Company registration number 00701449 (England and Wales)
WILLMOTT'S TRANSPORT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WILLMOTT'S TRANSPORT LIMITED
COMPANY INFORMATION
Directors
Mr A M Stott
Mr A D Tuck
Mrs J E Buchan
Mr D Gray
Mr C Baker
Miss J A Rogers
Company number
00701449
Registered office
Willmott's Business Park
Waterlip
SHEPTON MALLET
Somerset
BA4 4RN
Auditor
Old Mill Audit Limited
Bishopbrook House
Cathedral Avenue
WELLS
Somerset
BA5 1FD
Bankers
NatWest
39 Milsom Street
BATH
Somerset
BA1 1DS
WILLMOTT'S TRANSPORT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 28
WILLMOTT'S TRANSPORT 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 and future developments

2023 remained consistent with forecasted growth and performance, based upon the predetermined economic challenges expected during the year. A year in which we developed our new HQ site in Waterlip, allowing for 10,000 pallet spaces and new offices for our growing team. 2023 saw a year of inflated warehouse demand; alongside stable haulage and pallet network performance. Continued contract wins saw any reduction in customer activity suppressed and resulted in a year-on-year stability within our financial performance, whilst investing heavily in our new HQ build.

 

We have maintained BRC, ISO9001 + 14001, Soil Association and Cyber Essential certifications.

 

Investment in new equipment saw an increase during 2023 with market availability returning, enabling us to renew the fleet of both vehicles and trailers we operate. Several key operating systems across the group are due for renewal in 2024, which will be reviewed and tendered as necessary.

 

 

Principal risks and uncertainties

Economic conditions

Energy and fuel prices remained stable during 2023, however still consistently high. The increase was partially mitigated with our surcharge structures however customers are now far more aware of the impacts on price with surcharges applied. We forecast challenges to our business with an abundance of supply in the industry twinned with a reduction in demand. Key contract wins early 2024 will mitigate some of this concern. Measures will need to be taken to reduce operating cost via differing models whilst increasing overall revenue per annum.

 

Risk Management

During the period the Directors continued to review the fundamental risks of the Company. Risk management is discussed and addressed regularly by senior management.

Financial instruments

Objectives and policies

The management objectives are to retain sufficient liquid funds to enable it to meet its day to day requirements, minimise the company's exposure to fluctuating interest rates, and match the repayment schedule of any external borrowings with the future cash flows expected to arise from the company's trading activities.

 

Price risk, credit risk, liquidity risk and cash flow risk

The company is exposed to a moderate level of credit risk, liquidity risk and cash flow risk. The company manages these risks by financing its operations through the continued support of its bankers and financers, supplemented by long term bank borrowings where necessary to fund expansion or capital expenditure programmes. The company is not exposed to price risk as it holds no listed investments.

WILLMOTT'S TRANSPORT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

The trading results for the period and the company’s financial position at the end of the period are in accordance with all budgets and forecasts for the period.

 

                                Unit    2023        2022

Return on Capital Employed                        %    17.53        19.13

Gross Profit                            %    32.81        29.53

 

The directors monitor the Return on Capital Employed (ROCE) ratio which measures the company’s profitability and the efficiency with which its capital is employed. During the period the ROCE percentage has decreased to 17.53% (2022 - 19.13%). The directors also closely monitor the company’s gross profit percentage which has increased to 32.81% (2022 - 29.53%) during the period.

 

The senior management team are required to compute industry specific key performance indicators to highlight the potential for efficiency improvements. Substantial reductions can be achieved by making better use of vehicle capacity. This in turn results in fewer accidents, less pollution as well as lower operating costs. Vehicle fill, time utilisation, deviations from schedule and fuel consumption rates are reviewed on a regular basis as these are significant to a business in this industry.

On behalf of the board

Mr A M Stott
Director
15 August 2024
WILLMOTT'S TRANSPORT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the company is logistics/retail support and warehousing within the UK, and Europe. The core business is based in Waterlip, with several operating centres throughout UK for onward delivery to various destinations in the UK & Europe.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,344,391. The directors do not recommend payment of a final 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 A M Stott
Mr A D Tuck
Mrs J E Buchan
Mr D Gray
Mr C Baker
Miss J A Rogers
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.

Auditor

The auditor, Old Mill Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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.

WILLMOTT'S TRANSPORT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
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 the group and company's financial risk management objectives and policies, its exposure to price risk, credit risk, liquidity risk and cash flow risk and the future development of the business.

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr A M Stott
Director
15 August 2024
WILLMOTT'S TRANSPORT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILLMOTT'S TRANSPORT LIMITED
- 5 -
Opinion

We have audited the financial statements of Willmott's Transport Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

WILLMOTT'S TRANSPORT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILLMOTT'S TRANSPORT LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

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.

 

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

WILLMOTT'S TRANSPORT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WILLMOTT'S TRANSPORT LIMITED (CONTINUED)
- 7 -

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

How the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, 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:

 

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Other matters which we are required to address

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. In particular, compliance was reviewed for the company's Vehicle Operator Licences as these are essential to the trade. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

Stuart Grimster FCA
Senior Statutory Auditor
For and on behalf of Old Mill Audit Limited
9 September 2024
Statutory Auditor
Bishopbrook House
Cathedral Avenue
WELLS
Somerset
BA5 1FD
WILLMOTT'S TRANSPORT LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
27,984,210
27,450,421
Cost of sales
(18,801,644)
(19,343,197)
Gross profit
9,182,566
8,107,224
Administrative expenses
(7,173,648)
(6,311,213)
Other operating income
930,639
1,136,841
Operating profit
4
2,939,557
2,932,852
Interest receivable and similar income
7
-
0
624
Interest payable and similar expenses
8
(487,334)
(370,891)
Profit before taxation
2,452,223
2,562,585
Tax on profit
9
(437,248)
(340,252)
Profit for the financial year
2,014,975
2,222,333

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WILLMOTT'S TRANSPORT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
2,014,975
2,222,333
Other comprehensive income
-
-
Total comprehensive income for the year
2,014,975
2,222,333
WILLMOTT'S TRANSPORT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
13,994,929
12,547,524
Current assets
Stocks
12
3,838
-
Debtors
13
8,551,980
7,662,855
Cash at bank and in hand
240,672
458,170
8,796,490
8,121,025
Creditors: amounts falling due within one year
14
(5,757,815)
(5,337,897)
Net current assets
3,038,675
2,783,128
Total assets less current liabilities
17,033,604
15,330,652
Creditors: amounts falling due after more than one year
15
(8,742,183)
(8,170,913)
Provisions for liabilities
Provisions
18
180,000
180,000
Deferred tax liability
19
1,471,302
1,010,205
(1,651,302)
(1,190,205)
Net assets
6,640,119
5,969,534
Capital and reserves
Called up share capital
22
5,004
5,003
Revaluation reserve
1,033,006
1,033,006
Capital redemption reserve
25,000
25,000
Profit and loss reserves
5,577,109
4,906,525
Total equity
6,640,119
5,969,534

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 15 August 2024 and are signed on its behalf by:
Mr A M Stott
Director
Company registration number 00701449 (England and Wales)
WILLMOTT'S TRANSPORT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
5,003
1,033,006
25,000
3,088,548
4,151,557
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
2,222,333
2,222,333
Dividends
10
-
-
-
(404,356)
(404,356)
Balance at 31 December 2022
5,003
1,033,006
25,000
4,906,525
5,969,534
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
2,014,975
2,014,975
Issue of share capital
22
1
-
-
-
1
Dividends
10
-
-
-
(1,344,391)
(1,344,391)
Balance at 31 December 2023
5,004
1,033,006
25,000
5,577,109
6,640,119
WILLMOTT'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

Willmott's Transport Limited is a private company limited by shares incorporated in England and Wales. The registered office is Willmott's Business Park, Waterlip, SHEPTON MALLET, Somerset, BA4 4RN.

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, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

Willmott's Transport Limited is a subsidiary of ADMP Group Limited and the results of Willmott's Transport Limited are included in the consolidated financial statements of ultimate parent company, Stotts Group Limited, which are available from Willmott's Business Park, Waterlip, SHEPTON MALLET, Somerset, BA4 4RN .

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

1.3
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.

 

Revenue is recognised when the company obtains the right to consideration for the performance of its services.

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.

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:

Freehold buildings
Straight line over 50 years
Property improvements
25% Straight line
Plant and machinery
25% Reducing balance
Fixtures, fittings & equipment
25% Straight Line
Motor vehicles
20% 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.

WILLMOTT'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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.

1.7
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.

WILLMOTT'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

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

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.

WILLMOTT'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
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.

Other financial liabilities

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 though 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.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

WILLMOTT'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.11
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.

1.12
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.

1.13
Retirement benefits

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

1.14
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 asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

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

2
Judgements and key sources of estimation uncertainty

In the application of the 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.

WILLMOTT'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -
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.

Depreciation

The directors use their knowledge of the business and the industry to estimate the useful life and residual value of tangible fixed assets in order to arrive at applicable depreciation rates. In accordance with section 17 of FRS102, the directors review and update these estimates if there are indicators that current estimates should change. During the year there was no change in the depreciation rates.

 

It must be noted that there is inherent uncertainty with these estimates as factors such as unexpected wear and tear, technological advancement and changes in market price may result in future changes to the appropriate rate of depreciation.

Valuation of Land and Buildings

The directors use their knowledge of the local area and market activity to judge the open market value of land and buildings. These valuations are reviewed on a yearly basis in line with market trends.

 

It is noted that there is inherent uncertainty regarding the requirement of land and buildings in the local area and market value is dependent on demand.

3
Turnover and other revenue

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

2023
2022
£
£
Turnover analysed by class of business
Haulage Services
22,793,480
23,554,910
Warehousing, handling & storage
5,190,730
3,895,511
27,984,210
27,450,421
2023
2022
£
£
Other revenue
Interest income
-
624
WILLMOTT'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
16,000
11,100
Depreciation of owned tangible fixed assets
713,599
349,971
Depreciation of tangible fixed assets held under finance leases
992,587
995,446
Profit on disposal of tangible fixed assets
(113,750)
(149,827)
Operating lease charges
736,438
531,371
5
Employees

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

2023
2022
Number
Number
Administration
40
37
Distribution
148
139
Directors
6
5
Total
194
181

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
7,587,281
7,109,825
Social security costs
759,182
734,835
Pension costs
244,817
259,243
8,591,280
8,103,903
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
257,738
208,538
Company pension contributions to defined contribution schemes
28,046
29,179
285,784
237,717

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

WILLMOTT'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Directors' remuneration
(Continued)
- 19 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
72,999
73,216
Company pension contributions to defined contribution schemes
11,321
11,321
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
-
0
624
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
182,406
182,012
Interest on invoice finance arrangements
113,483
62,606
Interest on finance leases and hire purchase contracts
191,445
126,273
487,334
370,891
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
84,648
160,664
Adjustments in respect of prior periods
(108,497)
(164,539)
Total current tax
(23,849)
(3,875)
Deferred tax
Origination and reversal of timing differences
461,097
344,127
Total tax charge
437,248
340,252
WILLMOTT'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 20 -

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
2,452,223
2,562,585
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
576,763
486,891
Tax effect of expenses that are not deductible in determining taxable profit
6,507
9,649
Group relief
(84,951)
(22,631)
Permanent capital allowances in excess of depreciation
11,178
-
0
Depreciation on assets not qualifying for tax allowances
-
0
25,419
Research and development tax credit
-
0
(164,539)
Other non-reversing timing differences
14
-
0
Under/(over) provided in prior years
(108,498)
86,139
Excess proceeds
-
0
(78)
Remeasurement of deferred tax for changes in tax rates
26,710
70,284
Other tax adjustments, reliefs and transfers
(225)
-
0
Movement in deferred tax not recognised
9,750
-
0
Super deduction on enhanced allowance assets
-
0
(112,410)
SBA claim on assets treated as disallowed in prior years
-
0
(3,611)
Effect of changes to valuations of property
-
0
(34,861)
Taxation charge for the year
437,248
340,252
10
Dividends
2023
2022
£
£
Interim paid
1,344,391
404,356
WILLMOTT'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
11
Tangible fixed assets
Freehold buildings
Property improvements
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2023
8,846,792
75,043
37,192
872,185
143,748
7,928,095
17,903,055
Additions
94,474
-
0
-
0
594,590
9,668
2,518,881
3,217,613
Disposals
(26,830)
(30,609)
(37,192)
-
0
(6,981)
(620,982)
(722,594)
At 31 December 2023
8,914,436
44,434
-
0
1,466,775
146,435
9,825,994
20,398,074
Depreciation and impairment
At 1 January 2023
406,277
45,323
-
0
306,541
70,481
4,526,909
5,355,531
Depreciation charged in the year
150,292
14,492
-
0
175,891
36,500
1,329,011
1,706,186
Eliminated in respect of disposals
-
0
(30,609)
-
0
-
0
(6,981)
(620,982)
(658,572)
At 31 December 2023
556,569
29,206
-
0
482,432
100,000
5,234,938
6,403,145
Carrying amount
At 31 December 2023
8,357,867
15,228
-
0
984,343
46,435
4,591,056
13,994,929
At 31 December 2022
8,440,515
29,720
37,192
565,644
73,267
3,401,186
12,547,524
WILLMOTT'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Plant and machinery
178,503
-
0
Motor vehicles
3,224,945
3,337,421
3,403,448
3,337,421

The company’s main site, Waterlip Quarry, land and buildings were valued in June 2021 at £2,500,000 by Savills, independent valuers not connected with the company, on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. Since the valuation, there has also been an extension, costing £400,000, at this site. In addition, the Westfield site was purchased in July 2021, and is shown at the cost of £5,500,000. It is the opinion of the directors that this, together with the cost of subsequent additions, represents the current open market value of all properties.

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2023
2022
£
£
Cost
7,564,051
7,496,406
Accumulated depreciation
(403,267)
(272,039)
Carrying value
7,160,784
7,224,367
12
Stocks
2023
2022
£
£
Raw materials and consumables
3,838
-
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,410,514
4,608,937
Corporation tax recoverable
23,849
-
0
Amounts owed by group undertakings
3,609,456
2,595,212
Other debtors
13,324
39,181
Prepayments and accrued income
494,837
419,525
8,551,980
7,662,855
WILLMOTT'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
16
339,809
443,183
Obligations under finance leases
17
1,383,520
1,117,156
Trade creditors
1,804,626
1,706,234
Amounts owed to group undertakings
-
0
98,266
Corporation tax
-
0
160,664
Other taxation and social security
824,811
838,761
Other creditors
1,005,237
676,227
Accruals and deferred income
399,812
297,406
5,757,815
5,337,897

Included within creditors falling due within one year are obligations under finance leases of £1,383,520 (2022: £1,117,156) for which security has been given by the company in the form of fixed charges over the assets to which the obligations relate.

 

Bank overdrafts and loans are secured by fixed and floating charges over the assets of the company and the group.

 

Other creditors of £938,322 (2022: £583,744) are secured by fixed and floating charges over the assets of the company.

15
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
16
5,678,646
5,923,647
Obligations under finance leases
17
3,063,537
2,247,266
8,742,183
8,170,913

Included within creditors falling due within more than one year are obligations under finance leases of £3,063,537 (2022: £2,247,266) for which security has been given by the company.

 

Bank overdrafts and loans are secured by fixed and floating charges over the assets of the company and the group.

 

Amounts included above which fall due after five years are as follows:
Payable by instalments
4,390,112
4,635,114
WILLMOTT'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
16
Loans and overdrafts
2023
2022
£
£
Bank loans
6,000,779
6,245,780
Bank overdrafts
17,676
121,050
6,018,455
6,366,830
Payable within one year
339,809
443,183
Payable after one year
5,678,646
5,923,647

The bank loans are secured by fixed charges over the company's freehold properties.

Interest rates range from 2.04% to 2.85% over Base Rate, and repayment schedules vary between loan agreements, including fixed rate periods.

17
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
1,383,520
1,117,156
In two to five years
3,063,537
2,247,266
4,447,057
3,364,422

Finance lease payments represent rentals payable by the company 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. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Provisions for liabilities
2023
2022
£
£
Provision of dilapidations
180,000
180,000
Movements on provisions:
Provision of dilapidations
£
At 1 January 2023 and 31 December 2023
180,000
WILLMOTT'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Provisions for liabilities
(Continued)
- 25 -

The dilapidation provision of £180,000 will be released between December 2024 and December 2031 when the leases terminate.

 

19
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
1,257,520
806,063
Capital gains/(losses)
218,893
209,807
Other timing issues
-
(5,665)
Short term timing differences
(5,111)
-
1,471,302
1,010,205
2023
Movements in the year:
£
Liability at 1 January 2023
1,010,205
Charge to profit or loss
461,097
Liability at 31 December 2023
1,471,302
20
Share based payments

As at 31 December 2023 Stotts Group Limited has granted options over 18 shares to employees of the company. The options are exercisable over a period ranging from the date of grant to 10 years, at an exercise price of £3,074 per share. The directors have concluded that any charge required in respect of these options is not material and have therefore not been reflected in the profit and loss account.

21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
244,817
259,243

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.

At the year end, £44,420 (2022: £42,622) was due in respect of pension liabilities.

WILLMOTT'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
22
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
5,000 Ordinary A Shares of £1 each
5,000
5,000
4 (2022: 3) Ordinary B Shares of £1 each
4
3
5,004
5,003

Ordinary A Shares have full and equal rights to participate in voting in all circumstances and in dividends and capital distributions, whether on a winding up or otherwise. The shares are not redeemable.

 

Ordinary B Shares have no voting rights but have full equity and full dividend rights and are not redeemable.

During the year 1 £1 Ordinary B Share was allotted.

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
1,193,414
992,201
Between two and five years
2,322,503
2,713,533
In over five years
685,914
882,092
4,201,831
4,587,826
24
Capital commitments
2023
2022
£
£
Acquisition of tangible fixed assets
1,536,548
1,756,380
WILLMOTT'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
25
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Dividends totalling £110,649 (2022 - £44,000) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors' Loan Account
-
-
32,000
(32,000)
-
Directors' Loan Account
-
39,181
45,649
(84,830)
-
39,181
77,649
(116,830)
-
WILLMOTT'S TRANSPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
26
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Purchases
2023
2022
2023
2022
£
£
£
£
Entities with control, joint control or significant influence over the company
114,943
-
0
262,399
-
0
Other related parties
1,992,888
1,132,149
1,828,213
1,959,296
Loans provided
2023
2022
£
£
Entities with control, joint control or significant influence over the company
-
1,275,500

 

2023
2022
Amounts due to related parties
£
£
Other related parties
-
98,905

 

2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
3,484,429
2,595,213
Other related parties
125,027
-
27
Controlling party

Willmott's Transport Limited is a subsidiary company of Stotts Group Limited, which owns 99.96% of the issued share capital.

 

The ultimate controlling party is Mr A Stott by virtue of 100% ownership of the called up share capital of Stott's Group Limited

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