Company registration number 13533275 (England and Wales)
BUSINESS WASTE HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
BUSINESS WASTE HOLDINGS LTD
COMPANY INFORMATION
Directors
Mr D J Adams
Mr M R Hall
Company number
13533275
Registered office
Artemis House
Eboracum Way
Heworth Green
York
North Yorkshire
YO31 7RE
Auditor
Azets Audit Services Limited
Triune Court
Monks Cross Drive
York
YO32 9GZ
BUSINESS WASTE HOLDINGS LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
BUSINESS WASTE HOLDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

Our primary activity is a waste management broker that provides a national service for UK companies. The business organises waste collection, disposal, and recycling services for more than 14,000 businesses. Customers are UK-based companies of varying sizes that operate in a wide range of industries.

The main source of revenue in the business is through the sale, renewal, and upselling of waste management contracts.

 

Business growth

Growth across the year was mainly driven by an increase in the number of customers and their spending. At the year-end the business now has circa 14,000 customers which is an increase of 8% from the previous year.

In the next twelve months, the group forecasts an increase in annual turnover by 14%.

 

Business performance

Total revenue in the year was £17,542,862 which represented an increase of 9.6% compared to the prior twelve-month period. Operating profit increased to £1,169,088 which was a 17.6% increase on the prior fifteen-month period.

 

The directors are satisfied with the performance and position of the group at the year-end.

 

Principal risks and uncertainties

The main business risks and uncertainties relate to competition, the economic climate, and the performance of suppliers. Commercial waste management is an essential service for businesses in all industries, and there are many other companies and brokers that offer similar services to Business Waste Ltd on national and local levels.

 

Ongoing financial uncertainty with changes to interest rates and inflation affects customers, suppliers, and overheads for the business. As a broker, the business relies on suppliers and their performance to help maintain customers, which is out of the company’s control.

 

Recruitment of staff during times of growth can also be a challenge but there are processes and experienced team members in charge of recruitment.

Key performance indicators

The key performance indicators of the group are turnover, gross profit, profit before tax and net assets. The results for 2023 with the comparative 15-month 2022 period are:

 

 

2023

2022

Turnover

£17,542,862

£19,218,500

Gross profit

£5,661,182

£5,833,687

Profit before tax

£1,119,453

£955,160

Net assets at year end

£1,245,755

£1,255,302

Other information and explanations

As a business we are committed to reducing our impact on the environment. In the year we began swapping our fleet of cars to fully electric or hybrid.

The group continues to be accredited for its Environmental Management Systems under ISO 14001 and for its quality assurance under ISO 9001.

BUSINESS WASTE HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

On behalf of the board

Mr D J Adams
Director
23 September 2024
BUSINESS WASTE HOLDINGS LTD
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 is that of a holding company and the principal activity of the group is that of waste management and brokerage.

Results and dividends

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

Ordinary interim dividends were paid amounting to £770,000 (2022 - £570,000). The directors do not recommend payment of a further dividend.

Directors

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

Mr D J Adams
Mr M R Hall
Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

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

On behalf of the board
Mr D J Adams
Director
23 September 2024
BUSINESS WASTE HOLDINGS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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.

BUSINESS WASTE HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BUSINESS WASTE HOLDINGS LTD
- 5 -
Opinion

We have audited the financial statements of Business Waste Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

BUSINESS WASTE HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BUSINESS WASTE HOLDINGS LTD
- 6 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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.

BUSINESS WASTE HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BUSINESS WASTE HOLDINGS LTD
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Martin Davey (Senior Statutory Auditor)
For and on behalf of Azets Audit Services Limited
23 September 2024
Chartered Accountants
Statutory Auditor
Triune Court
Monks Cross Drive
York
YO32 9GZ
BUSINESS WASTE HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Year
15 Month
ended
period ended
31 December
31 December
2023
2022
Notes
£
£
Turnover
3
17,542,862
19,218,500
Cost of sales
(11,881,680)
(13,384,813)
Gross profit
5,661,182
5,833,687
Administrative expenses
(4,501,755)
(4,878,081)
Other operating income
9,661
38,485
Operating profit
4
1,169,088
994,091
Interest receivable and similar income
7
2,927
2,566
Interest payable and similar expenses
8
(52,562)
(41,497)
Profit before taxation
1,119,453
955,160
Tax on profit
9
(359,000)
(305,618)
Profit and comprehensive income for the financial year
760,453
649,542
Profit and comprehensive income for the financial year is attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
BUSINESS WASTE HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
2,811,156
3,173,886
Other intangible assets
11
93,158
112,117
Total intangible assets
2,904,314
3,286,003
Tangible assets
12
656,192
410,130
3,560,506
3,696,133
Current assets
Debtors
14
1,697,852
1,629,180
Cash at bank and in hand
688,365
1,109,036
2,386,217
2,738,216
Creditors: amounts falling due within one year
16
(4,410,468)
(4,525,547)
Net current liabilities
(2,024,251)
(1,787,331)
Total assets less current liabilities
1,536,255
1,908,802
Creditors: amounts falling due after more than one year
17
(187,500)
(562,500)
Provisions for liabilities
Deferred tax liability
18
103,000
91,000
(103,000)
(91,000)
Net assets
1,245,755
1,255,302
Capital and reserves
Called up share capital
20
3,266
3,266
Other reserves
1,172,494
1,172,494
Profit and loss reserves
69,995
79,542
Total equity
1,245,755
1,255,302
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
23 September 2024
Mr D J Adams
Mr M R Hall
Director
Director
Company registration number 13533275 (England and Wales)
BUSINESS WASTE HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
2,948,010
2,948,010
Current assets
-
-
Creditors: amounts falling due within one year
16
(2,944,744)
(2,944,744)
Net current liabilities
(2,944,744)
(2,944,744)
Net assets
3,266
3,266
Capital and reserves
Called up share capital
20
3,266
3,266

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £770,000 (2022 - £570,000 profit).

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
23 September 2024
Mr D J Adams
Mr M R Hall
Director
Director
Company registration number 13533275 (England and Wales)
BUSINESS WASTE HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2021
1
-
-
0
1
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
649,542
649,542
Issue of share capital
20
3,265
-
-
3,265
Dividends
10
-
-
(570,000)
(570,000)
Merger reserve
28
-
1,172,494
-
1,172,494
Balance at 31 December 2022
3,266
1,172,494
79,542
1,255,302
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
760,453
760,453
Dividends
10
-
-
(770,000)
(770,000)
Balance at 31 December 2023
3,266
1,172,494
69,995
1,245,755
BUSINESS WASTE HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2021
1
-
0
1
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
570,000
570,000
Issue of share capital
20
3,265
-
3,265
Dividends
10
-
(570,000)
(570,000)
Balance at 31 December 2022
3,266
-
0
3,266
Year ended 31 December 2023:
Profit and total comprehensive income
-
770,000
770,000
Dividends
10
-
(770,000)
(770,000)
Balance at 31 December 2023
3,266
-
0
3,266
BUSINESS WASTE HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,402,839
2,874,400
Interest paid
(52,562)
(41,497)
Income taxes paid
(262,746)
(34,618)
Net cash inflow from operating activities
1,087,531
2,798,285
Investing activities
Purchase of intangible assets
(9,438)
(36,605)
Purchase of tangible fixed assets
(356,691)
(260,858)
Purchase of subsidiaries, net of cash acquired
-
(1,761,852)
Interest received
2,927
2,566
Net cash used in investing activities
(363,202)
(2,056,749)
Financing activities
Proceeds from new bank loans
-
1,000,000
Repayment of bank loans
(375,000)
(62,500)
Dividends paid to equity shareholders
(770,000)
(570,000)
Net cash (used in)/generated from financing activities
(1,145,000)
367,500
Net (decrease)/increase in cash and cash equivalents
(420,671)
1,109,036
Cash and cash equivalents at beginning of year
1,109,036
-
0
Cash and cash equivalents at end of year
688,365
1,109,036
BUSINESS WASTE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Business Waste Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Artemis House, Eboracum Way, Heworth Green, York, North Yorkshire, YO31 7RE.

 

The group consists of Business Waste Holdings Ltd and its subsidiary.

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, modified to certain financial instruments at fair value. 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
Business combinations

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

 

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

BUSINESS WASTE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Business Waste Holdings Ltd together with all entities controlled by the parent company (its subsidiaries).

 

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

 

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

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

1.4
Going concern

The directors have considered all factors, including in the wider economy, as part of their assessment of going concern. Although the current economic climate creates both cashflow and profitability risks for the company and the group, the company and the group continue to trade profitably and are cash generative. Budgets and cashflows have been prepared using assumptions for capital expenditure, customer demand and supply chain costs as well as expectations for legal and regulatory environmental impacts. These budgets and cashflows indicate continuing profitability and cash generation, consequently the directors believe on balance that they have sufficient resources to enable trading to continue for a period of at least one year from the date of approval of the financial statements. Accordingly, these financial statements have been prepared on the going concern basis.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

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

 

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

BUSINESS WASTE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -

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

Software
15% straight line
1.8
Tangible fixed assets

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

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 improvements
15% straight line
Plant and equipment
20% straight line
Fixtures and fittings
10% straight line
Computers
15% straight line
Motor vehicles
25% reducing balance

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

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.10
Impairment of fixed 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 (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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

BUSINESS WASTE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

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

Basic financial assets

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

Other financial assets

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

 

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

BUSINESS WASTE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

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

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

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

BUSINESS WASTE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.13
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.

1.14
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.15
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.

1.16
Retirement benefits

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

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.

BUSINESS WASTE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.18
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.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

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

Bad debt provision

Outstanding trade debtors balances are reviewed on a line by line basis by management to identify possible amounts where a provision is required. Management closely manage the collection of trade debtors and are therefore able to identify balances where there is uncertainty about its recoverability, and determine what provision is required (if any).

Depreciation

The depreciation policy has been set according to management's experience of the useful lives of a typical asset in each category, something which is reviewed annually. It is not considered practical to use a per unit basis to allocate depreciation without undue cost and therefore amounts are charged annually. The depreciation charged during the year was £110,629 (2022 - £71,762) which the directors feel is a fair reflection of the benefits derived from the consumption of the tangible fixed assets in use during the period.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Waste brokerage services
17,542,862
19,218,500
BUSINESS WASTE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 21 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
17,542,862
19,218,500
2023
2022
£
£
Other revenue
Interest income
2,927
2,566
Grants received
-
38,485
Investment income
5,500
-
Lease income
4,161
-
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(265)
(802)
Government grants
-
(38,485)
Depreciation of owned tangible fixed assets
110,629
71,762
Amortisation of intangible assets
391,127
478,843
Operating lease charges
282,358
155,232
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
2,500
-
Audit of the financial statements of the company's subsidiaries
16,500
14,250
19,000
14,250
For other services
All other non-audit services
44,723
7,900
BUSINESS WASTE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
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
2
2
2
2
Administrative and support
88
87
-
-
Total
90
89
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,162,286
1,915,685
-
0
-
0
Social security costs
159,923
140,979
-
-
Pension costs
125,400
178,403
-
0
-
0
2,447,609
2,235,067
-
0
-
0
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
2,927
2,566
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
50,361
37,618
Other interest
2,201
3,879
Total finance costs
52,562
41,497
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
347,000
268,849
Adjustments in respect of prior periods
-
0
(1,231)
Total current tax
347,000
267,618
BUSINESS WASTE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
2023
2022
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
12,000
38,000
Total tax charge
359,000
305,618

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

2023
2022
£
£
Profit before taxation
1,119,453
955,160
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
263,295
181,480
Tax effect of expenses that are not deductible in determining taxable profit
10,402
11,386
Depreciation on assets not qualifying for tax allowances
628
695
Amortisation on assets not qualifying for tax allowances
85,314
90,044
Under/(over) provided in prior years
-
0
(1,231)
Other
(639)
23,244
Taxation charge
359,000
305,618
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
770,000
570,000
BUSINESS WASTE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
11
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2023
3,627,298
184,957
3,812,255
Additions
-
0
9,438
9,438
At 31 December 2023
3,627,298
194,395
3,821,693
Amortisation and impairment
At 1 January 2023
453,412
72,840
526,252
Amortisation charged for the year
362,730
28,397
391,127
At 31 December 2023
816,142
101,237
917,379
Carrying amount
At 31 December 2023
2,811,156
93,158
2,904,314
At 31 December 2022
3,173,886
112,117
3,286,003
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
12
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
177,333
-
0
122,478
228,780
86,945
615,536
Additions
149,617
59,420
7,002
70,652
70,000
356,691
At 31 December 2023
326,950
59,420
129,480
299,432
156,945
972,227
Depreciation and impairment
At 1 January 2023
36,595
-
0
32,328
112,709
23,774
205,406
Depreciation charged in the year
42,467
3,001
12,819
35,383
16,959
110,629
At 31 December 2023
79,062
3,001
45,147
148,092
40,733
316,035
Carrying amount
At 31 December 2023
247,888
56,419
84,333
151,340
116,212
656,192
At 31 December 2022
140,738
-
0
90,150
116,071
63,171
410,130
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
BUSINESS WASTE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
24
-
0
-
0
2,948,010
2,948,010
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
2,948,010
Carrying amount
At 31 December 2023
2,948,010
At 31 December 2022
2,948,010
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
951,653
899,734
-
0
-
0
Corporation tax recoverable
29,746
-
0
-
0
-
0
Other debtors
450,711
413,091
-
0
-
0
Prepayments and accrued income
265,742
316,355
-
0
-
0
1,697,852
1,629,180
-
-
15
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
562,500
937,500
-
0
-
0
Payable within one year
375,000
375,000
-
0
-
0
Payable after one year
187,500
562,500
-
0
-
0

The group took out a £1,500,000 loan in May 2020 which is secured on assets by the UK Government under the Coronavirus Business Interruption Loan Scheme. The loan is repayable over 5 years with interest being charged at 2.09% over base rate per annum.

BUSINESS WASTE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
15
375,000
375,000
-
0
-
0
Trade creditors
2,322,342
2,504,933
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,904,271
2,904,271
Corporation tax payable
347,000
233,000
-
0
-
0
Other taxation and social security
269,947
217,847
-
-
Other creditors
75,512
79,907
40,473
40,473
Accruals and deferred income
1,020,667
1,114,860
-
0
-
0
4,410,468
4,525,547
2,944,744
2,944,744

Bank Loans are secured as detailed in note 15.

17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
15
187,500
562,500
-
0
-
0

Bank loans are secured as detailed in note 15.

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
103,000
91,000
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
91,000
-
Charge to profit or loss
12,000
-
Liability at 31 December 2023
103,000
-
BUSINESS WASTE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Deferred taxation
(Continued)
- 27 -

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
125,400
178,403

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 capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A share of £1 each
1,633
1,633
1,633
1,633
Ordinary B share of £1 each
1,633
1,633
1,633
1,633
3,266
3,266
3,266
3,266

1632 ordinary A shares and 1633 ordinary B shares were issued for cash during the prior year. All ordinary shares carry voting rights and full rights to profit and capital distribution.

21
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company for certain of its motor vehicles and properties. Leases are negotiated for an average term of 2 to 5 years.

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
310,109
291,286
-
-
Between two and five years
717,166
904,745
-
-
1,027,275
1,196,031
-
-
BUSINESS WASTE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Operating lease commitments
(Continued)
- 28 -
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
25,548
-
-
-
Between two and five years
46,955
-
-
-
72,503
-
-
-
22
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Entities with control, joint control or significant influence over the group
33,153
-

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Entities with control, joint control or significant influence over the group
426,626
384,263
23
Controlling party

The directors are of the opinion that there is no ultimate controlling party.

24
Subsidiaries

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

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Business Waste Limited
See below
Waste Brokerage Service
Ordinary
100

Registered office addresses (all UK unless otherwise indicated):

1
Artemis House, Eboracum Way, Heworth Green, York, YO31 7RE
BUSINESS WASTE HOLDINGS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
25
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
18,200
17,109
Company pension contributions to defined contribution schemes
41,693
134,642
59,893
151,751
26
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
760,453
649,542
Adjustments for:
Taxation charged
359,000
305,618
Finance costs
52,562
41,497
Investment income
(2,927)
(2,566)
Amortisation and impairment of intangible assets
391,127
478,843
Depreciation and impairment of tangible fixed assets
110,629
71,762
Movements in working capital:
(Increase)/decrease in debtors
(38,926)
1,923,575
Decrease in creditors
(229,079)
(593,871)
Cash generated from operations
1,402,839
2,874,400
27
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,109,036
(420,671)
688,365
Borrowings excluding overdrafts
(937,500)
375,000
(562,500)
171,536
(45,671)
125,865
28
Merger reserve

On 6 October 2021, the entire issued share capital of Business Waste Limited was transferred to Business Waste Holdings Limited in a share for share exchange and accordingly a merger reserve has been recorded as a result of this transaction.

 

 

2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.210Mr D J AdamsMr M R 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