G H DAVIES HOLDINGS LIMITED
Company registration number 00624983 (England and Wales)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
G H DAVIES HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr E J Davies
Mr J G R Davies
Secretary
Mr E J Davies
Company number
00624983
Registered office
Green Farm
Condover
Shrewsbury
Shropshire
SY5 7DA
Auditor
Dyke Yaxley Limited
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
G H DAVIES HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group profit and loss
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 39
G H DAVIES HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 30 December 2023.
Review of the business
G H Davies Holdings Limited (GHDH) continued to operate from three sites; being Boreton Farm, Green Farm and Norton Farm. The primary focus of GHDH is that of mixed farming of livestock and arable crops.
We continue to implement our policy of diversified activities to access alternative revenue streams, with the aim of growing and strengthening our core business of mixed farming.
In addition to the farming enterprise we now have two investment sites. These sites are produce income from both commercial and residential rental. Both sites generate an income less susceptible to the usual farming fluctuations.
Turnover, profitability and net assets are the three main key performance indicators for the company.
Turnover for the year ended 30 December 2023 was £23,612,476 compared to £20,781,757 in the year ended 30 December 2022, representing a 13.6% increase. The largest contribution to the increase in turnover is from arable sales which increased by £2,944,298 to £11,273,693 in the year.
After what was a challenging year in 2022, due to combination of the Ukraine war, fall in output prices and increase in input costs for the farming enterprise, it was pleasing to see that overall profitability increased in the year even surpassing the levels seen in 2021. Profit before tax for the year was £1,304,895 with the net profit margin increasing to 5.5%. Gross profit margin increased to 24.5% from 9.2% in 2022, whilst operating profit margin increased to 9.2% from an operating loss margin of 3.0% in 2022.
Net assets of the business increased to £21,294,170 from £19,991,833 in 2022. The increase in net assets relates to our investment in machinery used in the farming enterprise, together with investment in buildings at our investment sites which further enhance the income we receive from less fluctuating sources. In the prior year we revalued the assets based on a valuation at June 2023. At the end of the year the values had not significantly changed and therefore no revaluation adjustment has been reflected in these accounts.
Principal risks and uncertainties
The principal risk to the business continues to be that of the weather on grain yields and impact thereon on global prices. The company mitigates this by fixing a proportion of the crop sales value. This is done through forward contracts with grain merchants. Forward contracts have been secured for parts of this year grain which helps to mitigate the potential for unforeseen downward pressure on grain prices from the global markets.
The weather conditions for planting the 2023 and 2024 harvests were very challenging. Whilst many similar farmers found it difficult to plant all of their crops we achieved planting all of the crops in the winter. The views on the yields from the crops this year are mixed by professionals, however we are confident that the crops in the current condition look like they will achieve similar yields as in previous years.
The war in Ukraine has not had as significant impact on the turnover this year, however it continues to create instability in the global market for grain. Not only does this affect the grain price there has also been the impact on input prices most notably fertilizer. In order to mitigate this we have forward bought fertilizer at a significantly reduced price than in previous years.
A new risk emerging is that of carbon use and the impact of UK farming on carbon emissions. As part of our review we have invested in solar panels at all of our farm sites. Norton farm is now powered by electricity produced from the solar panels reducing the carbon emissions having previously been run from a diesel generator. Not only does this investment improve our carbon footprint but it will also enable us to rely less on the need to purchase electricity and therefore the fluctuation in these prices.
Financial risk is managed through a mix of long and short term borrowings including overdrafts and hire purchase agreements. In recent meetings we have looked at fixing some of borrowings to reduce our exposure to fluctuations in interest rates. The view of the bank is that the interest rates are still to come down further and therefore we will review this at our next bank facilities meeting.
Our continued approach to identifying market opportunities together with our group structure will ensure we navigate out of the uncertainty of market prices in the coming year.
G H DAVIES HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 2 -
.............................................
Mr E J Davies
Director
Date: .............................................
G H DAVIES HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 30 December 2023.
Principal activities
The principal activity of the company and group was that of mixed farming.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £100,000. 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 E J Davies
Mr J G R Davies
Auditor
The auditor, Dyke Yaxley Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Strategic report
The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties.
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 E J Davies
Director
Date: .................................
2024-09-20
G H DAVIES HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
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.
G H DAVIES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF G H DAVIES HOLDINGS LIMITED
- 5 -
Opinion
We have audited the financial statements of G H Davies Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 December 2023 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
G H DAVIES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G H DAVIES HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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.
G H DAVIES HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF G H DAVIES HOLDINGS LIMITED
- 7 -
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:
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
The most significant laws and regulations that have an indirect impact on the financial statements are the Universal Feed Assurance Scheme, Transport & Storage of Combinable Crops, Red Tractor Farm Assurance schemes for Beef & Sheep and arable and also VOSA regulations in respect of the transport fleet and the operators licence. We performed audit procedures to inquire of management and those charged with governance whether the company is in compliance with these laws and regulations and that the relevant certificates were currently valid. We also inspected public databases of regulatory authorities where available for any potential notices or breaches.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We did not identify any key audit matters relating to irregularities, including fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Mark Griffiths BA FCA (Senior Statutory Auditor)
For and on behalf of Dyke Yaxley Limited
Date: .........................
2024-09-24
Chartered Accountants
Statutory Auditor
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
G H DAVIES HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 DECEMBER 2023
- 8 -
2023
2022
as restated
Notes
£
£
Turnover
3
23,612,476
20,781,757
Cost of sales
(17,834,134)
(18,864,911)
Gross profit
5,778,342
1,916,846
Administrative expenses
(4,612,148)
(3,808,983)
Other operating income
1,013,968
1,273,219
Operating profit/(loss)
4
2,180,162
(618,918)
Interest receivable and similar income
8
1,480
2,520
Interest payable and similar expenses
9
(854,708)
(397,122)
Amounts written off investments
10
(22,039)
349,555
Profit/(loss) before taxation
1,304,895
(663,965)
Tax on profit/(loss)
11
97,442
104,320
Profit/(loss) for the financial year
28
1,402,337
(559,645)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
G H DAVIES HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 DECEMBER 2023
- 9 -
2023
2022
as restated
£
£
Profit/(loss) for the year
1,402,337
(559,645)
Other comprehensive income
Revaluation of tangible fixed assets
6,750,564
Tax relating to other comprehensive income
(2,457,754)
Other comprehensive income for the year
4,292,810
Total comprehensive income for the year
1,402,337
3,733,165
Total comprehensive income for the year is all attributable to the owners of the parent company.
G H DAVIES HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 DECEMBER 2023
30 December 2023
- 10 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
13
35,695,803
33,725,229
Biological assets
16
1,186,291
1,026,133
Investment properties
14
5,464,791
5,010,000
Investments
15
78,796
102,211
42,425,681
39,863,573
Current assets
Stocks
19
1,397,127
1,806,103
Debtors
20
3,104,287
2,967,670
Cash at bank and in hand
32,187
143,862
4,533,601
4,917,635
Creditors: amounts falling due within one year
21
(11,296,138)
(14,369,446)
Net current liabilities
(6,762,537)
(9,451,811)
Total assets less current liabilities
35,663,144
30,411,762
Creditors: amounts falling due after more than one year
22
(9,098,727)
(5,052,240)
Provisions for liabilities
25
(5,270,247)
(5,367,689)
Net assets
21,294,170
19,991,833
Capital and reserves
Called up share capital
27
16,000
16,000
Revaluation reserve
28
17,286,586
17,286,586
Capital redemption reserve
28
157,595
157,595
Profit and loss reserves
28
3,833,989
2,531,652
Total equity
21,294,170
19,991,833
The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
2024-09-20
..............................
Mr E J Davies
Director
G H DAVIES HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 DECEMBER 2023
30 December 2023
- 11 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
13
35,695,803
33,725,229
Biological assets
16
1,186,291
1,026,133
Investment properties
14
5,464,791
5,010,000
Investments
15
78,996
102,411
42,425,881
39,863,773
Current assets
Stocks
19
1,397,127
1,806,103
Debtors
20
2,972,016
2,931,303
Cash at bank and in hand
4,979
8,734
4,374,122
4,746,140
Creditors: amounts falling due within one year
21
(11,270,149)
(14,330,961)
Net current liabilities
(6,896,027)
(9,584,821)
Total assets less current liabilities
35,529,854
30,278,952
Creditors: amounts falling due after more than one year
22
(9,075,394)
(5,018,907)
Provisions for liabilities
25
(5,270,247)
(5,367,689)
Net assets
21,184,213
19,892,356
Capital and reserves
Called up share capital
27
16,000
16,000
Revaluation reserve
28
17,286,586
17,286,586
Capital redemption reserve
28
157,595
157,595
Profit and loss reserves
28
3,724,032
2,432,175
Total equity
21,184,213
19,892,356
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 £1,391,857 (2022 - £582,345 loss).
The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
2024-09-20
..............................
Mr E J Davies
Director
Company Registration No. 00624983
G H DAVIES HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2023
- 12 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 30 December 2022:
Balance at 31 December 2021
16,000
12,993,776
157,595
3,171,297
16,338,668
Year ended 30 December 2022:
Loss for the year
-
-
-
(559,645)
(559,645)
Other comprehensive income:
Revaluation of tangible fixed assets
-
6,750,564
-
-
6,750,564
Tax relating to other comprehensive income
-
(2,457,754)
-
(2,457,754)
Total comprehensive income
-
4,292,810
-
(559,645)
3,733,165
Dividends
12
-
-
-
(80,000)
(80,000)
Balance at 30 December 2022
16,000
17,286,586
157,595
2,531,652
19,991,833
Year ended 30 December 2023:
Profit and total comprehensive income
-
-
-
1,402,337
1,402,337
Dividends
12
-
-
-
(100,000)
(100,000)
Balance at 30 December 2023
16,000
17,286,586
157,595
3,833,989
21,294,170
G H DAVIES HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 DECEMBER 2023
- 13 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 30 December 2022:
Balance at 31 December 2021
16,000
12,993,776
157,595
3,094,520
16,261,891
Year ended 30 December 2022:
Loss for the year
-
-
-
(582,345)
(582,345)
Other comprehensive income:
Revaluation of tangible fixed assets
-
6,750,564
-
-
6,750,564
Tax relating to other comprehensive income
-
(2,457,754)
-
(2,457,754)
Total comprehensive income
-
4,292,810
-
(582,345)
3,710,465
Dividends
12
-
-
-
(80,000)
(80,000)
Balance at 30 December 2022
16,000
17,286,586
157,595
2,432,175
19,892,356
Year ended 30 December 2023:
Profit and total comprehensive income
-
-
-
1,391,857
1,391,857
Dividends
12
-
-
-
(100,000)
(100,000)
Balance at 30 December 2023
16,000
17,286,586
157,595
3,724,032
21,184,213
G H DAVIES HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 DECEMBER 2023
- 14 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
2,775,703
606,244
Interest paid
(854,708)
(397,122)
Net cash inflow from operating activities
1,920,995
209,122
Investing activities
Purchase of tangible fixed assets
(592,748)
(706,442)
Proceeds from disposal of tangible fixed assets
2,350,688
2,535,913
Purchase of investment property
(454,791)
(2,409,740)
Purchase of investments
-
(9,468)
Proceeds from disposal of investments
1,376
-
Interest received
764
1,791
Dividends received
716
729
Net cash generated from/(used in) investing activities
1,306,005
(587,217)
Financing activities
Proceeds from borrowings
10,000
10,000
Directors loan account movement
(27,681)
(7,671)
Proceeds from new bank loans
-
3,400,000
Repayment of bank loans
16,431
(607,379)
Payment of finance leases obligations
(3,812,091)
(2,876,117)
Dividends paid to equity shareholders
(100,000)
(80,000)
Net cash used in financing activities
(3,913,341)
(161,167)
Net decrease in cash and cash equivalents
(686,341)
(539,262)
Cash and cash equivalents at beginning of year
(2,253,041)
(1,705,378)
Effect of foreign exchange rates
17
(8,401)
Cash and cash equivalents at end of year
(2,939,365)
(2,253,041)
Relating to:
Cash at bank and in hand
32,187
143,862
Bank overdrafts included in creditors payable within one year
(2,971,552)
(2,396,903)
G H DAVIES HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
2,871,966
584,972
Interest paid
(853,049)
(395,988)
Net cash inflow from operating activities
2,018,917
188,984
Investing activities
Purchase of tangible fixed assets
(592,750)
(706,442)
Proceeds on disposal of tangible fixed assets
2,350,688
2,535,913
Purchase of investment property
(454,791)
(2,409,740)
Proceeds from new bank loans
1,376
-
Other investments and loans made
-
(9,468)
Interest received
764
1,791
Dividends received
716
729
Net cash generated from/(used in) investing activities
1,306,003
(587,217)
Financing activities
Directors loan account movement
(27,681)
(7,671)
Proceeds of new bank loans
-
3,400,000
Loan receivable movement
10,000
10,000
Repayment of bank loans
26,431
(600,713)
Payment of finance leases obligations
(3,812,091)
(2,876,115)
Dividends paid to equity shareholders
(100,000)
(80,000)
Net cash used in financing activities
(3,903,341)
(154,499)
Net decrease in cash and cash equivalents
(578,421)
(552,732)
Cash and cash equivalents at beginning of year
(2,388,169)
(1,827,035)
Effect of foreign exchange rates
17
(8,402)
Cash and cash equivalents at end of year
(2,966,573)
(2,388,169)
Relating to:
Cash at bank and in hand
4,979
8,734
Bank overdrafts included in creditors payable within one year
(2,971,552)
(2,396,903)
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
- 16 -
1
Accounting policies
Company information
G H Davies Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Green Farm, Condover, Shrewsbury, Shropshire, SY5 7DA.
The group consists of G H Davies Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Business combinations
The consolidated group financial statements consist of the financial statements of the parent company G H Davies Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 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.
In the consolidated 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.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
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.
G H Davies Farms Limited is a dormant subsidiary and has taken advantage under S394A Companies Act 2006 not to prepare individual accounts.
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. This is due to the large net asset base of the company.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Subsidy income under the Basic Payment Scheme is 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 grant will be received.
Income from the grant of a licence or short term lease over land is recognised on a straight line basis over the term of the lease.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings freehold
Not depreciated
Solar panels (included in Land & buildings)
3% straight line
Plant and machinery
10% reducing balance
Motor vehicles
12.5% reducing balance
Tractors
10% reducing balance
Diggers and loadalls
10% reducing balance
Freehold land and assets in the course of construction are not depreciated. The freehold property consists of land and buildings which have a residual value that is at least equal to their net book value. This is due to their current market value being in excess of their book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.
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.
During the year to 30 December 2023, the method of depreciation on plant and machinery, tractors and diggers and loadalls was changed from 12.5% reducing balance to 10% reducing balance. The revised method better reflects the useful life of the assets together with their residual value on disposal.
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.7
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.8
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.
Listed fixed asset investments are measured at fair value through profit and loss. The fair value of £48,565 and £18,217 included in the profit and loss account for the year was determined by the bid price at the relevant year end date.
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.
1.9
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
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.
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Deemed cost is utilised in accordance with H M Revenue and Customs Economics Note (BEN) 19 where it is not possible to ascertain actual cost.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
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.
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.
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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.
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
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
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.
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.20
Biological assets are recognised only when three recognition criteria have been fulfilled:
the entity has control over the asset as a result of past events;
it is probable that future economic benefits associated with the asset will flow to the entity; and
the fair value or cost of the asset can be measured reliably.
The company opts to measure biological assets under the fair value model. Changes in fair value less costs to sell are recognised in profit or loss at the end of each reporting period.
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
The bad debt provision is based upon debts which the company are unlikely to receive. Calculations of the provision requires judgement to be made as to whether the company is likely to receive payment and is based upon the original invoice date, financial position of the customer and any invoices in dispute.
Biological asset valuation
The biological asset values are based upon readily available market data to assess a fair value less costs to sell at the reporting date. For cattle this is based upon actual purchases and sales data of the company whilst for crops this is based on inputs that were incurred on the crops until the reporting date.
Investment property valuation
The investment property values are based upon valuations carried out by Berrys Chartered Surveyors who are independent to the company. These valuations are conducted using market data for the types of property in question.
Freehold property valuation
The freehold land and buildings values are based upon valuations carried out by Berrys Chartered Surveyors who are independent to the company. These valuations are conducted using market data for the types of property in question.
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 22 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Livestock and arable sales
13,791,082
10,943,590
Machinery and hire sales
7,933,310
7,829,144
Contract income
289,695
226,600
Haulage
1,598,389
1,782,423
23,612,476
20,781,757
2023
2022
£
£
Other significant revenue
Interest income
764
1,791
Dividends received
716
729
Grants received
-
347
2023
2022
£
£
Turnover analysed by geographical market
UK
19,662,016
16,292,029
EU
2,034,722
2,404,100
Rest of the World
1,915,738
2,075,000
23,612,476
20,771,129
4
Operating profit/(loss)
2023
2022
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange (gains)/losses
(17)
8,401
Government grants
-
(347)
Depreciation of owned tangible fixed assets
176,077
161,911
Depreciation of tangible fixed assets held under finance leases
580,846
478,077
Profit on disposal of tangible fixed assets
(289,835)
(449,635)
Biological asset movement
(160,158)
116,656
Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £17 (2022 - £8,401).
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 23 -
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
15,000
10,000
Audit of the financial statements of the company's subsidiaries
5,000
3,080
20,000
13,080
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
Direct labour
23
20
23
20
25
22
25
22
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
811,738
730,346
811,738
730,346
Social security costs
83,635
77,753
83,635
77,753
Pension costs
24,207
21,006
24,207
21,006
919,580
829,105
919,580
829,105
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
45,263
24,000
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 24 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
764
1,791
Other income from investments
Dividends received
716
729
Total income
1,480
2,520
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
553,468
213,191
Other finance costs:
Interest on finance leases and hire purchase contracts
300,550
183,931
Other interest
690
-
Total finance costs
854,708
397,122
10
Amounts written off investments
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Loss on financial assets held at fair value through profit or loss
(18,217)
(43,769)
Other gains/(losses)
Loss on disposal of financial assets held at cost
(4,430)
-
Gain on disposal of investments held at fair value
608
-
Changes in the fair value of investment properties
-
393,324
(22,039)
349,555
11
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(97,442)
(104,320)
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
11
Taxation
(Continued)
- 25 -
The actual credit for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit/(loss) before taxation
1,304,895
(663,965)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
306,650
(126,153)
Tax effect of expenses that are not deductible in determining taxable profit
744
(26)
Tax effect of income not taxable in determining taxable profit
(29,432)
(72,452)
Gains not taxable
(74,732)
Unutilised tax losses carried forward
(4,023)
(124,518)
Permanent capital allowances in excess of depreciation
(371,130)
176,987
Effect of revaluations of investments
432
102,384
Dividend income
(168)
(139)
Indexation relief
(797)
16,349
Chargeable gains
282
Effect of prior period adjustment
(2,020)
Taxation credit
(97,442)
(104,320)
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2023
2022
£
£
Deferred tax arising on:
Revaluation of property
-
2,457,754
12
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
100,000
80,000
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 26 -
13
Tangible fixed assets
Group
Land and buildings freehold
Assets under construction
Plant and machinery
Motor vehicles
Tractors
Diggers and loadalls
Total
£
£
£
£
£
£
£
Cost or valuation
At 31 December 2022
26,706,825
462,863
2,607,278
1,270,764
4,496,205
441,940
35,985,875
Additions
418,050
89,485
1,181,294
899,659
2,103,362
96,500
4,788,350
Disposals
(438,483)
(331,987)
(1,779,009)
(115,900)
(2,665,379)
At 30 December 2023
27,124,875
552,348
3,350,089
1,838,436
4,820,558
422,540
38,108,846
Depreciation and impairment
At 31 December 2022
1,048,772
331,724
762,082
118,068
2,260,646
Depreciation charged in the year
13,650
207,833
146,640
360,991
27,809
756,923
Eliminated in respect of disposals
(138,797)
(89,970)
(345,856)
(29,903)
(604,526)
At 30 December 2023
13,650
1,117,808
388,394
777,217
115,974
2,413,043
Carrying amount
At 30 December 2023
27,111,225
552,348
2,232,281
1,450,042
4,043,341
306,566
35,695,803
At 30 December 2022
26,706,825
462,863
1,558,506
939,040
3,734,123
323,872
33,725,229
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
13
Tangible fixed assets
(Continued)
- 27 -
Company
Land and buildings freehold
Assets under construction
Plant and machinery
Motor vehicles
Tractors
Diggers and loadalls
Total
£
£
£
£
£
£
£
Cost or valuation
At 31 December 2022
26,706,825
462,863
2,607,278
1,270,764
4,496,205
441,940
35,985,875
Additions
418,050
89,485
1,181,294
899,659
2,103,362
96,500
4,788,350
Disposals
(438,483)
(331,987)
(1,779,009)
(115,900)
(2,665,379)
At 30 December 2023
27,124,875
552,348
3,350,089
1,838,436
4,820,558
422,540
38,108,846
Depreciation and impairment
At 31 December 2022
1,048,772
331,724
762,082
118,068
2,260,646
Depreciation charged in the year
13,650
207,833
146,640
360,991
27,809
756,923
Eliminated in respect of disposals
(138,797)
(89,970)
(345,856)
(29,903)
(604,526)
At 30 December 2023
13,650
1,117,808
388,394
777,217
115,974
2,413,043
Carrying amount
At 30 December 2023
27,111,225
552,348
2,232,281
1,450,042
4,043,341
306,566
35,695,803
At 30 December 2022
26,706,825
462,863
1,558,506
939,040
3,734,123
323,872
33,725,229
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 28 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and machinery
4,939,403
4,443,541
4,939,403
4,443,541
Motor vehicles
1,365,321
791,744
1,365,321
791,744
6,304,724
5,235,285
6,304,724
5,235,285
Land and buildings are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
2023
2022
£
£
Group
Cost
6,617,943
6,199,893
Accumulated depreciation
(424,707)
(411,057)
Carrying value
6,193,236
5,788,836
Company
Cost
6,617,943
6,199,893
Accumulated depreciation
(424,707)
(411,057)
Carrying value
6,193,236
5,788,836
14
Investment property
Group
Company
2023
2023
£
£
Fair value
At 31 December 2022
5,010,000
5,010,000
Additions through external acquisition
454,791
454,791
At 30 December 2023
5,464,791
5,464,791
The fair value of the investment property has been arrived at on the basis of a valuation carried out as at June 2023 by Berrys Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The change in value was accounted for during the year ended 30 December 2022. Despite the valuation being done over six months before the year end it is considered to be applicable at the year end as the fair values of the properties did not materially change in this period.
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
14
Investment property
(Continued)
- 29 -
The carrying value of land and buildings comprises:
Group
Company
2023
2022
2023
2022
£
£
£
£
Freehold
5,464,791
5,010,000
5,464,791
5,010,000
15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
17
200
200
Unlisted investments
78,796
102,211
78,796
102,211
78,796
102,211
78,996
102,411
Investments includes £30,231 (2022: £20,099) for endowment policies held at cost. There is no readily accessible market to value the policies at the year end however the directors do not consider the fair value of the policies to be materially different from cost.
The investments in life assurance endowment policies taken out are on the lives of the directors, E J and J G R Davies, under which the company is a beneficiary.
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 31 December 2022
102,211
Valuation changes
(18,217)
Disposals
(5,198)
At 30 December 2023
78,796
Carrying amount
At 30 December 2023
78,796
At 30 December 2022
102,211
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
15
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 31 December 2022
200
102,211
102,411
Valuation changes
-
(18,217)
(18,217)
Disposals
-
(5,198)
(5,198)
At 30 December 2023
200
78,796
78,996
Carrying amount
At 30 December 2023
200
78,796
78,996
At 30 December 2022
200
102,211
102,411
16
Biological assets
Cattle
Sheep
Crops
Total
£
£
£
£
Cost
At 31 December 2022
392,700
262,295
371,138
1,026,133
Additions - purchases
1,069,473
400,128
-
1,469,601
Additions - planting
-
-
232,165
232,165
Disposals
(1,736,231)
(547,626)
(371,138)
(2,654,995)
Revaluation
736,658
376,729
-
1,113,387
At 30 December 2023
462,600
491,526
232,165
1,186,291
Depreciation and impairment
At 31 December 2022 and 30 December 2023
-
-
-
-
Carrying amount
At 30 December 2023
462,600
491,526
232,165
1,186,291
At 31 December 2022
392,700
262,295
371,138
1,026,133
17
Subsidiaries
Details of the company's subsidiaries at 30 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
G H Davies Farms Limited
Boreton Farm, Boreton, Cross Houses, Shrewsbury, SY5 6HJ
Ordinary shares
100.00
G H Davies Machinery Limited
As above
Ordinary shares
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
17
Subsidiaries
(Continued)
- 31 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
G H Davies Farms Limited
100
-
G H Davies Machinery Limited
110,415
10,480
18
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
48,565
67,550
48,565
67,550
19
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods
1,397,127
1,806,103
1,397,127
1,806,103
20
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,862,720
2,760,275
2,585,872
2,415,357
Amounts owed by group undertakings
-
-
148,551
308,551
Other debtors
149,689
156,323
145,715
156,323
Prepayments and accrued income
91,878
51,072
91,878
51,072
3,104,287
2,967,670
2,972,016
2,931,303
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 32 -
21
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
23
3,674,773
6,710,157
3,664,773
6,700,157
Obligations under finance leases
24
3,236,550
3,273,063
3,236,550
3,273,063
Other borrowings
23
97,533
97,533
97,533
97,533
Trade creditors
3,944,171
3,932,754
3,935,537
3,925,074
Amounts owed to group undertakings
100
100
Other taxation and social security
39,432
32,995
39,432
18,910
Other creditors
176,438
195,553
176,438
195,553
Accruals and deferred income
127,241
127,391
119,786
120,571
11,296,138
14,369,446
11,270,149
14,330,961
22
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
23
6,515,928
2,889,464
6,492,595
2,856,131
Obligations under finance leases
24
2,582,799
2,162,776
2,582,799
2,162,776
9,098,727
5,052,240
9,075,394
5,018,907
Amounts included above which fall due after five years are as follows:
Payable by instalments
3,707,817
954,434
3,707,817
954,434
23
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
7,219,149
7,202,718
7,185,816
7,159,385
Bank overdrafts
2,971,552
2,396,903
2,971,552
2,396,903
Other loans
97,533
97,533
97,533
97,533
10,288,234
9,697,154
10,254,901
9,653,821
Payable within one year
3,772,306
6,807,690
3,762,306
6,797,690
Payable after one year
6,515,928
2,889,464
6,492,595
2,856,131
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
23
Loans and overdrafts
(Continued)
- 33 -
Bank loans are secured by way of first legal charge over freehold property owned by the Company; fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; first floating charge over all assets and undertakings both present and future; and unlimited multilateral guarantee given by the Company and it's subsidiary.
A number of bank loans are in existence. The directors consider that excessive detail would be required providing details on each individual loans terms, repayment and interest rate. However all loans are secured and interest rates on the loans vary, but are all at normal commercial rates.
24
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
3,236,550
3,273,063
3,236,550
3,273,063
In two to five years
2,582,799
2,162,776
2,582,799
2,162,776
5,819,349
5,435,839
5,819,349
5,435,839
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
Net obligations under finance lease and hire purchase contracts are secured upon the assets to which the leases relate.
Within obligations under finance leases due within one year £240,267 relates to assets that are no longer owned by the company. The full amount outstanding on these agreements has been treated as repayable on demand.
25
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
1,561,086
1,610,864
Tax losses
(1,376,795)
(1,333,878)
Revaluations
4,975,484
5,073,815
Investment property
98,331
-
Other
12,141
16,888
5,270,247
5,367,689
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
25
Deferred taxation
(Continued)
- 34 -
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
1,561,086
1,610,864
Tax losses
(1,376,795)
(1,333,878)
Revaluations
4,975,484
5,073,815
Investment property
98,331
-
Other
12,141
16,888
5,270,247
5,367,689
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 31 December 2022
5,367,689
5,367,689
Credit to profit or loss
(97,442)
(97,442)
Liability at 30 December 2023
5,270,247
5,270,247
26
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
24,207
21,006
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.
27
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
16,000
16,000
16,000
16,000
The company has one class of ordinary shares. The shares have attached to them full voting, dividend and capital distribution rights; they do not confer any rights of redemption.
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 35 -
28
Reserves
Revaluation reserve
The revaluation reserve represents the accumulated uplift between the original cost and the market value of freehold as the company uses the fair value recognition criteria for this class of asset.
Capital redemption reserve
Consists of the nominal value of the company's ordinary shares cancelled and redeemed under a formal share buy back.
Profit and loss reserves
Includes all current and prior period retained profits and losses.
29
Operating lease commitments
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
50,000
50,000
50,000
50,000
Between two and five years
-
50,000
-
50,000
50,000
100,000
50,000
100,000
The company is exempt from the requirement to disclose remuneration of key management personnel as it is just the directors who are considered to be key management.
30
Related party transactions
Transactions with related parties
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Other information
Included within other creditors due within one year is a loan of £45,639 (2022: £45,639) owing to J S Davies a close family member.
Included with other creditors due within one year is a loan of £97,533 (2022: £97,533) owing to N Davies a close family member.
At the year end G H Davies Holdings Limited were owed £20,000 (2022 - £30,000) by D & S Muir Limited, a company of which the directors' sister is a shareholder.
During the year dividends were paid to the directors as follows:
E J Davies £50,000 (2022: £40,000)
J G R Davies £50,000 (2022: £40,000)
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 36 -
31
Directors' transactions
At the year end the balance receivable / payable to directors were as follows:
E J Davies £104,958 payable (2022 - £135,167 payable)
J G R Davies £4,785 payable (2022 - £2,257 payable)
32
Controlling party
The company is controlled by its two directors, Mr E J Davies and Mr J G R Davies, who each own 50% of the issued share capital.
33
Cash generated from group operations
2023
2022
£
£
Profit/(loss) for the year after tax
1,402,337
(559,645)
Adjustments for:
Taxation credited
(97,442)
(104,320)
Finance costs
854,708
397,122
Investment income
(1,480)
(2,520)
Gain on disposal of tangible fixed assets
(289,835)
(449,635)
Fair value gain on investment properties
(393,324)
Depreciation and impairment of tangible fixed assets
756,923
639,988
Foreign exchange gains on cash equivalents
(17)
8,401
Other gains and losses
22,039
43,769
Movements in working capital:
Decrease/(increase) in stocks
408,976
(95,242)
(Increase)/decrease in biological assets
(160,157)
116,656
Increase in debtors
(146,617)
(769,319)
Increase in creditors
26,270
1,787,646
Decrease in deferred income
-
(13,333)
Cash generated from operations
2,775,705
606,244
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 37 -
34
Cash generated from operations - company
2023
2022
£
£
Profit/(loss) for the year after tax
1,391,857
(582,345)
Adjustments for:
Taxation credited
(97,442)
(104,320)
Finance costs
853,049
395,988
Investment income
(1,480)
(2,520)
Gain on disposal of tangible fixed assets
(289,835)
(449,635)
Fair value gain on investment properties
(393,324)
Depreciation and impairment of tangible fixed assets
756,923
639,988
Foreign exchange gains on cash equivalents
(17)
8,401
Other gains and losses
22,039
43,769
Movements in working capital:
Decrease/(increase) in stocks
408,976
(95,242)
(Increase) in biological assets
(160,157)
116,656
(Increase) in debtors
(50,713)
(744,373)
Increase in creditors
38,766
1,765,262
(Decrease) in deferred income
-
(13,333)
Cash generated from operations
2,871,966
584,972
35
Analysis of changes in net debt - group
31 December 2022
Cash flows
New finance leases
30 December 2023
£
£
£
£
Cash at bank and in hand
143,862
(111,675)
-
32,187
Bank overdrafts
(2,396,903)
(574,649)
-
(2,971,552)
(2,253,041)
(686,324)
-
(2,939,365)
Borrowings excluding overdrafts
(7,300,251)
(16,431)
-
(7,316,682)
Obligations under finance leases
(5,435,839)
3,812,091
(4,195,601)
(5,819,349)
(14,989,131)
3,109,336
(4,195,601)
(16,075,396)
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 38 -
36
Analysis of changes in net debt - company
31 December 2022
Cash flows
New finance leases
30 December 2023
£
£
£
£
Cash at bank and in hand
8,734
(3,755)
-
4,979
Bank overdrafts
(2,396,903)
(574,649)
-
(2,971,552)
(2,388,169)
(578,404)
-
(2,966,573)
Borrowings excluding overdrafts
(7,256,918)
(26,431)
-
(7,283,349)
Obligations under finance leases
(5,435,839)
3,812,091
(4,195,601)
(5,819,349)
(15,080,926)
3,207,256
(4,195,601)
(16,069,271)
37
Prior period adjustment
Reconciliation of changes in equity - group
31 December
30 December
2021
2022
£
£
Adjustments to prior year
Understatement of 2022 revenue
-
10,628
Equity as previously reported
16,338,668
19,981,205
Equity as adjusted
16,338,668
19,991,833
Analysis of the effect upon equity
Profit and loss reserves
-
10,628
Reconciliation of changes in loss for the previous financial period
2022
£
Adjustments to prior year
Understatement of 2022 revenue
10,628
Loss as previously reported
(570,273)
Loss as adjusted
(559,645)
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
G H DAVIES HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
37
Prior period adjustment
(Continued)
- 39 -
Reconciliation of changes in loss for the previous financial period
2022
£
Adjustments to prior year
Total adjustments
-
Loss as previously reported
(582,345)
Loss as adjusted
(582,345)
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