Company registration number 01575311 (England and Wales)
ELECTROTEC SOLUTIONS LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ELECTROTEC SOLUTIONS LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Balance sheet
3 - 4
Notes to the financial statements
5 - 14
ELECTROTEC SOLUTIONS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Business review
We are pleased to report another strong performance for the year. However, whilst turnover has increased by 4%, any potential growth in profits have been largely offset by rising costs associated with adding new business. Fortunately, those effects of inflation are expected to ease over the coming months.
Business strategy
Our business strategy is to continue these levels of growth organically and explore further complimentary services which can be supported by our existing team at Westpark.
Principal risks and uncertainties
The principal risks and uncertainties facing our business relate to general economic conditions, credit and interest rates. The Directors continue to monitor and reduce exposure wherever possible and recognise a sustained downturn in general economic conditions could adversely affect demand.
To mitigate impact the Directors regularly review key business indicators and consider alternative options in relation to its areas of supply, particularly those identified as underperforming. A credit policy is also in place to reduce exposure and is continually supervised.
At the balance sheet date there were no significant areas of risk that were not covered.
Key performance indicators
Pre tax profit £ 372,821
Turnover £ 905,681
EBITDA (exc Dir) £ 608,257
Operating margin 41.16 %
Sales per employee £ 129,383
Environmental and social matters
Information about environmental matters, the company’s employees and human rights have not been provided as the Directors do not believe that this is fundamental to gain an understanding of the business.
Dr J M W Steer-Fowler
Director
20 August 2024
ELECTROTEC SOLUTIONS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company was the supply and support of payment systems to retail and licensed trades throughout the UK. The company operates from its offices at Westpark in Somerset. There have been no significant changes in the company’s principal activity during the period under review.
Results and dividends
The pre-tax profit for the year on ordinary activities rose to £ 372,820 on a turnover of £ 905.678
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Dr J M W Steer-Fowler
Mrs S J Steer-Fowler
Mrs J Limond
Controlling party
The company is owned and controlled by Dr J M W Steer-Fowler.
Future developments
Demand for payment systems and support services remains strong and orders compare favourably with those for the previous year. It is evident that the EPOS industry continues to be a robust and successful business sector.
Health and safety
The Company takes all reasonable precautions to ensure the health and wellbeing of its staff, and it is pleasing to report yet again an excellent safety record for the period.
Gender pay gap
The company strives to ensure that everyone regardless of age, gender, background, race or ethnicity has an equal opportunity to develop and progress within our organisation. Our desire is to create a company and culture that attracts and retains the best people in our industry, and reflects the communities we are part of. We therefore strive to maintain a balance between male and female employees across our different grades and functions.
Employee involvement
We operate an equal opportunities employment policy and take all reasonable precautions to ensure the health safety and welfare of our staff. Our policy is to discuss and consult with employees for their ideas and on matters likely to affect them, through regular meetings with management and directors. Training and career development remain at the forefront of our employment programme, and our results and a strong future is only made possible through our team of dedicated staff to whom we are sincerely grateful.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Dr J M W Steer-Fowler
Director
20 August 2024
ELECTROTEC SOLUTIONS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
30
Tangible assets
6
573,610
328,020
Investments
7
142,173
234,783
715,783
562,833
Current assets
Stocks
7,250
6,750
Debtors falling due after more than one year
8
78,908
88,908
Debtors falling due within one year
8
92,561
98,339
Cash at bank and in hand
68,558
76,773
247,277
270,770
Creditors: amounts falling due within one year
9
(144,705)
(100,445)
Net current assets
102,572
170,325
Total assets less current liabilities
818,355
733,158
Creditors: amounts falling due after more than one year
10
(2,134)
(14,945)
Provisions for liabilities
12
(75,395)
(72,320)
Net assets
740,826
645,893
Capital and reserves
Called up share capital
14
3,270
3,270
Profit and loss reserves
737,556
642,623
Total equity
740,826
645,893
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ELECTROTEC SOLUTIONS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
Dr J M W Steer-Fowler
Director
Company registration number 01575311 (England and Wales)
ELECTROTEC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information
Electrotec Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is North Close, Kings Nympton, UMBERLEIGH, Devon, EX37 9SS.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
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.
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.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, goodwill has now been fully amortised.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
ELECTROTEC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Patents & licences
20% straight line
1.5
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 set out below. The company pursues a policy of maintaining freehold property so as to ensure that the residual value will always be at least equal to original cost.
Freehold land and buildings
No depreciation - buildings maintained to ensure residual value is maintained at or above original cost
Leasehold improvements
4% straight line
Plant and machinery
25% straight line
Office equipmnent
15% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
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.
ELECTROTEC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 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.
1.8
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.
1.9
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.
1.10
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 balance sheet 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.
ELECTROTEC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
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.
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.
1.11
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.
1.12
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ELECTROTEC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 9 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset 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.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
ELECTROTEC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
7
4
Dividends
2023
2022
£
£
Final paid
194,000
194,000
5
Intangible fixed assets
Goodwill
Patents & licences
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
32,500
150
32,650
Amortisation and impairment
At 1 January 2023
32,500
120
32,620
Amortisation charged for the year
30
30
At 31 December 2023
32,500
150
32,650
Carrying amount
At 31 December 2023
At 31 December 2022
30
30
ELECTROTEC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
6
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and machinery
Office equipmnent
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
68,732
1,361,508
92,055
54,385
1,576,680
Additions
235,657
147,000
382,657
Disposals
(8,829)
(569)
(9,398)
At 31 December 2023
235,657
68,732
1,499,679
91,486
54,385
1,949,939
Depreciation and impairment
At 1 January 2023
32,972
1,131,247
66,924
17,517
1,248,660
Depreciation charged in the year
2,750
119,032
3,768
9,216
134,766
Eliminated in respect of disposals
(6,781)
(316)
(7,097)
At 31 December 2023
35,722
1,243,498
70,376
26,733
1,376,329
Carrying amount
At 31 December 2023
235,657
33,010
256,181
21,110
27,652
573,610
At 31 December 2022
35,760
230,261
25,131
36,868
328,020
7
Fixed asset investments
2023
2022
£
£
Other investments other than loans
142,173
234,783
Investment portfolio is shown at market value based on portfolio valuation report as of 31.12.2022.
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
234,783
Additions
140,068
Valuation changes
6,864
Disposals
(239,542)
At 31 December 2023
142,173
Carrying amount
At 31 December 2023
142,173
At 31 December 2022
234,783
ELECTROTEC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
20,106
17,724
Other debtors
49,727
59,486
Prepayments and accrued income
22,728
21,129
92,561
98,339
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
78,908
88,908
Total debtors
171,469
187,247
9
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
11
12,811
14,437
Trade creditors
8,297
3,011
Corporation tax
80,813
43,176
Other taxation and social security
40,619
37,681
Other creditors
1,438
1,301
Accruals and deferred income
727
839
144,705
100,445
Finance lease liabilities are secured against the assets under each finance agreement.
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases
11
2,134
14,945
Finance lease liabilities are secured against the assets under each finance agreement.
ELECTROTEC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
11
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
12,811
14,437
In two to five years
2,134
14,945
14,945
29,382
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
12
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
13
75,395
72,320
13
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
75,395
72,320
2023
Movements in the year:
£
Liability at 1 January 2023
72,320
Charge to profit or loss
3,075
Liability at 31 December 2023
75,395
14
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,250
3,250
3,250
3,250
Ordinary B shares of £1 each
20
20
20
20
3,270
3,270
3,270
3,270
ELECTROTEC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
15
Directors' transactions
The remaining balance on the Director's loan at 31st December 2023 was £93,671 (2022: £103,671) and is reflected in the balance shown above.
The loan is charged to interest at the HMRC approved rate.
During the year the company paid rent of £2,430 (2022: £14,580) for the use of 1B Westpark, Wellington, property owned by Dr J M W Steer-Fowler. The directors consider the rent charged to be at market rate.
In February 2023 the property 1B Westpark was sold by Dr J M W Steer-Fowler to the company for £230,000. This transaction was considered to be carried out at market value.
Director's dividends
Dividends totalling £194,000 (2022 - £194,000) were paid in the year in respect of shares held by the company's directors.
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