Company registration number 03824658 (England and Wales)
SOFTWIRE TECHNOLOGY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SOFTWIRE TECHNOLOGY LIMITED
COMPANY INFORMATION
Directors
P Kenny
P A Marsden
D M Shavick
Z Cunningham
T Steer
A Thomas
P Smart
Secretary
Mr Dan Shavick
Company number
03824658
Registered office
1st Floor
Gallery Court
28 Arcadia Avenue
London
N3 2FG
Auditor
Taylor Associates
1st Floor
Gallery Court
28 Arcadia Avenue
London
N3 2FG
SOFTWIRE TECHNOLOGY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 6
Chairman's statements
7
Independent auditor's report
8 - 10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
15
Company statement of changes in equity
14
Group statement of cash flows
16
Company statement of cash flows
Notes to the financial statements
17 - 29
SOFTWIRE TECHNOLOGY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Business Review

The principal activity of the group continued to be that of computer software development, complemented by provision of related consultancy and training services.

The directors are satisfied with the results for the year. The key financial highlights are as follows:

 

2023

£k

2022
£k

2021
£k

2020
£k

2019

£k

Turnover

36,398

37,125

29,159

19,374

19,373

Gross profit

3,908

5,512

4,643

2,573

3,682

Operating profit

2,300

2,310

2,343

404

1,502

2023 was a year of consolidation for the group, after significant turnover growth in the previous two years. The group has continued to bring in-house roles that were previously held by contractors, and to invest in structural improvements to support the recent, and anticipated future, growth.

Principle Risks and Uncertainties

The group’s principal financial instruments comprise bank balances, trade creditors and trade debtors, the main purpose of which is to finance the group’s operations. Due to the nature of these instruments, there is no exposure to price risk.

In respect of bank balances liquidity risk is managed by ensuring that sufficient funds are held on an instant access basis to cover forthcoming cashflow requirements.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the terms of credit offered to customers and regular monitoring of the amounts outstanding for both time and credit limits. Trade creditors’ liquidity risk is managed by ensuring that sufficient funds are available at the bank to meet amounts that will fall due.

The group’s main trading risk is, as every year, the ongoing identification of organisations who wish to consume our services. The group has a dedicated sales team whose main function is of course to address this risk. A further risk is maintaining the ability to attract and retain talented staff capable of delivering our services effectively.

Softwire remains in a good financial position.

Employee Involvement

The group is committed to providing equality of opportunity to all employees without discrimination and applying fair and equitable employment policies which ensure entry to and progression within the group.

Appointments are determined solely by application of job criteria and competency.

SOFTWIRE TECHNOLOGY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Environmental Policy

The quality of the environment in which we live is an important concern for the group and its employees and the group aims to minimise adverse impacts on the environment wherever this is practical. The group complies with all laws and regulations relating to the environment, in many cases exceeding their minimum requirements.

The group has budgeted to offset all carbon emissions it was responsible for during 2023 (including allowances for upstream and downstream emissions) as part of its ongoing Net Zero strategy, focussing on high-quality carbon capture schemes to maximise impact.

The group offers employees the option to purchase carbon offsets from their annual profit share, and a matching scheme for offsets purchased in this way. In total, in 2023 the Softwire group (and its employees via the aforesaid scheme) spent £204,755 on high-quality carbon capture in pursuit of our ambitious Net Zero strategy.

 

Donations

During the year the group made charitable donations in a total amount of around £40,621, and additionally provided paid employee volunteering days for charitable purposes at a cost of £27,347. The company also delivered pro bono work with an equivalent cost of £132,100.

Future Developments

2023 was a year of consolidation for Softwire, bedding in our increased headcount from growth in the previous year whilst facing a general slowdown in market activity. Indications for 2024 are positive and we are well-placed to exploit the awakening market.

Recently we have found ourselves increasingly able to exploit our expertise in AI and machine learning and expect this trend to continue.

On behalf of the board

T Steer
Director
10 September 2024
SOFTWIRE TECHNOLOGY 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 group continued to be that of bespoke software development for customers in the private and public sectors, complemented by provision of related consultancy and training services.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £2,600,000. 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:

P Kenny
P A Marsden
D M Shavick
Z Cunningham
T Steer
A Thomas
P Smart
Research and development

The group continues to be involved in developing innovative technical and business solutions for our clients. Additionally we continue to invest time in developing products that can be sold to multiple clients.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group is committed to providing equality of opportunity to all employees without discrimination and applying fair and equitable employment policies which ensure entry to and progression within the group.

Appointments are determined solely by application of job criteria and competency.

SOFTWIRE TECHNOLOGY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Employee engagement

The board have taken the following steps to engage with the employees of the company during 2023:

Softwire’s people and culture department puts significant time, effort and investment into improving employee experience and ensuring that employee interests are represented in decision making.

Examples of Softwire having regard for employees when making decisions in 2023 include:

Business relationships

Customer relationships have continued to be key to our success. Our client strategy organised our clients into three distinct but complimentary portfolios, broadly aligned to industry sectors.

We assigned a Director to own each portfolio with the overall responsibility for client success against KPIs of:

Each key client has a governance team of Portfolio Director, Account Manager, and Capability Principal. They meet the client stakeholders regularly. A key goal is to identify further opportunities to solve business problems for our clients.

All of the above inputs feed into our management information from which we make decisions related to sales, cost of sales and resourcing decisions, as well as account management activity.

Softwire makes use of partners to supply specialist resource in support of our services.

SOFTWIRE TECHNOLOGY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Future developments

2023 was a year of consolidation for Softwire, bedding in our increased headcount from growth in the previous year whilst facing a general slowdown in market activity. Indications for 2024 are positive and we are well-placed to exploit the awakening market.

Recently we have found ourselves increasingly able to exploit our expertise in AI and machine learning and expect this trend to continue.

Auditor

Taylor Associates were appointed auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Energy and carbon report

As above the group has included in its 2024 budget, purchase of high-quality carbon capture offsets for all 2023 emissions (including upstream and downstream).

In 2023 the group’s position was:

Health and Safety

There is an ongoing process to manage health and safety risks within the Group, with a nominated board member accountable for this function, delegated to a Health and Safety Manager and per-site safety officers. Health and Safety matters are reviewed by the board monthly via a standing board agenda item. The board is ultimately accountable for health and safety within the group and for the review and efficacy of the health and safety process (although this cannot be an absolute assurance against incidents).

A risk assessment process ensures that company events undergo risk assessment, overseen by the Health and Safety Manager. In relation to health and safety risks associated with BAU practice (e.g. RSI), the group performs regular desk and ergonomic assessments of employee working conditions and operates an accident book system in all locations.

There were no material health and safety incidents in 2023.

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

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
T Steer
Director
10 September 2024
SOFTWIRE TECHNOLOGY LIMITED
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023 was a year of consolidation for Softwire, bedding in our increased headcount from growth in the previous year whilst facing a general slowdown in market activity. Indications for 2024 are positive and we are well-placed to exploit the awakening market.
Our business strategy continues to focus on the following areas.
Provision of high-value consultancy services at an early stage in the project lifecycle to help our customers define their IT and software strategy and requirements.
A product design service to prototype, validate and refine customer requirements to allow them to be demonstrated to stakeholders at an early stage in the project lifecycle.
User interface and user experience design services
Provision of high quality bespoke software development services to a broad range of customers.
Software development training services and provision of software developers on a temp-to-hire basis with a particular focus on career switchers seeking to enter the industry.
The company remains attractive to employees and we continue to have high staff retention and no trouble hiring high-calibre new recruits
T Steer
Director
10 September 2024
SOFTWIRE TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SOFTWIRE TECHNOLOGY LIMITED
- 8 -
Opinion

We have audited the financial statements of Softwire Technology 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:

SOFTWIRE TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SOFTWIRE TECHNOLOGY LIMITED
- 9 -
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.

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

Identifies and assesses the risks of material misstatement of the entity’s financial statements, whether due to fraud or error, designs and performs audit procedures responsive to those risks, and obtains audit evidence that is sufficient and appropriate to provide a basis for the auditor’s opinion. 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.

Enquiry of management, those charged with governance around actual and potential litigation and claims.

 

Reviewing minutes of meetings of those charged with governance.

 

Reviewing internal audit reports.

 

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

 

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business

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.

SOFTWIRE TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SOFTWIRE TECHNOLOGY LIMITED
- 10 -

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.

Peter Taylor FCA (Senior Statutory Auditor)
For and on behalf of Taylor Associates
10 September 2024
Chartered Accountants
Statutory Auditor
1st Floor
Gallery Court
28 Arcadia Avenue
London
N3 2FG
SOFTWIRE TECHNOLOGY LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
Turnover
3
36,397,725
37,124,619
Cost of sales
(32,489,769)
(31,611,782)
Gross profit
3,907,956
5,512,837
Administrative expenses
(3,915,390)
(3,392,678)
Other operating income
2,307,594
188,444
Operating profit
6
2,300,160
2,308,603
Interest receivable and similar income
7
9,581
1,761
Interest payable and similar expenses
8
(366)
(821)
Profit before taxation
2,309,375
2,309,543
Tax on profit
9
35,447
(194,033)
Profit for the financial year
20
2,344,822
2,115,510
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

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

SOFTWIRE TECHNOLOGY LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
800,277
1,045,289
Investments
11
100,920
100,920
901,197
1,146,209
Current assets
Debtors falling due after more than one year
15
85,728
85,962
Debtors falling due within one year
15
5,064,334
5,928,590
Cash at bank and in hand
4,323,890
3,752,379
9,473,952
9,766,931
Creditors: amounts falling due within one year
16
(6,748,432)
(6,940,192)
Net current assets
2,725,520
2,826,739
Total assets less current liabilities
3,626,717
3,972,948
Provisions for liabilities
Deferred tax liability
17
165,701
218,002
(165,701)
(218,002)
Net assets
3,461,016
3,754,946
Capital and reserves
Called up share capital
19
2,000
2,000
Share premium account
20
70,797
70,797
Other reserves
20
(116,945)
(78,193)
Profit and loss reserves
20
3,505,164
3,760,342
Total equity
3,461,016
3,754,946
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
T Steer
Director
Company registration number 03824658 (England and Wales)
SOFTWIRE TECHNOLOGY LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
766,230
998,428
Investments
11
100,952
100,952
867,182
1,099,380
Current assets
Debtors falling due after more than one year
15
85,728
85,962
Debtors falling due within one year
15
5,036,746
5,905,070
Cash at bank and in hand
4,146,082
3,606,494
9,268,556
9,597,526
Creditors: amounts falling due within one year
16
(6,627,216)
(6,832,796)
Net current assets
2,641,340
2,764,730
Total assets less current liabilities
3,508,522
3,864,110
Provisions for liabilities
Deferred tax liability
17
165,701
218,002
(165,701)
(218,002)
Net assets
3,342,821
3,646,108
Capital and reserves
Called up share capital
19
2,000
2,000
Share premium account
20
70,797
70,797
Profit and loss reserves
20
3,270,024
3,573,311
Total equity
3,342,821
3,646,108

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 £2,296,713 (2022 - £2,098,479 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
T Steer
Director
Company registration number 03824658 (England and Wales)
SOFTWIRE TECHNOLOGY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
2,000
70,797
3,744,831
3,817,628
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
2,098,480
2,098,480
Dividends
10
-
-
(2,270,000)
(2,270,000)
Balance at 31 December 2022
2,000
70,797
3,573,311
3,646,108
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
2,296,713
2,296,713
Dividends
10
-
-
(2,600,000)
(2,600,000)
Balance at 31 December 2023
2,000
70,797
3,270,024
3,342,821
SOFTWIRE TECHNOLOGY LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
2,000
70,797
(42,167)
3,914,832
3,945,462
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
2,115,510
2,115,510
Dividends
10
-
-
-
(2,270,000)
(2,270,000)
Transfers
-
-
(36,026)
-
(36,026)
Balance at 31 December 2022
2,000
70,797
(78,193)
3,760,342
3,754,946
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
2,344,822
2,344,822
Dividends
10
-
-
-
(2,600,000)
(2,600,000)
Transfers
-
-
(38,752)
-
(38,752)
Balance at 31 December 2023
2,000
70,797
(116,945)
3,505,164
3,461,016
SOFTWIRE TECHNOLOGY LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
3,464,002
1,688,544
Interest paid
(366)
(821)
Income taxes paid
(6,772)
(5,887)
Net cash inflow from operating activities
3,456,864
1,681,836
Investing activities
Purchase of tangible fixed assets
(303,868)
(1,237,490)
Proceeds from disposal of tangible fixed assets
8,934
3,706
Interest received
9,581
1,761
Net cash used in investing activities
(285,353)
(1,232,023)
Financing activities
Dividends paid to equity shareholders
(2,600,000)
(2,270,000)
Net cash used in financing activities
(2,600,000)
(2,270,000)
Net increase/(decrease) in cash and cash equivalents
571,511
(1,820,187)
Cash and cash equivalents at beginning of year
3,752,379
5,608,595
Cash and cash equivalents at end of year
4,323,890
3,752,379
SOFTWIRE TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
1
Accounting policies
Company information

Softwire Technology Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1st Floor, Gallery Court, 28 Arcadia Avenue, London, N3 2FG.

 

The group consists of Softwire Technology Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

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

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Softwire Technology Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

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.

1.3
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.

1.4
Turnover

Turnover is recognised on a 'time and materials' basis.

 

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Improvements to premises
20 - 25 % on cost
Computer equipment and software
33 1/3 % on cost
Fixtures, fittings & equipment
25% on cost

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.

SOFTWIRE TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.6
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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
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 measured at transaction price including transaction costs.

 

SOFTWIRE TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Other financial assets

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

Impairment of financial assets

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

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors are recognised at transaction.

 

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.

1.9
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.

1.10
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

SOFTWIRE TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.11
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.

 

 

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

1.14
Leases

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.

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.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

SOFTWIRE TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
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 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.

3
Turnover and other revenue

 

2023
2022
£
£
Turnover analysed by class of business
Software development
35,670,306
35,981,394
Licence fees
400
1,650
Training services
727,019
1,141,575
36,397,725
37,124,619
2023
2022
£
£
Other revenue
Interest income
9,581
1,761
Grants received
950
27,000

 

 

4
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
28,000
28,000
SOFTWIRE TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
5
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
806,976
708,260
Company pension contributions to defined contribution schemes
122,697
62,089
929,673
770,349

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2022 - 6).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
154,969
142,507
Company pension contributions to defined contribution schemes
7,620
4,457
6
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Government grants
(950)
(27,000)
Depreciation of owned tangible fixed assets
548,879
539,980
Profit on disposal of tangible fixed assets
(8,934)
(6,658)
Operating lease charges
984,894
902,693
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
9,581
1,761
Other income from investments
Dividends received
104,013
125,094
Total income excluding fixed asset investments
113,594
126,855
Income from fixed asset investments
Income from shares in group undertakings
(104,013)
(125,094)
Total income
9,581
1,761
SOFTWIRE TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Interest receivable and similar income
(Continued)
- 23 -
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
9,581
1,761
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
366
821
9
Taxation
2023
2022
£
£
Current tax
Foreign current tax on profits for the current period
16,854
6,351
Deferred tax
Origination and reversal of timing differences
(52,301)
187,682
Total tax (credit)/charge
(35,447)
194,033

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

2023
2022
£
£
Profit before taxation
2,309,375
2,309,543
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
542,703
438,813
Tax effect of expenses that are not deductible in determining taxable profit
138,249
111,899
Tax effect of income not taxable in determining taxable profit
(71,319)
(211,146)
Change in unrecognised deferred tax assets
(52,301)
187,682
Dividend income
(24,443)
(23,768)
Movement in accrued pension contributions
1,543
3,327
Research and development
-
0
(312,774)
Tax losses utilised
(569,879)
-
0
Taxation (credit)/charge
(35,447)
194,033
SOFTWIRE TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
2,600,000
2,270,000
11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
32
32
Unlisted investments
100,920
100,920
100,920
100,920
100,920
100,920
100,952
100,952
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2023 and 31 December 2023
100,920
Carrying amount
At 31 December 2023
100,920
At 31 December 2022
100,920
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023 and 31 December 2023
32
100,920
100,952
Carrying amount
At 31 December 2023
32
100,920
100,952
At 31 December 2022
32
100,920
100,952
12
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
Softwire Romania SRL
Romania
Ordinary
100.00
SOFTWIRE TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
13
Tangible fixed assets
Group
Improvements to premises
Computer equipment and software
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 January 2023
1,564,125
1,857,319
553,105
3,974,549
Additions
22,237
250,280
31,351
303,868
Disposals
-
0
(402,406)
(24,129)
(426,535)
At 31 December 2023
1,586,362
1,705,193
560,327
3,851,882
Depreciation and impairment
At 1 January 2023
1,223,701
1,302,806
402,754
2,929,261
Depreciation charged in the year
109,188
366,457
73,234
548,879
Eliminated in respect of disposals
-
0
(402,406)
(24,129)
(426,535)
At 31 December 2023
1,332,889
1,266,857
451,859
3,051,605
Carrying amount
At 31 December 2023
253,473
438,336
108,468
800,277
At 31 December 2022
340,424
554,513
150,352
1,045,289
Company
Improvements to premises
Computer equipment and software
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 January 2023
1,564,125
1,857,319
428,969
3,850,413
Additions
22,237
250,280
8,239
280,756
Disposals
-
0
(402,406)
-
0
(402,406)
At 31 December 2023
1,586,362
1,705,193
437,208
3,728,763
Depreciation and impairment
At 1 January 2023
1,223,701
1,302,806
325,478
2,851,985
Depreciation charged in the year
109,188
366,457
37,309
512,954
Eliminated in respect of disposals
-
0
(402,406)
-
0
(402,406)
At 31 December 2023
1,332,889
1,266,857
362,787
2,962,533
Carrying amount
At 31 December 2023
253,473
438,336
74,421
766,230
At 31 December 2022
340,424
554,513
103,491
998,428
SOFTWIRE TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
14
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
Staff
302
307
302
284

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
7,508,486
7,169,744
7,298,350
7,003,012
Social security costs
804,577
874,955
804,577
874,955
Pension costs
1,137,363
1,012,310
1,137,363
1,012,310
24,812,355
21,242,988
23,829,080
20,505,217
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,187,084
3,457,625
3,159,496
3,434,105
Other debtors
384
493
384
493
Prepayments and accrued income
1,876,866
2,470,472
1,876,866
2,470,472
5,064,334
5,928,590
5,036,746
5,905,070
Amounts falling due after more than one year:
Other debtors
85,728
85,962
85,728
85,962
Total debtors
5,150,062
6,014,552
5,122,474
5,991,032
SOFTWIRE TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
560,747
770,282
496,197
706,225
Corporation tax payable
16,698
6,616
-
0
-
0
Other taxation and social security
2,318,729
2,383,641
2,318,729
2,383,641
Other creditors
89,564
94,357
49,596
57,634
Accruals and deferred income
3,762,694
3,685,296
3,762,694
3,685,296
6,748,432
6,940,192
6,627,216
6,832,796
17
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
ACAs
165,701
218,002
Liabilities
Liabilities
2023
2022
Company
£
£
ACAs
165,701
218,002
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
218,002
218,002
Credit to profit or loss
(52,301)
(52,301)
Liability at 31 December 2023
165,701
165,701
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,137,363
1,012,310
SOFTWIRE TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Retirement benefit schemes
(Continued)
- 28 -

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.

19
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 1p each
2,000
2,000
2,000
2,000
20
Reserves
Share premium

Includes premium on issue of share capital

Foreign exchange reserve

Includes the exchange effects on opening reserves.

Profit and loss reserves

Includes all current and prior period retained profits and losses.

21
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
985,081
849,453
985,081
849,453
Between two and five years
1,261,237
2,214,796
1,261,237
2,214,796
In over five years
-
31,522
-
31,522
2,246,318
3,095,771
2,246,318
3,095,771
22
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
3,752,379
571,511
4,323,890
SOFTWIRE TECHNOLOGY LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
23
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
3,606,494
539,588
4,146,082
24
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
2,344,822
2,115,510
Adjustments for:
Taxation (credited)/charged
(35,447)
194,033
Finance costs
366
821
Investment income
(9,581)
(1,761)
Gain on disposal of tangible fixed assets
(8,934)
(6,658)
Depreciation and impairment of tangible fixed assets
548,879
539,980
Movements in working capital:
Decrease in debtors
825,739
263,737
Decrease in creditors
(201,842)
(1,417,119)
Cash generated from operations
3,464,002
1,688,543
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.210P KennyP A MarsdenZ CunninghamT SteerA ThomasP SmartP SmartMr Dan 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