Company registration number 05700999 (England and Wales)
JOSEWIN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
JOSEWIN LIMITED
COMPANY INFORMATION
Directors
Mr C M Tanner
Mr D S Franks
Mr P R Cobley
Mrs H D Blevins
Secretary
Mr D S Franks
Company number
05700999
Registered office
6 Merus Court
Meridian Business Park
Leicester
LE19 1RJ
Auditor
Sumer Audit
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
JOSEWIN LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group statement of financial position
11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 29
JOSEWIN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Business review

Revenue for the year was £60.2 million (2022 - £64.3 million) and the profit before tax for the year was £4.2 million (2022 - £5.1 million). This 6% decrease in revenue (2022 - 14% increase) reflected the slow-down in UK mortgage lending, offset by a 3% increase in adviser numbers during the period and productivity improvements arising from ongoing technology development.

Gross profit margin remained broadly consistent with the prior year at 22.4% (2022 – 20.3%).

Administrative costs increased by 19% (2022 - 2% increase). This reflects increases in staff and professional services costs on Compliance and Training to ensure the group continues to meet its regulatory obligations, together with increased one-off legal and professional charges These included costs relating to a corporate strategic review process and related organisational restructuring. The group also increased its provisioning during the year.

During the year, the group acquired the operations and majority of the advisers of AFP Partnership.

Principle risks and uncertainties

Market risk

The group is subject to political and economic risks affecting its primary market of mortgage intermediation. Investment in technology and diversification into related but counter-cyclical markets are the main tools adopted by the group to mitigate market risks.

Regulatory risk

The group operates within the UK financial services market which is regulated by the Financial Conduct Authority (“FCA”). The group continues to enjoy a strong and professional relationship with the FCA and has strong lines of communication that allow the board to make decisions based on delivering good customer outcomes. During 2023, the group’s groundwork ensured it had the governance in place to meet the requirements of the Senior Managers and Certification regime, and the board believes it has the knowledge and experience to continue to meet its regulatory obligations as set out by the FCA now and in the future.

Credit risk

Investments of cash surpluses are made through banks and companies which must fulfil credit rating criteria approved by the board. All adviser borrowers are subject to due diligence and sign-off at board level and tracking of all loans are reported regularly to the board. Commission clawback, whereby insurance policies cancel after indemnity commission has been paid out to advisers, is mitigated by robust risk assessment procedures coupled with active monitoring.

Liquidity and cash flow risk

The group holds a certain level of capital in order to meet FCA minimum capital adequacy requirements. This capital resource requirement is met by holding balances in cash. Cash and borrowing requirements are managed to maximise interest income and minimise interest expense, whilst ensuring that the group has sufficient liquid resources to meet the operating needs of the business.

JOSEWIN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Promoting the success of the company

Section 172(1) Statement

The directors have regard to the matters set out in section 172(1) (a) to (f) Companies Act 2006 in exercising their duty to promote the success of the company for the benefit of its members.

Those matters were addressed as follows: -

The directors prepare forecasts based on the company’s long-term strategy, including three-year plans.

The company is committed to continuing professional development of staff members at all levels.

The company periodically issues a staff survey which traces employees’ satisfaction and views about the business. The results from the employee surveys are reviewed at board level, forming the basis of proposals and actions.

 

Central to maintaining this reputation for high standards is endeavouring to treat our customers, partners and employees fairly and the company’s approach to conducting business is focused on this outcome.

The directors continue to foster a strong and professional relationship with the Financial Conduct Authority and ensure compliance with regulatory requirements.

On behalf of the board

Mr C M Tanner
Director
22 July 2024
JOSEWIN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the company and group continued to be as a network of authorised mortgage, protection and general insurance brokers.

Results and dividends

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

Ordinary dividends were paid amounting to £2,315,616 (2022: Nil). The directors do not recommend payment of a further dividend.

Preference dividends were paid amounting to £1,543,744 (2022: Nil). 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:

Mr C M Tanner
Mr D S Franks
Mr P R Cobley
Mrs H D Blevins
Financial instruments
Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

 

The group 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 all other financial instruments.

Business relationships

The S172(1) statement in the strategic report details how the directors have had regard to the need to foster business relationships with suppliers, customers and other stakeholders during the year.

Future developments

The directors believe that there are no future developments that require disclosure.

Auditor

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

JOSEWIN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Energy and carbon report

The following information summarises the Group’s environmental performance over the year.

Methodology

GHG emissions are quantified and reported according to the Greenhouse Gas Protocol.

Consumption data has been collected and converted into its CO2 equivalent. In collating this data the Group has reviewed utility invoicing and its staff expense reporting software to measure business mileage in employee owned vehicles. The UK Government’s 2023 GHG Conversion Factors for Company Reporting have been used to calculate emissions from the energy consumption and mileage data.

Reporting boundaries and limitations

The GHG sources that constitute the operational boundary for the reporting period are:

Scope 1(Direct): Emissions from combustion of natural gas in boiler heating systems.

Scope 2 (Energy indirect): Purchased electricity.

Scope 3 (Other indirect): Fuel consumption from employee-owned vehicles for business travel

Fuel associated with employee train and plane travel for business use has been excluded on the basis that amounts are likely to be immaterial. No emissions were produced outside the UK.

GHG emissions and energy use data for the year ended 31 December 2023

 

 

 

Associated GHG (tCO2e)

Scope 1

Fuel consumption (gas heating systems) (kWh)

44,471

8

 

 

 

 

Scope 2

Electricity consumption (office electricity) (kWh)

45,767

9

 

 

 

 

Scope 3

Fuel consumption (own cars for business use) (miles)

163,686

41

 

 

 

 

Summary

Gross emissions (tCO2e)

 

58

 

Total average employees

 

103

 

Intensity ratio (tCO2/employee)

 

0.56

 

Intensity ratio (tCO2/£1m revenue)

 

0.97

 

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

JOSEWIN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
On behalf of the board
Mr C M Tanner
Director
22 July 2024
JOSEWIN LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

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.

JOSEWIN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOSEWIN LIMITED
- 7 -
Opinion

We have audited the financial statements of Josewin Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, 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:

JOSEWIN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JOSEWIN LIMITED
- 8 -
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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

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:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the group 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.

JOSEWIN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JOSEWIN LIMITED
- 9 -

In addition to the above, our procedures to respond to risks identified included the following:

 

 

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.

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.

Robin Evans BA FCA CTA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
21 August 2024
Chartered Accountants
Statutory Auditor
Worthing
Sumer Audit is the trading name of Sumer Auditco Limited
JOSEWIN LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
as restated
Notes
£
£
Revenue
3
60,228,829
64,289,785
Cost of sales
(46,702,301)
(51,166,296)
Gross profit
13,526,528
13,123,489
Administrative expenses
(9,781,098)
(8,169,992)
Other operating income
-
66,787
Operating profit
4
3,745,430
5,020,284
Investment income
536,582
116,295
Finance costs
(14,857)
-
0
Other gains and losses
(40,050)
-
Profit before taxation
4,227,105
5,136,579
Tax on profit
8
(1,288,294)
(904,001)
Profit for the financial year
2,938,811
4,232,578
Profit for the financial year is attributable to:
- Owners of the parent company
2,677,132
4,145,635
- Non-controlling interests
261,679
86,943
2,938,811
4,232,578
Total comprehensive income for the year is attributable to:
- Owners of the parent company
2,677,132
4,145,635
- Non-controlling interests
261,679
86,943
2,938,811
4,232,578
JOSEWIN LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Non-current assets
Goodwill
11
2,021,630
890,335
Property, plant and equipment
12
90,286
100,614
2,111,916
990,949
Current assets
Trade and other receivables
15
6,969,213
8,014,104
Cash and cash equivalents
13,662,222
14,224,958
20,631,435
22,239,062
Current liabilities
16
(13,354,040)
(13,049,887)
Net current assets
7,277,395
9,189,175
Total assets less current liabilities
9,389,311
10,180,124
Provisions for liabilities
Provisions
17
1,064,544
883,503
Deferred tax liability
18
896
1,201
(1,065,440)
(884,704)
Net assets
8,323,871
9,295,420
Equity
Called up share capital
21
59,000
59,000
Share premium account
28,125
28,125
Capital redemption reserve
20
20
Retained earnings
8,067,186
9,249,414
Equity attributable to owners of the parent company
8,154,331
9,336,559
Non-controlling interests
169,540
(41,139)
8,323,871
9,295,420
The financial statements were approved by the board of directors and authorised for issue on 22 July 2024 and are signed on its behalf by:
22 July 2024
Mr C M Tanner
Director
Company registration number 05700999 (England and Wales)
JOSEWIN LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investments
13
2,485,222
2,500,322
Current assets
Trade and other receivables
15
1,532,145
8,482
Cash and cash equivalents
15,182
649,585
1,547,327
658,067
Current liabilities
16
(1,421,605)
(248,121)
Net current assets
125,722
409,946
Net assets
2,610,944
2,910,268
Equity
Called up share capital
21
59,000
59,000
Share premium account
28,125
28,125
Retained earnings
2,523,819
2,823,143
Total equity
2,610,944
2,910,268

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £3,560,036 (2022 - £255,425 loss)

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 22 July 2024 and are signed on its behalf by:
22 July 2024
Mr C M Tanner
Director
Company registration number 05700999 (England and Wales)
JOSEWIN LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Capital redemption reserve
Retained earnings
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2022
59,000
28,125
20
5,103,779
5,190,924
(26,082)
5,164,842
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
4,145,635
4,145,635
86,943
4,232,578
Dividends
9
-
-
-
-
-
(102,000)
(102,000)
Balance at 31 December 2022
59,000
28,125
20
9,249,414
9,336,559
(41,139)
9,295,420
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
2,677,132
2,677,132
261,679
2,938,811
Dividends
9
-
-
-
(3,859,360)
(3,859,360)
(51,000)
(3,910,360)
Balance at 31 December 2023
59,000
28,125
20
8,067,186
8,154,331
169,540
8,323,871
JOSEWIN LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Share premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 January 2022
59,000
28,125
3,078,568
3,165,693
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(255,425)
(255,425)
Balance at 31 December 2022
59,000
28,125
2,823,143
2,910,268
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
3,560,036
3,560,036
Dividends
9
-
-
(3,859,360)
(3,859,360)
Balance at 31 December 2023
59,000
28,125
2,523,819
2,610,944
JOSEWIN LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
5,172,033
6,575,051
Interest paid
(14,857)
-
0
Income taxes paid
(980,820)
(1,431,103)
Net cash inflow from operating activities
4,176,356
5,143,948
Investing activities
Purchase of intangible assets
(1,346,279)
-
Purchase of property, plant and equipment
(21,035)
(16,114)
Proceeds from disposal of property, plant and equipment
2,000
-
Interest received
536,582
116,295
Net cash (used in)/generated from investing activities
(828,732)
100,181
Financing activities
Dividends paid to equity shareholders
(3,859,360)
-
0
Dividends paid to non-controlling interests
(51,000)
(102,000)
Net cash used in financing activities
(3,910,360)
(102,000)
Net (decrease)/increase in cash and cash equivalents
(562,736)
5,142,129
Cash and cash equivalents at beginning of year
14,224,958
9,082,829
Cash and cash equivalents at end of year
13,662,222
14,224,958
JOSEWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

Josewin Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 6 Merus Court, Meridian Business Park, Leicester, England, LE19 1RJ.

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 £1.

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

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

 

1.2
Basis of consolidation

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

 

All financial statements are made up to 31 December 2023. All intra-group transactions and balances between group companies are eliminated on consolidation.

 

Josewin Training & Development Limited, is a wholly-owned subsidiary and is exempt from the requirements of Companies Act 2006 relating to audit of its individual company accounts under section 479A of the Companies Act 2006 relating to subsidiary companies. Clear Thinking Finance Limited, Strawbridge Limited and HL Wills Limited were wholly-owned subsidiaries that were disposed of during the year, and during their period as subsidiaries were also exempt from audit under section 479A. The result of subsidiaries disposed of during the year are recognised up to date of disposal and balance sheet items are removed at year end.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future, The directors have considered relevant information, including the group's principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the group, 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.

1.4
Revenue

Revenue is recognised in respect of commission receivable by, and services rendered to, the group's network and is shown net of VAT and other sales related taxes. Commission receivable is recognised on approval of a broker's loan application.

JOSEWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.5
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, which is ten years from the year of purchase.

1.6
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:

Leasehold land and buildings
25% diminishing balance per annum
Plant and equipment
20% per annum on a straight line basis
Fixtures and fittings
25% diminishing balance or 10% per annum on a straight line basis
Computer equipment
25% diminishing balance or 20% per annum on a straight line basis
Motor vehicles
25% per annum on a 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 recognised in the income statement.

1.7
Non-current investments

Equity investments are measured at fair value through profit or loss. In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

1.8
Impairment of non-current assets

At each reporting period 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.

1.9
Cash and cash equivalents

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

1.10
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 statement of financial position 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.

 

The group enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other receivables and payables.

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

Debt instruments like other receivables and payables 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. Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

1.11
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.

1.12
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year.

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.

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

Clawback provision

 

The provision for the clawback of commission represents a modelled estimate of the value of commissions reclaimable by product providers in respect of policies cancelled either from the outset or which lapsed, based on the past experience of such claims.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.15
Retirement benefits

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

1.16
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted.

1.17
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.

JOSEWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
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.

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.

Provision for indemnity commission

See note 1.13 for details of how the clawback provision is estimated.

Bad debt provision

Provisions of bad debt primarily relate to management's estimate on the recovery of commission claw backs on older balances.

Accrued income

Accrued income is recognised for all commissions received after the year end that relate to commissions approved by lenders before the year end. The approval date is based on entries by brokers into the company's internal systems.

3
Revenue

The group operates in one principal activity, that of the rendering of services, which is wholly undertaken in the United Kingdom. Revenue is therefore made up 100% by the fees receivable in relation to the rendering of these services.

4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Research and development costs
-
15,450
Depreciation of owned property, plant and equipment
27,774
21,257
(Profit)/loss on disposal of property, plant and equipment
(2,000)
2,467
Amortisation of intangible assets
214,984
147,670
(Profit)/loss on disposal of intangible assets
-
7,197
Operating lease charges
146,564
169,616
JOSEWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
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
8,200
3,600
Audit of the financial statements of the company's subsidiaries
31,330
26,580
39,530
30,180
For other services
Audit-related assurance services
12,630
6,500
Taxation compliance services
10,965
3,000
23,595
9,500
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
Directors
9
9
4
4
Compliance
48
42
-
-
Finance and commissions
7
8
-
-
Training
4
2
-
-
Support
12
14
-
-
Membership
5
4
-
-
Recruitment
3
3
-
-
Marketing
8
9
-
-
IT
6
5
-
-
Project management
1
1
-
-
Total
103
97
4
4

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,087,190
3,963,383
-
0
-
0
Social security costs
370,868
362,669
-
-
Pension costs
209,013
127,552
-
0
-
0
4,667,071
4,453,604
-
0
-
0
JOSEWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
911,792
793,280
Company pension contributions to defined contribution schemes
67,244
56,664
979,036
849,944
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
240,000
228,333
Company pension contributions to defined contribution schemes
1,321
1,321

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2022 - 5).

8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,288,694
1,042,636
Adjustments in respect of prior periods
-
0
(137,887)
Total current tax
1,288,694
904,749
Deferred tax
Origination and reversal of timing differences
(400)
(748)
Total tax charge
1,288,294
904,001
JOSEWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 22 -

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

2023
2022
£
£
Profit before taxation
4,227,105
5,136,579
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
994,215
975,950
Tax effect of expenses that are not deductible in determining taxable profit
198,956
16,335
Adjustments in respect of prior years
-
0
(137,887)
Permanent capital allowances in excess of depreciation
(5,094)
(2,295)
Depreciation on assets not qualifying for tax allowances
21,667
3,348
Amortisation on assets not qualifying for tax allowances
34,732
28,057
Timing differences
43,818
20,493
Taxation charge
1,288,294
904,001
9
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
3,859,360
-

Dividends of £3,859,360 were paid in the current year. No dividends were paid in the prior year. Included in the current years figures is £1,543,744 of preference dividends and £2,315,616 of ordinary dividends paid. In addition to this, a subsidiary had paid £51,000 (2022 - £102,000) of dividends to a non-controlling interest and as such, has not been included within the above.

10
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
2022
Notes
£
£
In respect of:
Fixed asset investments
13
40,050
-
Recognised in:
Other gains and losses
40,050
-

The impairment losses in respect of financial assets are recognised in other gains and losses in the income statement.

JOSEWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023
1,774,065
Additions
1,346,279
At 31 December 2023
3,120,344
Amortisation and impairment
At 1 January 2023
883,730
Amortisation charged for the year
214,984
At 31 December 2023
1,098,714
Carrying amount
At 31 December 2023
2,021,630
At 31 December 2022
890,335
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.

On 30 June 2023 the group acquired the trade and assets of AFP Partnership.

JOSEWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
12
Property, plant and equipment
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
4,122
8,655
241,450
24,576
2,333
281,136
Additions
-
0
521
20,514
-
0
-
0
21,035
Disposals
-
0
-
0
(6,656)
(1,347)
(2,333)
(10,336)
At 31 December 2023
4,122
9,176
255,308
23,229
-
0
291,835
Depreciation and impairment
At 1 January 2023
-
0
4,966
149,149
24,074
2,333
180,522
Depreciation charged in the year
-
0
2,626
25,133
15
-
0
27,774
Eliminated in respect of disposals
-
0
-
0
(3,554)
(860)
(2,333)
(6,747)
At 31 December 2023
-
0
7,592
170,728
23,229
-
0
201,549
Carrying amount
At 31 December 2023
4,122
1,584
84,580
-
0
-
0
90,286
At 31 December 2022
4,122
3,689
92,301
502
-
0
100,614
The company had no property, plant and equipment at 31 December 2023 or 31 December 2022.
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
2,485,222
2,500,322
Movements in non-current investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
2,500,322
Disposals
(15,100)
At 31 December 2023
2,485,222
Carrying amount
At 31 December 2023
2,485,222
At 31 December 2022
2,500,322
JOSEWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
HL Partnership Limited
a)
Ordinary
100.00
0
Josewin Training and Development Limited
a)
Ordinary
100.00
0
Mortgage Support Network Limited
a)
Ordinary
100.00
0
Custom Mortgage Solutions Limited
a)
Ordinary
51.00
0

a) 6 Merus Court, Meridian Business Park, Leicester, England, LE19 1RJ.

15
Trade and other receivables
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade receivables
107,120
496,279
-
0
-
0
Corporation tax recoverable
-
0
114,709
-
0
-
0
Amounts owed by group undertakings
-
-
1,525,898
-
Other receivables
245,126
228,964
1,899
2,579
Prepayments and accrued income
6,402,617
6,885,643
4,348
5,903
6,754,863
7,725,595
1,532,145
8,482
Amounts falling due after more than one year:
Other receivables
214,350
288,509
-
0
-
0
Total debtors
6,969,213
8,014,104
1,532,145
8,482
16
Current liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade payables
2,371,078
3,117,875
1,472
1,992
Amounts owed to group undertakings
-
0
-
0
100
200
Corporation tax payable
235,677
42,607
-
0
-
0
Other taxation and social security
123,063
165,694
-
-
Other payables
1,467,565
100,765
1,409,033
-
0
Accruals and deferred income
9,156,657
9,622,946
11,000
245,929
13,354,040
13,049,887
1,421,605
248,121
JOSEWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
17
Provisions for liabilities
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Clawback provision
1,064,544
883,503
-
-
Deferred tax liabilities
18
896
1,201
-
0
-
0
1,065,440
884,704
-
0
-
0
Movements on provisions apart from deferred tax liabilities:
Clawback provision
Group
£
At 1 January 2023
883,503
Additional provisions in the year
181,041
At 31 December 2023
1,064,544
18
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
896
1,201
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
1,201
-
Credit to profit or loss
(305)
-
Liability at 31 December 2023
896
-
JOSEWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
209,013
127,552

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.

20
Share-based payment transactions

During the year to 31 December 2023, the company had a share option plan in operation.

 

During prior years 2,958 options were granted to employees of HL Partnership Limited, a subsidiary company, Of these options, 700 £1 ordinary share options were still in place as at 31 December 2023 with all other options having lapsed or been cancelled during previous years. These options were granted in two tranches of 2,208 and 750 each, at an exercise price of £39.50 and £252.00 respectively. The remaining options relate to the second tranche.

 

The options can only be exercised if a share or asset sale occurs in the parent company. If the options remain unexercised after a period of ten years from the date of the grant or if the option holder ceases employment the options expire. The directors have recorded no charge within the income statement on the grounds of immateriality.

21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
6,500
6,500
6,500
6,500
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
A Preference shares of £100 each
525
525
52,500
52,500
Preference shares classified as equity
52,500
52,500
Total equity share capital
59,000
59,000

The ordinary shares are voting. The A preference shares are non voting and have a fixed right to 40% of any dividends declared subject to there being sufficient profits available for distribution. As such ordinary shareholders are entitled to 60% of any dividends declared. In the event of a winding up or return of capital, the A preference shareholders receive 40% of any assets remaining after the payment of its liabilities with ordinary shareholders receiving 60%.

JOSEWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
22
Disposals

On 16 May 2023 the group disposed of its 100% holding in Clear Thinking Finance Limited. Included in these financial statements are losses of £7 arising from the company's interests in Clear Thinking Finance Limited up to the date of its disposal.

On 7 July 2023 the group disposed of its 100% holding in HL Wills Limited. Included in these financial statements are losses of £13,727 arising from the company's interests in HL Wills Limited up to the date of its disposal.

 

On 12 December 2023 the 100% subsidiary, Strawbridge Limited, was dissolved. Included in these financial statements are profits of £6,577 arising from the company's interests in Strawbridge Limited up to the date of disposal.

23
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
111,956
119,764
11,422
8,151
Between two and five years
273,741
347,534
22,741
-
385,697
467,298
34,163
8,151

 

 

24
Related party transactions

A director of the subsidiary Custom Mortgage Solutions Limited is also indirectly the owner of the remaining 49% of the share capital of this company, through Custom Insurance & Mortgage Solutions Limited. Of the deferred consideration recognised on purchase of the company, £nil (2022 - £235,849) is still outstanding at the statement of financial position date. This balance is recognised within other payables.

 

During the year the group paid commission totalling £992,731 (2022 - £1,036,008) to Custom Mortgage Solutions Limited and at the statement of financial position date £nil (2022 - £11,180) is due to the company from the group.

 

At the statement of financial position date the group owed Custom Insurance & Mortgage Solutions Limited £22,579 (2022 - £51,079). This balance is included within other payables.

JOSEWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
25
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
2,938,811
4,232,578
Adjustments for:
Taxation charged
1,288,294
904,001
Finance costs
14,857
-
0
Investment income
(536,582)
(116,295)
Loss on disposal of property, plant and equipment
1,589
2,467
(Gain)/loss on disposal of intangible assets
-
7,197
Amortisation and impairment of intangible assets
214,984
147,670
Depreciation and impairment of property, plant and equipment
27,774
21,257
Increase in provisions
181,041
211,274
Movements in working capital:
Decrease/(increase) in trade and other receivables
930,182
(1,155,378)
Increase in trade and other payables
111,083
2,320,280
Cash generated from operations
5,172,033
6,575,051
26
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
14,224,958
(562,736)
13,662,222
27
Prior period adjustment

Revenue and Cost of Sales in the comparative period have been restated as follows:

 

Both revenue and Cost of Sales have decreased by £1,298,150 as a result of a prior period error whereby deductions from cost of sales were classified as income. There is a net £nil effect on gross margin

2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200Mr C M TannerMr P R CobleyMrs H D BlevinsMrs H BlevinsMr D S 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