Company registration number 12507227 (England and Wales)
SUPALITE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SUPALITE GROUP LIMITED
COMPANY INFORMATION
Directors
Mr D Watters
Mr A J Watters
Mr S L Hacking
Miss N A Watters
Company number
12507227
Registered office
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Auditor
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Business address
Unit 180 / 181 Bradkirk Place
Walton Summit
Bamber Bridge
Preston
PR5 8AJ
SUPALITE GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
SUPALITE GROUP 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

2023 saw more challenges for the group, one of the main challenges that our group faced in the year was the reduced demand for our products. Due to the economic uncertainty, many consumers postponed or cancelled their purchases of non-essential items, such as home improvement projects, furniture and appliances. This resulted in a lower volume of sales and a decline in turnover.

Moreover, we faced increased competition from suppliers offering budget alternatives to attract customers. To cope with this situation, we had to invest more in marketing and customer service and reduce overhead costs.

Another challenge that affected our business performance in 2023 was the inflation rate, which reached its highest level since 1992. Furthermore, the inflation eroded our customers' purchasing power and made them more price-sensitive and cautious. To mitigate this impact, we had to monitor and adjust our pricing strategy regularly and seek new sources of supply and efficiency gains.

Total sales for 2023 amounted to £14.15 million, a 10% decrease from the previous year.

The sales figures fell below the budgeted targets and the performance achieved in 2022.

We saw a significant improvement in our gross profit margin in 2023 due to reduced raw material costs. We negotiated favourable contracts with our suppliers, translating into a higher gross margin and a lower break-even point. Our gross profit margin increased from 37% in 2022 to 41% in 2023, this enhanced our profitability and competitiveness in the market.

We continued to invest in machinery and vehicles, taking delivery of three new delivery vehicles in 2023. Given that the emission rules regarding accessing central London had changed, we had to upgrade the fleet to comply with the regulations.

We kept our staff numbers steady from 2022 to 2023, which helped us maintain operational efficiency.

A key strategy we implemented to reduce our operating costs is the consolidation of our premises. By relocating some of our departments to a single location, we significantly saved rent, utilities, maintenance and transportation expenses.

The group has achieved a pre-tax profit of £1.23 million, less than the £1.26 million in the prior year. Even though the net profit has decreased, we have shown strength and created a strong basis for future expansion. The Balance Sheet net assets have risen from £1.4 million to £1.65 million.

Principal risks and uncertainties

The group has a policy to identify key business risks and manage them appropriately.

The group’s principal financial instruments continue to be bank balances, trade debtors, trade creditors and finance leases. These instruments finance daily business operations.

Around 60% of our trade debtors are assisted through credit facilities. Credit is only provided when suitable credit insurance cover is in place, or the customer has built up a reliable trading history based on paying on time, etc, and balances are kept within the insurer's pre-determined limits.

The remaining 40% of our trade debtors are on pro forma terms. In most cases, payment is received before the product is manufactured or, in the worst case, 72 hours before delivery.

The business has excellent cash flow with around 40% pro forma payments.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

The business has obligations under finance leases and hire purchase contracts. Liquidity risk related to these contracts is managed by ensuring sufficient funds to meet payments.

The group is careful to keep its borrowing within comfortable gearing limits while maintaining its ability to invest in its people, plant and premises.

SUPALITE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Other information and explanations

The following are used in budget preparation for 2024:

Sales have been 13% behind the forecast through the year's first half. However, growth is anticipated in the second half of the year.

On behalf of the board

Miss N A Watters
Director
30 August 2024
SUPALITE GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the company is that of a holding company.

 

The principal activity of the group is that of conservatory sales.

Results and dividends

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

Ordinary dividends were paid amounting to £843,434. The directors do not recommend payment of a further dividend.

Directors

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

Mr D Watters
Mr A J Watters
Mr C M Stewart
(Resigned 31 May 2024)
Mr S L Hacking
Miss N A Watters
Auditor

In accordance with the company's articles, a resolution proposing that Pierce C A Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

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

Medium-sized companies exemption

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

On behalf of the board
Miss N A Watters
Director
30 August 2024
SUPALITE GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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

 

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

 

 

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.

SUPALITE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SUPALITE GROUP LIMITED
- 5 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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:

SUPALITE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SUPALITE GROUP 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:

We are also required to perform specific procedures to respond to the risk of management override.

As a result of our audit procedures we did not identify a material risk of fraud or other non-compliance with laws and regulations.

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.

SUPALITE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SUPALITE GROUP LIMITED
- 7 -

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.

Paul Moulding (Senior Statutory Auditor)
For and on behalf of Pierce C A Limited
2 September 2024
Statutory Auditor
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
SUPALITE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
14,152,225
15,724,198
Cost of sales
(8,362,243)
(9,983,046)
Gross profit
5,789,982
5,741,152
Administrative expenses
(4,394,868)
(4,210,272)
Operating profit
4
1,395,114
1,530,880
Interest receivable and similar income
8
27,176
11,002
Interest payable and similar expenses
9
(191,546)
(272,329)
Profit before taxation
1,230,744
1,269,553
Tax on profit
10
(137,398)
(305,873)
Profit for the financial year
1,093,346
963,680
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
SUPALITE GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
12
483,780
898,293
Other intangible assets
12
4,611
-
0
Total intangible assets
488,391
898,293
Tangible assets
13
856,096
771,564
1,344,487
1,669,857
Current assets
Stocks
16
1,336,358
1,599,841
Debtors
17
2,660,067
3,041,062
Cash at bank and in hand
1,718,203
2,166,308
5,714,628
6,807,211
Creditors: amounts falling due within one year
18
(2,026,300)
(2,704,305)
Net current assets
3,688,328
4,102,906
Total assets less current liabilities
5,032,815
5,772,763
Creditors: amounts falling due after more than one year
19
(3,169,173)
(4,180,347)
Provisions for liabilities
Deferred tax liability
21
212,249
190,935
(212,249)
(190,935)
Net assets
1,651,393
1,401,481
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
1,651,293
1,401,381
Total equity
1,651,393
1,401,481

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 30 August 2024 and are signed on its behalf by:
30 August 2024
Miss N A Watters
Director
Company registration number 12507227 (England and Wales)
SUPALITE GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
10,090,200
10,090,200
Current assets
Debtors
17
13,776
24,073
Cash at bank and in hand
27,556
201,046
41,332
225,119
Creditors: amounts falling due within one year
18
(3,676,390)
(2,636,668)
Net current liabilities
(3,635,058)
(2,411,549)
Total assets less current liabilities
6,455,142
7,678,651
Creditors: amounts falling due after more than one year
19
(3,011,190)
(4,038,863)
Net assets
3,443,952
3,639,788
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
3,443,852
3,639,688
Total equity
3,443,952
3,639,788

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 £647,598 (2022 - £1,047,068 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
30 August 2024
Miss N A Watters
Director
Company registration number 12507227 (England and Wales)
SUPALITE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
963,680
963,680
Dividends
11
-
(975,277)
(975,277)
Balance at 31 December 2022
100
1,401,381
1,401,481
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
1,093,346
1,093,346
Dividends
11
-
(843,434)
(843,434)
Balance at 31 December 2023
100
1,651,293
1,651,393
SUPALITE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
1,047,068
1,047,068
Dividends
11
-
(975,277)
(975,277)
Balance at 31 December 2022
100
3,639,688
3,639,788
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
647,598
647,598
Dividends
11
-
(843,434)
(843,434)
Balance at 31 December 2023
100
3,443,852
3,443,952
SUPALITE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,971,771
2,531,511
Interest paid
(19,219)
(26,085)
Income taxes paid
(416,599)
(455,365)
Net cash inflow from operating activities
1,535,953
2,050,061
Investing activities
Purchase of intangible assets
(4,994)
-
Purchase of tangible fixed assets
(73,508)
(140,527)
Proceeds on disposal of tangible fixed assets
20,000
9,422
Loans repaid / (advanced)
268,098
(45,330)
Receipts arising from loans
(303)
(166)
Interest received
27,175
11,002
Net cash generated from/(used in) investing activities
236,468
(165,599)
Financing activities
Repayment of secured loan notes
(1,200,000)
(1,260,000)
Payment of finance leases obligations
(177,092)
(123,116)
Dividends paid to equity shareholders
(843,434)
(975,277)
Net cash used in financing activities
(2,220,526)
(2,358,393)
Net decrease in cash and cash equivalents
(448,105)
(473,931)
Cash and cash equivalents at beginning of year
2,166,308
2,640,239
Cash and cash equivalents at end of year
1,718,203
2,166,308
SUPALITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Supalite Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.

 

The group consists of Supalite Group 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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Supalite Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company and group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents amounts receivable for goods and services provided net of VAT and trade discounts.

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.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business 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, which is 5 years.

SUPALITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.6
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
10% straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Fixtures and fittings
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 recognised in the profit and loss account.

1.8
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 are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 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.

SUPALITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, 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.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost 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.

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.

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

Other financial liabilities

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 group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

SUPALITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.15
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 employees' 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.

1.16
Retirement benefits

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

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

1.18
Government grants

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

 

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

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

SUPALITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Goodwill

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 directors have determined that the expected useful life of the goodwill is 5 years and as a result the cost of goodwill is being amortised over this period.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of conservatories
14,152,225
15,724,198
2023
2022
£
£
Other significant revenue
Interest income
27,176
11,002
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
14,152,225
15,724,198
SUPALITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
-
(4,485)
Depreciation of owned tangible fixed assets
117,821
63,327
Depreciation of tangible fixed assets held under finance leases
74,511
73,050
Loss on disposal of tangible fixed assets
13,286
121
Amortisation of intangible assets
414,896
414,513
Profit on disposal of intangible assets
(4,460)
-
Operating lease charges
402,799
437,662
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
3,000
2,640
Audit of the financial statements of the company's subsidiaries
15,000
13,750
18,000
16,390
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
70
71
5
5

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,294,386
2,147,069
-
0
-
0
Social security costs
204,129
207,748
-
-
Pension costs
36,792
36,633
-
0
-
0
2,535,307
2,391,450
-
0
-
0
SUPALITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
294,475
307,618
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
99,292
106,179
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
26,873
5,882
Other interest income
303
5,120
Total income
27,176
11,002
9
Interest payable and similar expenses
2023
2022
£
£
Interest on secured loan notes
172,327
246,244
Interest on finance leases and hire purchase contracts
16,946
10,843
Other interest
2,273
15,242
Total finance costs
191,546
272,329
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
162,560
343,070
Adjustments in respect of prior periods
(46,476)
(66,034)
Total current tax
116,084
277,036
Deferred tax
Origination and reversal of timing differences
21,314
28,837
Total tax charge
137,398
305,873
SUPALITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 22 -

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
1,230,744
1,269,553
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
289,225
241,215
Tax effect of expenses that are not deductible in determining taxable profit
143,722
140,946
Unutilised tax losses carried forward
-
0
147
Losses on discontinued operations not recognised
-
0
45
Other permanent differences
(3,803)
(10,446)
Under/(over) provided in prior years
(46,476)
(66,034)
Patent box relief
(245,270)
-
0
Taxation charge
137,398
305,873
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
843,434
975,277
12
Intangible fixed assets
Group
Goodwill
Patents & licences
Total
£
£
£
Cost
At 1 January 2023
2,072,562
-
0
2,072,562
Additions
-
0
4,994
4,994
At 31 December 2023
2,072,562
4,994
2,077,556
Amortisation and impairment
At 1 January 2023
1,174,269
-
0
1,174,269
Amortisation charged for the year
414,513
383
414,896
At 31 December 2023
1,588,782
383
1,589,165
Carrying amount
At 31 December 2023
483,780
4,611
488,391
At 31 December 2022
898,293
-
0
898,293
SUPALITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Intangible fixed assets
(Continued)
- 23 -
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
13
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
937,105
305,902
213,707
1,456,714
Additions
92,340
4,353
213,457
310,150
Disposals
-
0
-
0
(41,150)
(41,150)
At 31 December 2023
1,029,445
310,255
386,014
1,725,714
Depreciation and impairment
At 1 January 2023
485,553
141,270
58,327
685,150
Depreciation charged in the year
102,273
25,010
65,049
192,332
Eliminated in respect of disposals
-
0
-
0
(7,864)
(7,864)
At 31 December 2023
587,826
166,280
115,512
869,618
Carrying amount
At 31 December 2023
441,619
143,975
270,502
856,096
At 31 December 2022
451,552
164,632
155,380
771,564
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
85,426
130,491
-
0
-
0
Motor vehicles
241,961
-
0
-
0
-
0
327,387
130,491
-
-
Depreciation charge for the year in respect of leased assets
74,511
-
SUPALITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
10,090,200
10,090,200
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
10,090,200
Carrying amount
At 31 December 2023
10,090,200
At 31 December 2022
10,090,200
15
Subsidiaries

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

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Supalite Holdings Limited
1
Ordinary
100.00
-
Supalite Tiled Roof Systems Limited
1
Ordinary
24.00
76.00
Supalite Supastore Limited
1
Ordinary
100.00
-
Supatherm UK Ltd
1
Ordinary
100.00
-

Registered office addresses (all UK unless otherwise indicated):

1
Mentor House, Ainsworth Street, Blackburn, Lancashire, United Kingdom, BB1 6AY

The following subsidiaries are exempt from audit under section 479A of the Companies Act 2006 as the parent company has given a guarantee in respect of all outstanding liabilities at the subsidiaries' financial year ends:

 

Supalite Supastore Limited     Company number 09555937

Supatherm UK Ltd        Company number 12484634

16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
1,247,440
1,538,028
-
-
Work in progress
88,918
61,813
-
-
1,336,358
1,599,841
-
-
SUPALITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
792,189
858,305
-
0
-
0
Corporation tax recoverable
247,553
247,553
-
0
-
0
Other debtors
1,479,631
1,792,771
13,776
24,073
Prepayments and accrued income
140,694
142,433
-
0
-
0
2,660,067
3,041,062
13,776
24,073
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
20
169,111
126,060
-
0
-
0
Trade creditors
967,964
1,456,199
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
3,669,106
2,630,117
Corporation tax payable
395,645
696,161
-
0
-
0
Other taxation and social security
440,065
377,116
-
-
Other creditors
5,536
7,407
-
0
-
0
Accruals and deferred income
47,979
41,362
7,284
6,551
2,026,300
2,704,305
3,676,390
2,636,668

Net obligations due under hire purchase contracts are secured against the assets to which they relate.

19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
6% fixed rate secured loan notes
3,011,190
4,038,863
3,011,190
4,038,863
Obligations under finance leases
20
157,983
141,484
-
0
-
0
3,169,173
4,180,347
3,011,190
4,038,863

The loan notes are held by a director, Mr D Watters, and are secured by a floating charge held over the assets of the company. The loan notes and accrued interest are repayable in 2025.

SUPALITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
20
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
169,111
126,060
-
0
-
0
In two to five years
157,983
141,484
-
0
-
0
327,094
267,544
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
212,249
190,935
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
190,935
-
Charge to profit or loss
21,314
-
Liability at 31 December 2023
212,249
-
22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
36,792
36,633

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.

SUPALITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
24
24
24
24
B Ordinary shares of £1 each
10
10
10
10
C Ordinary shares of £1 each
14
14
14
14
D Ordinary shares of £1 each
14
14
14
14
E Ordinary shares of £1 each
15
15
15
15
F Ordinary shares of £1 each
23
23
23
23
100
100
100
100

The A Ordinary, C Ordinary, D Ordinary, E Ordinary and F Ordinary shares have voting rights, rights to income and rights to capital.

 

The B Ordinary shares have rights to capital and income but carry no voting rights.

24
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
324,678
345,286
-
-
Between two and five years
931,388
104,738
-
-
1,256,066
450,024
-
-
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
-
57,950
-
-
26
Events after the reporting date

On 31 May 2024 the company purchased 14 of its own D Ordinary shares for £464,000.

 

 

 

SUPALITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
27
Related party transactions

During a previous period the group undertook transactions on a loan account with a connected company, DGW Investments Limited. At the balance sheet date the group was owed £1,395,849 (2022: £1,395,849).

28
Controlling party

The company is ultimately controlled by its directors by virtue of their shareholdings in the company.

29
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,093,346
963,680
Adjustments for:
Taxation charged
137,398
305,873
Finance costs
191,546
272,329
Investment income
(27,176)
(11,002)
Loss on disposal of tangible fixed assets
13,286
121
Amortisation and impairment of intangible assets
414,896
414,513
Depreciation and impairment of tangible fixed assets
192,332
173,572
Movements in working capital:
Decrease/(increase) in stocks
263,483
(40,719)
Increase in debtors
(919,322)
(1,191,632)
Increase in creditors
611,982
1,644,776
Cash generated from operations
1,971,771
2,531,511
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