Company registration number 14506814 (England and Wales)
QUANTUM LEAN HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
QUANTUM LEAN HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr. C Bowen
(Appointed 25 November 2022)
Mr. S Crossley
(Appointed 25 November 2022)
Mr. A Woodward
(Appointed 25 November 2022)
Secretary
Mr. C Bowen
Company number
14506814
Registered office
Salmon Fields
Royton
Oldham
Lancashire
United Kingdom
OL2 6JG
Auditor
Azets Audit Services
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
QUANTUM LEAN HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 29
QUANTUM LEAN HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

The information below relates to the the subsidiaries acquired in the year. As this is a first year consolidation for the group, there are no comparative figures.

 

Results and performance

 

The results for the year are set out on page 7.

Sales for the full year were £13.37m.

There was a pre-tax loss of (£148k). The loss was as a result of increased energy costs, distribution costs and staffing costs. Energy costs have since reduced from December 2023 and the distribution costs were predominantly a one off cost for three months following the demise of a major carrier during the Summer and the need to use expensive couriers to keep customers supplied whilst a viable alternative carrier was sourced.

 

Business environment and strategy

The market places in which the company operates are highly competitive. The company strives to protect its market positions by creating value for its customers through, product quality, delivery service and innovation.

Key performance indicators

Management use a number of key performance indicators to measure the progress of the business. These include revenue growth, gross margin, EBITDA before exceptional items and working capital days measurements.

The performance against KPI’s is considered satisfactory given the current economic environment.

Principal risks and uncertainties

The management of the business and the execution of the company’s strategy are subject to a number of risks, which have been considered by the directors.

The directors have credit insurance in place to protect against trading with parties who might be unable to meet their financial commitments.

The key raw materials used by the company are traded in dollars and euros and wherever possible the company buys forward or negotiates fixed prices to minimise the impact of exchange rate volatility.

The directors believe there is sufficient cash headroom to fund the business throughout the period to 30 June 2025.

Future developments

The future strategy and business plan of the company are focussed on growth in sales and profitability.

On behalf of the board

Mr. C Bowen
Director
25 June 2024
QUANTUM LEAN HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -

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

Principal activities

Quantum Lean Holdings Limited was incorporated on 25 November 2022. The principal activity of the company is that of a holding company. The principal activity of the group is the manufacture and sale of stair nosings, flooring trims, cavity closers and wood composite plastic products.

Results and dividends

The results for the Period are set out on page 7.

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

Directors

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

Mr. C Bowen
(Appointed 25 November 2022)
Mr. S Crossley
(Appointed 25 November 2022)
Mr. A Woodward
(Appointed 25 November 2022)
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.

On behalf of the board
Mr. C Bowen
Director
28 June 2024
QUANTUM LEAN HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -

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.

QUANTUM LEAN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUANTUM LEAN HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Quantum Lean Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the Period 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:

QUANTUM LEAN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUANTUM LEAN HOLDINGS LIMITED
- 5 -
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.

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.

QUANTUM LEAN HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUANTUM LEAN HOLDINGS LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Lewis Cross (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
3 July 2024
Chartered Accountants
Statutory Auditor
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
QUANTUM LEAN HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
Period
ended
31 December
2023
Notes
£
Turnover
3
13,377,612
Cost of sales
(8,313,672)
Gross profit
5,063,940
Distribution costs
(2,970,262)
Administrative expenses
(2,262,443)
Other operating income
99,923
Operating loss
4
(68,842)
Interest payable and similar expenses
7
(79,627)
Loss before taxation
(148,469)
Tax on loss
8
52,259
Loss for the financial Period
23
(96,210)
(Loss)/profit for the financial Period is all attributable to the owners of the parent company.
Total comprehensive income for the Period is all attributable to the owners of the parent company.
QUANTUM LEAN HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
Notes
£
£
Fixed assets
Goodwill
9
473,368
Tangible assets
10
1,103,267
1,576,635
Current assets
Stocks
13
490,537
Debtors
14
2,594,828
Cash at bank and in hand
38,650
3,124,015
Creditors: amounts falling due within one year
15
(3,256,420)
Net current liabilities
(132,405)
Total assets less current liabilities
1,444,230
Creditors: amounts falling due after more than one year
16
(440,578)
Provisions for liabilities
Deferred tax liability
19
81,529
(81,529)
Net assets
922,123
Capital and reserves
Called up share capital
21
80,000
Share premium account
22
75,000
Other reserves
863,333
Profit and loss reserves
23
(96,210)
Total equity
922,123
The financial statements were approved by the board of directors and authorised for issue on 25 June 2024 and are signed on its behalf by:
25 June 2024
Mr. C Bowen
Director
Company registration number 14506814 (England and Wales)
QUANTUM LEAN HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
Notes
£
£
Fixed assets
Investments
11
1,342,308
Current assets
Debtors
14
1,055
Cash at bank and in hand
1,805
2,860
Creditors: amounts falling due within one year
15
(179,000)
Net current liabilities
(176,140)
Net assets
1,166,168
Capital and reserves
Called up share capital
21
80,000
Share premium account
22
75,000
Other reserves
863,333
Profit and loss reserves
23
147,835
Total equity
1,166,168

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 £147,835.

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

The financial statements were approved by the board of directors and authorised for issue on 25 June 2024 and are signed on its behalf by:
25 June 2024
Mr. C Bowen
Director
Company registration number 14506814 (England and Wales)
QUANTUM LEAN HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 10 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 25 November 2022
-
-
-
-
-
Period ended 31 December 2023:
Loss and total comprehensive income
-
-
-
(96,210)
(96,210)
Issue of share capital
21
80,000
75,000
-
-
155,000
Merger reserve
-
-
863,333
-
863,333
Balance at 31 December 2023
80,000
75,000
863,333
(96,210)
922,123
QUANTUM LEAN HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 25 November 2022
-
-
-
-
-
Period ended 31 December 2023:
Profit and total comprehensive income
-
-
-
147,835
147,835
Issue of share capital
21
80,000
75,000
-
-
155,000
Merger reserve
-
-
863,333
-
863,333
Balance at 31 December 2023
80,000
75,000
863,333
147,835
1,166,168
QUANTUM LEAN HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 12 -
2023
Notes
£
£
Cash flows from operating activities
Cash absorbed by operations
27
(51,292)
Interest paid
(79,627)
Income taxes refunded
11,222
Net cash outflow from operating activities
(119,697)
Investing activities
Purchase of business net of cash acquired
(160,063)
Purchase of tangible fixed assets
(108,592)
Net cash used in investing activities
(268,655)
Financing activities
Proceeds from issue of shares
85,000
Proceeds from finance leases net of repayments
342,002
Net cash generated from/(used in) financing activities
427,002
Net increase in cash and cash equivalents
38,650
Cash and cash equivalents at beginning of Period
-
Cash and cash equivalents at end of Period
38,650
QUANTUM LEAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Quantum Lean Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Salmon Fields, Royton, Oldham, Lancashire, UK, OL2 6JG.

 

The group consists of Quantum Lean Holdings Limited and all of its subsidiaries.

1.1
Reporting period

The financial statements cover a period longer than one year. This is to ensure all companies within the group have the same year end as Quantum Lean Holdings Limited was incorporated on 25 November 2022.

1.2
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. 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:

 

1.3
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.

QUANTUM LEAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Quantum Lean Holdings Limited and 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.

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

1.5
Going concern

In carrying out their duties in respect of going concern, the directors have carried out a review of the groups's financial position and cash flow forecast for a period of 12 months from the date of approval of these financial statements. The forecasts have been based on a comprehensive review of revenue, expenditure and cash flows, taking into account specific business risks and the uncertainties brought about by the current economic environment.

 

The group continues to meet its financial obligations as they fall due, and the directors have a reasonable expectation that the group's ability to continue to meet its obligations as they fall due, will continue for the foreseeable future. Accordingly they have prepared the financial statements on a going concern basis.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the sale of stair nosings,PVC flooring trims,cavity closers and wood composite plastic products 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.

1.7
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 10 years.

 

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.

1.8
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.

QUANTUM LEAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -

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

Leasehold land and buildings
10% per annum straight line
Plant and machinery
10% - 25% per annum straight line
Fixtures, fittings & computers
10% - 25% per annum straight line

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.

1.9
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.

1.10
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.

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.

1.11
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.

1.12
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.

QUANTUM LEAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.13
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.

 

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.

QUANTUM LEAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
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.

1.15
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.

 

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 if, and only if, there is 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.

QUANTUM LEAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.16
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.

1.17
Retirement benefits

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

1.18
Leases

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

 

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

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

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

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.

 

There are no judgements or key sources of estimation uncertainty.

3
Turnover
2023
£
Turnover analysed by class of business
Sale of goods
13,377,612
QUANTUM LEAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
3
Turnover
(Continued)
- 19 -
2023
£
Turnover analysed by geographical market
UK
12,020,758
Europe
1,303,434
Rest of world
53,420
13,377,612
4
Operating loss
2023
£
Operating loss for the period is stated after charging:
Exchange losses
6,344
Depreciation of owned tangible fixed assets
173,811
Depreciation of tangible fixed assets held under finance leases
25,452
Amortisation of intangible assets
52,597
Operating lease charges
500,280
5
Auditor's remuneration
2023
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
4,000
Audit of the financial statements of the company's subsidiaries
12,600
16,600
6
Employees

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

Group
Company
2023
2023
Number
Number
Production
45
-
Office, administration & management
48
3
Total
93
3
QUANTUM LEAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

Group
Company
2023
2023
£
£
Wages and salaries
3,271,477
-
0
Social security costs
346,204
-
Pension costs
129,510
-
0
3,747,191
-
0
7
Interest payable and similar expenses
2023
£
Interest on bank overdrafts and loans
54,644
Other interest on financial liabilities
4,663
Interest on finance leases and hire purchase contracts
20,320
Total finance costs
79,627
8
Taxation
2023
£
Current tax
Adjustments in respect of prior periods for subsidiaries
(11,222)
Deferred tax
Origination and reversal of timing differences
(41,037)
Total tax credit
(52,259)
QUANTUM LEAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 21 -

The actual (credit)/charge for the Period can be reconciled to the expected credit for the Period based on the profit or loss and the standard rate of tax as follows:

2023
£
Loss before taxation
(148,469)
Expected tax credit based on the standard rate of corporation tax in the UK of 23.52%
(34,920)
Tax effect of expenses that are not deductible in determining taxable profit
23,906
Adjustments in respect of prior years for subsidiaries
(11,222)
Amortisation on assets not qualifying for tax allowances
52,597
Research and development tax credit
(36,457)
Other permanent differences
(389)
Deferred tax adjustments in respect of prior years for subsidiaries
(1,315)
Dividend income
(39,827)
Deferred tax adjustments for changes in tax rates
(2,361)
Fixed asset differences
(2,271)
Taxation credit
(52,259)
9
Intangible fixed assets
Group
Goodwill
£
Cost
At 25 November 2022
-
0
Additions
525,965
At 31 December 2023
525,965
Amortisation and impairment
At 25 November 2022
-
0
Amortisation charged for the Period
52,597
At 31 December 2023
52,597
Carrying amount
At 31 December 2023
473,368
The company had no intangible fixed assets at 31 December 2023.
QUANTUM LEAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 22 -
10
Tangible fixed assets
Group
Leasehold land and buildings
Plant and machinery
Fixtures, fittings & computers
Total
£
£
£
£
Cost
At 25 November 2022
-
0
-
0
-
0
-
0
Additions
-
0
167,154
20,151
187,305
Business combinations
464,392
561,910
88,923
1,115,225
At 31 December 2023
464,392
729,064
109,074
1,302,530
Depreciation and impairment
At 25 November 2022
-
0
-
0
-
0
-
0
Depreciation charged in the Period
23,877
148,043
27,343
199,263
At 31 December 2023
23,877
148,043
27,343
199,263
Carrying amount
At 31 December 2023
440,515
581,021
81,731
1,103,267
The company had no tangible fixed assets at 31 December 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. These agreements are secured over the assets they are financing.

Group
Company
2023
2023
£
£
Plant and machinery
119,193
-
0
Leasehold improvements
386,993
-
506,186
-
11
Fixed asset investments
Group
Company
2023
2023
Notes
£
£
Investments in subsidiaries
12
-
0
1,342,308
QUANTUM LEAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
11
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 25 November 2022
-
Additions
1,342,308
At 31 December 2023
1,342,308
Carrying amount
At 31 December 2023
1,342,308
12
Subsidiaries

Quantum Lean Solutions Limited was aquired on 10 January 2023. 30,000 shares were purchased from an ex-shareholder and the remaining 70,000 shares were aquired via a share for share exchange. Merger accounting has been used for the aquisition, resulting in a merger reserve of £863,333.

 

 

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Quantum Lean Solutions Limited
Salmon Fields, Royton, Oldham, Lancashire, OL2 6JG
Ordinary
100.00
-
Quantum Profile Systems Limited
Salmon Fields, Royton, Oldham, Lancashire, OL2 6JG
Ordinary
-
100.00
13
Stocks
Group
Company
2023
2023
£
£
Raw materials and consumables
379,365
-
Finished goods and goods for resale
111,172
-
0
490,537
-
QUANTUM LEAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 24 -
14
Debtors
Group
Company
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
2,294,722
-
0
Other debtors
37,303
-
0
Prepayments and accrued income
261,748
-
0
2,593,773
-
Amounts falling due after more than one year:
Deferred tax asset (note 19)
1,055
1,055
Total debtors
2,594,828
1,055
15
Creditors: amounts falling due within one year
Group
Company
2023
2023
Notes
£
£
Bank loans
17
100,000
-
0
Obligations under finance leases
18
117,637
-
0
Trade creditors
803,734
-
0
Other taxation and social security
278,324
-
Other creditors
824,591
175,000
Accruals and deferred income
1,132,134
4,000
3,256,420
179,000
16
Creditors: amounts falling due after more than one year
Group
Company
2023
2023
Notes
£
£
Bank loans and overdrafts
17
137,500
-
0
Obligations under finance leases
18
303,078
-
0
440,578
-
QUANTUM LEAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 25 -
17
Loans and overdrafts
Group
Company
2023
2023
£
£
Bank loans
237,500
-
0
Payable within one year
100,000
-
0
Payable after one year
137,500
-
0

The bank loan has both fixed and floating charges over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

 

18
Finance lease obligations
Group
Company
2023
2023
£
£
Future minimum lease payments due under finance leases:
Within one year
117,637
-
0
In two to five years
303,078
-
0
420,715
-

The finance leases are secured over the assets to which they relate.

19
Deferred taxation

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

Liabilities
Assets
2023
2023
Group
£
£
Accelerated capital allowances
259,785
-
Tax losses
(6,043)
1,055
Losses and other deductions
(172,213)
-
81,529
1,055
Liabilities
Assets
2023
2023
Company
£
£
Tax losses
-
1,055
QUANTUM LEAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
19
Deferred taxation
(Continued)
- 26 -
Group
Company
2023
2023
Movements in the Period:
£
£
Asset at 25 November 2022
-
-
Charge/(credit) to profit or loss
80,474
(1,055)
Liability/(Asset) at 31 December 2023
80,474
(1,055)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2023
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
129,510

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.

21
Share capital
Group and company
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
80,000
80,000
22
Share premium account
Group
Company
2023
2023
£
£
At the beginning of the Period
-
0
-
0
Issue of new shares
75,000
75,000
At the end of the Period
75,000
75,000
QUANTUM LEAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 27 -
23
Profit and loss reserves
Group
Company
2023
2023
£
£
At the beginning of the Period
-
-
Profit/(loss) for the Period
(96,210)
147,835
At the end of the Period
(96,210)
147,835
24
Acquisition of a business

On 10 January 2023 the group acquired 100% of the issued capital of Quantum Lean Solutions Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Goodwill (a)
549,311
(549,311)
-
Property, plant and equipment
1,115,225
-
1,115,225
Inventories
615,318
-
615,318
Trade and other receivables
2,975,391
-
2,975,391
Cash and cash equivalents
73,912
-
73,912
Trade and other payables
(3,841,992)
-
(3,841,992)
Deferred tax
(121,511)
-
(121,511)
Total identifiable net assets
1,365,654
(549,311)
816,343
Goodwill
525,965
Total consideration
1,342,308
The consideration was satisfied by:
£
Cash
225,000
Deferred consideration
175,000
Share for share exchange
933,333
Stamp duty
8,975
1,342,308

The adjustments arising on acquisition were in respect of the following:

QUANTUM LEAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
24
Acquisition of a business
(Continued)
- 28 -
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
13,377,612
Loss after tax
(40,448)
25
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
2023
£
£
Within one year
948,478
-
Between two and five years
2,440,600
-
3,389,078
-
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2023
2023
£
£
Within one year
73,000
-
Between two and five years
12,166
-
85,166
-
26
Controlling party

The company is controlled by its directors, who are also shareholders.

QUANTUM LEAN HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 29 -
27
Cash absorbed by group operations
2023
£
Loss for the Period after tax
(96,210)
Adjustments for:
Taxation credited
(52,259)
Finance costs
79,627
Amortisation and impairment of intangible assets
52,597
Depreciation and impairment of tangible fixed assets
199,263
Deferred consideration
(175,000)
Movements in working capital:
Decrease in stocks
124,781
Decrease in debtors
381,618
Decrease in creditors
(565,709)
Cash absorbed by operations
(51,292)
28
Analysis of changes in net debt - group
25 November 2022
Cash flows
Acquisitions
31 December 2023
£
£
£
£
Cash at bank and in hand
-
38,650
-
38,650
Borrowings excluding overdrafts
-
-
(237,500)
(237,500)
Obligations under finance leases
-
(420,715)
-
(420,715)
-
(382,065)
(237,500)
(619,565)
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