Company registration number 08924775 (England and Wales)
QUANTRELLE ASSET MANAGEMENT LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
QUANTRELLE ASSET MANAGEMENT LTD
COMPANY INFORMATION
Directors
A L Dear
J E Dear
Company number
08924775
Registered office
Quantrelle House
21 Lockfield Avenue
Enfield
EN3 7PG
Auditor
Price Bailey LLP
36 Tyndall Court
Commerce Road
Lynchwood
Peterborough
PE2 6LR
Business address
Quantrelle House
21 Lockfield Avenue
Enfield
EN3 7PG
QUANTRELLE ASSET MANAGEMENT LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
QUANTRELLE ASSET MANAGEMENT LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

As a specialist contract packaging supplier to the wholesale and retail trade, the group reworks vendor products into suitable formats, maximising the instore point-of-purchase experience. The group reinvents the way the products are displayed in store with bespoke packaging to uplift the buying experience and enhance customer value for money.

 

The group performed well during 2023, increasing sales revenues and continued the focus on margin, pre-tax profits increased compared with the previous year.

Principal risks and uncertainties

Facing general inflation as prices continued to rise a cautious purchasing approach continued from the end user during the year. Hence, the group's focus to emphasise value for money at the point of purchase from the products and services supplied by the group.

 

Vendors importing goods into the UK throughout 2023 have faced continued external supply chain challenges. Both short and late deliveries have impacted throughout the year. The group has managed well the intermittent supplies, adapting to stop start demands in an uncertain market.

 

As the UK labour market availability eased during 2023 the group's strategy switched its focus to increasing the number of employed staff, with less reliance upon unskilled agency staff. Fiscally and operationally, this has had a positive impact on the business. However, the annual growth of private sector pay continued to put pressure on employment costs during 2023.

 

Cost control has been a central focus following supply chain inflation pressures reminiscent from 2022 making early 2023 equally challenging. By Q2 2023 deflation become evident. Energy and raw material costs eased, welcoming a period of stability.

 

 

 

 

QUANTRELLE ASSET MANAGEMENT LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

The group reports on and monitors a number of key performance indicators on both a weekly and monthly basis , supported by the preparation of monthly management accounts and robust margin and sales forecasts. The KPI's for the year were as follows;

     2023         2022         2021

 

Turnover             £10,411,391     £10,027,834          £8,779,062

 

Gross profit margin     33.5%     32.6%         30.4%

 

Overheads        £2,228,956     £2,045,907         £1,862,331

 

Operating profit        £1,329,011     £1,310,775         £879,064

 

Net profit after taxation    £1,099,519     £1,093,626         £609,426

 

Staffing costs        £2,666,479     £2,437,400         £2,313,691

 

Cash at bank        £4,339,671     £3,080,623         £3,201,958

 

Net current assets    £5,485,274     £4,607,690         £4,356,968

 

Net assets        £11,521,982     £10,783,124         £10,739,517

 

 

Turnover increased by £384K (3.8%) compared to the previous financial year, and gross profit margin improved by 1%, having an impact of £224K on overall gross profit achieved.

 

Operating profit has increased by £18.2K to £1.32m (12.8% of turnover), representing an outstanding trading result for the financial year.

 

At 31 December 2023 the group had cash at bank balances of £4.3m and its net assets increased by £739K to £11.522m, after paying dividends of £360K.

 

Future Development and Going Concern

Throughout the year higher demand for clamming and general repacking projects aided sales growth. The average sales value per pallet sold continued to increase over 2022 levels.

 

The group continued its carbon neutral status. Managing the carbon footprint and the environmental impact from business activities throughout the year.

 

Following a year striving for continuous improvement across the business, the Directors applied particular focus on cost control and sales growth preparing the group for a strong performance in 2024.

 

 

On behalf of the board

A L Dear
Director
9 September 2024
QUANTRELLE ASSET MANAGEMENT LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the company and group continued to be that of property management and packaging services.

Results and dividends

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

Ordinary dividends were paid amounting to £360,660 (2022 - £1,050,020). 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:

A L Dear
J E Dear
Auditor

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

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
A L Dear
Director
9 September 2024
QUANTRELLE ASSET MANAGEMENT LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

QUANTRELLE ASSET MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUANTRELLE ASSET MANAGEMENT LTD
- 5 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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

- in addressing the risk of fraud through management override controls we have tested the appropriateness of journal entries and other adjustments and we assessed whether judgements made in accounting estimates are indicative of management bias.

- we have evaluated the rationale of any significant transactions that are unusual or outside the normal course of business;

- analytical procedures are performed as well as substantive testing to identify any potential misstatement due to fraud and the audit procedures would also involve being aware of any items from discussions with staff and management.

- health and safety is considered to be a significant law and regulation. The health and safety manual was reviewed and discussions were held with management to obtain an understanding of the procedures in place.

QUANTRELLE ASSET MANAGEMENT LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUANTRELLE ASSET MANAGEMENT LTD
- 7 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 

The primary responsibility for the prevention and detection of irregularities including fraud remains with those charged with governance and with management.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Kerry Hilliard ACA FCCA CTA (Senior Statutory Auditor)
For and on behalf of Price Bailey LLP
9 September 2024
Chartered Accountants
Statutory Auditor
36 Tyndall Court
Commerce Road
Lynchwood
Peterborough
PE2 6LR
QUANTRELLE ASSET MANAGEMENT LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
10,411,391
10,027,834
Cost of sales
(6,926,107)
(6,751,618)
Gross profit
3,485,284
3,276,216
Administrative expenses
(2,228,956)
(2,045,907)
Other operating income
72,683
80,466
Operating profit
4
1,329,011
1,310,775
Interest receivable and similar income
7
65,421
7,584
Profit before taxation
1,394,432
1,318,359
Tax on profit
8
(294,913)
(224,733)
Profit for the financial year
1,099,519
1,093,626
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.
QUANTRELLE ASSET MANAGEMENT LTD
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
6,892,353
7,044,043
Current assets
Stocks
15
228,059
465,563
Debtors
16
2,337,783
2,066,149
Cash at bank and in hand
4,339,671
3,080,623
6,905,513
5,612,335
Creditors: amounts falling due within one year
17
(1,420,239)
(1,004,645)
Net current assets
5,485,274
4,607,690
Total assets less current liabilities
12,377,627
11,651,733
Provisions for liabilities
Deferred tax liability
18
855,645
868,609
(855,645)
(868,609)
Net assets
11,521,982
10,783,124
Capital and reserves
Called up share capital
20
1,000
1,000
Revaluation reserve
21
3,402,043
3,402,043
Profit and loss reserves
8,118,939
7,380,081
Total equity
11,521,982
10,783,124
The financial statements were approved by the board of directors and authorised for issue on 9 September 2024 and are signed on its behalf by:
09 September 2024
A L Dear
Director
Company registration number 08924775 (England and Wales)
QUANTRELLE ASSET MANAGEMENT LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
11
120,548
143,709
Investment property
12
8,300,000
7,560,000
Investments
13
1,000
1,000
8,421,548
7,704,709
Current assets
Debtors
16
30,912
30,900
Cash at bank and in hand
259,455
171,129
290,367
202,029
Creditors: amounts falling due within one year
17
(1,806,478)
(1,794,099)
Net current liabilities
(1,516,111)
(1,592,070)
Total assets less current liabilities
6,905,437
6,112,639
Provisions for liabilities
Deferred tax liability
18
1,188,792
1,007,562
(1,188,792)
(1,007,562)
Net assets
5,716,645
5,105,077
Capital and reserves
Called up share capital
20
1,000
1,000
Revaluation reserve
21
3,957,043
3,402,043
Profit and loss reserves
1,758,602
1,702,034
Total equity
5,716,645
5,105,077

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 £972,228 (2022 - £1,096,121 profit).

The financial statements were approved by the board of directors and authorised for issue on 9 September 2024 and are signed on its behalf by:
09 September 2024
A L Dear
Director
Company registration number 08924775 (England and Wales)
QUANTRELLE ASSET MANAGEMENT LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1,000
3,402,043
7,336,475
10,733,505
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
1,093,626
1,093,626
Dividends
9
-
-
(1,050,020)
(1,050,020)
Balance at 31 December 2022
1,000
3,402,043
7,380,081
10,783,124
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,099,519
1,099,519
Dividends
9
-
-
(360,660)
(360,660)
Balance at 31 December 2023
1,000
3,402,043
8,118,939
11,521,982
QUANTRELLE ASSET MANAGEMENT LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
1,000
3,942,043
1,374,517
5,317,560
Correction of error in prior period
-
(540,000)
281,416
(258,584)
As restated
1,000
3,402,043
1,655,933
5,058,976
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
1,096,121
1,096,121
Dividends
9
-
-
(1,050,020)
(1,050,020)
Balance at 31 December 2022
1,000
3,402,043
1,702,034
5,105,077
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
972,228
972,228
Dividends
9
-
-
(360,660)
(360,660)
Transfers
-
-
(555,000)
(555,000)
Revaluation of investment property net of deferred taxation
-
555,000
-
555,000
Balance at 31 December 2023
1,000
3,957,043
1,758,602
5,716,645
QUANTRELLE ASSET MANAGEMENT LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,797,957
1,224,103
Income taxes paid
(146,949)
(257,503)
Net cash inflow from operating activities
1,651,008
966,600
Investing activities
Purchase of tangible fixed assets
(97,021)
(45,499)
Proceeds from disposal of tangible fixed assets
300
-
Interest received
65,421
7,584
Net cash used in investing activities
(31,300)
(37,915)
Financing activities
Dividends paid to equity shareholders
(360,660)
(1,050,020)
Net cash used in financing activities
(360,660)
(1,050,020)
Net increase/(decrease) in cash and cash equivalents
1,259,048
(121,335)
Cash and cash equivalents at beginning of year
3,080,623
3,201,958
Cash and cash equivalents at end of year
4,339,671
3,080,623
QUANTRELLE ASSET MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Quantrelle Asset Management Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Quantrelle House, 21 Lockfield Avenue, Enfield, EN3 7PG.

 

The group consists of Quantrelle Asset Management Ltd and its subsidiary Quantrelle Packaging Solutions Ltd.

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
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Quantrelle Asset Management Ltd 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 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 parent company has taken advantage of section 408 of the Companies House Act 2006 and have not included its own profit and loss account in these financial statements. The parent company's profit for the year was £967,190 (2022 - £1,091,083), which includes intra-group dividends of £166,500 (2022 - £820,000) and revaluation of investment property net of deferred tax of £555,000 (2022 - £nil).

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

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

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.

QUANTRELLE ASSET MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.5
Intangible fixed assets other than goodwill

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

 

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

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

Patents & licences
20 years
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or deemed cost, net of depreciation and any impairment losses. FRS102 allows, a transitional relief, the inclusion within the accounts of a class of fixed assets at their valuation which is treated as 'deemed cost' at the transition date of 1 January 2014. The company adopted this treatment for its freehold land and buildings acquired prior to this transition date.

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 land and buildings
50 years straight line
Leasehold improvements
7 to 50 years straight line
Plant and equipment
7 to 10 years straight line
Fixtures and fittings
4 years 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.

1.7
Investment properties

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.

 

Property rented to a group entity is accounted for as a tangible fixed asset in the group's consolidated balance sheet.

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, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

QUANTRELLE ASSET MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.9
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).

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

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.

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.

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.

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.

QUANTRELLE ASSET MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

QUANTRELLE ASSET MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

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

1.13
Equity instruments

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

1.14
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

QUANTRELLE ASSET MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.18
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

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

 

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

Depreciation is recognised to write off the cost or valuation of assets less their residual values over their useful lives at the rates detailed in Note 1.6. The provision for depreciation for the group at the beginning and end of the period, together with the charge for the year is shown in Note 11.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods and services
10,399,651
10,016,890
Rental income
11,740
10,944
10,411,391
10,027,834
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
10,011,771
9,682,572
Europe
399,620
345,262
10,411,391
10,027,834
QUANTRELLE ASSET MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 20 -
2023
2022
£
£
Other revenue
Interest income
65,421
7,584
Recycling income
34,744
42,527
Management fee receivable
37,939
37,939

All turnover arose within the United Kingdom.

4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
247,783
265,531
Loss on disposal of tangible fixed assets
628
-
Operating lease charges
387,499
238,158
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
3,340
3,150
Audit of the financial statements of the company's subsidiaries
10,115
7,350
13,455
10,500
For other services
All other non-audit services
11,410
6,300
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
Production
58
54
-
-
Administration
16
14
2
2
Total
74
68
2
2
QUANTRELLE ASSET MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,338,450
2,063,875
-
0
-
0
Social security costs
249,350
228,285
-
-
Pension costs
78,679
145,240
-
0
-
0
2,666,479
2,437,400
-
0
-
0
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
64,502
4,872
Other interest income
919
2,712
Total income
65,421
7,584
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
338,985
291,221
Adjustments in respect of prior periods
(31,107)
(53,573)
Total current tax
307,878
237,648
Deferred tax
Origination and reversal of timing differences
(12,965)
(12,915)
Total tax charge
294,913
224,733
QUANTRELLE ASSET MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 22 -

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

2023
2022
£
£
Profit before taxation
1,394,432
1,324,372
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
327,692
251,631
Tax effect of expenses that are not deductible in determining taxable profit
(1,458)
(1,317)
Adjustments in respect of prior years
(31,107)
(53,573)
Effect of change in corporation tax rate
69
-
Permanent capital allowances in excess of depreciation
(11,265)
(482)
Depreciation on assets not qualifying for tax allowances
36,839
28,474
Research and development tax credit
(25,916)
-
0
Deferred tax adjustments in respect of prior years
59
-
0
Taxation charge
294,913
224,733
9
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
360,660
1,050,020
10
Intangible fixed assets
Group
Patents & licences
£
Cost
At 1 January 2023 and 31 December 2023
45,784
Amortisation and impairment
At 1 January 2023 and 31 December 2023
45,784
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
Company
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
QUANTRELLE ASSET MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 January 2023
6,840,000
573,696
1,635,876
352,845
9,402,417
Additions
-
0
41,284
32,429
23,308
97,021
Disposals
-
0
-
0
(3,093)
(9,765)
(12,858)
At 31 December 2023
6,840,000
614,980
1,665,212
366,388
9,486,580
Depreciation and impairment
At 1 January 2023
408,000
221,642
1,441,871
286,861
2,358,374
Depreciation charged in the year
136,000
31,214
46,529
34,040
247,783
Eliminated in respect of disposals
-
0
-
0
(2,998)
(8,932)
(11,930)
At 31 December 2023
544,000
252,856
1,485,402
311,969
2,594,227
Carrying amount
At 31 December 2023
6,296,000
362,124
179,810
54,419
6,892,353
At 31 December 2022
6,432,000
352,054
194,005
65,984
7,044,043
Company
Plant and equipment
£
Cost
At 1 January 2023 and 31 December 2023
570,934
Depreciation and impairment
At 1 January 2023
427,225
Depreciation charged in the year
23,161
At 31 December 2023
450,386
Carrying amount
At 31 December 2023
120,548
At 31 December 2022
143,709
QUANTRELLE ASSET MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
12
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023
-
7,560,000
Net gains or losses through fair value adjustments
-
740,000
At 31 December 2023
-
8,300,000

Investment property comprises 21 Lockfield Avenue, Enfield, EN3 7PG. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 8 September 2023 by Lambert Smith Hampton, independent valuers 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 directors are of the opinion that this valuation is appropriate to use as the basis for the valuation of the property at the balance sheet date.

 

13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
1,000
1,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
1,000
Carrying amount
At 31 December 2023
1,000
At 31 December 2022
1,000
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Quantrelle Packaging Solutions Limited
United Kingdom
Ordinary
100.00
QUANTRELLE ASSET MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
228,059
465,563
-
-
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,692,308
1,523,563
912
900
Other debtors
388,413
296,331
-
0
-
0
Prepayments and accrued income
257,062
246,255
30,000
30,000
2,337,783
2,066,149
30,912
30,900
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
574,326
592,111
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,552,424
1,552,424
Corporation tax payable
255,485
94,556
80,599
67,285
Other taxation and social security
406,741
131,911
17,367
18,652
Other creditors
150,945
170,867
150,488
150,488
Accruals and deferred income
32,742
15,200
5,600
5,250
1,420,239
1,004,645
1,806,478
1,794,099
18
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
40,219
53,184
Revaluations
815,426
815,425
855,645
868,609
QUANTRELLE ASSET MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Deferred taxation
(Continued)
- 26 -
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
8,366
12,137
Revaluations
1,180,426
995,425
1,188,792
1,007,562
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
868,609
1,007,562
(Credit)/charge to profit or loss
(12,964)
181,230
Liability at 31 December 2023
855,645
1,188,792
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
78,679
145,240

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
21
Revaluation reserve

This reserve is the cumulative revaluations of investment and freehold property less any deferred tax thereon.

QUANTRELLE ASSET MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
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
167,028
75,822
-
-
Between two and five years
515,091
-
-
-
682,119
75,822
-
-
23
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Purchases
Purchases
2023
2022
£
£
Group
Partnership under common control
-
58,206
Management charge
Recharged direct costs
2023
2022
2023
2022
£
£
£
£
Group
Partnership under common control
37,939
37,939
90,783
90,305

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Key management personnel
457
20,379

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Partnership under common control
346,512
271,773
Company under common control
2,264
1,877
QUANTRELLE ASSET MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
24
Directors' transactions
At 31 December 2023, the group owed its directors £488 (2022: £488). Interest is not charged on the loan.
25
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,099,519
1,093,626
Adjustments for:
Taxation charged
294,913
224,733
Investment income
(65,421)
(7,584)
Loss on disposal of tangible fixed assets
628
-
Depreciation and impairment of tangible fixed assets
247,783
265,531
Movements in working capital:
Decrease/(increase) in stocks
237,504
(146,252)
Increase in debtors
(271,634)
(200,812)
Increase/(decrease) in creditors
254,665
(5,139)
Cash generated from operations
1,797,957
1,224,103
26
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
3,080,623
1,259,048
4,339,671
27
Prior period adjustment
Group
The prior year adjustments are eliminated on consolidation and have no impact on the group profit and loss account and balance sheet.
QUANTRELLE ASSET MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
27
Prior period adjustment
(Continued)
- 29 -
Reconciliation of changes in equity - company
1 January
31 December
2022
2022
£
£
Adjustments to prior year
Tangible assets - leasehold improvements (1)
(275,878)
-
Deferred tax (2)
17,294
-
Revaluation reserve (3)
(540,000)
-
Profit and loss reserves (3)
540,000
-
Total adjustments
(258,584)
(253,547)
Equity as previously reported
5,317,560
5,358,624
Equity as adjusted
5,058,976
5,105,077
Analysis of the effect upon equity
Profit and loss reserves
(258,584)
(253,547)
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Administrative expenses - depreciation
6,013
Tax on profit - deferred tax
(976)
Total adjustments
5,037
Profit as previously reported
1,091,084
Profit as adjusted
1,096,121
QUANTRELLE ASSET MANAGEMENT LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
27
Prior period adjustment
(Continued)
- 30 -
Notes to reconciliation
Reclassification of leasehold improvements and depreciation
(1) Expenditure previously treated as leasehold improvements relates to improvement expenditure on investment properties. As the improvements are included in the investment property values. An adjustment has been made to profit and loss reserves to credit the expenditure against the investment property fair value movement and to reverse the related depreciation charge.
Deferred tax provision
(2) Deferred tax has been amended as a result of the adjustments described above.
Investment property
(3) Amounts relating to the revaluation of investment property should not be included in the revaluation reserve and have been transferred to the profit and loss reserve.
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