Company registration number 00432123 (England and Wales)
CUFF MILLER AND COMPANY (LITTLEHAMPTON) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CUFF MILLER AND COMPANY (LITTLEHAMPTON) LIMITED
COMPANY INFORMATION
Directors
Mrs J M Cager
Mr A Steele
Mr J W Baxter
Secretary
Mr B Steele
Company number
00432123
Registered office
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
Auditor
Sumer Audit
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
Business address
Horsham Road
Littlehampton
West Sussex
BN17 6BX
CUFF MILLER AND COMPANY (LITTLEHAMPTON) LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of income and retained earnings
6
Statement of financial position
7
Notes to the financial statements
8 - 13
CUFF MILLER AND COMPANY (LITTLEHAMPTON) 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 a franchise motor dealer and fuel retailer.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs J M Cager
Mr A Steele
Mr J W Baxter
Auditor
In accordance with the company's articles, a resolution proposing that Sumer Audit be reappointed as auditor of the company will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
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
Mr A Steele
Director
17 September 2024
CUFF MILLER AND COMPANY (LITTLEHAMPTON) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
CUFF MILLER AND COMPANY (LITTLEHAMPTON) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CUFF MILLER AND COMPANY (LITTLEHAMPTON) LIMITED
- 3 -
Opinion
We have audited the financial statements of Cuff Miller and Company (Littlehampton) Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, the statement of financial position 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:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The potential effects of inherent limitations on the auditor’s ability to detect material misstatements are greater for future events or conditions that may cause an entity to cease to continue as a going concern. The auditor cannot predict such future events or conditions. Accordingly, the absence of any reference to a material uncertainty about the entity’s ability to continue as a going concern cannot be viewed as a guarantee as to the entity’s ability to continue as a going concern.
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.
CUFF MILLER AND COMPANY (LITTLEHAMPTON) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CUFF MILLER AND COMPANY (LITTLEHAMPTON) LIMITED
- 4 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
CUFF MILLER AND COMPANY (LITTLEHAMPTON) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CUFF MILLER AND COMPANY (LITTLEHAMPTON) LIMITED
- 5 -
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
Obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations;
Obtaining an understanding of the company’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud; and
Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the company and our sector-specific experience.
As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: employment law, and compliance with the UK Companies Act.
In addition to the above, our procedures to respond to risks identified included the following:
Making enquiries of management, about any known or suspected instances of non-compliance with laws and regulations and fraud;
Reading correspondence with regulators;
Challenging assumptions and judgements made by management in their significant accounting estimates; and
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.
Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
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.
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.
Christopher Reeves ACA FCCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
17 September 2024
Chartered Accountants
Statutory Auditor
Worthing
Sumer Audit is the trading name of Sumer Auditco Limited
CUFF MILLER AND COMPANY (LITTLEHAMPTON) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2023
2022
£
£
Revenue
12,113,051
11,036,046
Cost of sales
(11,520,276)
(10,524,056)
Gross profit
592,775
511,990
Administrative expenses
(492,205)
(440,209)
Operating profit
100,570
71,781
Finance costs
(405)
(405)
Profit before taxation
100,165
71,376
Tax on profit
(19,511)
(12,900)
Profit for the financial year
80,654
58,476
Retained earnings brought forward
773,089
734,613
Dividends
(35,000)
(20,000)
Retained earnings carried forward
818,743
773,089
The income statement has been prepared on the basis that all operations are continuing operations.
CUFF MILLER AND COMPANY (LITTLEHAMPTON) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 7 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
86,190
73,656
Current assets
Inventories
5
896,492
1,100,187
Trade and other receivables
6
215,635
202,077
Cash and cash equivalents
350,576
214,405
1,462,703
1,516,669
Current liabilities
7
(719,850)
(812,736)
Net current assets
742,853
703,933
Total assets less current liabilities
829,043
777,589
Non-current liabilities
9
(4,050)
(4,050)
Provisions for liabilities
(5,800)
Net assets
819,193
773,539
Equity
Called up share capital
10
450
450
Retained earnings
818,743
773,089
Total equity
819,193
773,539
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 17 September 2024 and are signed on its behalf by:
Mr A Steele
Director
Company registration number 00432123 (England and Wales)
CUFF MILLER AND COMPANY (LITTLEHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
1
Accounting policies
Company information
Cuff Miller and Company (Littlehampton) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Revenue
Revenue represents the invoiced amount of parts, vehicles, including bonuses and commissions, and other goods sold and services rendered during the year exclusive of internal sales and value added tax. Vehicle sales and related costs are recognised when the company has fulfilled all its obligations under the sale contract.
Bonuses and commissions are recognised when receipt can be reliably established.
1.4
Property, plant and equipment
Property, plant and equipment 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
10% - 20% per annum straight line basis
Plant and equipment
10% - 33% per annum straight line basis
Pumps and tanks
20% - 25% per annum straight line basis
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.
CUFF MILLER AND COMPANY (LITTLEHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 9 -
1.5
Inventories
Vehicle inventory is stated at the lower of cost and selling price less costs to complete and sell. This is based on actual or estimated selling price less all further completion and estimated direct selling costs.
New vehicles are consigned and in commercial form, are rarely returned to the consignor. Therefore, the consigned stock is effectively under the control of the company and included within inventory within the statement of financial position, as the significant risks and rewards of ownership are effectively enjoyed by the company even though legal title has not yet passed over.
Parts stock is stated at the lower of costs and selling price less costs to complete and sell, on an average cost basis.
Forecourt stock is stated at the lower of costs and selling price less costs to complete and sell, on a first in, first out basis.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including trade and other payables 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
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.
CUFF MILLER AND COMPANY (LITTLEHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 10 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Retirement benefits
The pension costs charged in the financial statements represent the contributions payable by the company during the year.
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Going concern
As detailed in note 1.2 the directors have concluded that there is no material uncertainty relating to going concern for the company. Therefore they have continued to adopt the going concern basis in preparing the annual report and accounts.
Consignment stock
Due to the agreement with the franchiser, the directors consider the consignment stock to be an asset of the company at the year end and therefore this has been recognised within the statement of financial position.
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.
Inventory
Consideration has been given by the directors to the level of provision against vehicle stocks. In determining the provision required the directors have used guidance from independent valuations tools and their knowledge of the industry.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 27 (2022 - 28).
CUFF MILLER AND COMPANY (LITTLEHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
4
Property, plant and equipment
Improvements to premises
Plant and equipment
Pumps and tanks
Total
£
£
£
£
Cost
At 1 January 2023
211,068
238,013
83,351
532,432
Additions
18,022
15,717
33,739
Disposals
(1,686)
(1,686)
At 31 December 2023
229,090
252,044
83,351
564,485
Depreciation and impairment
At 1 January 2023
174,578
203,667
80,531
458,776
Depreciation charged in the year
5,101
14,838
1,266
21,205
Eliminated in respect of disposals
(1,686)
(1,686)
At 31 December 2023
179,679
216,819
81,797
478,295
Carrying amount
At 31 December 2023
49,411
35,225
1,554
86,190
At 31 December 2022
36,490
34,346
2,820
73,656
5
Inventories
2023
2022
£
£
Vehicles
494,978
595,501
Forecourt
106,279
115,677
Parts
70,106
126,644
Vehicles consignment stock
225,129
262,365
896,492
1,100,187
6
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
164,096
129,740
Other receivables
51,539
65,137
215,635
194,877
Deferred tax asset
7,200
215,635
202,077
CUFF MILLER AND COMPANY (LITTLEHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
7
Current liabilities
2023
2022
£
£
Trade payables
412,094
480,138
Taxation and social security
47,910
25,804
Other payables
259,846
306,794
719,850
812,736
Included within trade payables is an amount of £263,320 (2022 - £222,682) which is secured over vehicles held in inventories. An element of these amounts by nature may be settled in over 12 months time.
Included within other payables are obligations totalling £225,129 (2022 - £262,365) relating to consignment stock which are secured on the vehicle stock.
The company's bank overdraft facility is secured over the assets of the company.
8
Borrowings
2023
2022
£
£
Preference shares
4,050
4,050
Payable after one year
4,050
4,050
9
Non-current liabilities
2023
2022
Notes
£
£
Other borrowings
8
4,050
4,050
Included within other borrowings in the current and comparative year are 4,050 10% Preference Shares at £1 each classified as debt.
The preference shareholders are non-voting and have the right to a fixed cumulative preferential dividend of 10% per annum, and in the event of the company being wound up, the right to a maximum of the payment of capital and declared and accrued dividends in priority over all other shares.
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
4,050
4,050
CUFF MILLER AND COMPANY (LITTLEHAMPTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
450
450
450
450
Each share is entitled to one vote and carry full distribution rights in respect to both dividends and on a winding up of the company.
11
Operating lease commitments
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
445
445
Between two and five years
667
1,112
1,112
1,557
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