Company registration number 03591124 (England and Wales)
INGRAM MICRO SERVICES LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
INGRAM MICRO SERVICES LTD
COMPANY INFORMATION
Directors
Mr K Coleman
Mr K Everaet
Secretary
Mr R Hammond
Company number
03591124
Registered office
Communications House
Vulcan Road North
Norwich
NR6 6AQ
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
INGRAM MICRO SERVICES LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 28
INGRAM MICRO SERVICES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Fair review of the business

The principal activities of the company during the year were the service, repair, refurbishment and sale of mobile phones, maintenance of infrastructure equipment for telecom operators including the provision of call centre services, and the repair, refurbishment and sale of other IT equipment.

Principal risks and uncertainties

The company has established a UK Executive operating panel consisting of all board directors and business unit managers. The panel meets on a monthly basis and evaluates the company’s risk. The principal risks and uncertainties facing the company are broadly grouped as competitive, commercial and financial.

 

Competitive risks

Ingram Micro Services Ltd faces several types of competition, which it seeks to manage by a focus on service efficiency and quality. First, there is competition from its’ own clients, who often continue to perform internally some of the services offered by the company. These companies currently tend to outsource some of their workshop activity either in manufacturing or in services.

 

Secondly, there is competition from equivalent groups that do not necessarily have the same geographical coverage or provide the same range of services.

 

Thirdly, competition from electrical manufacturing service providers working for manufacturers, who want to diversify by offering services.

 

Commercial risks

To carry on its activity, Ingram Micro Services Ltd must have manufacturer authorisations for the products it handles. These authorisations depend on the manufacturers’ after-sales service strategy. The withdrawal of all or part of the manufacturers’ authorisations could impact the company’s business and its margins. Nevertheless, the company considers that the large number of its current authorisations, the quality and level of equipment at its industrial sites and its demonstrated ability to keep up with technological changes protects it against this risk.

 

Financial risks

The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievement of the company’s performance objectives. The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk at a business unit level.

 

Exposure to price, credit, liquidity and cash flow risk

The company does not currently consider itself to have any significant exposure to price risk on financial instruments. Its borrowings portfolio is currently managed within limits which allow a mix of fixed and variable interest rates on borrowings. The company policy in relation to credit risk management is aimed at minimising losses from non-payment through a number of credit worthiness checks which are run on all customers. In addition the company maintains a credit insurance policy across its client base. Details of the company’s debtors are shown in note 16 to the financial statements.

The company manages its liquidity and cash flow risk through an overdraft facility held as part of the wider parent group’s banking arrangements, intra-group funding and a regular cash forecasting process. Borrowings, working capital facilities and cash flow are formally reviewed on a monthly basis by the UK Executive operating panel.

INGRAM MICRO SERVICES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

The company’s key financial and other performance indicators during the period were as follows (for the year ended 31 December 2023 the reporting period is 52 weeks to 30 December 2023) (2022: 52 weeks to 31 December 2022):

 

 

 

 

2023

2022

 

 

 

 

£000

£000

Turnover

 

 

 

 

181,939

138,611

Gross margin

Operating profit

 

 

 

 

9.1%

9,592

10.4%

7,990

Profit after tax

 

 

 

 

8,150

9,321

Shareholders’ funds

 

 

 

 

20,864

23,714

Current assets as % of current liabilities

 

 

 

 

132%

152%

Average number of employees

 

 

 

 

464

496

 

Shareholders’ funds decreased by 13% as a result of a dividend paid during the year amounting to £11m.

 

The management team are satisfied with the operating profit result for the year. Operating profit grew by 20% compared to 2022. In 2023 revenue continued to grow by 31% year over year reflecting the increasing growth in our recommerce division. Overall gross margins in 2023 decreased slightly over 2022 reflecting a change in overall business mix and against the backdrop of increased inflationary pressure on labour costs and facilities costs. The average number of employees decreased in 2023 reflecting the disposal of the Manchester site in March.

 

The performance of the business in 2024 has continued in line with management expectations. The business recently received notification of a contract that will not be renewed in 2025. The results in 2024 are expected to remain unaffected by this decision and the company is currently onboarding new business in 2024 , which is expected to replace this contract in 2025.

Section 172 statement

This section serves as our section 172 statement. Section 172 of the Companies Act 2006 requires the directors to take into consideration the interests of stakeholders in their decision making. The directors continue to have regard to the interests of the company’s employees and other stakeholders, including the impact of its activities on the community, the environment and the company’s reputation, when making decisions. Acting in good faith and fairly between members, the directors consider what is most likely to promote the success of the company for its member in the long term. Whilst the importance of giving due consideration to our stakeholders is not new, we are explaining in more detail how the board engages with our stakeholders, thus complying with the requirement to include a statement setting out how our directors have discharged this duty.

 

In this context we note the following:

 

INGRAM MICRO SERVICES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

 

The fundamental overriding principle in the governance of the company is that of ensuring transparent conduct which reflects fairness in all dealings with the shareholder, employees, customers and suppliers.

 

The company in the wider context of its membership of the wider Ingram Micro Group (controlled by Platinum Equity Capital Partners V,L.P.), places a high degree of importance on the concept of social responsibility which embodies consideration of the group’s wider commitment to responsibilities relating to shareholders, employees, customers, public charity, the environment, communities, partners and governments. A testament to this approach is reflected in the significantly long length of service by most of our senior employees and the several long-standing relationships with customers and suppliers.

By order of the board

Mr R Hammond
Secretary
10 September 2024
INGRAM MICRO SERVICES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2023. The financial statements are prepared to a cut-off date of the last Saturday of the calendar year. For the year ended 31 December 2023 this resulted in a reporting period of 52 weeks to 30 December 2023 (2022: 52 weeks to 31 December 2022).

Principal activities

The principal activities of the company continued to be the service, repair, refurbishment and sale of mobile phones, maintenance of infrastructure equipment for telecom operators including the provision of call centre services, and the repair, refurbishment and sale of other IT equipment. On the 1st March 2022 the business sold its entire business operations in its Manchester site. This operation was disclosed as a discontinued operation in comparative figures.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £11,000,000. 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 K Coleman
Mr K Everaet
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Auditor

MHA were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, The auditor, MHA, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

INGRAM MICRO SERVICES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Energy and carbon report

The Companies Act 2006 Regulations 2018 introduced requirements on streamlined energy and carbon reporting (SECR) for large unquoted companies to disclose their annual energy use and greenhouse gas emissions, and related information.

 

Greenhouse Gas (GHG) emissions

In line with the Greenhouse Gas Protocol (GHG) Corporate Accounting and Reporting Standard, Ingram Micro Services Ltd has been engaged in a process aimed at reducing our energy and greenhouse gas emissions.

 

Ingram Micro Services Ltd currently maintain both scope 1 and 2 emissions, which are generated from our Norwich and Enfield sites (Manchester sold in previous year). Further, we have emissions from transport: minibuses, company vehicles and “grey fleet” (personal cars used for business purposes).

 

Ingram Micro Services Ltd is currently devising a strategy to reduce our carbon footprint significantly including:

 

 

We have a longstanding commitment to tackling climate change. Our calculated carbon footprint for our current financial year is 595 tCO2e, whilst energy consumption was 3,027 MWh.

 

The 2022 carbon footprint figures have been restated using UK conversion factors as they previously used US conversion factors.

2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
3,027,613
2,402,200
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes (restated)
Scope 1 - direct emissions
- Gas combustion
251.72
172.95
- Fuel consumed for owned transport
49.90
31.08
301.62
204.03
Scope 2 - indirect emissions
- Electricity purchased
293.57
252.39
Total gross emissions
595.19
456.42
Intensity ratio
tC02e/£m
3.27
3.29
INGRAM MICRO SERVICES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Quantification and reporting methodology

We have reported all our emission sources under the Companies Act 2006 (Strategic Report and Director’s Reports) Regulations 2013 as required. We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

 

The reporting period is the financial year 2023, the same as that covered by the Annual Report and Financial Statements. The boundaries of the GHG inventory are defined using the operational control approach. In general, the emissions reported are the same as those which would be reported based on a financial control boundary. Emissions for previous years are retrospectively adjusted as and when more accurate data is provided.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £m turnover.

Measures taken to improve energy efficiency
Objectives for 2024

 

Ingram Micro Services Ltd will report on progress within our next set of financial statements.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management and engagement with stakeholders.

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 company’s auditor 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 company’s auditor is aware of that information.

By order of the board
Mr R Hammond
Secretary
10 September 2024
INGRAM MICRO SERVICES LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -

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 company and of the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INGRAM MICRO SERVICES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INGRAM MICRO SERVICES LTD
- 8 -
Opinion

We have audited the financial statements of Ingram Micro Services Ltd (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 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 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.

INGRAM MICRO SERVICES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INGRAM MICRO SERVICES LTD
- 9 -

Opinions on other matters prescribed by the Companies Act 2006

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

 

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

Matters on which we are required to report by exception

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 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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, are detailed below:

INGRAM MICRO SERVICES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF INGRAM MICRO SERVICES LTD
- 10 -

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Williams BA(Hons) FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
10 September 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
INGRAM MICRO SERVICES LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2023
operations
operations
2022
Notes
£'000
£'000
£'000
£'000
£'000
£'000
Turnover
3
181,939
-
181,939
137,829
782
138,611
Cost of sales
(165,406)
-
0
(165,406)
(123,656)
(497)
(124,153)
Gross profit
16,533
-
16,533
14,173
285
14,458
Administrative expenses
(7,351)
-
0
(7,351)
(6,078)
(391)
(6,469)
Other operating income
410
-
0
410
-
0
-
0
-
0
Operating profit
4
9,592
-
9,592
8,095
(106)
7,989
Interest receivable and similar income
8
983
-
0
983
144
-
0
144
Interest payable and similar expenses
9
(193)
-
0
(193)
(40)
-
0
(40)
Profit/(loss) on disposal of operations
- Manchester operations
-
-
-
-
2,796
2,796
Profit before taxation
10,382
-
0
10,382
8,199
2,690
10,889
Tax on profit
10
(2,232)
-
0
(2,232)
(1,588)
20
(1,568)
Profit for the financial year
8,150
-
0
8,150
6,611
2,710
9,321

The notes on pages 14 to 28 form part of these financial statements.

INGRAM MICRO SERVICES LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£'000
£'000
£'000
£'000
Fixed assets
Intangible assets
13
422
202
Tangible assets
14
3,119
2,962
3,541
3,164
Current assets
Stocks
15
10,509
12,883
Debtors
16
29,380
28,803
Cash at bank and in hand
31,965
18,448
71,854
60,134
Creditors: amounts falling due within one year
17
(54,450)
(39,584)
Net current assets
17,404
20,550
Total assets less current liabilities
20,945
23,714
Provisions for liabilities
Deferred tax liability
18
81
-
0
(81)
-
Net assets
20,864
23,714
Capital and reserves
Called up share capital
20
800
800
Profit and loss reserves
20,064
22,914
Total equity
20,864
23,714

The notes on pages 14 to 28 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
Mr K Coleman
Director
Company Registration No. 03591124
INGRAM MICRO SERVICES LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£'000
£'000
£'000
Balance at 1 January 2022
800
13,593
14,393
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
9,321
9,321
Balance at 31 December 2022
800
22,914
23,714
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
8,150
8,150
Dividends
12
-
(11,000)
(11,000)
Balance at 31 December 2023
800
20,064
20,864

The notes on pages 14 to 28 form part of these financial statements.

INGRAM MICRO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Ingram Micro Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Communications House, Vulcan Road North, Norwich, NR6 6AQ.

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.

 

These financial statements are prepared to a cut-off date of the last Saturday of the calendar year. Consistent with the normal monthly reporting cycle, the actual date to which the financial statements are prepared is the 52 week period ended 30 December 2023 (2022: 52 weeks to 31 December 2022).

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 £'000.

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

This 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:

 

 

The financial statements of the company are consolidated in the financial statements of Ingram Micro Inc. (the intermediate parent company). These consolidated financial statements are available from its registered office, Ingram Micro Inc., 3351 Michelson Drive, Suite 100, Irvine, CA 92612, USA.

1.2
Going concern

After reviewing the company’s forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In reaching this conclusion the directors have given particular consideration to the expected ongoing availability of wider group funding facilities that are centrally coordinated to support the company’s working capital (being an overdraft facility and amounts owed to group undertakings). The directors have also considered the impact of wider economic uncertainty on the forecasts and liquidity of the business. To date, the impact on our business, liquidity and results has not been significant and based on our experience we expect this to remain the case. The company therefore continues to adopt the going concern basis in preparing its financial statements. true

INGRAM MICRO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.3
Turnover

Revenue on rendering of services is recognised when repairs and services have been carried out. 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 goods or receipt of payment (if earlier).

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Software
3-5 years straight line

Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances.

1.5
Tangible fixed assets

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

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

Short leasehold property
Over period of lease straight line
Plant and equipment including motor vehicles
3-10 years straight line
Fixtures and fittings
3-10 years straight line
IT equipment
3-5 years straight line

Assets under construction are not depreciated until they are commissioned into use and transferred to the relevant asset category.

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

1.6
Impairment of fixed assets

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

INGRAM MICRO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -

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.

1.7
Stocks

Inventories are stated at the lower of cost incurred in bringing each product to its present location and condition, and net realisable value as follows:

 

Raw materials, consumables and goods for resale - purchase cost on a first-in, first-out basis.

 

Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

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 and deposits held at call with banks.

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.

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.

INGRAM MICRO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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 company 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies 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

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

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.

INGRAM MICRO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

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
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.13
Retirement benefits

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

 

 

 

 

 

INGRAM MICRO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.14
Leases

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

1.15
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.

1.16

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

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

Agent/principal

The company provides goods and services to its customers via a range of contractual arrangements. In the majority of instances it is clear where the balance of risk and reward rests under such arrangements and therefore whether the company is acting as an agent or as a principal. In the former case this generally leads to the recognition of a service related fee, while in the latter instance this generally leads to the recognition of turnover and the related cost of sale. Indicators of acting as a principal include but are not limited to an ability for the company to determine margin on the goods and services and or the assumption of credit or stock risk relating to the transactions. During the year there was £12.1m (2022: £16.5m) of transaction value on which the company earned a limited margin and assumed very limited stock risk. It has been judged that the company acted as agent with regard to such transactions but consider this to be a disclosable judgement. No material profit or loss has been incurred on such transactions and accordingly the turnover has been excluded from these financial statements. Cash is held on account of the customer and matched by an amount included in accruals and deferred income (note 17). At 31 December 2023 the amount held was £0.9m (2022: £4.5m).

INGRAM MICRO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provision

Management review the recoverable amount of stock at each financial year end and provide against any assets which management believe are not recoverable in part or in full. The assessment takes into account the age and condition of stock items held, informed by experience. Refer to note 15 for details of stocks held.

Accruals

Included in accruals and deferred income there are amounts which are calculated informed upon past experience and/or expectations. While there are no individual amounts which are expected to materially fluctuate it is possible that in aggregate material variations may arise. Refer to note 17 for the value of accruals and deferred income at period end.

3
Turnover and other revenue

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

2023
2022
£'000
£'000
Turnover analysed by class of business
Repairs and servicing
52,079
47,574
Regeneration and fulfilment
112,463
70,829
Asset disposal and other services
17,397
20,208
181,939
138,611
2023
2022
£'000
£'000
Turnover analysed by geographical market
United Kingdom
166,437
118,692
Rest of Europe
8,120
11,996
Rest of World
7,382
7,923
181,939
138,611
2023
2022
£'000
£'000
Other revenue
Interest income
983
144
INGRAM MICRO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£'000
£'000
Exchange losses/(gains)
66
(41)
Depreciation of owned tangible fixed assets
648
672
Amortisation of intangible assets
91
128
Operating lease charges
878
975
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
43
44
For other services
All other non-audit services
24
-
0

There was a change in auditor for the year ended 31 December 2023 to MHA. In the prior year fees were payable to the prior year auditor, Lovewell Blake LLP.

6
Employees

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

2023
2022
Number
Number
Production staff
378
410
Sales and administrative staff
80
80
Management staff
6
6
Total
464
496

Their aggregate remuneration comprised:

2023
2022
£'000
£'000
Wages and salaries
13,251
12,698
Social security costs
1,244
1,241
Pension costs
315
312
14,810
14,251
INGRAM MICRO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 22 -

The company operates a defined contribution pension scheme for the benefit of the employees and directors. The assets of the scheme are administrated by an independent pension provider.

7
Directors' remuneration
2023
2022
£'000
£'000
Remuneration for qualifying services
446
413
Company pension contributions to defined contribution schemes
22
20
468
433

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

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£'000
£'000
Remuneration for qualifying services
446
413
Company pension contributions to defined contribution schemes
22
20
8
Interest receivable and similar income
2023
2022
£'000
£'000
Interest income
Interest on bank deposits
929
66
Interest receivable from group companies
54
78
Total income
983
144
9
Interest payable and similar expenses
2023
2022
£'000
£'000
Interest on bank overdrafts and loans
51
40
Interest payable to group undertakings
142
-
0
193
40
INGRAM MICRO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
10
Taxation
2023
2022
£'000
£'000
Current tax
UK corporation tax on profits for the current period
2,286
1,568
Adjustments in respect of prior periods
(223)
-
0
Total current tax
2,063
1,568
Deferred tax
Origination and reversal of timing differences
173
-
0
Changes in tax rates
11
-
0
Adjustment in respect of prior periods
(15)
-
0
Total deferred tax
169
-
0
Total tax charge
2,232
1,568

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
£'000
£'000
Profit before taxation
10,382
10,889
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
2,442
2,069
Tax effect of expenses that are not deductible in determining taxable profit
3
-
0
Effect of change in corporation tax rate
11
-
0
Non-chargeable gain on discontinued operations
-
0
(531)
Fixed asset differences
38
(27)
Movements in deferred tax
-
0
29
Group relief claimed
(23)
(9)
Prior period adjustments
(239)
37
Taxation charge for the year
2,232
1,568
INGRAM MICRO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
11
Discontinued operations
Manchester operations

On the 1st March 2022 the business sold its entire business operations in its Manchester site.

 

A profit of £2,796,000 arose on the disposal, being the proceeds of the sale, less the carrying amount of the business assets.

12
Dividends
2023
2022
£'000
£'000
Final paid
11,000
-
0
13
Intangible fixed assets
Software
£'000
Cost
At 1 January 2023
1,662
Additions - internally developed
311
Disposals
(82)
Transfers
118
At 31 December 2023
2,009
Amortisation and impairment
At 1 January 2023
1,460
Amortisation charged for the year
91
Disposals
(82)
Transfers
118
At 31 December 2023
1,587
Carrying amount
At 31 December 2023
422
At 31 December 2022
202
INGRAM MICRO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
14
Tangible fixed assets
Short leasehold property
Assets under construction
Plant and equipment including motor vehicles
Fixtures and fittings
IT equipment
Total
£'000
£'000
£'000
£'000
£'000
£'000
Cost
At 1 January 2023
3,109
1,008
1,014
634
1,721
7,486
Additions
135
205
137
55
273
805
Disposals
(1)
-
0
(24)
(44)
(20)
(89)
Transfers
-
0
-
0
-
0
-
0
(118)
(118)
At 31 December 2023
3,243
1,213
1,127
645
1,856
8,084
Depreciation and impairment
At 1 January 2023
1,824
-
0
740
473
1,487
4,524
Depreciation charged in the year
388
-
0
120
49
91
648
Eliminated in respect of disposals
(1)
-
0
(24)
(44)
(20)
(89)
Transfers
-
0
-
0
-
0
-
0
(118)
(118)
At 31 December 2023
2,211
-
0
836
478
1,440
4,965
Carrying amount
At 31 December 2023
1,032
1,213
291
167
416
3,119
At 31 December 2022
1,285
1,008
274
161
234
2,962
15
Stocks
2023
2022
£'000
£'000
Raw materials and consumables
10,509
12,883
16
Debtors
2023
2022
Amounts falling due within one year:
£'000
£'000
Trade debtors
17,368
16,808
Amounts owed by group undertakings
416
5,382
Prepayments and accrued income
11,596
6,526
29,380
28,716
Deferred tax asset (note 18)
-
0
87
29,380
28,803
INGRAM MICRO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
16
Debtors
(Continued)
- 26 -

Amounts owed by group undertakings are payable on demand. These amounts are unsecured and interest is charged monthly at a rate of 3% on the outstanding balance.

17
Creditors: amounts falling due within one year
2023
2022
£'000
£'000
Trade creditors
8,131
6,423
Amounts owed to group undertakings
6,726
3,463
Corporation tax
3,693
2,628
Other taxation and social security
1,514
1,549
Accruals and deferred income
34,386
25,521
54,450
39,584
18
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£'000
£'000
£'000
£'000
Accelerated capital allowances
103
-
-
65
Provisions
(22)
-
-
22
81
-
-
87
2023
Movements in the year:
£'000
Asset at 1 January 2023
(87)
Charge to profit or loss
157
Effect of change in tax rate - profit or loss
11
Liability at 31 December 2023
81

As at the signing date of these financial statements, the company has not finalised its capital expenditure programme for the forthcoming year and therefore an assessment as to the likely movement of other related timing differences cannot be made.

INGRAM MICRO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£'000
£'000
Charge to profit or loss in respect of defined contribution schemes
315
312

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 an independently administered fund.

20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of £1 each
800,000
800,000
800
800

These shares are ordinary voting shares.

21
Financial commitments, guarantees and contingent liabilities

The company is party to a charge over its assets, as part of a parent group asset based lending agreement. The charge contains both fixed and floating charges over all assets and undertakings of this company. The charge is not expected to crystallise.

22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£'000
£'000
Within one year
1,262
580
Between two and five years
4,906
1,706
In over five years
4,452
200
10,620
2,486
23
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£'000
£'000
Acquisition of tangible fixed assets
451
-
INGRAM MICRO SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
24
Related party transactions

The company, being a wholly owned subsidiary of Ingram Micro Services Holdings Ltd, has taken advantage of the exemption within FRS 102 Section 33.1A and has not disclosed transactions with that entity or other wholly owned subsidiaries of the ultimate parent undertaking.

25
Ultimate controlling party

The immediate parent undertaking is Ingram Micro Services Holdings Ltd.

The ultimate parent undertaking as at 31 December 2023 was Platinum Equity Capital Partners V, L.P.

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