Company registration number 05720362 (England and Wales)
NOVA MARKETING LIMITED
ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
NOVA MARKETING LIMITED
COMPANY INFORMATION
Directors
Sir B Foster
E M Wilkins
P J Mather
P B Foster
(Appointed 20 April 2023)
Secretary
L Baker
Company number
05720362
Registered office
Tyne Bridge House
Bottle Bank
Gateshead
Tyne And Wear
NE8 2AR
Auditor
Sumer Auditco Limited
Unit 2
Gosforth Park Avenue
Newcastle upon Tyne
NE12 8EG
Bankers
Lloyds Bank Plc
102 Grey Street
Newcastle upon Tyne
NE99 1SL
NOVA MARKETING LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 29
NOVA MARKETING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Principal activities

The principal activity of the group is event development and organisation, TV production, marketing and rights management.

Fair review of the business

2023 saw a continuation of the normalisation of the running market, following a challenging period through 2021 and into 2022. As in 2022, Nova Marketing continued to outperform the general market trends.

We were pleased to welcome new Title Partner of the Great Run Series, AJ Bell in 2023 and we look forward to continuing to work closely with them through the period of our contract.

As in the previous years, 2023 saw a significant inflationary impact on general costs and whilst the Directors are pleased with the cost management within the Group, it must be noted that the macroeconomic environment has made this challenging. In addition, 2023 saw the full financial impact of the investments in staffing which were made in later 2022.

2023 saw the formation of the Group’s adventure division which comprises the Group’s Swim and Trail running events. In September 2023 the Group staged the Inaugural 13 Valleys Ultra. This event was staged over a weekend and comprises 4 separate events over 4 distances ranging from 22KM to 184KM. This event is staged in partnership with the Lake District National Park and a proportion of profits are paid to the Lake District National Park Foundation, to support restorative work within the National Park.

The Group’s Film and TV production division, FilmNova, had a successful year with a strong portfolio of commissions, including a significant proportion of Triathlon events on behalf of the World Triathlon Association and the Professional Triathlon Organisation.

Post year end review

In early 2024, the Group announced the formation of Athletics Ventures LLP. Athletics Ventures LLP is a joint venture between the Group, London Marathon Events Limited and UK Athletics which will stage the portfolio of UKA Elite Athletics Events, including the UK Diamond League meetings. In addition, Athletics Ventures will stage the European Athletics Championships to be held in Birmingham in 2026.

 

This is a significant and important strategic move for the Group and the Directors are confident that the long term impact on the Group of this activity will be positive.

FilmNova has a strong pipeline of work for 2024 and beyond and this is being supported by ongoing investment.

The Directors remain confident that the Group is in a strong position both financially and operationally to achieve its strategic objectives in the long term.

Key performance indicators

The directors consider operating profit margin and EBITDA (earnings before interest, tax, depreciation, amortisation) to be the key measures of the Group's performance.

 

 

 

The Group’s net asset position has improved during the period, increasing to £8,006,214 (2022 - £7,590,301).

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

The group's principal financial instruments comprise cash and cash equivalents. Other financial assets and liabilities, such as trade debtors, trade creditors and related party balances, arise directly from the group's operating activities.

 

The main risks associated with the group's financial assets and liabilities are set out below. The group does not undertake any hedging activity.

 

Interest rate risk

The group invests surplus cash in fixed and floating interest deposit accounts. Therefore financial assets, interest income and cash flows can be affected by movements in interest rates. However, the directors do not consider there to be any significant exposure.

 

Price risk

There is no significant exposure to changes in the carrying value of financial liabilities.

 

Credit risk

The group's policy is aimed at minimising such losses, and requires that deferred terms are granted only to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. Individual exposures and overdue debts are monitored with customers subject to credit limits to ensure that the group's exposure to bad debts is not significant.

 

Liquidity risk

The group aims to mitigate liquidity risk by managing cash generated by its operations. Capital expenditure is approved by the directors and flexibility is maintained by retaining surplus cash in readily accessible bank accounts.

 

Foreign currency risk

The group's principal transactions in foreign currency arise directly from the group's operating activities. As a result, the group's cash flows arising from these transactions can be affected by movements in the Euro and Dollar exchange rates. No hedging activity is undertaken to mitigate this risk as it is not considered to be significant.

On behalf of the board

E M Wilkins
Director
14 September 2024
NOVA MARKETING 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.

Results and dividends

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

Ordinary dividends were paid amounting to £692,920. 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:

Sir B Foster
E M Wilkins
P J Mather
P B Foster
(Appointed 20 April 2023)
Future developments

The directors aim to maintain the management policies which have resulted in the group's continued growth over the last few years.

Auditor

In accordance with the company's articles, a resolution proposing that Sumer Auditco Limited be reappointed as auditor of the group will be put at a General Meeting.

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.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the exposure of the company and it's subsidiary undertakings included in the consolidation to price risk, credit risk and liquidity risk.

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

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the group’s auditors are 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 group’s auditors are aware of that information.

On behalf of the board
E M Wilkins
Director
14 September 2024
NOVA MARKETING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NOVA MARKETING LIMITED
- 5 -
Opinion

We have audited the financial statements of Nova Marketing Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, 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:

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

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

NOVA MARKETING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NOVA MARKETING LIMITED
- 7 -
Capability of the audit in detecting irregularities, including fraud

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

 

The following laws and regulations were identified as being of significance to the entity:

 

 

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Maxine Pott (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited
Statutory Auditor
Unit 2
Gosforth Park Avenue
Newcastle upon Tyne
NE12 8EG
18 September 2024
NOVA MARKETING LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
18,067,020
17,241,994
Cost of sales
(10,331,081)
(10,176,661)
Gross profit
7,735,939
7,065,333
Administrative expenses
(6,494,984)
(5,073,554)
Operating profit
4
1,240,955
1,991,779
Interest receivable and similar income
214,972
148,513
Profit before taxation
1,455,927
2,140,292
Tax on profit
8
(347,094)
(424,126)
Profit for the financial year
1,108,833
1,716,166
Profit for the financial year is all attributable to the owners of the parent company.
NOVA MARKETING LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
£
£
Profit for the year
1,108,833
1,716,166
Other comprehensive income
-
-
Total comprehensive income for the year
1,108,833
1,716,166
Total comprehensive income for the year is all attributable to the owners of the parent company.
NOVA MARKETING LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
10
32,355
44,574
Tangible assets
11
220,579
253,454
252,934
298,028
Current assets
Debtors
14
4,318,415
4,488,184
Cash at bank and in hand
12,358,622
11,158,977
16,677,037
15,647,161
Creditors: amounts falling due within one year
15
(8,872,962)
(8,295,847)
Net current assets
7,804,075
7,351,314
Total assets less current liabilities
8,057,009
7,649,342
Provisions for liabilities
Deferred tax liability
16
50,795
59,041
(50,795)
(59,041)
Net assets
8,006,214
7,590,301
Capital and reserves
Called up share capital
18
108,890
108,890
Share premium account
56,045
56,045
Capital redemption reserve
12,006
12,006
Profit and loss reserves
7,829,273
7,413,360
Total equity
8,006,214
7,590,301
The financial statements were approved by the board of directors and authorised for issue on 14 September 2024 and are signed on its behalf by:
E M Wilkins
Director
Company registration number 05720362 (England and Wales)
NOVA MARKETING LIMITED
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
108,823
108,823
Current assets
Debtors
14
71,717
71,717
Net current assets
71,717
71,717
Net assets
180,540
180,540
Capital and reserves
Called up share capital
18
108,890
108,890
Share premium account
56,045
56,045
Capital redemption reserve
12,006
12,006
Profit and loss reserves
3,599
3,599
Total equity
180,540
180,540

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 £692,920 (2022 - £963,033 profit).

The financial statements were approved by the board of directors and authorised for issue on 14 September 2024 and are signed on its behalf by:
E M Wilkins
Director
Company registration number 05720362 (England and Wales)
NOVA MARKETING LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
108,890
56,045
12,006
6,660,227
6,837,168
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
1,716,166
1,716,166
Dividends
9
-
-
-
(963,033)
(963,033)
Balance at 31 December 2022
108,890
56,045
12,006
7,413,360
7,590,301
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
1,108,833
1,108,833
Dividends
9
-
-
-
(692,920)
(692,920)
Balance at 31 December 2023
108,890
56,045
12,006
7,829,273
8,006,214
NOVA MARKETING LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
108,890
56,045
12,006
3,599
180,540
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
963,033
963,033
Dividends
9
-
-
-
(963,033)
(963,033)
Balance at 31 December 2022
108,890
56,045
12,006
3,599
180,540
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
692,920
692,920
Dividends
9
-
-
-
(692,920)
(692,920)
Balance at 31 December 2023
108,890
56,045
12,006
3,599
180,540
NOVA MARKETING LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
2,038,657
2,370,952
Income taxes paid
(289,368)
(442,851)
Net cash inflow from operating activities
1,749,289
1,928,101
Investing activities
Purchase of intangible assets
(3,080)
(12,265)
Purchase of tangible fixed assets
(68,616)
(214,004)
Interest received
214,972
148,513
Net cash generated from/(used in) investing activities
143,276
(77,756)
Financing activities
Proceeds from new bank loans
-
1,750,000
Repayment of bank loans
-
(3,500,000)
Dividends paid to equity shareholders
(692,920)
(963,033)
Net cash used in financing activities
(692,920)
(2,713,033)
Net increase/(decrease) in cash and cash equivalents
1,199,645
(862,688)
Cash and cash equivalents at beginning of year
11,158,977
12,021,665
Cash and cash equivalents at end of year
12,358,622
11,158,977
NOVA MARKETING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

Nova Marketing Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Tyne Bridge House, Bottle Bank, Gateshead, Tyne And Wear, NE8 2AR.

 

The group consists of Nova Marketing 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 on the historical cost convention.

Nova Marketing Limited, as an individual entity, meets the definition of a qualifying entity per FRS 102 and has taken advantage of the exemption available in paragraph 1.12 of FRS 102 from presenting a company-only statement of cash flows. These consolidated financial statements include a consolidated statement of cash flows which include the cash flows of Nova Marketing Limited.

 

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes.

1.2
Business combinations

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

 

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

1.3
Basis of consolidation

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

 

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

 

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

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

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

1.4
Going concern

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

1.5
Turnover

Revenue arises from events organisation and management, TV and film production, and marketing and promotion of events. Revenue is measured at the fair value of the consideration received or receivable and represents amounts for the sales of goods and services in the normal course of business, net of discounts and other sales-related taxes.

 

For events owned by the group, revenue is recognised in the month that the event is held. For events where the group is contracted, by a third party, to act in an event management or public relations capacity, revenue is released to the profit and loss account as activity progresses. Profit is only recognised when the event is completed.

 

Dividend income from investments is recognised when the shareholder's right to receive payment has been established.

 

Interest income is recognised when it is probable that the economic benefits will flow to the group and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business 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 of 10 years.

1.7
Intangible fixed assets other than goodwill

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

 

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

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

Website development
over 5 years straight line
Trademarks
over 5 years straight line
1.8
Tangible fixed assets

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

NOVA MARKETING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

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:

Plant and machinery
over 3 to 10 years straight line
Fixtures, fittings & equipment
over 3 to 20 years straight line

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

1.9
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.10
Impairment of fixed assets

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

 

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

1.11
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 trade and other debtors, 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.

NOVA MARKETING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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 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, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
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.

1.13
Taxation

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

NOVA MARKETING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Current tax

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

Deferred tax

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

 

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

1.14
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, if considered material to the financial statements.

 

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.

1.15
Retirement benefits

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

1.16
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.

NOVA MARKETING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
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.

Critical judgements

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

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment in assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Key sources of estimation uncertainty
Determining residual values and useful economic lives of intangible assets and tangible fixed assets

The group depreciate intangible assets and tangible fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management.

 

Judgement is applied by management when determining the residual values for intangible assets and tangible fixed assets. When determining the residual value management aim to assess the amount that the group would currently obtain for the disposal of the asset expected at the end of its useful life.

 

The carrying amount of intangible assets at the reporting end date was £32,355 (2022 - £44,574) and carrying amount of tangible fixed assets at the reporting end date was £220,579 (2022 - £253,454).

 

3
Turnover and other revenue

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

2023
2022
£
£
Turnover analysed by class of business
Event organisation
9,800,827
9,579,975
Event marketing and TV and film production
8,266,193
7,662,019
18,067,020
17,241,994
NOVA MARKETING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 21 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
15,058,132
13,157,446
Europe
820,942
872,076
Other
2,187,946
3,212,472
18,067,020
17,241,994
2023
2022
£
£
Other revenue
Interest income
214,972
148,513

Turnover is stated after trade discounts, other sales taxes and net of VAT.

4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Exchange losses
126,355
6,074
Depreciation of owned tangible fixed assets
101,491
71,522
Amortisation of intangible assets
15,299
14,561
Operating lease charges
185,381
123,338
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
21,500
21,500
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Office and management
65
49
3
3
NOVA MARKETING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,376,780
2,682,973
-
0
-
0
Social security costs
358,354
302,959
-
-
Pension costs
301,911
285,057
-
0
-
0
4,037,045
3,270,989
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
444,228
202,432
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
209,937
185,765

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

8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
355,340
380,405
Adjustments in respect of prior periods
-
0
7,889
Total current tax
355,340
388,294
Deferred tax
Origination and reversal of timing differences
(8,246)
35,832
Total tax charge
347,094
424,126

The main rate of corporation tax increased to 25% from 1 April 2023 under the Finance Bill 2021. Deferred tax has been provided at the rates expected to be in place when the timing differences reverse. A marginal rate of 23.52% has been used for the year to 31 December 2023 when assessing the corporation tax charge as below.

NOVA MARKETING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 23 -

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

2023
2022
£
£
Profit before taxation
1,455,927
2,140,292
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
342,434
406,655
Tax effect of expenses that are not deductible in determining taxable profit
6,782
21,973
Tax effect of income not taxable in determining taxable profit
-
0
(12,233)
Adjustments in respect of prior years
-
0
7,889
Effect of change in corporation tax rate
(488)
8,600
Profit on disposal of fixed assets
932
512
Other
(2,566)
(9,270)
Taxation charge
347,094
424,126
9
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
692,920
963,033
10
Intangible fixed assets
Group
Goodwill
Website development
Trademarks
Total
£
£
£
£
Cost
At 1 January 2023
50,000
45,570
126,337
221,907
Additions - internally developed
-
0
-
0
3,080
3,080
At 31 December 2023
50,000
45,570
129,417
224,987
Amortisation and impairment
At 1 January 2023
50,000
18,228
109,105
177,333
Amortisation charged for the year
-
0
9,114
6,185
15,299
At 31 December 2023
50,000
27,342
115,290
192,632
Carrying amount
At 31 December 2023
-
0
18,228
14,127
32,355
At 31 December 2022
-
0
27,342
17,232
44,574
NOVA MARKETING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Intangible fixed assets
(Continued)
- 24 -
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
11
Tangible fixed assets
Group
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2023
1,278,558
225,512
1,504,070
Additions
49,074
19,542
68,616
At 31 December 2023
1,327,632
245,054
1,572,686
Depreciation and impairment
At 1 January 2023
1,124,484
126,132
1,250,616
Depreciation charged in the year
73,230
28,261
101,491
At 31 December 2023
1,197,714
154,393
1,352,107
Carrying amount
At 31 December 2023
129,918
90,661
220,579
At 31 December 2022
154,074
99,380
253,454
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
108,823
108,823
13
Subsidiaries

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

NOVA MARKETING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
FilmNova Scotland Limited
2
Events marketing, promotion and TV and film production
Ordinary shares
-
100.00
Nova Holdings Limited
3
Holding company
Ordinary shares
100.00
-
Nova International Limited
1
Events organisation and management
Ordinary shares
-
100.00
Nova Marketing Consultancy Limited
1
Events marketing, promotion, and TV and film production
Ordinary shares
-
100.00
Registered office addresses:
1  -  Tyne Bridge House, Bottle Bank, Gateshead, Tyne and Wear, NE8 2AR
2  -  Great Run Company, Zone 2.09 Pacific Quay, Glasgow, Scotland, G51 1DA
3 -  RMT Accountants & Business Advisors Ltd, Gosforth Park Avenue, Newcastle upon Tyne, NE12 8EG
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,451,096
3,556,037
-
0
-
0
Amounts owed by group undertakings
-
-
71,717
71,717
Other debtors
84,421
76,884
-
0
-
0
Prepayments and accrued income
782,898
855,263
-
0
-
0
4,318,415
4,488,184
71,717
71,717

 

15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Payments received on account
5,727,903
5,234,277
-
0
-
0
Trade creditors
298,009
499,829
-
0
-
0
Corporation tax payable
249,305
183,333
-
0
-
0
Other taxation and social security
711,213
601,309
-
-
Other creditors
8,777
-
0
-
0
-
0
Accruals and deferred income
1,877,755
1,777,099
-
0
-
0
8,872,962
8,295,847
-
0
-
0
NOVA MARKETING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
16
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
£
£
Accelerated capital allowances
50,795
59,041
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
59,041
-
Credit to profit or loss
(8,246)
-
Liability at 31 December 2023
50,795
-

The deferred tax liability set out above relates to accelerated capital allowances that are expected to mature within future periods. Deferred tax asset balances in subsidiaries have not been recognised in the financial statements as recoverability in the foreseeable future remains uncertain.

17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
301,911
285,057

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.

Included in the balance sheet at the year-end is a provision of £44,929 (2022 - £27,234) for pension contributions.

NOVA MARKETING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
18
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
10,889,000
10,889,000
108,890
108,890

The company has ordinary shares, which carry no right to fixed income.

19
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
184,169
158,591
-
-
Between two and five years
349,310
495,199
-
-
533,479
653,790
-
-
20
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
949,342
891,913

More detailed information is shown in the directors' remuneration note (note 9) and directors' transactions note (note 21).

NOVA MARKETING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Related party transactions
(Continued)
- 28 -
Transactions with related parties

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

Sales
Purchases
2023
2022
2023
2022
£
£
£
£
Group
Companies under common control
-
61,141
200,000
311,141

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Companies under common control
121,445
128,054

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
£
£
Group
Companies under common control
5,866
4,938

The company is a parent with wholly owned subsidiaries and as such has taken advantage of the exemption permitted by Section 33 Related Party Disclosures not to provide disclosures of transactions entered into with other wholly owned members of the group.

21
Directors' transactions

Dividends totalling £223,606 (2022 - £310,771) were paid in the year in respect of shares held by the company's directors.

22
Controlling party

In the opinion of the directors, the overall controlling party is Sir B Foster, the Chairman, by virtue of his shareholding in the company.

NOVA MARKETING LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
23
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,108,833
1,716,166
Adjustments for:
Taxation charged
347,094
424,126
Investment income
(214,972)
(148,513)
Amortisation and impairment of intangible assets
15,299
14,561
Depreciation and impairment of tangible fixed assets
101,491
71,522
Movements in working capital:
Decrease/(increase) in debtors
169,769
(300,702)
Increase in creditors
511,143
593,792
Cash generated from operations
2,038,657
2,370,952
24
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
11,158,977
1,199,645
12,358,622
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