Company registration number 12641113 (England and Wales)
JABLITE GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
JABLITE GROUP LIMITED
COMPANY INFORMATION
Directors
J D Cooper
R P Dobbelaere
J Siljeskar
M Poulton
(Appointed 1 June 2023)
I Walker
(Appointed 2 November 2023)
Company number
12641113
Registered office
Unit A
Rudford Industral Estate
Ford Road
NR Arundel
West Sussex
UK
BN18 0BD
Auditor
Azets Audit Services
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
JABLITE GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
JABLITE GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

 

The company is the Holding company of a group containing two principal trading subsidiaries, namely, Jablite Limited and Styropack (UK) Limited. The group comprises the entities listed in Note 13 (“the group”).

 

Fair review of the business

The results for the year ended 31st December 2023 reflect a successful year of trading in which the group has significantly grown its core business alongside introducing a large range of traded products from within the wider BEWI organisation.

 

The business has made significant investment in manufacturing capability during the year. This will allow the group to service significant growth in the coming years, allowing it to provide market leading service and innovative products to the market.

 

Financial key performance indicators:

 

The directors believe that analysis using Turnover, Gross Profit, EBITDA, and Operating Profit KPI's is essential for measuring the position and performance of the business:

 

 

31 December

2023

 

31 December

2022

 

£

 

£

 

 

 

 

 

Turnover

 

47,526,421

 

29,384,695

Gross Profit

 

12,767,014

 

4,769,057

EBITDA Profit (excl. exceptional items)

 

3,497,953

 

432,473

Operating Profit (excl. exceptional items)

 

2,994,828

 

229,030

 

 

 

 

 

Principal risks and uncertainties

The directors continue to assess the key risks posed to the business and implement appropriate mitigations wherever possible. The principal market risks for the company relates to activity and confidence in the U.K. housing construction sector, general U.K. consumer confidence and ongoing geopolitical instability impacting global supply chains and prices.

Foreign exchange risk arises as the Group purchases raw materials from overseas. These risks are mitigated by the Group using hedging products to eliminate or reduce risk of foreign exchange movements.

The Group seeks to manage liquidity risk by ensuring sufficient cash is available to meet foreseeable needs and to invest cash assets safely and profitably. The Group reviews its cash flow forecasts on a regular basis.

In order to manage credit risk, the directors ensure that all new customers undergo third party credit checks and credit limits are set based on a combination of credit checks and payment history. The Group also uses credit insurance to reduce the risk.

Development and performance

The group continues to invest in manufacturing technology and the development of innovative, market leading products. We provide our customers with high performance, value adding solutions backed by the confidence of dealing with part of Europe’s leading EPS providers.

 

The business is committed to reducing the environmental impact of its activities, products and services. Low carbon and recycled materials are key to the ongoing development of innovative products whilst sustainable, reduced CO2 solutions within the manufacturing process and supply chain are key to the future growth of the business.

 

The business recognises the importance of high calibre talent within the organisation and as such continues to invest in its employees through high quality training and continuous development opportunities.

JABLITE GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

On behalf of the board

J D Cooper
Director
10 September 2024
JABLITE GROUP 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 and group for the period under review was that of a holding company of a group containing two principal trading subsidiaries, namely Bewi Insulation & Construction (UK) Ltd (formerly Jablite Limited) and Bewi Packaging & Components (UK) Ltd (formerly Styropack (UK) Limited).

 

The principal trading activity of Bewi Insulation & Construction (UK) Ltd is the manufacture and processing of expanded polystyrene (EPS) for the insulation of floors, walls and roofs as supplied to the construction industry as well as for various applications in the Civil engineering market such as void forming and as a lightweight fill for roads and embankments.

 

The principal trading activity of Bewi Packaging & Components (UK) Ltd is the manufacture of expanded polystyrene packaging products principally for the bespoke industrial sector (Brown/White Goods) and a range of standard products meeting the needs of the horticulture, fish and produce markets.

Results and dividends

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

No ordinary dividends were paid. 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:

J D Cooper
R P Dobbelaere
J Siljeskar
M Poulton
(Appointed 1 June 2023)
I Walker
(Appointed 2 November 2023)
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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

JABLITE GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
J D Cooper
Director
10 September 2024
JABLITE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JABLITE GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of Jablite Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

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:

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

In the light of the knowledge and understanding of the group and the parent company and their 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.

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.

JABLITE GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JABLITE GROUP LIMITED
- 7 -

Extent to which the audit was considered 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Rebecca Boys
Senior Statutory Auditor
For and on behalf of Azets Audit Services
17 September 2024
Chartered Accountants
Statutory Auditor
2nd Floor
Regis House
45 King William Street
London
EC4R 9AN
JABLITE GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Year
Period
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Turnover
3
47,526,421
29,384,695
Cost of sales
(34,759,407)
(24,615,638)
Gross profit
12,767,014
4,769,057
Administrative expenses
(9,793,563)
(4,556,064)
Other operating income
21,377
16,037
Operating profit
4
2,994,828
229,030
Interest payable and similar expenses
8
(579,789)
(263,053)
Profit/(loss) before taxation
2,415,039
(34,023)
Tax on profit/(loss)
9
(402,630)
(112,440)
Profit/(loss) for the financial year
2,012,409
(146,463)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
JABLITE GROUP LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
10
9,853
17,676
Tangible assets
11
5,518,761
3,468,107
5,528,614
3,485,783
Current assets
Stocks
14
4,221,285
3,511,698
Debtors
15
10,284,027
9,241,560
Cash at bank and in hand
1,001,435
622,343
15,506,747
13,375,601
Creditors: amounts falling due within one year
16
(15,283,796)
(13,286,003)
Net current assets
222,951
89,598
Total assets less current liabilities
5,751,565
3,575,381
Provisions for liabilities
Deferred tax liability
18
951,000
701,000
(951,000)
(701,000)
Net assets
4,800,565
2,874,381
Capital and reserves
Called up share capital
20
500,000
500,000
Revaluation reserve
596,390
682,615
Profit and loss reserves
3,704,175
1,691,766
Total equity
4,800,565
2,874,381
The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
10 September 2024
J D Cooper
Director
Company registration number 12641113 (England and Wales)
JABLITE GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
2
2
Current assets
Debtors
15
1,999,998
1,999,998
Creditors: amounts falling due within one year
16
(1,500,000)
(1,500,000)
Net current assets
499,998
499,998
Net assets
500,000
500,000
Capital and reserves
Called up share capital
20
500,000
500,000

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2022 - £0 profit).

The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
10 September 2024
J D Cooper
Director
Company registration number 12641113 (England and Wales)
JABLITE GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 June 2022
500,000
732,913
1,838,229
3,071,142
Period ended 31 December 2022:
Loss and total comprehensive income
-
-
(146,463)
(146,463)
Transfers
-
(50,298)
-
(50,298)
Balance at 31 December 2022
500,000
682,615
1,691,766
2,874,381
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
2,012,409
2,012,409
Transfers
-
(86,225)
-
(86,225)
Balance at 31 December 2023
500,000
596,390
3,704,175
4,800,565
JABLITE GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
£
Balance at 1 June 2022
500,000
Period ended 31 December 2022:
Profit and total comprehensive income for the period
-
Balance at 31 December 2022
500,000
Year ended 31 December 2023:
Profit and total comprehensive income
-
Balance at 31 December 2023
500,000
JABLITE GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
5,236,812
1,946,439
Interest paid
(579,789)
(263,053)
Income taxes paid
(202,537)
-
0
Net cash inflow from operating activities
4,454,486
1,683,386
Investing activities
Purchase of business
(2,311,888)
-
Purchase of tangible fixed assets
(2,632,181)
(657,464)
Net cash used in investing activities
(4,944,069)
(657,464)
Financing activities
Repayment of borrowings
287,996
(423,831)
Repayment of bank loans
-
(254,131)
Net cash generated from/(used in) financing activities
287,996
(677,962)
Net (decrease)/increase in cash and cash equivalents
(201,587)
347,960
Cash and cash equivalents at beginning of year
622,343
274,383
Cash and cash equivalents at end of year
420,756
622,343
Relating to:
Cash at bank and in hand
1,001,435
622,343
Bank overdrafts included in creditors payable within one year
(580,679)
-
JABLITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Jablite Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit A, Rudford Industral Estate, Ford Road, NR Arundel, West Sussex, UK, BN18 0BD.

 

The group consists of Jablite Group Limited and all of its subsidiaries.

1.1
Accounting convention

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed assets and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The 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 for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

JABLITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

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

 

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

 

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

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

1.4
Going concern

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

1.5
Turnover

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

 

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

1.6
Research and development expenditure

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

1.7
Intangible fixed assets other than goodwill

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

 

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

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

Software
3 years straight line
1.8
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.

JABLITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -

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
3 years straight line
Plant and equipment
10 years straight line
Fixtures and fittings
3 years straight line
Computer equipment
3 years 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 recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

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

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.11
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.

JABLITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.12
Cash and cash equivalents

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

1.13
Financial instruments

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

 

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

 

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

Basic financial assets

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

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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

JABLITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.16
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.

JABLITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.17
Retirement benefits

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

1.18
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 leased asset are consumed.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

 

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

Key sources of estimation uncertainty

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

Stock valuation

Stocks are valued at the lower of cost and the estimated selling price less costs to sell. In assessing the value of the company's stock, consideration is given to any impairment in its value as a result of any stock which is likely to have become obsolete or which has an estimated selling price less than its cost price.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Bad debt provision

Bad debts are provided for specific debts when no longer considered to be recoverable.

JABLITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Insulation and construction
39,993,999
21,781,784
Packaging and components
7,532,422
7,602,911
47,526,421
29,384,695
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom (including The Channel Islands)
47,526,421
29,384,695
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Exchange losses
1,796
311
Research and development costs
110,361
36,930
Depreciation of owned tangible fixed assets
495,302
198,880
Amortisation of intangible assets
7,823
4,563
Operating lease charges
1,442,044
750,490
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 group and company
6,000
5,500
Audit of the financial statements of the company's subsidiaries
37,450
35,250
43,450
40,750
JABLITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Sales
28
10
-
-
Factory
109
108
-
-
Admin
25
14
-
-
Total
162
132
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
6,093,187
3,122,272
-
0
-
0
Social security costs
578,728
333,719
-
-
Pension costs
210,925
112,973
-
0
-
0
6,882,840
3,568,964
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
267,642
184,495
Company pension contributions to defined contribution schemes
19,182
4,091
286,824
188,586

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (31 December 2022 - 2).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
157,936
101,703
Company pension contributions to defined contribution schemes
9,894
(1,648)
JABLITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
455,797
216,203
Other interest on financial liabilities
123,992
46,850
Total finance costs
579,789
263,053
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
152,630
-
0
Adjustments in respect of prior periods
-
0
(26,560)
Total current tax
152,630
(26,560)
Deferred tax
Origination and reversal of timing differences
250,000
139,000
Total tax charge
402,630
112,440

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

2023
2022
£
£
Profit/(loss) before taxation
2,415,039
(34,023)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
603,760
(6,465)
Tax effect of expenses that are not deductible in determining taxable profit
6,124
40,119
Tax effect of utilisation of tax losses not previously recognised
(176,982)
33,748
Unutilised tax losses carried forward
-
0
103,240
Permanent capital allowances in excess of depreciation
(280,272)
(170,642)
Under/(over) provided in prior years
-
0
(26,560)
Deferred tax adjustments
250,000
139,000
Taxation charge
402,630
112,440
JABLITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
10
Intangible fixed assets
Group
Software
£
Cost
At 1 January 2023 and 31 December 2023
23,467
Amortisation and impairment
At 1 January 2023
5,791
Amortisation charged for the year
7,823
At 31 December 2023
13,614
Carrying amount
At 31 December 2023
9,853
At 31 December 2022
17,676
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
11
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
-
0
4,197,760
-
0
85,523
4,283,283
Additions
93,430
2,445,378
38,794
54,579
2,632,181
At 31 December 2023
93,430
6,643,138
38,794
140,102
6,915,464
Depreciation and impairment
At 1 January 2023
-
0
774,276
-
0
40,900
815,176
Depreciation charged in the year
2,121
446,525
4,839
41,817
495,302
Revaluation
-
0
86,225
-
0
-
0
86,225
At 31 December 2023
2,121
1,307,026
4,839
82,717
1,396,703
Carrying amount
At 31 December 2023
91,309
5,336,112
33,955
57,385
5,518,761
At 31 December 2022
-
0
3,423,484
-
0
44,623
3,468,107
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
JABLITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
2
2
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
2
Carrying amount
At 31 December 2023
2
At 31 December 2022
2
13
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Bewi Insulation & Construction (UK) Ltd
Unit a, Rudford Industrial Estate, Ford Road, Nr Ardundel, West Sussex, BN18 0BD
Ordinary
100.00
Bewi Packaging & Components (UK) Ltd
Unit a, Rudford Industrial Estate, Ford Road, Nr Ardundel, West Sussex, BN18 0BD
Ordinary
100.00
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
1,733,767
2,233,869
-
-
Work in progress
67,425
51,296
-
-
Finished goods and goods for resale
2,420,093
1,226,533
-
0
-
0
4,221,285
3,511,698
-
-
JABLITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
9,409,047
8,316,726
-
0
-
0
Corporation tax recoverable
-
0
11,057
-
0
-
0
Other debtors
222,339
10,000
-
0
-
0
Prepayments and accrued income
652,641
903,777
-
0
-
0
10,284,027
9,241,560
-
-
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
1,999,998
1,999,998
Total debtors
10,284,027
9,241,560
1,999,998
1,999,998
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Debenture loans
17
1,500,000
1,500,000
1,500,000
1,500,000
Bank loans and overdrafts
17
580,679
-
0
-
0
-
0
Other borrowings
17
3,655,162
3,367,166
-
0
-
0
Trade creditors
2,590,306
2,941,277
-
0
-
0
Amounts owed to group undertakings
3,827,412
2,820,075
-
0
-
0
Corporation tax payable
150,754
211,718
-
0
-
0
Other taxation and social security
1,312,354
1,057,057
-
-
Other creditors
72,828
117,916
-
0
-
0
Accruals and deferred income
1,594,301
1,270,794
-
0
-
0
15,283,796
13,286,003
1,500,000
1,500,000
JABLITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
17
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Debenture loans
1,500,000
1,500,000
1,500,000
1,500,000
Bank overdrafts
580,679
-
0
-
0
-
0
Other loans
3,655,162
3,367,166
-
0
-
0
5,735,841
4,867,166
1,500,000
1,500,000
Payable within one year
5,735,841
4,867,166
1,500,000
1,500,000

The bank loans are secured by fixed and floating charge over all property or undertakings of the company including a negative pledge dated 15 June 2020.

 

The bank loan is repayable monthly over a period of 3 years. Interest is charged at 3% per annum over 3 month Libor.

 

Other loans relate to an invoice discounting facility which is secured by a fixed and floating charge over all property and undertakings of the company and a negative pledge dated 15 June 2020.

Debenture loans are secured by a fixed and floating charge over all property and undertakings of the group including a negative pledge.

 

Debenture loans bear interest at 4% per annum and repayable in three years from issue together with accrued interest and premium amount on loan stock.

18
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
951,000
701,000
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
701,000
-
Charge to profit or loss
250,000
-
Liability at 31 December 2023
951,000
-
JABLITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Deferred taxation
(Continued)
- 27 -

The deferred tax liability set out above is expected to reverse over the life of assets and relates to accelerated capital allowances that are expected to mature within the same period.

A potential deferred tax asset of £nil (2022: £180,000) has not been recognised due to uncertainty over the timing of the reversal which will be based on future trading profits.

19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
210,925
112,973

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

At the balance sheet date, the company owed £42,104 (2022: £34,113) in relation to outstanding pension payments.

20
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of £1 each
245,000
245,000
245,000
245,000
B Ordinary of £1 each
255,000
255,000
255,000
255,000
500,000
500,000
500,000
500,000

Ordinary A and Ordinary B shares carry full voting, dividend and capital distribution (including on winding up) rights. The shares are not redeemable.

JABLITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
21
Acquisition of a business

On 1 July 2023 the group acquired the trade and business of Jackon UK.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Inventories
2,311,888
-
2,311,888
Goodwill
-
Total consideration
2,311,888
The consideration was satisfied by:
£
Cash
2,311,888
22
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
1,241,545
1,133,845
-
-
Between two and five years
3,601,755
3,684,189
-
-
In over five years
3,705,941
4,484,107
-
-
8,549,241
9,302,141
-
-
JABLITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
23
Related party transactions
Transactions with related parties

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

Purchases
Purchases
2023
2022
£
£
Group
Entities with control, joint control or significant influence over the group
13,044,895
6,028,697
Loan interest
2023
2022
£
£
Group
Entities with control, joint control or significant influence over the company
123,992
46,850

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Entities with control, joint control or significant influence over the group
6,308,067
4,320,885
24
Controlling party

The company is considered to be under the control of BEWisynbra Group Ab.

25
Cash generated from group operations
2023
2022
£
£
Profit/(loss) for the year after tax
2,012,409
(146,463)
Adjustments for:
Taxation charged
402,630
112,440
Finance costs
579,789
263,053
Amortisation and impairment of intangible assets
7,823
4,563
Depreciation and impairment of tangible fixed assets
495,302
198,880
Movements in working capital:
Decrease in stocks
1,602,301
75,434
(Increase)/decrease in debtors
(1,053,524)
798,200
Increase in creditors
1,190,082
640,332
Cash generated from operations
5,236,812
1,946,439
JABLITE GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
26
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
622,343
379,092
1,001,435
Bank overdrafts
-
0
(580,679)
(580,679)
622,343
(201,587)
420,756
Borrowings excluding overdrafts
(4,867,166)
(287,996)
(5,155,162)
(4,244,823)
(489,583)
(4,734,406)
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