Company Registration No. 11666361 (England and Wales)
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
COMPANY INFORMATION
Directors
B Rahimi
M A Rahimi
Mrs D R Rahimi
Miss E Rahimi
Company number
11666361
Registered office
Caspian House
Timothy's Bridge Road
Stratford Enterprise Park
Stratford upon Avon
Warwickshire
England
CV37 9NR
Auditor
TC Group
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13 - 14
Group statement of changes in equity
15 - 16
Company statement of changes in equity
17
Group statement of cash flows
18
Notes to the financial statements
19 - 43
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
CONTENTS
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
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 Group has continued to successfully partner and deliver within a broad range of sectors and markets whilst further enhancing its presence in the retail and manufacturing sectors. FY23 saw large new client wins across several sectors, particularly the legal services space.

The Turnover has increased significantly from £37.3m to £43.3m being an increase of 16% which in turn has increased the Gross Profit to £17.1m. Whilst the Net Asset position of the Group has increased by 33% to £1.2m from £0.9m.

In addition to the above the cash position has decreased by £0.5m, primarily driven by acquisitions.

The Group has continued to deliver on M&A with four acquisitions in FY23, enhancing growth and recurring revenue across the board. The seamless integration has allowed for upside on cross-selling strategies into the purchased client base, securing over £14m in multi-year deals.

The acquisitions of Loop Voice & Data and YTS Telecom have both been delivered out of Group cash reserves, whilst TFM and 3C Technologies have been externally funded. This has been a strong way for management to control leverage whilst maintaining M&A momentum. 

The sustained growth of the business has enabled us to strategically reinvest c.£1m in full-time employees (FTEs) and infrastructure, a trend that will continue into 2024. These investments will allow us to build on our solid foundation and drive both organic and inorganic growth.

Principal risks and uncertainties

The technology market has seen an ever-increasing number of competitors, which the Group has successfully managed through extensive partnerships and relationships with suppliers, customers and staff, whilst maintaining successful growth.

The current economic climate has provided challenges which the Group has not only managed effectively but has overcome to provide customers with more efficient and relevant technology solutions. 

The Board continually reviews the risk profile of the business and the requirement to identify and embrace new developments.

On behalf of the board

M A Rahimi - Director
9 September 2024
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

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

Principal activities

The principal activity of the company and group continued to be that of telecommunications.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £810,000. 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:

B Rahimi
Mrs D R Rahimi
M A Rahimi
Miss E Rahimi
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.

Future developments

The Board plans to continue its growth strategy through acquisition in 2024, with several discussions in flight to be delivered in Q3 and Q4. This will bolster the Group’s position within its core operational areas and enhance its ability to offer a wider suite of products and services to existing and prospective clients whilst maintaining its core values of delivering excellence to its customers, suppliers and staff. 

BDR has begun a large investment into the automation of our business processes and systems. This is a key initiative for FY24 that is beginning to add speed and clarity into the M&A strategy. 

Auditor

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

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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.

CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Disclosure in the strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group'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 review of business and principal risks and uncertainties.

Engagement with employees

The board actively peruses employee engagement to ensure that the employees are at the heart of the groups operational & strategic values.

 

BDR Group being a family managed business has its staff at the heart and forefront of its strategy. BDR group has helped with large staff bonuses, cost of living changes to support and a large apprentice programme to help develop the staff of tomorrow.

On behalf of the board
M A Rahimi - director
9 September 2024
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
- 5 -
Opinion

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

CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
- 6 -

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:

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 its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters where 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 company or to cease operations, or have no realistic alternative but to do so.

CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
- 7 -
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 extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
- 8 -

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

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

 

Our approach was as follows:Ÿ

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

 

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from

fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely

the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://

www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-forauditors/

Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
- 9 -

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.

Mark Bullock FCA (Senior Statutory Auditor)
For and on behalf of TC Group
9 September 2024
Statutory Auditor
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
as restated
Notes
£
£
Turnover
3
43,326,504
37,262,002
Cost of sales
(26,202,452)
(22,570,218)
Gross profit
17,124,052
14,691,784
Distribution costs
20,625
(38,704)
Administrative expenses
(14,810,234)
(12,467,229)
Other operating income
-
880,169
Exceptional item
4
54,600
-
0
Operating profit
5
2,389,043
3,066,020
Interest receivable and similar income
9
19,945
299
Interest payable and similar expenses
10
(637,782)
(293,294)
Profit before taxation
1,771,206
2,773,025
Tax on profit
11
(679,644)
(767,417)
Profit for the financial year
1,091,562
2,005,608
Other comprehensive income
Currency translation differences
(1,928)
-
0
Total comprehensive income for the year
1,089,634
2,005,608
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
13
9,365,065
6,559,564
Other intangible assets
13
407,391
-
0
Total intangible assets
9,772,456
6,559,564
Tangible assets
14
847,691
1,043,028
10,620,147
7,602,592
Current assets
Stocks
17
286,788
264,258
Debtors
18
9,708,387
9,897,058
Cash at bank and in hand
2,950,134
3,478,857
12,945,309
13,640,173
Creditors: amounts falling due within one year
19
(13,491,221)
(13,770,323)
Net current liabilities
(545,912)
(130,150)
Total assets less current liabilities
10,074,235
7,472,442
Creditors: amounts falling due after more than one year
20
(8,838,688)
(6,482,618)
Provisions for liabilities
Deferred tax liability
23
-
0
62,200
-
(62,200)
Net assets
1,235,547
927,624
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
2023
2022
Notes
£
£
£
£
- 12 -
Capital and reserves
Called up share capital
25
100
100
Capital redemption reserve
19
19
Other reserves
459,434
459,434
Profit and loss reserves
775,994
496,360
Equity attributable to owners of the parent company
1,235,547
955,913
Non-controlling interests
-
(28,289)
1,235,547
927,624
The financial statements were approved by the board of directors and authorised for issue on 9 September 2024 and are signed on its behalf by:
09 September 2024
M A Rahimi - Director
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
13
1,670,370
1,241,705
Investments
15
16,969,474
13,453,658
18,639,844
14,695,363
Current assets
Debtors
18
6,834,444
888,519
Cash at bank and in hand
118,375
81,274
6,952,819
969,793
Creditors: amounts falling due within one year
19
(10,131,380)
(4,694,518)
Net current liabilities
(3,178,561)
(3,724,725)
Total assets less current liabilities
15,461,283
10,970,638
Creditors: amounts falling due after more than one year
20
(8,596,778)
(6,394,249)
Net assets
6,864,505
4,576,389
Capital and reserves
Called up share capital
25
100
100
Capital redemption reserve
19
19
Other reserves
888
888
Profit and loss reserves
6,863,498
4,575,382
Total equity
6,864,505
4,576,389

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 £3,098,116 (2022 - £5,769,528 profit).

CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 14 -
The financial statements were approved by the board of directors and authorised for issue on 9 September 2024 and are signed on its behalf by:
09 September 2024
M A Rahimi - Director
Company Registration No. 11666361
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
119
-
0
459,434
3,689,419
4,148,972
(28,289)
4,120,683
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
2,005,608
2,005,608
-
2,005,608
Dividends
12
-
-
-
(940,053)
(940,053)
-
(940,053)
Redemption of shares
25
(19)
19
-
-
-
0
-
-
Reduction of shares
25
-
-
-
(4,258,614)
(4,258,614)
-
(4,258,614)
Balance at 31 December 2022
100
19
459,434
496,360
955,913
(28,289)
927,624
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
- 16 -
Year ended 31 December 2023:
Profit for the year
-
-
-
1,091,562
1,091,562
-
1,091,562
Other comprehensive income:
Currency translation differences
-
-
-
(1,928)
(1,928)
-
(1,928)
Total comprehensive income for the year
-
-
-
1,089,634
1,089,634
-
1,089,634
Dividends
12
-
-
-
(810,000)
(810,000)
-
(810,000)
Purchase of shares in subsidiary from non-controlling interest
-
-
-
-
-
28,289
28,289
Balance at 31 December 2023
100
19
459,434
775,994
1,235,547
-
0
1,235,547
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
119
-
0
888
4,004,521
4,005,528
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
5,769,528
5,769,528
Dividends
12
-
-
-
(940,053)
(940,053)
Redemption of shares
25
(19)
19
-
-
-
0
Reduction of shares
25
-
-
-
(4,258,614)
(4,258,614)
Balance at 31 December 2022
100
19
888
4,575,382
4,576,389
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
3,098,116
3,098,116
Dividends
12
-
-
-
(810,000)
(810,000)
Balance at 31 December 2023
100
19
888
6,863,498
6,864,505
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
2,477,704
5,354,950
Interest paid
(637,782)
(293,294)
Income taxes paid
(1,205,944)
(870,858)
Net cash inflow from operating activities
633,978
4,190,798
Investing activities
Purchase of intangible assets
(871,265)
(294,091)
Purchase of tangible fixed assets
(140,792)
(236,210)
Proceeds on disposal of tangible fixed assets
68,069
80,032
Purchase of subsidiaries
(3,515,816)
-
Cash acquired on acquisition
974,703
-
0
Interest received
19,945
299
Net cash used in investing activities
(3,465,156)
(449,970)
Financing activities
Redemption of shares
-
0
(4,258,614)
Repayment of borrowings
-
17,122
Proceeds of new bank loans
3,967,913
4,323,494
Repayment of bank loans
(250,000)
(2,303,294)
Movement of finance leases obligations
98,738
(77,293)
Purchase of shares in subsidiary from non-controlling interest
28,289
-
Dividends paid to equity shareholders
(810,000)
(940,053)
Net cash generated from/(used in) financing activities
3,034,940
(3,238,638)
Net increase in cash and cash equivalents
203,762
502,190
Cash and cash equivalents at beginning of year
2,746,372
2,244,182
Cash and cash equivalents at end of year
2,950,134
2,746,372
Relating to:
Cash at bank and in hand
2,950,134
3,478,857
Bank overdrafts included in creditors payable within one year
-
(732,485)
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
1
Accounting policies
Company information

BDR Group Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is on the Company Information page .

 

The group consists of BDR Group Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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

The financial statements are prepared in sterling, which is the functional currency of the company. 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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

• the requirement of paragraph 3.17(d);

• the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and

11.48(c);

• the requirement of paragraph 33.7.

1.2
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.

CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.3
Basis of consolidation

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

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

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

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. At the year end, the company had net current liabilities of £545,912 (2022: £130,150). The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
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 2-5 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
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
25% straight line basis
Patents & licences
20% straight line basis
1.9
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:

Improvements to property
50% straight line basis and 33% straight line basis
Plant and equipment
33% straight line basis, 25% straight line basis, 20% straight line basis, in accordance with the terms of the lease and at varying rates on a straight line basis
Fixtures and fittings
33% straight line basis, 25% straight line basis, 15% straight line basis and 25% reducing balance basis
Computers
33% straight line basis, 25% straight line basis and 25% reducing balance basis
Motor vehicles
25% straight line basis and 25% reducing balance basis
Customer lease
33% straight line basis
Portal
25% straight line basis
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -

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.

1.10
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.

1.11
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.

 

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.

CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
1.12
Stocks

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

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.14
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.

CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
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.

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.

CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 25 -
1.15
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.

1.16
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.

1.17
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.

1.18
Retirement benefits

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

CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 26 -
1.19
Leases

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

 

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

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

1.20
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.

CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

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

Goodwill

The determination of whether goodwill should be impaired requires the estimation of future cash flows and growth factors adapted by each cash generating unit. Furthermore, discount rates applied to these cash flows are determined by reference to the markets in which they operate These factors are all affected by prevailing market and economic factors outside the group's control.

Investments

The group assess the carrying values of investments annually or more frequently if warranted by a change in circumstances. If it is determined that the carrying values of investments cannot be recovered, the unrecoverable amounts are charged to the income statement. Recoverability is dependent upon assumptions and judgements regarding discount rates, future cash flows and profit margins. A material change in assumptions may significantly impact the potential impairment of these assets.

Amounts due from group undertakings

The group assesses the carrying value of amounts due from group undertakings annually or more frequently is warranted by a change in circumstances. If it is determined that the carrying values of these amounts cannot be recovered, the unrecoverable amounts are charged to the income statement. Recoverability is dependent upon assumptions and judgements regarding future cash flows and profit margins. A material change in assumptions may significantly impact the potential impairment of these assets.

Operating lease commitments

As a lessee, the group obtains the use of property, plant and equipment. The classification of such leases as operating or finance lease requires the group to determine, based on an evaluation of the terms and conditions of the arrangement, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

Useful economic life of non-current assets

Management estimate the useful economic life of non-current assets based on the period over which the asset is expected to be used and provide for depreciation accordingly. Where an indication of impairment is identified the estimation of recoverable value requires estimation.

Deferred tax

Management estimation is required to determine the amount of deferred tax asset that can be recognised, based upon likely timing and level of future taxable profits.

 

 

 

 

CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
31,195,083
25,124,680
Europe
10,398,361
10,114,435
Rest of World
1,733,060
2,022,887
43,326,504
37,262,002
2023
2022
£
£
Other significant revenue
Interest income
19,945
299
4
Exceptional item
2023
2022
£
£
Income
Sale of NHS contract
54,600
54,600
-
5
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
132,314
(87,315)
Research and development costs
6,870
5,455
Depreciation of owned tangible fixed assets
368,632
322,890
Loss/(profit) on disposal of tangible fixed assets
105,865
(32,922)
Amortisation of intangible assets
2,837,610
2,184,521
Operating lease charges
287,142
172,878
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
9,000
8,500
Audit of the financial statements of the company's subsidiaries
101,000
82,500
110,000
91,000
7
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Management
13
17
-
-
Technicians and engineers
99
86
-
-
Sales
34
23
-
-
Admin
51
48
-
-
Total
197
174
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
6,866,589
6,153,545
-
0
20,298
Social security costs
778,464
689,812
-
-
Pension costs
172,684
206,737
-
0
-
0
7,817,737
7,050,094
-
0
20,298
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
50,000
53,417
Company pension contributions to defined contribution schemes
376
188
50,376
53,605
9
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
19,945
299
10
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
607,180
287,206
Other finance costs:
Interest on finance leases and hire purchase contracts
10,054
6,088
Other interest
20,548
-
Total finance costs
637,782
293,294
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,186,697
812,024
Adjustments in respect of prior periods
(513,979)
-
0
Total current tax
672,718
812,024
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Taxation
2023
2022
£
£
(Continued)
- 31 -
Deferred tax
Origination and reversal of timing differences
6,926
(44,607)
Total tax charge
679,644
767,417

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,771,206
2,773,025
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
442,802
526,875
Tax effect of expenses that are not deductible in determining taxable profit
56,252
(113,727)
Tax effect of income not taxable in determining taxable profit
-
0
354,029
Tax effect of utilisation of tax losses not previously recognised
(58,495)
240
Unutilised tax losses carried forward
154,476
-
0
Effect of change in corporation tax rate
(54,951)
-
Permanent capital allowances in excess of depreciation
627,916
-
0
Other non-reversing timing differences
25,623
-
0
Under/(over) provided in prior years
(513,979)
-
0
Taxation charge
679,644
767,417
12
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
810,000
940,053
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
13
Intangible fixed assets
Group
Goodwill
Software
Patents & licences
Total
£
£
£
£
Cost
At 1 January 2023
12,216,592
-
0
-
0
12,216,592
Additions - internally developed
-
0
120,000
-
0
120,000
Additions - separately acquired
5,366,310
558,161
6,031
5,930,502
At 31 December 2023
17,582,902
678,161
6,031
18,267,094
Amortisation and impairment
At 1 January 2023
5,657,028
-
0
-
0
5,657,028
Amortisation charged for the year
2,560,809
272,529
4,272
2,837,610
At 31 December 2023
8,217,837
272,529
4,272
8,494,638
Carrying amount
At 31 December 2023
9,365,065
405,632
1,759
9,772,456
At 31 December 2022
6,559,564
-
0
-
0
6,559,564
Company
Goodwill
£
Cost
At 1 January 2023
1,526,916
Additions
755,333
At 31 December 2023
2,282,249
Amortisation and impairment
At 1 January 2023
285,211
Amortisation charged for the year
326,668
At 31 December 2023
611,879
Carrying amount
At 31 December 2023
1,670,370
At 31 December 2022
1,241,705
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
14
Tangible fixed assets
Group
Improvements to property
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Customer lease
Portal
Total
£
£
£
£
£
£
£
£
Cost
At 1 January 2023
229,486
2,087
475,539
576,406
791,876
31,886
-
0
2,107,280
Additions
9,435
3
16,583
25,889
146,924
145,641
2,754
347,229
Disposals
(9,435)
(350,214)
(335,655)
(85,428)
(290,462)
(25,933)
-
0
(1,097,127)
At 31 December 2023
229,486
(348,124)
156,467
516,867
648,338
151,594
2,754
1,357,382
Depreciation and impairment
At 1 January 2023
53,816
1,862
291,746
399,690
288,870
28,268
-
0
1,064,252
Depreciation charged in the year
26,969
63
120,887
61,768
119,634
36,869
2,442
368,632
Eliminated in respect of disposals
(306)
(350,049)
(288,173)
(81,577)
(177,204)
(25,884)
-
0
(923,193)
At 31 December 2023
80,479
(348,124)
124,460
379,881
231,300
39,253
2,442
509,691
Carrying amount
At 31 December 2023
149,007
-
0
32,007
136,986
417,038
112,341
312
847,691
At 31 December 2022
175,670
225
183,793
176,716
503,006
3,618
-
0
1,043,028
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
16,969,474
13,453,658
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
13,453,658
Additions
3,515,816
At 31 December 2023
16,969,474
Carrying amount
At 31 December 2023
16,969,474
At 31 December 2022
13,453,658
16
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
BDR Voice & Data Solutions Limited
UK
Ordinary
100.00
Agreed Finance Limited
UK
Ordinary
100.00
Sensibill Limited
UK
Ordinary
100.00
Icom Holdings Limited
UK
Ordinary
100.00
Comec Voice & Data Limited
UK
Ordinary
100.00
BDR Telecoms Limited
Ireland
Ordinary
100.00
Open-Link Technology Limited
UK
Ordinary
100.00
BDR Technical Solutions Limited
UK
Ordinary
100.00
Icom Estates Solutions Limited
UK
Ordinary
100.00
Icom Network Cabling Limited
UK
Ordinary
100.00
Icom Facilities Management Limited
UK
Ordinary
100.00
Boffins (Wycombe) Limited
UK
Ordinary
100.00
Maple Computing Limited
UK
Ordinary
100.00
KAM IT Holdings Limited
UK
Ordinary
100.00
ACT IT Solutions Limited
UK
Ordinary
100.00
-
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
8,400
14,000
-
-
Work in progress
168,921
91,755
-
-
Finished goods and goods for resale
109,467
158,503
-
0
-
0
286,788
264,258
-
-
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,290,513
7,058,749
-
0
-
0
Amounts owed by group undertakings
-
-
6,665,465
738,739
Other debtors
1,034,145
1,089,046
63,479
780
Prepayments and accrued income
2,325,359
1,749,263
105,500
149,000
9,650,017
9,897,058
6,834,444
888,519
Deferred tax asset (note 23)
58,370
-
0
-
0
-
0
9,708,387
9,897,058
6,834,444
888,519
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
2,826,677
2,090,778
2,801,726
1,347,645
Obligations under finance leases
22
205,041
69,827
-
0
-
0
Trade creditors
4,933,143
4,314,095
19,639
64,436
Amounts owed to group undertakings
-
0
-
0
7,165,226
3,254,303
Corporation tax payable
911,386
1,712,431
-
0
-
0
Other taxation and social security
1,113,532
908,139
15,189
2,483
Other creditors
427,506
206,686
-
0
-
0
Accruals and deferred income
3,073,936
4,468,367
129,600
25,651
13,491,221
13,770,323
10,131,380
4,694,518
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 36 -
20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
6,321,172
3,324,172
6,250,000
3,300,000
Obligations under finance leases
22
121,992
64,197
-
0
-
0
Other borrowings
21
2,346,778
3,094,249
2,346,778
3,094,249
Accruals and deferred income
48,746
-
0
-
0
-
0
8,838,688
6,482,618
8,596,778
6,394,249
21
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
9,147,849
4,682,465
9,051,726
4,647,645
Bank overdrafts
-
0
732,485
-
0
-
0
Other loans
2,346,778
3,094,249
2,346,778
3,094,249
11,494,627
8,509,199
11,398,504
7,741,894
Payable within one year
2,826,677
2,090,778
2,801,726
1,347,645
Payable after one year
8,667,950
6,418,421
8,596,778
6,394,249

The bank loans are secured by a fixed and floating charge over the assets of the company dated 9 August 2021.

22
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
205,041
69,827
-
0
-
0
In two to five years
121,992
64,197
-
0
-
0
327,033
134,024
-
-
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Finance lease obligations
(Continued)
- 37 -

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

23
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
-
62,200
58,370
-
The company has no deferred tax assets or liabilities.
24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
172,684
206,737

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.

25
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of 10p each
1,000
1,000
100
100
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
25
Share capital
(Continued)
- 38 -

The A Ordinary shares have a right to vote, a right to participate in dividends and a right to participate in a distribution on a wind up.

26
Acquisition of a business

On 13 July 2023 the group acquired 100% of the issued share capital of Wireless Telecommunications Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Intangible assets
6,031
(6,031)
-
Property, plant and equipment
521
(521)
-
Inventories
10,000
(10,000)
-
Trade and other receivables
317,400
(317,400)
-
Cash and cash equivalents
8,500
(8,500)
-
Trade and other payables
(518,564)
518,564
-
Total identifiable net assets
(176,112)
176,112
-
Goodwill
515,766
Total consideration
515,766
The consideration was satisfied by:
£
Cash
515,766
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
488,676
Profit after tax
105,453
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
26
Acquisition of a business
(Continued)
- 39 -

On 19 January 2023 the group acquired 100% of the issued capital of 3C Technology Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
63,101
-
63,101
Inventories
77,110
-
77,110
Trade and other receivables
1,182,466
-
1,182,466
Cash and cash equivalents
764,899
-
764,899
Trade and other payables
(1,066,577)
-
(1,066,577)
Deferred tax
(11,272)
-
(11,272)
Total identifiable net assets
1,009,727
-
1,009,727
Goodwill
1,318,037
Total consideration
2,327,764
The consideration was satisfied by:
£
Cash
2,327,764
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
6,985,656
Profit after tax
508,117
CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
26
Acquisition of a business
(Continued)
- 40 -

On 14 June 2023 the group acquired 100% of the issued capital of TFM Group.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Intangible assets
1,369,273
-
1,369,273
Property, plant and equipment
142,816
-
142,816
Inventories
30,458
-
30,458
Trade and other receivables
1,102,735
-
1,102,735
Cash and cash equivalents
201,303
-
201,303
Trade and other payables
(4,863,400)
-
(4,863,400)
Tax liabilities
55,195
-
55,195
Deferred tax
61,044
-
61,044
Total identifiable net assets
(1,900,576)
-
(1,900,576)
Goodwill
2,533,113
Total consideration
632,537
The consideration was satisfied by:
£
Cash
632,537
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
2,466,357
Profit after tax
52,914

On 28/4/2023 the group acquired the remaining 2.2% of the issued capital of Icom Holdings Limited for £39,750, taking the group holding up to 100%.

CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 41 -
27
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
98,049
170,000
57,500
-
Between two and five years
404,243
630,000
227,125
-
In over five years
-
297,500
-
-
502,292
1,097,500
284,625
-
28
Non-controlling interest

Non-controlling interest exists for subsidiary undertakings included within the group in the prior year.

 

Icom Holdings Limited has a non-controlling interest of nil (2022: 2.2%).

 

The balance due from non-controlling interests as at 31 December 2023 was £nil (2022: £28,289).

29
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the Financial statements.

CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 42 -
30
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,091,562
2,005,608
Adjustments for:
Taxation charged
679,644
767,417
Finance costs
637,782
293,294
Investment income
(19,945)
(299)
Loss/(gain) on disposal of tangible fixed assets
105,865
(32,922)
Amortisation and impairment of intangible assets
2,837,610
2,184,521
Depreciation and impairment of tangible fixed assets
368,632
330,962
Movements in working capital:
Decrease in stocks
95,038
249,512
Decrease/(increase) in debtors
2,637,018
(2,227,946)
(Decrease)/increase in creditors
(5,955,502)
1,784,803
Cash generated from operations
2,477,704
5,354,950
31
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
3,478,857
(528,723)
2,950,134
Bank overdrafts
(732,485)
732,485
-
0
2,746,372
203,762
2,950,134
Borrowings excluding overdrafts
(7,776,714)
(3,717,913)
(11,494,627)
Obligations under finance leases
(134,024)
(193,009)
(327,033)
(5,164,366)
(3,707,160)
(8,871,526)
32
Prior period adjustment

The prior year figures were restated to net off intercompany trading between turnover and cost of sales of £3,195,737. The net impact to the P&L and balance sheet for the year ended 31 December 2022 was nil.

CONSOLIDATED RECORD FOR BDR GROUP HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
32
Prior period adjustment
(Continued)
- 43 -
Adjustments to equity - group
The prior period adjustments do not give rise to any effect upon equity.
Adjustments to equity - company
The prior period adjustments do not give rise to any effect upon equity.
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