Company Registration No. 04698687 (England and Wales)
REDIWELD HOLDINGS LIMITED
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
6th Floor Kings House
9-10 Haymarket
London
SW1Y 4BP
REDIWELD HOLDINGS LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 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
Notes to the financial statements
15 - 31
REDIWELD HOLDINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
D How
J Bradley
C Scotland
Secretary
J Bradley
Company number
04698687
Registered office
High March
Daventry
Northants
United Kingdom
NN11 4QE
Auditor
TC Group
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
Business address
6-10 Newman Lane
Alton
Hampshire
United Kingdom
GU34 2QR
REDIWELD HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

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

Principal activity

The principal activity of the company during the year was that of a holding and investment company. The activities of the subsidiaries are as follows,

 

Rediweld Rubber and Plastics Limited

Manufacturing and selling industrial rubber mouldings and plastic injection moulded components.

 

Rediweld Traffic Products Limited

Manufacturing and selling traffic calming products.

 

Vistaplan International Limited

Manufacturing and distributing drawing office equipment and metal fabrications.

 

Iseki Vacuum Systems Limited

Designing, manufacturing and distributing vacuum sewerage and fluid handling systems.

Business Review

On the 1st January 2023 the assets and liabilities of the Traffic Products division of Rediweld Rubber & Plastics Limited were transferred to a new company, Rediweld Traffic Products Limited, a 100% owned subsidiary of Rediweld Holdings Limited.

 

This transfer increased the focus within each business on their respective markets and products and will the directors believe, lead to increased profitability in the future.

 

2023 was a difficult year for RTPL, with turnover down as demand for industrial safety products fell.

 

RRP continued to focus on aerospace and also to develop new areas such as green energy products. This resulted in both turnover and profits increasing compared to the divisional performance of the previous year.

 

Vistaplan turnover fell by 20% as the market for traditional drawing office equipment continued to decline. Despite rigorous control of expenses, the business lost £20k before taxation during the year.

 

Iseki Vacuum Systems continued the recovery from 2021 with turnover up by a further 50% on 2022 and operating profit up by £200k.

 

The Rediweld Group traded profitably during 2023 with both turnover and trading profit increasing. Capital expenditure during the year will secure both the existing business and allow further growth to take place in the future.

 

Turnover has increased from £9.2m to £10.2m

Gross Profit has increased from £3.4m to £3.8m

Profit before taxation has increased from £688k to £796k

Net assets have increased from £5.6m to £5.9m

REDIWELD HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Future Developments

The Group aims to grow with its existing customers by acquiring new products, by developing improved design solutions and by developing new safety traffic products.

Principal risks and uncertainties

Competition risk and inflationary pressures continue present risks to the profitability of the business. To overcome these, investments are made in new production, new products and in the development of staff. The Group has financial strength which allows it to take strategic views on the future.

Environmental policies and corporate social responsibilities

The Group is very aware of its responsibilities to its staff, customers and shareholders and have introduced a number of policies to secure their wellbeing and to ensure the highest quality standard of their products. These are,

Key performance indicators (KPIs)

The Group offers a wide range of products and services to its customers. The Directors use the following KPIs to monitor and to assess performance of the group and its individual companies,

 

An analysis of these financial KPIs for 2023 has been included above.

 

In addition, the Directors use the following non-financial KPIs when managing the business;

 

The Directors are satisfied with the performance of the Group for the year ending 31 December 2023.

On behalf of the board

J Bradley
Director
8 July 2024
REDIWELD HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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

Directors

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

D How
D Cartwright
(Resigned 30 September 2023)
J Bradley
C Scotland
Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £248,684. The directors do not recommend payment of a final

dividend.

Financial instruments

Details of the group's financial risk management objectives and policies are included within the strategic report.

Statement of directors' responsibilities

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.

Auditor

The auditor, TC Group, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

REDIWELD HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
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
J Bradley
Director
8 July 2024
REDIWELD HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REDIWELD HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Rediweld Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group 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 significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

REDIWELD HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REDIWELD HOLDINGS LIMITED
- 7 -

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:

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.

REDIWELD HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REDIWELD HOLDINGS LIMITED
- 8 -
Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Clark FCCA (Senior Statutory Auditor)
For and on behalf of TC Group
Chartered Accountants
Statutory Auditor
8 July 2024
Office: London
REDIWELD HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
10,214,164
9,240,203
Cost of sales
(6,432,626)
(5,801,664)
Gross profit
3,781,538
3,438,539
Distribution costs
(501,616)
(168,382)
Administrative expenses
(2,465,034)
(2,554,846)
Other operating expenses
(40,479)
(29,318)
Operating profit
4
774,409
685,993
Interest receivable and similar income
29,755
2,587
Interest payable and similar expenses
8
(7,531)
-
0
Profit before taxation
796,633
688,580
Taxation
9
(184,551)
(179,447)
Profit for the financial year
612,082
509,133
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

REDIWELD HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,513,085
1,353,018
Current assets
Stocks
15
2,428,510
1,782,633
Debtors
17
1,747,455
1,648,237
Cash at bank and in hand
1,872,534
2,295,586
6,048,499
5,726,456
Creditors: amounts falling due within one year
18
(1,427,437)
(1,320,533)
Net current assets
4,621,062
4,405,923
Total assets less current liabilities
6,134,147
5,758,941
Provisions for liabilities
19
(245,296)
(200,642)
Net assets
5,888,851
5,558,299
Capital and reserves
Called up share capital
21
191,295
191,295
Share premium account
72,000
72,000
Revaluation reserve
393,020
430,121
Capital redemption reserve
65,934
65,934
Other reserves
2,243,061
2,243,061
Profit and loss reserves
2,923,541
2,555,888
Total equity
5,888,851
5,558,299
The financial statements were approved by the board of directors and authorised for issue on 8 July 2024 and are signed on its behalf by:
08 July 2024
J Bradley
Director
The notes on pages 15 to 31 form part of these financial statements
REDIWELD HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
1,339,554
1,339,553
Current assets
Debtors
17
322
349
Cash at bank and in hand
660,879
853,398
661,201
853,747
Creditors: amounts falling due within one year
18
(651,785)
(547,678)
Net current assets
9,416
306,069
Net assets
1,348,970
1,645,622
Capital and reserves
Called up share capital
21
191,295
191,295
Share premium account
72,000
72,000
Capital redemption reserve
65,934
65,934
Profit and loss reserves
1,019,741
1,316,393
Total equity
1,348,970
1,645,622

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company's loss for the year was £39,435 (2022 - £448,115 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 8 July 2024 and are signed on its behalf by:
08 July 2024
J Bradley
Director
Company registration number 04698687 (England and Wales)
REDIWELD HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2022
191,295
72,000
434,376
65,934
2,243,061
2,541,780
5,548,446
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
-
-
509,133
509,133
Dividends
10
-
-
-
-
-
(499,280)
(499,280)
Transfers
-
-
(4,255)
-
-
4,255
-
Balance at 31 December 2022
191,295
72,000
430,121
65,934
2,243,061
2,555,888
5,558,299
Year ended 31 December 2023:
Profit for the year
-
-
-
-
-
612,082
612,082
Other comprehensive income:
Tax relating to other comprehensive income
-
-
(32,846)
-
-
-
0
(32,846)
Total comprehensive income for the year
-
-
(32,846)
-
-
612,082
579,236
Dividends
10
-
-
-
-
-
(248,684)
(248,684)
Transfers
-
-
(4,255)
-
-
4,255
-
Balance at 31 December 2023
191,295
72,000
393,020
65,934
2,243,061
2,923,541
5,888,851
The notes on pages 15 to 31 form part of these financial statements
REDIWELD HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
191,295
72,000
65,934
1,367,558
1,696,787
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
448,115
448,115
Dividends
10
-
-
-
(499,280)
(499,280)
Balance at 31 December 2022
191,295
72,000
65,934
1,316,393
1,645,622
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
-
(47,968)
(47,968)
Dividends
10
-
-
-
(248,684)
(248,684)
Balance at 31 December 2023
191,295
72,000
65,934
1,019,741
1,348,970
The notes on pages 15 to 31 form part of these financial statements
REDIWELD HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
306,116
760,346
Interest paid
(7,531)
-
0
Income taxes paid
(96,952)
(129,946)
Net cash inflow from operating activities
201,633
630,400
Investing activities
Purchase of tangible fixed assets
(405,756)
(346,811)
Proceeds on disposal of tangible fixed assets
-
13,499
Interest received
29,755
2,587
Net cash used in investing activities
(376,001)
(330,725)
Financing activities
Dividends paid to equity shareholders
(248,684)
(499,280)
Net cash used in financing activities
(248,684)
(499,280)
Net decrease in cash and cash equivalents
(423,052)
(199,605)
Cash and cash equivalents at beginning of year
2,295,586
2,495,191
Cash and cash equivalents at end of year
1,872,534
2,295,586
REDIWELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

Rediweld Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office and business address is High March, Daventry, Northants, United Kingdom, NN11 4QE.

 

The group consists of Rediweld 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 at fair value. The principal accounting policies adopted are set out below.

The parent 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 parent company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

REDIWELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.2
Basis of consolidation

The consolidated financial statements incorporate those of Rediweld Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

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.

 

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.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value for the consideration received, net of VAT.  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 and it is probable that the economic benefits associated with the transaction will flow to the entity.

 

Retentions are recognised to the extent that the company has the right to the consideration and the directors believe it will be recoverable. Associated retention costs are accrued at the same time and included within creditors.

1.5
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.

REDIWELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -

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:

Freehold buildings
2% straight line
Land
not subject to depreciation
Plant and equipment
10% straight line
Fixtures and fittings
10-33% straight line
Computers
10-33% straight line
Motor vehicles
25% straight line

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

1.6
Fixed asset investments

Investments in shares in group companies are stated at cost.

1.7
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.

 

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.

1.8
Stocks

Stocks are stated at the lower of cost and net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and disposal. Provision is made for obsolete, slow-moving or defective items where appropriate.

REDIWELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.9
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.

Basic financial liabilities

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

 

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

 

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

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
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.

REDIWELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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.

1.12
Employee benefits

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

 

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.

1.13
Retirement benefits

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

1.14
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.

1.15
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.

1.16
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.

REDIWELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
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.

Stock Provision

During the year the directors assess the stock held for any impairment. Any excess of the carrying amount of stock over its estimated selling price is recognised immediately as an impairment loss in profit or loss.

Revenue recognition on contracts

The directors have made key assumptions regarding the estimated stage of completion of each construction contract, future costs to complete and the recoverability of amounts invoiced in respect of contracts in progress at the year end in order to ensure that the revenue recognition policy ha been applied, and that profitability on those contracts has been recognised appropriately.

Freehold property valuation

The company's freehold property is accounted for at fair value. Each year the directors perform a review to consider whether the fair value has changed in light of rental yields, market conditions and the condition of the freehold property.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
7,414,872
7,761,862
Overseas
2,799,291
1,478,341
10,214,163
9,240,203
2023
2022
£
£
Other revenue
Interest income
29,755
2,587
Grants received
1,896
1,896
REDIWELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains) / losses
33,574
(23,915)
Research and development costs
4,824
2,997
Government grants
(1,896)
(1,896)
Depreciation of owned tangible fixed assets
242,262
194,837
Profit on disposal of fixed assets
3,427
(8,447)
Amortisation of intangible assets
-
0
19,267
Operating lease charges
358,772
265,250
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
9,000
9,000
Audit of the financial statements of the company's subsidiaries
18,776
18,760
27,776
27,760
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
Number of production staff
75
55
-
-
Number of administrative staff
12
20
3
4
87
75
3
4
REDIWELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,649,939
3,111,174
320,691
383,328
Social security costs
365,452
330,755
30,432
42,680
Pension costs
139,104
147,415
-
0
7,104
4,154,495
3,589,344
351,123
433,112
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
315,691
720,031
Company pension contributions to defined contribution schemes
-
28,597
315,691
748,628
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
118,206
135,372
Company pension contributions to defined contribution schemes
-
4,026

The number of directors for whom retirements benefits are accruing under defined contribution schemes amounted to 3 (2022 - 3).

8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
7,531
-
REDIWELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
172,743
103,079
Adjustments in respect of prior periods
-
0
46,472
Total current tax
172,743
149,551
Deferred tax
Origination and reversal of timing differences
11,808
29,896
Total tax charge
184,551
179,447

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
796,633
688,580
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
199,158
130,830
Tax effect of expenses that are not deductible in determining taxable profit
31,017
9,500
Tax effect of utilisation of tax losses not previously recognised
(443)
-
0
Unutilised tax losses carried forward
-
0
358
Adjustments in respect of prior years
-
0
46,472
Effect of change in corporation tax rate
(2,992)
-
Permanent capital allowances in excess of depreciation
(45,208)
(43,007)
Movement in provision for unrealised profit
(8,789)
1,738
Amortisation of goodwill
-
0
3,660
Deferred tax movement
11,808
29,896
Taxation charge
184,551
179,447
REDIWELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 24 -

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
32,846
-
10
Dividends
2023
2022
£
£
Dividends paid on ordinary shares
248,684
499,280
248,684
499,280
11
Intangible fixed assets
Group
Goodwill
Intellectual property
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
439,396
75,000
514,396
Amortisation and impairment
At 1 January 2023 and 31 December 2023
439,396
75,000
514,396
Carrying amount
At 31 December 2023
-
0
-
0
-
0
At 31 December 2022
-
0
-
0
-
0
REDIWELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and machinery
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2023
570,000
2,331,125
834,910
-
0
196,497
3,932,532
Additions
-
0
139,334
184,360
35,587
46,475
405,756
Disposals
-
0
(8,750)
(4,283)
-
0
-
0
(13,033)
Transfers
-
0
-
0
(187,955)
187,955
-
0
-
0
At 31 December 2023
570,000
2,461,709
827,032
223,542
242,972
4,325,255
Depreciation and impairment
At 1 January 2023
36,000
1,829,588
594,203
-
0
119,723
2,579,514
Depreciation charged in the year
6,000
94,646
71,679
33,645
36,292
242,262
Eliminated in respect of disposals
-
0
(5,323)
(4,283)
-
0
-
0
(9,606)
Transfers
-
0
5,253
(132,848)
127,595
-
0
-
0
At 31 December 2023
42,000
1,924,164
528,751
161,240
156,015
2,812,170
Carrying amount
At 31 December 2023
528,000
537,545
298,281
62,302
86,957
1,513,085
At 31 December 2022
534,000
501,537
240,707
-
0
76,774
1,353,018
REDIWELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
Company
Fixtures and fittings
£
Cost or valuation
At 1 January 2023 and 31 December 2023
5,327
Depreciation and impairment
At 1 January 2023 and 31 December 2023
5,327
Carrying amount
At 31 December 2023
-
0

Freehold land and buildings have not been revalued this year as the directors believe that the current value still shows a true and fair market value.

Group
Company
2023
2022
2023
2022
£
£
£
£
Cost
159,420
159,420
-
-
Accumulated depreciation
125,340
123,595
-
-
Carrying value
34,080
35,825
-
-
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,339,554
1,339,553
REDIWELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
1,339,553
Additions
1
At 31 December 2023
1,339,554
Carrying amount
At 31 December 2023
1,339,554
At 31 December 2022
1,339,553
14
Subsidiaries

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

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Iseki Vacuum Systems Limited
England and Wales
Vacuum sewerage
Ordinary
100.00
-
Redivac Limited
England and Wales
Non-trading
Ordinary
100.00
-
Rediweld Limited
England and Wales
Non-trading
Ordinary
100.00
-
Rediweld Rubber and Plastics Limited
England and Wales
Rubber and plastic moulded products
Ordinary
100.00
-
Vistaplan International Limited
England and Wales
Drawing office equipment
Ordinary
99.99
-
Rediweld Traffic Products Limited
England and Wales
Traffic management products
Ordinary
100.00
-
REDIWELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
727,210
544,230
-
-
Finished goods and goods for resale
1,701,300
1,238,403
-
0
-
0
2,428,510
1,782,633
-
-
16
Financial instruments
Included within the amounts shown as Debtors and Creditors below are financial assets and financial liabilities, the classification of which are further analysed below:
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,429,919
1,360,355
-
-
Carrying amount of financial liabilities
Measured at amortised cost
974,305
936,732
615,100
520,905
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,429,912
1,360,349
-
0
-
0
Other debtors
18,165
18,504
-
0
-
0
Prepayments and accrued income
299,378
269,384
322
349
1,747,455
1,648,237
322
349
REDIWELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Corporation tax payable
178,870
103,079
8,533
-
0
Other taxation and social security
274,262
280,722
28,152
26,773
Trade creditors
451,574
564,845
-
0
-
0
Amount due to group undertaking
-
0
-
0
348,293
348,293
Other creditors
20,970
(239)
20,195
-
Accruals
501,761
372,126
246,612
172,612
1,427,437
1,320,533
651,785
547,678
19
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Group
£
£
ACAs
142,651
130,843
Revaluations
102,645
69,799
245,296
200,642
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
200,642
-
Charge to profit or loss
11,808
-
Effect of change in tax rate - equity
32,846
-
Liability at 31 December 2023
245,296
-
REDIWELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
20
Retirement benefit schemes
2023
2022
Group defined contribution schemes
£
£
Charge to profit and loss in respect of defined contribution schemes
139,104
147,415

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.

21
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Issued and fully paid
192,287 Ordinary shares of £1 each
191,295
191,295
22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
224,816
225,647
-
-
Between two and five years
69,427
122,946
-
-
294,243
348,593
-
-
24
Controlling party

The company was under the control of Mr D.R.O. How by virtue of his majority shareholding.

25
Directors' transactions

Dividends totalling £248,684 (2022 - £499,280) were paid in the year in respect of shares held by the company's directors and close family.

 

REDIWELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
26
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
612,082
509,133
Adjustments for:
Taxation charged
184,551
179,447
Finance costs
7,531
-
0
Investment income
(29,755)
(2,587)
Loss/(gain) on disposal of tangible fixed assets
2,513
(8,447)
Amortisation and impairment of intangible assets
-
19,267
Depreciation and impairment of tangible fixed assets
243,176
194,837
Movements in working capital:
(Increase) in stocks
(645,877)
(76,124)
(Increase) in debtors
(99,218)
(247,669)
Increase in creditors
31,113
215,675
(Decrease) in deferred income
-
(23,188)
Cash generated from operations
306,116
760,344
27
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
2,295,586
(423,052)
1,872,534
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