Company registration number 01852976 (England and Wales)
HAYDOCK COMMERCIAL VEHICLES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
HAYDOCK COMMERCIAL VEHICLES LIMITED
COMPANY INFORMATION
Directors
Mr I Hensall
Mr C A Hargreaves
Mr M A Robertson
Secretary
Mr G Whittaker
Company number
01852976
Registered office
Unit 4 Lockheed Road
Burtonwood
Warrington
WA5 4AH
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
HAYDOCK COMMERCIAL VEHICLES LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 28
HAYDOCK COMMERCIAL VEHICLES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

The principal activity of the company continues to be a Scania truck franchise dealer which provides truck sales and aftersales services for trucks and ancillary equipment within the heavy truck market.

 

In the year ended 31 December 2023 the turnover increased 66.5% from £179m to £298m. New vehicle sales increased by 90% due to increased Scania fleet vehicle retail volumes.

 

The used vehicle market anticipated an increase in volume numbers for the year. The used vehicle department did not achieve its overall revenue target and the sales volume target.

 

Used vehicle sales increased by 0.7% on the prior year. The overall gross contribution decreased on prior year.

 

In aftersales there was an increase in both service and parts revenues, service sales increased by 9.6% and parts by 9.5% on the prior year along with a margin increase on the prior year.

 

The company recognise key performance indicators (KPI’s) as an integral part of monitoring the progress of the business. KPI’s are identified in the annual business plan and appropriate targets set. KPI targets are set for the sales, service and parts operations which are closely monitored.

 

The increase in trade debtors is due to an increase in retail debtors at year end. The net assets have moved in line with profit and dividends in the year.

 

The increase in trade creditors is due to the increase in new vehicle stock at year end.

 

The company continues to make improvements to the properties to meet the dealer standards.

 

The cash balance remains strong at the year end. The company policy is to have internally generated cash and committed bank facilities to satisfy working capital requirements. Cash flow forecasts are prepared on a daily basis.

 

The management continue to monitor closely non-financial KPI’s including employee head count, staff turnover, technical training and all other Dealer Operating Standards. Management have reviewed these KPI’s and confirm that the company’s performance against these is satisfactory for the year.

Principal risks and uncertainties

The principal risk to the company is the reliance on a single manufacturer franchise for the majority of the business activities. The company has a franchise agreement with Scania Great Britain Limited. The commercial vehicle sector remains competitive both locally and nationally.

 

Credit risk is mitigated by the diversity and volume of different customers who operate across a wide range of industry sectors with no reliance on any one customer or sector. The company maintains contact with customers and regularly reviews limits, terms and aged debtors. The company has credit insurance in place.

 

The company is considered an essential supplier to certain businesses in the logistics and transport sectors. We anticipate that there will be strong demand from these sectors, which are considered essential industries, and therefore demand within these industries has not been negatively impacted.

HAYDOCK COMMERCIAL VEHICLES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Future developments

The company is continuing with investment in capital expenditure.

 

The new and used vehicle sales remain in a competitive market and the company’s objectives are to increase the volumes in both new and used vehicles. The aftersales forecasts are to optimise the margins through productivity and efficiencies. Activity levels and customer confidence remain strong and the company is always looking for market opportunities for growth.

Key performance indicators

The company’s key performance indicators are as follows:

 

 

2023

2022

 

 

 

Turnover

£298m

£179m

Operating profit

£8.9m

£8.8m

Profit after tax

£6.2m

£6.8m

 

HAYDOCK COMMERCIAL VEHICLES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
S172 report

This section acts as the company’s Section 172 statement. In accordance with the Companies Act 2006. This section also includes the company’s statement on engagement with, and having due regard and interest for, our employees and other key stakeholders.

 

The principle aim of the company is to make sufficient profit from its trading operations to sustain its commercial viability, to finance its continued development and to undertake other activities consistent with its ultimate purpose. In setting out the strategic direction the directors, in carrying out their duties, also take into account the principal risks facing the business.

 

Stakeholders

Our key stakeholders are our employees who are at the heart of our purpose and work to service our customers. We are focused on responding to the needs of, and building long-term relationships with our customers. Other key stakeholders are the producers and suppliers of the goods we purchase from and the communities in which we operate.

 

Decision making

Key decisions are made by the board of directors and are presented at Board and executive meetings. Directors are briefed on any potential impacts and risks from our customers, employees and other stakeholders including our suppliers, the community and environment and how they are to be managed. The Directors take these factors into account before making a final decision which together they believe is in the best interests of the Company and its employees.

 

Long-term sustainability

We aim to make sufficient profit to sustain the Company’s commercial viability, with consideration to the needs of our customers, employees and other stakeholders and the community. This is to ensure we are conducting all our business relationships with integrity. The long term sustainability is key to the decision making especially in challenging times.

 

Employees

The talent and hard work of the people within the company is recognised as one of the business’s most valuable assets. Hearing employee’s opinion and ensuring this is taken into account in decision-making is crucial to the long term sustainability of the company. Directors engage with employees in many different ways, including regular dialogue, email updates and company newsletters.

 

Customers

The main focus of the business is to achieve excellent customer service. The feedback comes from regular communication with our customers. The franchise holder sets customer standards which are independently measured and reported to the franchise holder.

 

Producers and suppliers

We work closely with our producers of Scania trucks and supply chain. The main supplier being Scania the manufacturer of the truck we sell and the supplier of the truck parts we sell. Performance of the main supplier Scania are measured in all areas of their supply chain such as lead times on new trucks supplied to lead times of the replacement parts. Scania have measures to prevent modern slavery in its business and supply chains.

On behalf of the board

Mr I Hensall
Director
27 June 2024
HAYDOCK COMMERCIAL VEHICLES LIMITED
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.

Principal activities

The principal activity of the company consists of the sale of commercial vehicles, the servicing of commercial vehicles and the sale of parts.

Results and dividends

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

Ordinary dividends were paid amounting to £4,750,000. 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 I Hensall
Mr G A Bumford
(Resigned 16 January 2023)
Mr C A Hargreaves
Mr M A Robertson
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.

Business relationships

In accordance with section 172 of the Companies Act, the company has a requirement to report on a need to foster the company’s business relationships with suppliers, customers and others. The relationships are considered in the decision making of the company, the details of which are included in the strategic report.

Auditor

Following the merger of MHA Moore & Smalley with MHA, the company's independent auditor has now become MHA. The auditor, MHA, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The company is applying the subsidiary exemption from the requirements of SI 08/410 Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Schedule 7, Part 7A.

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 future developments and financial instruments.

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.

HAYDOCK COMMERCIAL VEHICLES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
On behalf of the board
Mr I Hensall
Director
27 June 2024
HAYDOCK COMMERCIAL VEHICLES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

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.

HAYDOCK COMMERCIAL VEHICLES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAYDOCK COMMERCIAL VEHICLES LIMITED
- 7 -
Opinion

We have audited the financial statements of Haydock Commercial Vehicles Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the statement of financial position, 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.

HAYDOCK COMMERCIAL VEHICLES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAYDOCK COMMERCIAL VEHICLES LIMITED (CONTINUED)
- 8 -

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, is detailed below:

HAYDOCK COMMERCIAL VEHICLES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAYDOCK COMMERCIAL VEHICLES LIMITED (CONTINUED)
- 9 -

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.

Virginia Cooper FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
28 June 2024
2024-06-28
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
HAYDOCK COMMERCIAL VEHICLES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
297,957,931
178,964,237
Cost of sales
(275,399,714)
(157,301,544)
Gross profit
22,558,217
21,662,693
Administrative expenses
(13,657,947)
(12,908,162)
Operating profit
4
8,900,270
8,754,531
Interest receivable and similar income
8
59,156
-
0
Interest payable and similar expenses
9
(795,200)
(432,925)
Profit before taxation
8,164,226
8,321,606
Tax on profit
10
(1,937,720)
(1,560,284)
Profit for the financial year
6,226,506
6,761,322
HAYDOCK COMMERCIAL VEHICLES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
4,316,306
4,098,620
Current assets
Stocks
13
75,641,620
34,339,631
Debtors
14
21,898,688
12,585,083
Cash at bank and in hand
9,243,784
10,926,149
106,784,092
57,850,863
Creditors: amounts falling due within one year
15
(91,631,357)
(43,954,579)
Net current assets
15,152,735
13,896,284
Total assets less current liabilities
19,469,041
17,994,904
Creditors: amounts falling due after more than one year
16
(2,177,708)
(2,216,857)
Provisions for liabilities
Provisions
17
294,177
294,177
Deferred tax liability
18
359,525
322,745
(653,702)
(616,922)
Net assets
16,637,631
15,161,125
Capital and reserves
Called up share capital
20
40,000
40,000
Share premium account
21
17,800
17,800
Capital redemption reserve
21
17,200
17,200
Profit and loss reserves
21
16,562,631
15,086,125
Total equity
16,637,631
15,161,125
The financial statements were approved by the board of directors and authorised for issue on 27 June 2024 and are signed on its behalf by:
Mr I Hensall
Director
Company registration number 01852976 (England and Wales)
HAYDOCK COMMERCIAL VEHICLES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
40,000
17,800
17,200
13,824,803
13,899,803
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
6,761,322
6,761,322
Dividends
11
-
-
-
(5,500,000)
(5,500,000)
Balance at 31 December 2022
40,000
17,800
17,200
15,086,125
15,161,125
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
6,226,506
6,226,506
Dividends
11
-
-
-
(4,750,000)
(4,750,000)
Balance at 31 December 2023
40,000
17,800
17,200
16,562,631
16,637,631
HAYDOCK COMMERCIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Haydock Commercial Vehicles Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4 Lockheed Road, Burtonwood, Warrington, WA5 4AH.

 

The company's principal activities and nature of its operation are disclosed in the Directors' Report on 4.

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, including the provisions of the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008.

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.

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 Cheshire 3 Holdings Limited. The consolidated financial statements of Cheshire 3 Holdings Limited are available from its registered office, Unit 4, Lockheed Road, Burtonwood, Warrington, WA5 4AH.

HAYDOCK COMMERCIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.2
Going concern

In determining the appropriateness of the going concern assessment the directors have taken into account the following matters:true

 

 

The future financial position and the results of operations, the business remains profitable. Given the financial strength of the company, the varied nature of industries we sell to, and with continued focus on credit risk and cost control, the Board are confident there will be no impact on the going concern status of the company, and therefore the preparation of the financial statements are on a going concern basis.

 

The directors have prepared forecasts for the company for the period of at least 12 months from the signing of these financial statements, which demonstrate that the company can continue to operate within its available financial resources. The company continues to rely on strong, long term relationships with Scania and its bankers.

 

Haydock Commercial Vehicles Limited has confirmed it intends on providing financial assistance to enable Cheshire 3 Holdings Limited to meet their liabilities to third parties as and when they fall due and that no demand for repayment will be made in respect of intercompany amounts owing to Haydock Commercial Vehicles Limited until at least 12 months from date of singing the financial statements for the year ended 31 December 2023. Additionally the directors of Haydock Commercial Vehicles Limited have confirmed that Haydock Commercial Vehicles Limited has the financial resources and capacity to meet these demands as and when they fall due.

 

The directors have concluded that, at the time of preparing these financial statements that the company has adequate financial resources to continue in operational existence for at least 12 months from the date of signing these financial statements. The directors therefore continue to adopt the going concern basis in preparing these financial statements.

1.3
Turnover

Turnover is derived from the provision of goods and services to customers during the period. Turnover is shown net of value added tax.

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

1.4
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.

HAYDOCK COMMERCIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -

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

Leasehold improvements
5-10% straight line
Plant and equipment
20% reducing balance / 20% - 33.33% straight line
Motor vehicles
25% straight line

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

1.5
Impairment of fixed assets

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

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks comprise commercial vehicles and parts for resale.

 

Consignment vehicles are regarded as being effectively under the control of the company and are included within inventories on the balance sheet as the company has the significant risks and rewards of ownership even though legal title has not yet passed. The corresponding liability is included in trade creditors.

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.

1.7
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 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.

HAYDOCK COMMERCIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the 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, 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.

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

Derecognition of financial liabilities

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

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax. Current tax assets are recognised when tax paid exceeds the tax payable.

 

Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

 

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

 

Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.

HAYDOCK COMMERCIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.10
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.11
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.

1.12
Retirement benefits

For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either other creditors or other debtors.

1.13
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.

1.14

Repairs and maintenance contracts

Amounts received on all repair and maintenance agreements, are accumulated in a vehicle maintenance account on the balance sheet, with relevant costs being set against the income incurred. Where a contract shows an actual or foreseeable deficit at the end of a financial year which is not expected to reverse, the additional costs are recognised and charged to profit or loss. Except for the above, where contracts will continue beyond the end of the financial year, the balance is carried forward to the following year and any remaining amounts are released to profit or loss at the end of the contract.

HAYDOCK COMMERCIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
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.

Categorisation of leases

In categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.

Repair and maintenance contracts

Management make judgements on an annual basis as to whether a contract is expected to generate a deficit and if so additional costs are recognised and written off to profit or loss.

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.

Useful life of fixed assets

In making decisions regarding the depreciation of fixed assets, management must estimate the useful life of said assets to the business. A change in estimate would result in a change in the depreciation charged to profit or loss in each year. The net book value of fixed assets at the year end was £4,316,306 (2022 - £4,098,620). Depreciation charged during the year was £575,942 (2022 - £539,017).

Provisions against stock

Used vehicle stocks are written down to their estimated market values which is deemed a key area of estimation by the directors. The carrying value of used vehicle stock at the year end is estimated to be £4,554,564 (2022 - £5,405,468) stated after provisions of £1,321,836 (2022 - £1,426,358).

Dilapidations provisions

A provision for dilapidations is recognised when the company has an obligation to restore leased property to its original condition upon expiry of the lease, and the amount of the restoration costs can be reliably estimated. The directors deem this to be a key area of estimation. At the year end the provision is estimated to be £294,177 (2022 - £294,177).

HAYDOCK COMMERCIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
3
Turnover and other revenue

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

2023
2022
£
£
Turnover analysed by class of business
Vehicle sales
258,470,006
142,924,390
Service and parts sales
39,487,925
36,039,847
297,957,931
178,964,237
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
294,554,431
175,049,087
Rest of the world
3,403,500
3,915,150
297,957,931
178,964,237
2023
2022
£
£
Other revenue
Interest income
59,156
-
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
575,942
539,017
Profit on disposal of tangible fixed assets
(65,708)
(7,264)
Operating lease charges
838,323
851,671
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
35,250
32,000

Statutory information on remuneration for other services provided by the company's auditors and its associates is given on a consolidated basis in the group accounts of the ultimate parent company (Cheshire 3 Holdings Limited). Auditor's remuneration relates to services provided by MHA.

HAYDOCK COMMERCIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
6
Employees

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

2023
2022
Number
Number
Management
18
19
Administration, service and distribution
216
220
Total
234
239

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
10,775,879
10,639,989
Social security costs
1,145,954
1,176,627
Pension costs
430,262
372,471
12,352,095
12,189,087
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
558,094
970,662
Company pension contributions to defined contribution schemes
39,968
44,907
598,062
1,015,569

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
233,087
316,380
Company pension contributions to defined contribution schemes
27,855
27,855
HAYDOCK COMMERCIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
59,156
-
0
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
4,445
815
Other interest on financial liabilities
790,755
432,110
795,200
432,925
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,900,940
1,569,864
Adjustments in respect of prior periods
-
0
227
Total current tax
1,900,940
1,570,091
Deferred tax
Origination and reversal of timing differences
34,603
(7,454)
Changes in tax rates
2,177
(2,353)
Total deferred tax
36,780
(9,807)
Total tax charge
1,937,720
1,560,284

Corporation tax is calculated at 23.52% (2022 - 19.00%) of the estimated assessable profit for the year. In the 3 March 2021 Budget it was announced that the UK tax rate will increase to 25% from 1 April 2023, and this rate was substantively enacted on 24 May 2021. Deferred tax balances at the year-end have been measured at 25% (2022 - 25%).

HAYDOCK COMMERCIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 23 -

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
8,164,226
8,321,606
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
1,920,271
1,581,105
Tax effect of expenses that are not deductible in determining taxable profit
26,388
7,593
Effect of change in corporation tax rate
2,177
(2,353)
Group relief
(106,978)
(73,881)
Under/(over) provided in prior years
-
0
227
Timing differences in respect of tangible fixed assets
9,731
(6,931)
Transfer pricing adjustments
86,131
54,524
Taxation charge for the year
1,937,720
1,560,284
11
Dividends
2023
2022
£
£
Final paid
4,750,000
5,500,000
HAYDOCK COMMERCIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
12
Tangible fixed assets
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
3,297,968
2,227,533
1,611,660
7,137,161
Additions
361,816
137,778
424,776
924,370
Disposals
-
0
(206,329)
(398,906)
(605,235)
At 31 December 2023
3,659,784
2,158,982
1,637,530
7,456,296
Depreciation and impairment
At 1 January 2023
310,618
1,703,660
1,024,263
3,038,541
Depreciation charged in the year
125,296
173,953
276,693
575,942
Eliminated in respect of disposals
-
0
(185,991)
(288,502)
(474,493)
At 31 December 2023
435,914
1,691,622
1,012,454
3,139,990
Carrying amount
At 31 December 2023
3,223,870
467,360
625,076
4,316,306
At 31 December 2022
2,987,350
523,873
587,397
4,098,620
13
Stocks
2023
2022
£
£
New vehicles
68,450,088
26,401,039
Used vehicles
4,576,775
5,405,468
Parts
2,614,757
2,533,124
75,641,620
34,339,631

Included within stock is a provision for slow moving and obsolete stock of £1,433,728 (2022 - £1,522,814), the movement in the year of £89,084 (2022 - £564,301) relates to the utilisation of the provision of £597,490 (2022 - £390,333) and additional provisions of £508,406 (2022 - £954,634).

 

New vehicle stock is held on consignment with a corresponding credit included within trade creditors. The creditors are secured over the related vehicles.

HAYDOCK COMMERCIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,158,933
6,987,554
Other debtors
7,264,875
1,360,388
Prepayments and accrued income
585,003
555,671
15,008,811
8,903,613
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
6,889,877
3,681,470
Total debtors
21,898,688
12,585,083

Trade debtors are stated after provision for bad and doubtful debts of £52,544 (2022 - £55,977).

 

Group debtors are interest free and repayable with 13 months notice.

15
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
83,837,620
38,071,748
Corporation tax
900,939
1,069,864
Other taxation and social security
416,100
502,917
Other creditors
6,387,159
3,777,313
Accruals and deferred income
89,539
532,737
91,631,357
43,954,579

Trade creditors relating to used vehicles of £53,400 (2022 - £14,466) are secured against the stocks to which they relate.

16
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
2,177,708
2,216,857
HAYDOCK COMMERCIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
17
Provisions for liabilities
2023
2022
£
£
Dilapidations provision
294,177
294,177
Movements on provisions:
Dilapidations provision
£
At 1 January 2023 and 31 December 2023
294,177

The dilapidations provision represents management's best estimate of the company's liability to put leasehold properties right at the end of the lease under lease contracts where repairs have been made to the space occupied, where this is a requirement of the lease agreement. This is expected to be utilised at the end of the lease contracts in place.

18
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
384,881
344,096
Other timing differences
(25,356)
(21,351)
359,525
322,745
2023
Movements in the year:
£
Liability at 1 January 2023
322,745
Charge to profit or loss
34,603
Effect of change in tax rate - profit or loss
2,177
Liability at 31 December 2023
359,525

The majority of the deferred tax liability above relates to the accelerated capital allowances. It is expected to reverse over the useful lives of the assets to which it relates.

HAYDOCK COMMERCIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
430,262
372,471

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.

There were outstanding contributions included in other creditors amounting to £53,954 at the end of the year (2022 - £49,219).

20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
40,000
40,000
40,000
40,000

Ordinary share rights

The company‘s ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the company.

21
Reserves
Share premium

Consideration received for shares issued above their nominal value net of transaction costs.

Capital redemption reserve

The nominal value of shares repurchased and still held at the end of the reporting period.

Profit and loss reserves

Cumulative profit and loss net of distribution to owners.

22
Financial commitments, guarantees and contingent liabilities

There is a guarantee in favour of Driver & Vehicle Licensing Agency (DVLA) for £200,000 (2022 - £200,000).

 

At the previous reporting date, the company had given an unlimited multilateral guarantee in favour of debt and other loans held by Cheshire 3 Holdings Limited. The maximum exposure at the previous reporting date was £2,433,376. This was charge was satisfied during the year.

 

The company has given commitments to repurchase vehicles from customers. These commitments amount to £8,287,550 (2022 - £3,994,268) and may crystallise at various times within the next 5 years. The directors are confident of selling these vehicles as part of normal business activities at a value not significantly different from their repurchase price. An estimate of the exposure between the repurchase price and the market value at the buyback date of £Nil (2022 - £23,000) has been included in accruals.

HAYDOCK COMMERCIAL VEHICLES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
23
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
£
£
Within one year
1,056,534
866,676
Between two and five years
3,832,949
2,837,382
In over five years
13,594,106
9,898,193
18,483,589
13,602,251
24
Related party transactions

Mr S G Dykes is a shareholder in the ultimate parent entity Cheshire 3 Holdings Limited. The company has transacted with companies under the control of Mr S G Dykes as follows:

 

During the year the company was charged rent of £483,040 (2022 - £483,040), consultancy of £120,000 (2022 - £185,000) and legal fees of £Nil (2022 - £2,055). The company made sales of £235,672 (2022 - £161,129) to entities with common shareholders. At the balance sheet date the amount owed by those entities was £Nil (2022 - £Nil).

25
Ultimate controlling party

The immediate and ultimate parent company of Haydock Commercial Vehicles Limited is Cheshire 3 Holdings Limited, a company incorporated and registered in England and Wales.

 

The director of Cheshire 3 Holdings Limited, Mr S Dykes, is considered to be the controlling party, being the majority shareholder of Cheshire 3 Holdings Limited.

 

The largest and smallest group in which the results of the company are consolidated is that headed by Cheshire 3 Holdings Limited. The consolidated financial statements of this group are available to the public and may be obtained from:

 

Unit 4

Lockheed Road

Burtonwood

Warrington

WA5 4AH

2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200Mr I HensallMr G A BumfordMr C A HargreavesMr M A RobertsonMr G Whittakerfalsefalse018529762023-01-012023-12-3101852976bus:Director12023-01-012023-12-3101852976bus:Director32023-01-012023-12-3101852976bus:Director42023-01-012023-12-3101852976bus:CompanySecretary12023-01-012023-12-3101852976bus:Director22023-01-012023-12-3101852976bus:RegisteredOffice2023-01-012023-12-31018529762023-12-31018529762022-01-012022-12-3101852976core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3101852976core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31018529762022-12-3101852976core:LeaseholdImprovements2023-12-3101852976core:PlantMachinery2023-12-3101852976core:MotorVehicles2023-12-3101852976core:LeaseholdImprovements2022-12-3101852976core:PlantMachinery2022-12-3101852976core:MotorVehicles2022-12-3101852976core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3101852976core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3101852976core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3101852976core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3101852976core:CurrentFinancialInstruments2023-12-3101852976core:CurrentFinancialInstruments2022-12-3101852976core:ShareCapital2023-12-3101852976core:ShareCapital2022-12-3101852976core:SharePremium2023-12-3101852976core:SharePremium2022-12-3101852976core:CapitalRedemptionReserve2023-12-3101852976core:CapitalRedemptionReserve2022-12-3101852976core:RetainedEarningsAccumulatedLosses2023-12-3101852976core:RetainedEarningsAccumulatedLosses2022-12-3101852976core:ShareCapital2021-12-3101852976core:SharePremium2021-12-3101852976core:CapitalRedemptionReserve2021-12-3101852976core:RetainedEarningsAccumulatedLosses2021-12-3101852976core:LeaseholdImprovements2023-01-012023-12-3101852976core:PlantMachinery2023-01-012023-12-3101852976core:MotorVehicles2023-01-012023-12-3101852976core:UKTax2023-01-012023-12-3101852976core:UKTax2022-01-012022-12-310185297612023-01-012023-12-310185297612022-01-012022-12-310185297622023-01-012023-12-310185297622022-01-012022-12-310185297632023-01-012023-12-310185297632022-01-012022-12-3101852976core:LeaseholdImprovements2022-12-3101852976core:PlantMachinery2022-12-3101852976core:MotorVehicles2022-12-31018529762022-12-3101852976core:AfterOneYear2023-12-3101852976core:AfterOneYear2022-12-3101852976core:Non-currentFinancialInstruments12023-12-3101852976core:Non-currentFinancialInstruments12022-12-3101852976core:WithinOneYear2023-12-3101852976core:WithinOneYear2022-12-3101852976core:BetweenTwoFiveYears2023-12-3101852976core:BetweenTwoFiveYears2022-12-3101852976core:MoreThanFiveYears2023-12-3101852976core:MoreThanFiveYears2022-12-3101852976bus:PrivateLimitedCompanyLtd2023-01-012023-12-3101852976bus:FRS1022023-01-012023-12-3101852976bus:Audited2023-01-012023-12-3101852976bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP