Company registration number 01294178 (England and Wales)
LLORET FIRE SOLUTIONS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
LLORET FIRE SOLUTIONS LIMITED
COMPANY INFORMATION
Directors
S J Sjoblom
M E Sjoblom
C L Young
Secretary
C L Young
Company number
01294178
Registered office
Lloret House
20 Ullswater Crescent
Coulsdon
Surrey
CR5 2HR
Accountants
Beavis Morgan LLP
Accountants, Business and Tax Advisers
82 St John Street
London
EC1M 4JN
LLORET FIRE SOLUTIONS LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 14
LLORET FIRE SOLUTIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Principal activities
The principal activity of the company continued to be that of the design, supply, install, commission and maintenance of electronic fire and security systems.
Directors

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

S J Sjoblom
M E Sjoblom
C L Young
Small companies exemption

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

On behalf of the board
C L Young
Director
19 September 2024
LLORET FIRE SOLUTIONS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LLORET FIRE SOLUTIONS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lloret Fire Solutions Limited for the year ended 31 December 2023 set out on pages 3 to 13 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Lloret Fire Solutions Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lloret Fire Solutions Limited and state those matters that we have agreed to state to the Board of Directors of Lloret Fire Solutions Limited, as a body, in this report in accordance with ICAEW Technical release TECH08/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lloret Fire Solutions Limited and Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Lloret Fire Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Lloret Fire Solutions Limited. You consider that Lloret Fire Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lloret Fire Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Beavis Morgan LLP
19 September 2024
Accountants, Business and Tax Advisers
82 St John Street
London
EC1M 4JN
LLORET FIRE SOLUTIONS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2023
2022
Notes
£
£
Turnover
4,307,554
4,410,031
Cost of sales
(3,070,521)
(3,342,546)
Gross profit
1,237,033
1,067,485
Administrative expenses
(1,208,770)
(1,032,039)
Other operating income
120,000
121,500
Operating profit
148,263
156,946
Interest payable and similar expenses
(51,885)
(32,829)
Profit before taxation
96,378
124,117
Tax on profit
4
23,753
(24,111)
Profit for the financial year
120,131
100,006
LLORET FIRE SOLUTIONS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,392,467
1,461,906
Investments
6
30,000
30,000
1,422,467
1,491,906
Current assets
Debtors
7
1,576,091
1,646,842
Cash at bank and in hand
164,207
13,189
1,740,298
1,660,031
Creditors: amounts falling due within one year
8
(1,406,977)
(1,285,947)
Net current assets
333,321
374,084
Total assets less current liabilities
1,755,788
1,865,990
Creditors: amounts falling due after more than one year
9
(516,830)
(591,490)
Provisions for liabilities
(149,430)
(185,103)
Net assets
1,089,528
1,089,397
Capital and reserves
Called up share capital
95
95
Revaluation reserve
374,436
385,099
Capital redemption reserve
5
5
Profit and loss reserves
714,992
704,198
Total equity
1,089,528
1,089,397
LLORET FIRE SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 5 -

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
C L Young
Director
Company Registration No. 01294178
LLORET FIRE SOLUTIONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
95
180,699
5
598,592
779,391
Year ended 31 December 2022:
Profit
-
-
-
100,006
100,006
Other comprehensive income:
Revaluation of tangible fixed assets
-
280,000
-
-
280,000
Tax relating to other comprehensive income
-
(70,000)
-
-
0
(70,000)
Total comprehensive income
-
210,000
-
100,006
310,006
Transfers
-
(5,600)
-
5,600
-
Balance at 31 December 2022
95
385,099
5
704,198
1,089,397
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
120,131
120,131
Dividends
-
-
-
(120,000)
(120,000)
Transfers
-
(10,663)
-
10,663
-
Balance at 31 December 2023
95
374,436
5
714,992
1,089,528
LLORET FIRE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
1
Accounting policies
Company information

Lloret Fire Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lloret House, 20 Ullswater Crescent, Coulsdon, Surrey, CR5 2HR.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
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:

Land and buildings freehold
2% Straight Line
Motor vehicles
25% Straight Line

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

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

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

LLORET FIRE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
1.3
Long term contracts and revenue recognition

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is assessed on the basis of work performed. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.5
Financial instruments

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

 

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

 

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

Basic financial assets

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

Classification of financial liabilities

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

LLORET FIRE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 9 -
Basic financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

1.6
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.7
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.

1.8
Retirement benefits

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

LLORET FIRE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 10 -
1.9
Leases

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

 

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

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.

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

1.10
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.

2
Judgements and key sources of estimation uncertainty

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

 

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

 

Key sources of estimation uncertainty

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

 

Estimated useful lives of tangible assets

Estimation is required in determining the useful lives of such assets and their residual values.

 

Value of freehold land and buildings

Estimation is required in determining the market value of such assets.

 

Revenue recognition

Estimation is required in calculating the stage of completion of contracts, in order to determine the amount of revenue which can be recognised for the provision of professional services.

LLORET FIRE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
3
Employees

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

2023
2022
Number
Number
Total
24
22
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
36,030
24,111
Adjustments in respect of prior periods
(24,110)
-
0
Total current tax
11,920
24,111
Deferred tax
Origination and reversal of timing differences
(35,673)
-
0
Total tax (credit)/charge
(23,753)
24,111

In addition to the amount (credited)/charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2023
2022
£
£
Deferred tax arising on:
Revaluation of property
-
70,000
LLORET FIRE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
5
Tangible fixed assets
Land and buildings freehold
Motor    vehicles
Total
£
£
£
Cost or valuation
At 1 January 2023
1,480,000
278,925
1,758,925
Disposals
-
0
(36,778)
(36,778)
At 31 December 2023
1,480,000
242,147
1,722,147
Depreciation and impairment
At 1 January 2023
100,400
196,619
297,019
Depreciation charged in the year
29,600
39,839
69,439
Eliminated in respect of disposals
-
0
(36,778)
(36,778)
At 31 December 2023
130,000
199,680
329,680
Carrying amount
At 31 December 2023
1,350,000
42,467
1,392,467
At 31 December 2022
1,379,600
82,306
1,461,906

The last professional valuation was performed on 13 January 2023 by Hurst Warne, independent valuers not connected with the company on the basis of market value.

 

Land and buildings freehold are carried at valuation. If land and buildings freehold were measured using the cost model, the carrying amounts would have been approximately £814,313 (2022 - £833,250), being cost £946,875 (2022 - £946,875) and depreciation £132,563 (2022 - £113,625).

The net book value of other tangible fixed assets includes £42,161 (2022 - £81,696) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £39,535 (2022 - £39,535 ) for the year.

6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
30,000
30,000
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023 & 31 December 2023
30,000
Carrying amount
At 31 December 2023
30,000
At 31 December 2022
30,000
LLORET FIRE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
397,177
1,377,122
Other debtors
1,178,914
269,720
1,576,091
1,646,842
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
105,329
93,516
Trade creditors
522,793
652,259
Corporation tax
36,030
24,111
Other taxation and social security
164,474
94,016
Other creditors
578,351
422,045
1,406,977
1,285,947
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
516,830
578,540
Other creditors
-
0
12,950
516,830
591,490

The bank borrowings are secured by a legal charge over the company's assets. The value of assets secured is £1,350,000 (2022: £1,379,600).

10
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
12,350
38,554
In two to five years
-
0
12,950
12,350
51,504

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

LLORET FIRE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
11
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
50,888
42,297

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

12
Financial commitments, guarantees and contingent liabilities

The bank loan is secured against the freehold property to which the mortgage relates.

13
Related party transactions
Transactions with related parties

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

Lloret Control Systems Limited

During the year, the company made sales of £209,106 (2022 - £121,981) to Lloret Control Systems Limited ("LCS"), made purchases of £78,946 (2022 - £76,264) from LCS and was charged management fees of £120,000 (2022 - £120,000) by LCS.

 

At the balance sheet date trade debtors included £12,000 (2022 - £12,595) owed by LCS. Trade creditors included £37,087 (2022 - £56,109) and creditors included £62,157 (2022 - £105,674) owed to Lloret Control Systems Limited.

 

Lloret Maintenance Limited

During the year, the company made sales of £nil (2022 - £3,400) to Lloret Maintenance Limited ("LML) and made purchases of £74,038 (2022 - £190,271) from LML.

 

At the balance sheet date the company was owed £10,768 from LML (2022 - £113,742 owed to).

 

Both Lloret Control Systems and Lloret Maintenance Limited are related by virtue of common ownership and directorship.

 

Lloret F&S Holdings Limited

At the balance sheet date debtors included £120,000 (2022 - £120,000) owed by Lloret F&S Holdings Limited.

 

Lloret F&S Holdings Limited is related by virtue of being Lloret Fire and Security Limited's immediate parent company.

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