Company registration number 02518795 (England and Wales)
TWIGMARKET LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TWIGMARKET LIMITED
CONTENTS
Page
Directors' report
1 - 2
Balance sheet
3 - 4
Notes to the financial statements
5 - 13
TWIGMARKET LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities and fair review of the business
The principal activity of the company is the operation of golf courses and driving ranges with ancillary leisure activities.
2023 was a good year for Twigmarket but also in two respects a year we would rather forget. Despite achieving record EBITDA profitability of £895,281 (2022 £773,297) the business was severely impacted by exceptionally high electricity costs (66p PKwH compared to 17p pKwH) following withdrawal of Government assistance on March 31st 2023 and significant additional costs relating to a planning application that was refused at Broome Manor in January, its associated Planning appeal and subsequent new application. These exceptional factors reduced EBITDA by approximately £140,000 during the year. Inflation is surely not yet tamed in the UK and we continue to see staggering minimum wages increases and cost increases across the board that will regrettably be passed on in the form of higher prices.
Apart from these cost headwinds we traded well and our tenants met their rent obligations to us in full. Both driving ranges performed well highlighting the huge opportunity that still remains to be exploited when we finally refurbish them and introduce ball tracking technology at both courses in due course.
Following the sale of our Football JV to Fives Soccer in Dec 2022 we started the year with significant cash balances of around £2.6m. These cash balances have been earning interest on Treasury deposit at Barclays at rates up to 4.75%. We pay 6.25% pa on our Senior Debt of £3.25m from Cynergy Bank so net interest payable in the period of £111,945 was flattered by just over £92,000 of bank interest earned on our cash balances and we remain well within our banking covenants with significant headroom. At year end and after dividend payments we held cash balances of £1.95m but this will reduce further in 2024 as planned capital expenditure at Trent Park of around £400,000 is carried out in the first 6 months of the 2024.
Post year end in March 2024 we completed the acquisition of a 50% share in Trent Park Mini Golf Ltd for £65,387 ending our unhappy Joint Venture with the Johnson family with the business mostly shut and not operating since last Summer. This 50% stake has been passed on to a new JV partner, Kieran Gallagher, who very successfully set up and ran our Football business from 2018 to 2022, and who we have great great hopes will restore the Mini Golf to its former glory and improve the covenant strength of this important tenant who will continue to pay rent to Twigmarket. We welcome Kieran back to Trent Park, this time as a full partner rather than a salaried employee and we wish him all the best.
We are cautiously optimistic that 2024 will finally allow us to commence redevelopment of the facilities at Broome Manor Golf Complex and this remains our principal focus for the coming period. The project has been beset with delays and additional costs due to the chaotic planning process in the UK which remains the principal barrier to growth and ambition in the UK. There are no signs that this will change anytime soon with the present system captured by consultants, environmentalists and nimbys. Hopefully an incoming Labour Government will focus on reforming the Planning Process (where the Tories have abjectly failed) to unleash greater investment spending but as the position stands at present we would not countenance any further major planning applications in the UK. We have run out of patience with the system. It is just too costly for small companies like ourselves with the best part of 4 years and over £150,000 spent on the Broome Manor project which 30 years ago would have likely taken 12 weeks and cost £10,000.
Corporation Tax was raised during the year to 25% from 19%, another nail in the coffin of British business. Whilst we are proud of our Corporation Tax contribution this year of £181,949 we are most alarmed at how flagrantly irresponsible Central and Local Government spending has become. A day of reckoning is not far away…
TWIGMARKET LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The future for the UK economy with its “woke” culture, broken planning system and mad “net zero” trajectory is bleaker than we have seen since Twigmarket was formed in 1990. The only positive aspect being that with a Tory annihilation on the cards at the next election we must be closer to “rock bottom” from whence renewal might one day commence; but the next 10 years look extremely bleak for business, taxes and the UK economy generally. Apart from the Broome Manor project, IFB Golf & Leisure Ltd, Twigmarket Ltd’s major shareholder, funded by dividends from Twigmarket, will continue to prioritise new investments overseas in the coming years as we expect continued sclerotic growth, Government debt levels and political indecision to weigh further further on Sterling exchange rates and the UK economy generally.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
J B Sturgess
N J Sturgess
W O'Brien
B H T Sturgess
(Appointed 29 May 2023)
F B T Sturgess
(Appointed 29 May 2023)
M I Sturgess
(Appointed 29 May 2023)
Going concern
Having reviewed the company's financial forecasts and expected future cash flows, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the going concern basis has been adopted in preparing the financial statements for the year ended 31 December 2023.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
J B Sturgess
Director
5 September 2024
TWIGMARKET LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,649,375
2,726,230
Investment property
4
4,895,000
4,895,000
Investments
5
276,983
211,909
7,821,358
7,833,139
Current assets
Stocks
6
10,000
8,335
Debtors
7
580,560
273,477
Cash at bank and in hand
1,953,579
2,675,116
2,544,139
2,956,928
Creditors: amounts falling due within one year
8
(1,028,104)
(917,672)
Net current assets
1,516,035
2,039,256
Total assets less current liabilities
9,337,393
9,872,395
Creditors: amounts falling due after more than one year
9
(3,079,708)
(3,188,486)
Provisions for liabilities
10
(451,074)
(490,322)
Net assets
5,806,611
6,193,587
Capital and reserves
Called up share capital
11
99,840
99,840
Revaluation reserve
1,878,174
1,844,890
Capital redemption reserve
155,160
155,160
Profit and loss reserves
3,673,437
4,093,697
Total equity
5,806,611
6,193,587
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
TWIGMARKET LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 5 September 2024 and are signed on its behalf by:
J B Sturgess
Director
Company registration number 02518795 (England and Wales)
TWIGMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information
Twigmarket Limited is a private company limited by shares incorporated in England and Wales. The registered office is 73 Cornhill, London, EC3V 3QQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for driving range fees, other income and rental income, net of VAT. Turnover is recognised when the services are rendered. Revenue is recognised at the point fees are rendered.
1.3
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:
Long leasehold property
2% straight line
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
TWIGMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stock at the year end represents range balls.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
TWIGMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
TWIGMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
TWIGMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
9
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
2,650,000
547,194
3,197,194
Additions
10,000
10,000
At 31 December 2023
2,650,000
557,194
3,207,194
Depreciation and impairment
At 1 January 2023
53,357
417,607
470,964
Depreciation charged in the year
53,000
33,855
86,855
At 31 December 2023
106,357
451,462
557,819
Carrying amount
At 31 December 2023
2,543,643
105,732
2,649,375
At 31 December 2022
2,596,643
129,587
2,726,230
4
Investment property
2023
£
Fair value
At 1 January 2023
4,895,000
Additions
63,822
Revaluations
(63,822)
At 31 December 2023
4,895,000
Investment property comprises golf courses including the land and buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director at 31 December 2023.
TWIGMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
62,515
62,515
Other investments other than loans
214,468
149,394
276,983
211,909
Movements in fixed asset investments
Shares in joint ventures
Other
Total
£
£
£
Cost or valuation
At 1 January 2023
62,515
149,394
211,909
Additions
-
65,074
65,074
At 31 December 2023
62,515
214,468
276,983
Carrying amount
At 31 December 2023
62,515
214,468
276,983
At 31 December 2022
62,515
149,394
211,909
6
Stocks
2023
2022
£
£
Stocks
10,000
8,335
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
35,957
96,139
Other debtors
544,603
177,338
580,560
273,477
TWIGMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
85,782
95,893
Trade creditors
27,391
30,450
Taxation and social security
209,259
145,967
Other creditors
705,672
645,362
1,028,104
917,672
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,057,311
3,129,732
Other creditors
22,397
58,754
3,079,708
3,188,486
The obligations under hire purchase contracts are secured on the assets giving rise to them.
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
451,074
490,322
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A1 shares of £1 each
54,020
54,020
54,020
54,020
Ordinary A2 shares of £1 each
5,000
5,000
5,000
5,000
Ordinary A3 shares of £1 each
6,000
6,000
6,000
6,000
Ordinary B1 shares of £1 each
23,820
23,820
23,820
23,820
Ordinary B2 shares of £1 each
11,000
11,000
11,000
11,000
99,840
99,840
99,840
99,840
TWIGMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
12
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
227
327
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in NEST, an independently administered fund.
13
Operating lease commitments
As the lessee
The company leases its two golf facilities on terms between 75 years and 125 years. Rent reviews are 3 yearly on an upwards only basis in line with RPI (capped) or linked to Green Fee price increases.
The figures below are reflective of the non-cancellable lease-commitments, to the earliest break dates.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases (with remaining terms between 67 years to 97 years), as follows:
2023
2022
£
£
Within one year
224,025
224,025
Between two and five years
920,007
896,100
In over five years
13,625,440
16,911,135
14,769,472
18,031,260
TWIGMARKET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
14
Related party transactions
Included within other creditors is a balance of £337,103 (2022: £266,520) owed to a connected company in which the director has a material interest. No interest has been charged on this amount. The loan is unsecured and repayable on demand.
Included within other debtors is a balance of £328,100 (2022: £45,447 creditor) owed by the director. Interest of £2,811 (2022: £5,416) has been charged on funds advanced at 2% per annum. The loan is unsecured and was repaid in January 2024.
During the year, the directors received dividends totaling £15,210 (2022: £15,000) in respect of their shareholding in the company.
During the year, a connected company was paid dividends totaling £861,748 (2022: £301,340) in respect of their shareholding in the company.
During the year, dividends were received totaling £nil (2022: £285,000) in respect of the company's shareholding in a connected company.
Rental income of £57,770 (2022: £132,770) was generated during the year from non-cancellable operating leases of the company.
15
Controlling party
The ultimate controlling party is the director J B Sturgess.
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