HAVWOODS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company Registration No. 01225320 (England and Wales)
HAVWOODS LIMITED
COMPANY INFORMATION
Directors
Mrs E J Whiley
Mr N Whiley
Mr O M Whiley
Mr S Whiley
Secretary
Mrs E J Whiley
Company number
01225320
Registered office
Carnforth Business Park
Oakwood Way
Carnforth
Lancashire
LA5 9FD
Auditor
Champion Accountants LLP
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
HAVWOODS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 26
HAVWOODS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

In the year to 31 December 2023 turnover decreased from £48,068,871 to £40,079,323. As reported in our Strategic review in 2022 our strategic focus is the supply of market leading wooden flooring and wood related surfaces. We launched our new exciting range of products during Q4 of 2023, bringing wood surface products to the market. In June 2023 we disposed of our composite decking (Trekker) which didn’t align with this focus. Adjusting for this disposal our turnover decreased from £46,622,311 to £39,760,810. The year have seen a lot of disruption from external factors, which have led to inflationary pressures, high inflation rates, and ultimately impacting the cost of living crisis in the majority of Global Markets. The biggest impact has been experienced in our export market reporting a fall in turnover of £4,054,666. The balance of the reduction is in our domestic UK market which has proven extremely resilient to the negative market influences showing a reduction of 7%. Our gross margin remaining consistent at 36.6% for 2023 and 2024. Overall, we have seen our margin on continuing operations decrease by £2,597,808.

 

Administrative expenses on continuing operations decreased by £53,242 to £11,252,757. In the response to the inflationary pressure we have focused on targeted overhead savings during the year. These saving have allowed us to continue to invest on our targeted growth areas and support our employees.

 

As a result of these factors, the company has reported decreased profits before tax on continuing operations of £4,460,150 (2022: £6,894,396).

 

At the year end, the company has shareholders’ funds of £26,199,489 (2022: £25,234,241), including distributable profits of £26,198,469 (2022: £25,233,221). The directors therefore believe the company’s position to be strong with current assets exceeding its current liabilities by £22,747,435 (2022: £22,346,261) and consider that the business has created a great platform to achieve its strategic aims in the coming year.

 

The fixed assets net book values have increased to £3,717,648 in the year as a result of the purchase of Trademarks, and also the continued investment in our workplaces, with the refit of our Head Office.

 

Stock levels reduced to £4,750,077 (2022: £6,415,989).

 

Debtors has decreased by £2,900,768 (2022: increase £627,803). Amounts owed by group entities has decreased by £70,180 (2022: decrease £464,604).

 

Creditors falling due within one year have decreased by £1,685,946 (2022: increased by £1,135,028).

 

Tight control over stock and debtors has resulted in cash balances increasing by £3,281,989 to £4,046,775.

HAVWOODS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties

The directors have assessed the main risk facing the company as increased competition, and current economic outlook, with rising inflation and interest rates. The directors believe that the quality and depth of their products, along with our customer service will help to overcome such risks and see satisfactory trading results in the coming year.

 

The company makes little use of financial instruments other than an operational bank account and so its exposure to price risk, credit risk, liquidity risk and cash flow risk is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company. The company finances its operations through retained profits.

 

With our products primarily being purchased from Europe, we continue to look at our exchange rate management and ways to mitigate our risks. Currently the businesses minimise the risk on longer term projects by using forward exchange contracts.

 

The management's objectives are to:

 

  1. retain sufficient liquid funds to enable it to meet its day to day obligations as they fall due whilst maximising returns on surplus funds; and

  2. minimise the company's exposure to fluctuating interest rates when seeking new borrowings.

 

Where appropriate, funds are invested in sterling treasury deposit accounts. There is therefore no price risk exposure.

Development and performance

The directors believe the company will continue to trade successfully in the foreseeable future.

Key performance indicators

 

 

 

 

2023

2022

 

£

£

Turnover

40,079,323

48,068,871

Gross profit

14,659,507

17,667,670

Operating profit

3,833,739

6,876,980

 

 

 

 

2023

2022

 

Number

Number

Staff numbers

98

100

 

 

 

 

2023

2022

 

%

%

Gross profit

36.6%

36.8%

Operating profit

9.6%

14.3%

Section 172 statement

The directors promote the success of the company through its implementation of the Havwoods Group Strategy. This strategic vision is currently set to 31 December 2026. Strategic initiatives consider all stakeholders, and the directors ensure that the initiatives feed directly into the day to day operations of the business. The strategy and decision making process is designed to continually advance Havwoods position in the countries and sectors it operates whilst being flexible to deal with rapidly changing market conditions.

HAVWOODS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Employees

Havwoods was set up in 1975 and is now being run by the 3rd Generation of the family. Whilst the company has developed in line with its scale the family culture remains instilled throughout the organisation. Our people will always be our most valued asset. The company ethos is to create a caring environment where our people flourish. The health, safety and wellbeing of our employees will always by a primary consideration. We ensure we take a responsible approach to pay and benefits regularly benchmarking in all locations we operate. Not only this, we ensure our employees have a fantastic place to work, having recently completed a new head office refurbishment, bringing further benefits of standing desking and a chill out area. Coupled with this, we have made investments in our warehousing facilities acquiring suction lifting equipment in to help minimise strenuous lifting.

Business relationships

The company has been built on long standing relationships of trust, respect and partnership. We regularly engage with our customers to ensure we are providing best in class service and updating our product range in line with changes in the market. Our level of repeat business demonstrates the strength of our customer relationships. Our supplier relationships are equally as important. We regularly meet our suppliers and ensure we treat all suppliers in a fair manner.

 

The company is conscious our brand represents integrity and trust, and ensures all engagements maintain these standards.

Community and environment

The company is embracing sustainability and embedding it into our culture. we are at the forefront of bringing sustainable (FSC) products to market. During the year we achieved the ISO 14001 accreditation, helping to illustrate our commitment to environment and social responsibilities. We have further extended our fleet of electric cars, with only 5 non-full electric vehicles (hybrid) in the fleet. We will continue to invest to fulfil our commitment to become carbon neutral.

On behalf of the board

Mr O M Whiley
Director
16 September 2024
HAVWOODS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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

Principal activities

The principal activity of the company continued to be that of importers and merchants of hardwood flooring.

Results and dividends

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

Ordinary dividends were paid amounting to £2,584,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs E J Whiley
Mr N Whiley
Mr O M Whiley
Mr S Whiley
Auditor

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

Energy and carbon report

The section below presents the energy usage and associated carbon dioxide emissions for the company operations that are based in the UK. This section has been prepared in compliance with the SECR Framework as implemented in the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
1,290,790
1,331,686
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
1.00
-
- Fuel consumed for owned transport
113.00
107.00
114.00
107.00
Scope 2 - indirect emissions
- Electricity purchased
175.00
177.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
-
Total gross emissions
289.00
284.00
Intensity ratio
Tonnes of CO2 per £1m turnover
7
6
HAVWOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m of turnover.

Measures taken to improve energy efficiency

The company is embracing sustainability and embedding it into our culture. We are at the forefront of bring sustainable (FSC) products to the market. We have started the journey to gain our ISO 14001 accreditation to help illustrate our commitment to environment and social responsibilities. We have continued to extend our fleet of electric cars, ensuring all new cars are either fully electric or a minimum of a Hybrid vehicle, alongside, trailing electric vehicles as part of our delivery feet. Installation of new LED lighting in our warehousing, is helping reduce our carbon footprint.

 

The main resource in our products is wood. On average a single tree will sequester around 400kg of CO2 over its lifetime. Trees are typically harvested at the final stage prior to the tree starting to decay or die, which would ultimately start to release CO2 back into the atmosphere. Rather than the CO2 being released, timber wood products lock in the CO2. We estimate that our annual purchase and storage of timber wooden product stores 64,000 tonnes of CO2. Further, the majority of the mills use waste materials as the main source of energy.

 

The group regularly makes charitable donations to a wide variety of charities and encourages employees to volunteer in enhancing the welfare of local communities as well as supporting in disaster and crisis situations.

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.

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.

HAVWOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
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.

On behalf of the board
Mr O M Whiley
Director
16 September 2024
HAVWOODS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HAVWOODS LIMITED
- 7 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

HAVWOODS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF HAVWOODS LIMITED
- 8 -
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.

As part of our planning process:

 

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. Management did not inform us of any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, compliance with UK tax regulations and compliance with health and safety laws.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetrated, and tailored our risk assessment accordingly.

- Using our knowledge of the company, together with the discussions held with management at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries in overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to debt recoverability, stock provisions and depreciation methods.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

- Documenting and verifying all significant related party balances and transactions.

HAVWOODS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF HAVWOODS LIMITED
- 9 -

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing Standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Susan Harris MA ACA
Senior Statutory Auditor
For and on behalf of Champion Accountants LLP
16 September 2024
Chartered Accountants
Statutory Auditor
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
HAVWOODS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2023
operations
operations
2022
Notes
£
£
£
£
£
£
Turnover
3
39,760,810
318,513
40,079,323
46,622,311
1,446,560
48,068,871
Cost of sales
(25,207,857)
(211,959)
(25,419,816)
(29,469,053)
(932,148)
(30,401,201)
Gross profit
14,552,953
106,554
14,659,507
17,153,258
514,412
17,667,670
Administrative expenses
(11,252,757)
(22,090)
(11,274,847)
(11,199,415)
(94,988)
(11,294,403)
Other operating income
449,079
-
0
449,079
503,713
-
0
503,713
Operating profit
4
3,749,275
84,464
3,833,739
6,457,556
419,424
6,876,980
Interest receivable and similar income
7
715,542
-
0
715,542
441,423
-
0
441,423
Interest payable and similar expenses
8
(4,667)
-
0
(4,667)
(4,583)
-
0
(4,583)
Profit before taxation
4,460,150
84,464
4,544,614
6,894,396
419,424
7,313,820
Tax on profit
9
(973,871)
(21,495)
(995,366)
(1,277,702)
(81,227)
(1,358,929)
Profit for the financial year
3,486,279
62,969
3,549,248
5,616,694
338,197
5,954,891
HAVWOODS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
441,330
149,871
Tangible assets
13
3,276,318
2,940,052
3,717,648
3,089,923
Current assets
Stocks
14
4,750,077
6,415,989
Debtors
15
17,223,352
20,124,120
Cash at bank and in hand
4,046,775
764,867
26,020,204
27,304,976
Creditors: amounts falling due within one year
16
(3,272,769)
(4,958,715)
Net current assets
22,747,435
22,346,261
Total assets less current liabilities
26,465,083
25,436,184
Creditors: amounts falling due after more than one year
17
(10,212)
(70,025)
Provisions for liabilities
Deferred tax liability
19
255,382
131,918
(255,382)
(131,918)
Net assets
26,199,489
25,234,241
Capital and reserves
Called up share capital
21
650
650
Capital redemption reserve
22
370
370
Profit and loss reserves
26,198,469
25,233,221
Total equity
26,199,489
25,234,241
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
Mr O M Whiley
Director
Company registration number 01225320 (England and Wales)
HAVWOODS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
650
370
24,362,330
24,363,350
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
5,954,891
5,954,891
Dividends
11
-
-
(5,084,000)
(5,084,000)
Balance at 31 December 2022
650
370
25,233,221
25,234,241
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
3,549,248
3,549,248
Dividends
11
-
-
(2,584,000)
(2,584,000)
Balance at 31 December 2023
650
370
26,198,469
26,199,489
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Havwoods Limited is a private company limited by shares incorporated in England and Wales. The registered office is Carnforth Business Park, Oakwood Way, Carnforth, Lancashire, LA5 9FD.

1.1
Accounting convention

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

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

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Havwoods Global Holdings Limited. These consolidated financial statements are available from its registered office, Unit 12 & 14, Carnforth Business Park, Oakwood Way, Carnforth, LA5 9FD.

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.

1.3
Turnover

Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer. Turnover is shown at the fair value of all goods sold in the period, less returns received, at selling prices exclusive of Value Added Tax.

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

HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -

Other operating income includes management charges receivable and rental income.

 

Management charges receivable are recognised in the period that the charges relate to. Rental income is recognised on a straight line bases across the terms of the agreement.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
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
4 years straight line
Trademarks
5 years straight line
1.6
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:

Buildings and showrooms
2-20% straight line
Plant and machinery
25% reducing balance
Fixtures, fittings and equipment
25% reducing balance
Motor vehicles
25% reducing balance

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.

Land is not depreciated.

HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.7
Impairment of fixed assets

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

1.8
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.

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.

1.9
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.

1.10
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.

HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

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

1.11
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.

1.12
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.13
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.

1.14
Retirement benefits

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

HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.15
Leases

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

 

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

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

1.16
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 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.

 

The directors do not consider there to be any key sources of estimation uncertainty.

Critical judgements

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

Stock provision

Stocks are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.

Debt recoverability

Provisions are made at the year end for bad debts. Calculation of these provisions require judgements to be made by the directors, which include historic trends and other elements of judgement.

HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sales of goods
40,079,323
48,068,871
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
34,605,530
38,540,412
Overseas
5,473,793
9,528,459
40,079,323
48,068,871
2023
2022
£
£
Other revenue
Interest income
715,542
441,423
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(202,063)
(422,176)
Fees payable to the company's auditor for the audit of the company's financial statements
11,750
11,000
Depreciation of owned tangible fixed assets
687,635
1,015,099
Depreciation of tangible fixed assets held under finance leases
38,076
35,990
Profit on disposal of tangible fixed assets
(112,250)
(27,504)
Amortisation of intangible assets
77,803
43,092
Operating lease charges
991,934
914,254
5
Employees

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

2023
2022
Number
Number
Production staff
14
16
Administrative staff
71
71
Managment staff
13
13
Total
98
100
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
4,994,098
5,502,518
Social security costs
608,414
647,900
Pension costs
92,404
102,628
5,694,916
6,253,046
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
31,800
109,925
Company pension contributions to defined contribution schemes
86
2,228
31,886
112,153
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
19,898
-
0
Interest receivable from group companies
694,241
441,423
Other interest income
1,403
-
0
Total income
715,542
441,423
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
401
(956)
Interest on finance leases and hire purchase contracts
4,266
5,539
4,667
4,583
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
972,243
1,280,149
Adjustments in respect of prior periods
(100,341)
-
0
Total current tax
871,902
1,280,149
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
2023
2022
£
£
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
123,464
78,780
Total tax charge
995,366
1,358,929

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
4,544,614
7,313,820
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
1,136,154
1,389,626
Tax effect of expenses that are not deductible in determining taxable profit
1,855
5,341
Adjustments in respect of prior years
(100,341)
-
0
Effect of change in corporation tax rate
(61,155)
-
0
Group relief
-
0
(23,938)
Fixed asset differences
18,853
(31,006)
Remeasurement of deferred tax changes in rates
-
0
18,906
Taxation charge for the year
995,366
1,358,929
10
Discontinued operations
Trekker

In the year the company ceased the operation of the Trekker department.

11
Dividends
2023
2022
£
£
Final paid
2,584,000
5,084,000
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
12
Intangible fixed assets
Goodwill
Software
Trademarks
Total
£
£
£
£
Cost
At 1 January 2023
240,000
227,487
-
0
467,487
Additions
-
0
55,633
313,629
369,262
At 31 December 2023
240,000
283,120
313,629
836,749
Amortisation and impairment
At 1 January 2023
240,000
77,616
-
0
317,616
Amortisation charged for the year
-
0
51,668
26,135
77,803
At 31 December 2023
240,000
129,284
26,135
395,419
Carrying amount
At 31 December 2023
-
0
153,836
287,494
441,330
At 31 December 2022
-
0
149,871
-
0
149,871
13
Tangible fixed assets
Buildings and showrooms
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
3,593,644
598,957
1,129,823
2,507,630
7,830,054
Additions
462,438
191,204
231,510
414,967
1,300,119
Disposals
-
0
(57,634)
-
0
(691,392)
(749,026)
At 31 December 2023
4,056,082
732,527
1,361,333
2,231,205
8,381,147
Depreciation and impairment
At 1 January 2023
2,217,306
486,443
962,332
1,223,921
4,890,002
Depreciation charged in the year
242,678
41,848
99,886
341,299
725,711
Eliminated in respect of disposals
-
0
(55,018)
-
0
(455,866)
(510,884)
At 31 December 2023
2,459,984
473,273
1,062,218
1,109,354
5,104,829
Carrying amount
At 31 December 2023
1,596,098
259,254
299,115
1,121,851
3,276,318
At 31 December 2022
1,376,338
112,514
167,491
1,283,709
2,940,052

The carrying value of buildings and showrooms comprises:

2023
2022
£
£
Freehold
1,596,098
1,376,338
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Tangible fixed assets
(Continued)
- 23 -

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
£
£
Motor vehicles
114,194
152,270
14
Stocks
2023
2022
£
£
Finished goods and goods for resale
4,750,077
6,415,989
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,928,394
4,749,864
Corporation tax recoverable
150,595
-
0
Amounts owed by group undertakings
13,137,229
13,207,409
Other debtors
645,116
1,566,827
Prepayments and accrued income
362,018
600,020
17,223,352
20,124,120

Included within other debtors is £544,564 (2022: £1,449,806) relating to advance payments made to suppliers.

16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
18
59,813
57,315
Trade creditors
889,446
1,067,255
Corporation tax
-
0
78,906
Other taxation and social security
763,710
1,326,027
Other creditors
848,114
1,433,084
Accruals and deferred income
711,686
996,128
3,272,769
4,958,715

Finance lease obligations are secured against the assets to which they relate.

Included within other creditors is £839,251 (2022: £1,414,542) relating to customer deposits.

HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
17
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
18
10,212
70,025

Finance lease obligations are secured against the assets to which they relate.

18
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
61,582
61,582
In two to five years
10,264
71,845
71,846
133,427
Less: future finance charges
(1,821)
(6,087)
70,025
127,340

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

19
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Balances:
£
£
Fixed asset timing differences
255,683
132,226
Short term timing differences
(301)
(308)
255,382
131,918
2023
Movements in the year:
£
Liability at 1 January 2023
131,918
Charge to profit or loss
123,464
Liability at 31 December 2023
255,382
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
19
Deferred taxation
(Continued)
- 25 -

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
92,404
102,628

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.

21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
630
630
630
630
B Ordinary shares of £1 each
5
5
5
5
C Ordinary shares of £1 each
5
5
5
5
D Ordinary shares of £1 each
5
5
5
5
E Ordinary shares of £1 each
5
5
5
5
650
650
650
650

Ordinary shares have full voting, capital and dividend rights. The B Ordinary, C Ordinary, D Ordinary and E Ordinary shares are entitled to dividends, but have no voting or capital rights.

22
Capital redemption reserve

This reserve represents the par value of share capital redeemed by the company.

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
339,016
392,349
Between two and five years
432,040
908,556
771,056
1,300,905
24
Related party transactions
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
24
Related party transactions
(Continued)
- 26 -

At the year end £16,995 (2022: £16,995) was owed to Strong Developments Limited, a company related by virtue of common officers.

 

During the year, sales totalling £84,568 (2022: £45,855) were made to HFSCo Limited, a company related by common control. At the year end £7,821 (2022: £26,580 was owed by HFSCo Limited.

 

During the year, sales totalling £nil (2022: £1,650) were made to 2San Global Limited, a company related by common control.

 

During the year, sales of services totalling £3,500 (2022: £1,545) and purchases of £nil (2022: £440) were made from Strongdor Limited, a company related by common control. At the year end £4,200 (2022: £nil) was owed by Strongdor Limited.

 

During the year, purchases totalling £75,000 (2022: £nil) were made from SJG Partnership Limited, a company related by common control.

25
Ultimate controlling party

The immediate parent company is Havwoods Global Holdings Limited, by virtue of its majority shareholding.

The ultimate controlling party is the Board of directors of Havwoods Global Holdings Limited. The registered office of this company is Carnforth Business Park, Oakwood Way, Carnforth, LA5 9FD.

Havwoods Global Holdings Limited is the smallest and largest group that prepare consolidated group accounts that include this company. Theses accounts are available at Companies House, Crown Way, Cardiff, CF14 3UZ.

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