368,447
386,886
96,798
97,180
Pension costs
47,471
50,959
40,473
42,836
2,632,681
2,804,074
1,253,979
1,177,546
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
202,999
179,569
Company pension contributions to defined contribution schemes
3,161
5,294
206,160
184,863

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 2).

MARCRIST INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Directors' remuneration
(Continued)
- 22 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
113,006
-

The comparative balance for highest paid director has not been disclosed as it was below the threshold which requires disclosure.

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
2,150
33,945
Other interest income
23,745
3,375
Total income
25,895
37,320
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
(5,184)
34,799
Dividends on redeemable preference shares not classified as equity
-
0
16,000
Other interest
19,560
19,738
Total finance costs
14,376
70,537
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
106,598
214,486
Adjustments in respect of prior periods
-
0
(53,470)
Other taxes
5,385
4,815
Total UK current tax
111,983
165,831
Foreign current tax on profits for the current period
26,672
(49,991)
Total current tax
138,655
115,840
MARCRIST INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
2023
2022
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
(2,600)
11,400
Total tax charge
136,055
127,240

The charge for the year can be reconciled to the profit per the profit and loss account as follows:

2023
2022
£
£
Profit before taxation
749,142
1,194,061
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
176,198
226,872
Tax effect of expenses that are not deductible in determining taxable profit
1,285
5,010
Change in unrecognised deferred tax assets
(178)
2,800
Adjustments in respect of prior years
(593)
(53,769)
Permanent capital allowances in excess of depreciation
3,919
336
Effect of overseas tax rates
-
0
(22,538)
Effects of foreign taxation
43,259
76,770
Patent box additional deduction
(87,024)
(117,919)
Group consolidation adjustments
(811)
9,678
Taxation charge
136,055
127,240
MARCRIST INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
3,603,382
378,689
1,236,575
72,854
5,291,500
Additions
-
0
41,773
6,118
-
0
47,891
Exchange adjustments
21,534
-
0
14,012
-
0
35,546
At 31 December 2023
3,624,916
420,462
1,256,705
72,854
5,374,937
Depreciation and impairment
At 1 January 2023
530,848
351,361
824,197
21,027
1,727,433
Depreciation charged in the year
74,353
12,601
87,117
19,570
193,641
Exchange adjustments
-
0
-
0
10,098
-
0
10,098
At 31 December 2023
605,201
363,962
921,412
40,597
1,931,172
Carrying amount
At 31 December 2023
3,019,715
56,500
335,293
32,257
3,443,765
At 31 December 2022
3,072,534
27,328
412,378
51,827
3,564,067
Company
Freehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
1,131,301
378,689
455,440
72,854
2,038,284
Additions
-
0
41,773
4,980
-
0
46,753
At 31 December 2023
1,131,301
420,462
460,420
72,854
2,085,037
Depreciation and impairment
At 1 January 2023
459,627
351,361
354,939
21,027
1,186,954
Depreciation charged in the year
16,661
12,601
33,714
19,570
82,546
At 31 December 2023
476,288
363,962
388,653
40,597
1,269,500
Carrying amount
At 31 December 2023
655,013
56,500
71,767
32,257
815,537
At 31 December 2022
671,674
27,328
100,501
51,827
851,330
MARCRIST INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
12
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
Marcrist Diamantwerkzeuge Vertriebs GmbH
Germany
Distribution of diamond cutting tools
Ordinary
100.00
Marcrist Diamantwerzeuge GmbH
Switzerland
Distribution of diamond cutting tools
Ordinary
100.00
Marcrist Holdings Limited
England
Dormant
Ordinary
100.00
Marcrist Immobilien GmbH
Switerland
Investment company
Ordinary
100.00
13
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
1,324,709
1,377,244
1,324,709
1,377,244
Work in progress
9,852
33,498
9,852
33,498
Finished goods and goods for resale
2,161,684
2,333,938
972,371
1,148,162
3,496,245
3,744,680
2,306,932
2,558,904

The comparative figures have been restated to correct the classification of stock.

14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
408,782
745,109
333,745
592,021
Amounts owed by group undertakings
-
-
834,058
1,074,495
Other debtors
118,856
52,483
93,211
17,200
Prepayments and accrued income
261,578
319,866
59,497
33,814
789,216
1,117,458
1,320,511
1,717,530
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
243,166
-
Total debtors
789,216
1,117,458
1,563,677
1,717,530
MARCRIST INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
573,155
558,165
468,512
487,443
Amounts owed to group undertakings
-
0
-
0
-
0
41,415
Corporation tax payable
52,539
88,540
51,284
60,267
Other taxation and social security
132,760
76,133
110,462
46,379
Other creditors
617,026
929,419
11,065
18,239
Accruals and deferred income
115,467
182,184
42,839
51,075
1,490,947
1,834,441
684,162
704,818
16
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
17,500
20,100
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
17,500
20,100
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
20,100
20,100
Credit to profit or loss
(2,600)
(2,600)
Liability at 31 December 2023
17,500
17,500
17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
47,471
50,959
MARCRIST INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Retirement benefit schemes
(Continued)
- 27 -

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.

18
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
1,405,714
1,405,714
140,571
140,571
Ordinary A Shares of £1 each
4,142,000
4,142,000
4,142,000
4,142,000
5,547,714
5,547,714
4,282,571
4,282,571

Rights attaching to shares:

 

(a) Dividends

 

The holders of the Ordinary shares are entitled to a dividend at the recommendation of the directors.

 

(b) Capital

 

On a return of capital on winding up or otherwise, the assets of the company available for distribution amongst the shareholders shall be divided and distributed amongst the Ordinary shareholders.

 

(c) Voting

 

The Ordinary shareholders shall be entitled to receive notice of and to attend and vote at any general meeting of the company and on a show of hands, each Ordinary shareholder shall have one vote for every Ordinary share held.

 

The 'A' shareholders shall be entitled to receive notice of and to attend and speak but not to vote at all general meetings of the company unless the business of the meeting includes a consideration of a resolution that varies the rights or privileges attached to the shares. The holders of the 'A' shares shall then be entitled to receive notice of and attend and vote at the relevant general meeting of the company in respect of such resolution or resolutions and on a show of hands, each 'A' shareholder shall have one vote for every 'A' share held.

 

MARCRIST INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
19
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
82,520
101,205
14,074
23,209
Between two and five years
122,259
29,741
14,415
21,622
204,779
130,946
28,489
44,831
20
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
256,993
184,863
21
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mrs M Halbeisen
-
(8,803)
41,000
7,985
40,182
(8,803)
41,000
7,985
40,182
22
Controlling party

The group's ultimate parent company is Admina AG, a company registered in Switzerland. The ultimate controlling party is Mediha Halbeisen.

MARCRIST INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
23
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
613,087
1,066,821
Adjustments for:
Taxation charged
136,055
127,240
Finance costs
14,376
70,537
Investment income
(25,895)
(37,320)
Gain on disposal of tangible fixed assets
-
(1,388)
Depreciation and impairment of tangible fixed assets
193,641
195,237
Foreign exchange gains on cash equivalents
81,510
(21,468)
Movements in working capital:
Decrease/(increase) in stocks
248,435
(377,488)
Decrease in debtors
368,425
26,379
Decrease in creditors
(307,493)
(503,539)
Cash generated from operations
1,322,141
545,011
24
Analysis of changes in net funds - group
1 January 2023
Cash flows
Exchange rate movements
31 December 2023
£
£
£
£
Cash at bank and in hand
3,419,388
1,070,930
92,353
4,582,671
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