Company registration number 07116096 (England and Wales)
AVON ESTATES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
AVON ESTATES LIMITED
COMPANY INFORMATION
Director
N J Allen
Company number
07116096
Registered office
Avon Park
Warwick Road
Stratford-upon-Avon
Warwickshire
CV37 0NS
Auditor
TC Group
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
Business address
Avon Park
Warwick Road
Stratford-upon-Avon
Warwickshire
CV37 0NS
AVON ESTATES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Director's responsibilities statement
5
Independent auditor's report
6 - 9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13 - 14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
AVON ESTATES LIMITED
CONTENTS
Notes to the financial statements
19 - 46
AVON ESTATES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The director presents the strategic report for the year ended 31 December 2023.

Fair review of the business

Avon Estates Ltd is a trading company who own and manage five sites with a combined total of over 600 pitches. The company offer a range of products and services including the sale of holiday and residential park homes, alongside the hire of holiday accommodation including static caravans, lodges, cottages and glamping pods. There are also 250 touring pitches available for hire. There are sales agreements with three other residential park home sites to develop and sell homes on up to 230 pitches.

 

In 2023 the company continued to run the Riverside Club, an indoor venue adjacent to Rayford caravan park which serves food and drink. This branch of the business compliments the main trade by providing a pleasant catered environment for residents and tourists to enjoy.

 

With the company being at the heart of a growing tourist town in Stratford upon Avon, it has enjoyed healthy growth in recent years, particularly in the sale of holiday and residential park homes. Management are focused on increasing the growth of the company and are looking to capitalise on the increased desire of UK residents for a holiday home within the UK.

Description of principal risks and uncertainities

The company is in a highly regulated industry in which they require various licenses to be able to operate. Management’s continued focus is to keep up to date with the ever-changing industry regulations.

 

With the variable weather conditions, the company has a high exposure to the risk of unexpected weather conditions which in turn can have a negative impact on the holiday business the company holds. Management have an ongoing aim to ensure all sites are prepared and can deal with varying weather conditions.

Analysis of development and performance

The group's trading summary for 2023 shows a reduction in sales of 31.9%, with total sales of £13,948,708 (2022 - £20,479,176). The housing market was weak throughout 2023 this led to decreased sales on our residential parks. The increased financial pressure on households also saw a drop in the holiday home market. The touring and holiday hire remain buoyant despite the economic factors.

 

Profit before tax for the group has decreased to £2,288,683 because of the decrease in sales and gross profit. We did find savings in our administrative expenses and have seen a reduction from 2023.

 

Looking ahead to 2024, the group is forecasting similar trading conditions to 2023 and looking to maintain those levels. The reduction is a result of rising inflation and the slowing down of the housing market impacting on all areas of the business. We will be monitoring our cost to ensure we maintain a healthy profit. We will be looking to acquire other parks through 2024 to further increase our portfolio and grow the business.

Analysis Based on Key Performance Indicators

The number of holiday home and residential park home units sold compares unfavourably against KPIs with a 40% decrease in turnover of this type from 2022. The decrease in turnover has been a result of a slowdown in the housing market and rising costs.

 

Pitch utilisation has been stable this year, with a similar amount of pitches being occupied this year compared to 2022.

AVON ESTATES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

On behalf of the board

N J Allen
Director
20 September 2024
AVON ESTATES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The director presents his 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 caravan sales and holiday hire. The company also maintains the caravan parks and operates a significant clubhouse facility, a bar, restaurant and events centre.

Results and dividends

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

Ordinary dividends were paid amounting to £250,000. The director does not recommend payment of a further dividend.

Preference dividends were paid amounting to £121,472 of which £18,768 related to the equity element of preference shares.

Director

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

N J Allen
Auditor

In accordance with the company's articles, a resolution proposing that TC Group be reappointed as auditor of the group will be put at a General Meeting.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of a review of the business, principal risks and uncertainties, and future developments.

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

AVON ESTATES LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
On behalf of the board
N J Allen
Director
20 September 2024
AVON ESTATES LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

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

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

 

 

The director is 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. He is 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.

AVON ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AVON ESTATES LIMITED
- 6 -
Opinion

We have audited the financial statements of Avon Estates 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, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 director's 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 director with respect to going concern are described in the relevant sections of this report.

AVON ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AVON ESTATES 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 director is 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 director's 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 director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

AVON ESTATES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AVON ESTATES 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:

 

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

 

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

 

- the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation. .

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or avoid a material penalty. These included compliance with GDPR regulations and the UK caravan park licensing framework.

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

Audit response to risks identified

As a result of performing the above, we identified revenue recognition as a key audit matter related to the potential risk of fraud.

 

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reading minutes of meetings of those charged with governance;

- reviewed the Company's caravan park licenses to confirm their validity and that the terms of adhered to;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

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.

Mark Bullock FCA
For and on behalf of TC Group
20 September 2024
Statutory Auditor
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
AVON ESTATES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
as restated
Notes
£
£
Turnover
3
13,948,708
20,479,176
Cost of sales
(9,332,954)
(12,361,319)
Gross profit
4,615,754
8,117,857
Administrative expenses
(2,235,286)
(2,429,080)
Other operating income
71,221
188,118
Exceptional items
4
-
0
566,118
Operating profit
6
2,451,689
6,443,013
Interest receivable and similar income
10
148,890
21,256
Interest payable and similar expenses
11
(311,896)
(201,401)
Profit before taxation
2,288,683
6,262,868
Tax on profit
12
(451,096)
(1,274,440)
Profit for the financial year
1,837,587
4,988,428
Other comprehensive income
Revaluation of tangible fixed assets
-
0
6,254,486
Tax relating to other comprehensive income
(75,943)
(3,211,019)
Total comprehensive income for the year
1,761,644
8,031,895
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.
AVON ESTATES LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
14
46,522,043
48,378,808
Investment property
15
300,000
355,524
46,822,043
48,734,332
Current assets
Stocks
18
4,589,956
4,557,933
Debtors
19
5,633,529
4,122,473
Cash at bank and in hand
4,404,675
5,344,596
14,628,160
14,025,002
Creditors: amounts falling due within one year
20
(6,096,990)
(8,868,258)
Net current assets
8,531,170
5,156,744
Total assets less current liabilities
55,353,213
53,891,076
Creditors: amounts falling due after more than one year
21
(1,773,701)
(1,810,307)
Provisions for liabilities
Deferred tax liability
23
9,012,152
9,006,285
(9,012,152)
(9,006,285)
Net assets
44,567,360
43,074,484
Capital and reserves
Called up share capital
25
435,900
435,900
Revaluation reserve
22,229,936
23,791,644
Profit and loss reserves
21,901,524
18,846,940
Total equity
44,567,360
43,074,484

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

AVON ESTATES LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
The financial statements were approved and signed by the director and authorised for issue on 20 September 2024
20 September 2024
N J Allen
Director
Company registration number 07116096 (England and Wales)
AVON ESTATES LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
14
42,737,189
45,279,140
Investment property
15
300,000
355,524
Investments
16
505
400
43,037,694
45,635,064
Current assets
Stocks
18
4,589,956
4,557,933
Debtors
19
9,085,907
6,903,120
Cash at bank and in hand
4,404,675
5,344,596
18,080,538
16,805,649
Creditors: amounts falling due within one year
20
(6,092,077)
(8,864,545)
Net current assets
11,988,461
7,941,104
Total assets less current liabilities
55,026,155
53,576,168
Creditors: amounts falling due after more than one year
21
(1,773,701)
(1,810,307)
Provisions for liabilities
Deferred tax liability
23
8,936,209
9,006,285
(8,936,209)
(9,006,285)
Net assets
44,316,245
42,759,576
Capital and reserves
Called up share capital
25
435,900
435,900
Revaluation reserve
22,002,108
23,487,873
Profit and loss reserves
21,878,237
18,835,803
Total equity
44,316,245
42,759,576

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,825,437 (2022 - £4,977,291 profit).

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

AVON ESTATES LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 14 -
The financial statements were approved and signed by the director and authorised for issue on 20 September 2024
20 September 2024
N J Allen
Director
Company registration number 07116096 (England and Wales)
AVON ESTATES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
435,900
20,748,177
14,485,265
35,669,342
Year ended 31 December 2022:
Profit for the year
-
-
4,988,428
4,988,428
Other comprehensive income:
Revaluation of tangible fixed assets
-
6,254,486
-
6,254,486
Tax relating to other comprehensive income
-
(3,211,019)
-
0
(3,211,019)
Total comprehensive income
-
3,043,467
4,988,428
8,031,895
Dividends
13
-
-
(626,753)
(626,753)
Balance at 31 December 2022
435,900
23,791,644
18,846,940
43,074,484
Year ended 31 December 2023:
Profit for the year
-
-
1,837,587
1,837,587
Other comprehensive income:
Tax relating to other comprehensive income
-
(75,943)
-
0
(75,943)
Total comprehensive income
-
(75,943)
1,837,587
1,761,644
Dividends
13
-
-
(268,768)
(268,768)
Transfers
-
(1,485,765)
1,485,765
-
Balance at 31 December 2023
435,900
22,229,936
21,901,524
44,567,360
AVON ESTATES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
435,900
20,748,177
14,485,265
35,669,342
Year ended 31 December 2022:
Profit for the year
-
-
4,977,291
4,977,291
Other comprehensive income:
Revaluation of tangible fixed assets
-
5,950,715
-
5,950,715
Tax relating to other comprehensive income
-
(3,211,019)
-
0
(3,211,019)
Total comprehensive income
-
2,739,696
4,977,291
7,716,987
Dividends
13
-
-
(626,753)
(626,753)
Balance at 31 December 2022
435,900
23,487,873
18,835,803
42,759,576
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,825,437
1,825,437
Dividends
13
-
-
(268,768)
(268,768)
Transfers
-
(1,485,765)
1,485,765
-
Balance at 31 December 2023
435,900
22,002,108
21,878,237
44,316,245
AVON ESTATES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
1,989,424
5,199,897
Interest paid
(311,896)
(201,401)
Income taxes paid
(1,262,119)
(1,069,067)
Net cash inflow from operating activities
415,409
3,929,429
Investing activities
Purchase of tangible fixed assets
(1,778,684)
(4,577,027)
Proceeds from disposal of tangible fixed assets
3,505,949
49,476
Proceeds from disposal of investment property
55,524
-
Repayment of loans
(1,546,556)
-
Interest received
148,890
21,256
Net cash generated from/(used in) investing activities
385,123
(4,506,295)
Financing activities
Repayment of preference shares
(37,704)
(38,835)
Repayment of borrowings
(648)
8,570
Repayment of bank loans
(1,433,333)
(133,333)
Dividends paid to equity shareholders
(268,768)
(626,753)
Net cash used in financing activities
(1,740,453)
(790,351)
Net decrease in cash and cash equivalents
(939,921)
(1,367,217)
Cash and cash equivalents at beginning of year
5,344,596
6,711,813
Cash and cash equivalents at end of year
4,404,675
5,344,596
AVON ESTATES LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
1,301,493
4,100,629
Interest paid
(311,896)
(201,401)
Income taxes paid
(1,259,269)
(1,069,067)
Net cash (outflow)/inflow from operating activities
(269,672)
2,830,161
Investing activities
Purchase of tangible fixed assets
(1,093,498)
(3,477,359)
Proceeds from disposal of tangible fixed assets
3,505,949
49,476
Proceeds from disposal of investment property
55,524
-
0
Proceeds from disposal of subsidiaries
(105)
(400)
Repayment of loans
(1,546,556)
-
0
Interest received
148,890
21,256
Net cash generated from/(used in) investing activities
1,070,204
(3,407,027)
Financing activities
Repayment of preference shares
(37,704)
(38,835)
Repayment of borrowings
(648)
8,570
Repayment of bank loans
(1,433,333)
(133,333)
Dividends paid to equity shareholders
(268,768)
(626,753)
Net cash used in financing activities
(1,740,453)
(790,351)
Net decrease in cash and cash equivalents
(939,921)
(1,367,217)
Cash and cash equivalents at beginning of year
5,344,596
6,711,813
Cash and cash equivalents at end of year
4,404,675
5,344,596
AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
1
Accounting policies
Company information

Avon Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Avon Park, Warwick Road, Stratford-upon-Avon, Warwickshire, CV37 0NS.

 

The group consists of Avon Estates Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Business combinations

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

 

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

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Avon Estates Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 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.

AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -

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

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

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

1.5
Turnover

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

 

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
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.

AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -

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
2% straight line on buildings only
Leasehold improvements
20% straight line
Plant and equipment
15% reducing balance
Fixtures and fittings
10% reducing balance
Motor vehicles
25% reducing balance

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

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.9
Fixed asset investments

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

 

In the parent company financial statements, investments in subsidiaries, 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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

 

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

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

1.11
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
1.12
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.

1.13
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

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

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.

AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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

 

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.

Derecognition of financial liabilities

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

1.14
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.

AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 25 -
1.15
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.

1.16
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.

1.17
Retirement benefits

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

1.18
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.

AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 26 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
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.

2
Judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

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

Fair value of investment property

Investment properties are measured at fair value and based on active market prices, adjusted if necessary for any difference in nature, location or condition of the specific asset.

 

Current economic developments and uncertainties influence the valuation of our investment properties. The methods and significant assumptions applied in determining the fair value of our investment properties are mainly due to (i) active market prices, (ii) the influence of so-called rent-free periods and vacancy rates, (iii) the discount rates and (iv) assumed trends in rents.

Useful economic Life of freehold properties

The useful economic life of the freehold buildings is deemed to be 50 years, The actual value of the building is assumed to be appreciating but the depreciation of freehold buildings not held for investment purposes is a requirement of accounting standards.

AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sales of goods
9,158,035
15,452,478
Rendering of services
4,693,313
4,897,773
Commissions
97,360
128,925
13,948,708
20,479,176
2023
2022
£
£
Other revenue
Interest income
148,890
21,256
Grants received
-
289
4
Exceptional item
2023
2022
£
£
Expenditure
VAT refund relating to previous years
-
(566,118)

There were no exceptional items in the year.

The exceptional item relates to a reclaim of overpaid sales VAT from previous years. The reclaim was received in the year.

5
Prior period adjustment
A review of the parent company's preference share capital indicated that due to the fixed dividend that is payable on all three classes of preference shares, a portion of the amount recognised as equity should be reclassed to a liability.
The "A" preference shares pay a fixed annual dividend until 2035. A review of the present value of the total dividends when the shares were issued indicated that this value was £703,534 which is the amount that should be treated as a liability. The remaining £425,900 will continue to be treated as equity. The portion of the liability which was still outstanding at the start of the previous period was £451,847 - therefore this amount was reclassed to a liability and the remaining portion of the liability (£223,687) was adjusted against the profit and loss account to reflect the fact that some of the amounts previously recognised entirely as preference dividends were in fact paying off a liability and shouldn't have been processed through the profit and loss.
AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Prior period adjustment
(Continued)
- 28 -
For both the prior period and current period, the "A" preference dividend of £56,472 will be split, with part treated as an equity dividend and the remainder treated as the repayment of a liability. In the prior period, the value of this equity dividend was £17,636 and in the current period the value of this equity dividend was £18,768. In both the current period and prior period, the portion of the next period's preference dividend which is to be treated as the repayment of a liability is recognised as a short-term liability, with the remainder recognised as a long-term liability.
In the case of the "B" and "C" preference shares, the present value of the future dividends at the time of issue exceeded the nominal value of the share capital and accordingly the combined £1.5m for those two share classes has been reclassed to a liability. The "B" preference shares pay a fixed annual dividend of £50,000 and the "C" preference shares pay a fixed dividend with a total annual value of £15,000. As a result, £65,000 of the liability has been recognised as a short term liability and the £65,000 dividend paid in the previous period in respect of these shares has been reclassified to a finance cost.
As a result of the above changes, the following figures have been restated:
Group statement of comprehensive income
Interest payable and similar expenses: (£201,401) (previously (£136,401))
Profit before taxation: £6,262,868 (previously £6,327,868)
Profit for the financial year: £4,988,428 (previously £5,053,428)
Total comprehensive income for the year: £8,031,895 (previously £8,096,895)
Group balance Sheet
Creditors: amounts falling due within one year - (£8,868,258) (previously £8,765,554)
Net current assets: £5,156,744 (previously £5,259,448)
Total assets less current liabilities: £53,891,076 (previously £53,993,780)
Creditors: amounts falling due after one year - (£1,810,307) (previously £nil)
Net assets: £43,074,484 (previously £44,987,495)
Called up share capital: £435,900 (previously £2,639,434)
Profit and loss reserves: £18,846,940 (previously £18,556,417)
Total equity: £43,074,484 (previously £44,987,495)
AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Prior period adjustment
(Continued)
- 29 -
Company balance Sheet
Creditors: amounts falling due within one year - (£8,864,545) (previously £8,761,841)
Net current assets: £7,941,104 (previously £8,043,808)
Total assets less current liabilities: £53,576,168 (previously £53,678,672)
Creditors: amounts falling due after one year - (£1,810,307) (previously £nil)
Net assets: £42,759,576 (previously £44,672,587)
Called up share capital: £435,900 (previously £2,639,434)
Profit and loss reserves: £18,835,803 (previously £18,545,280)
Total equity: £42,759,576 (previously £44,672,587)
Group statement of changes in equity
Share capital balance at 1st January 2022 and 31st December 2022: £435,900 (previously £2,639,434)
Profit and loss reserves as at 1st January 2022: £14,485,265 (previously £14,233,578)
Profit and loss reserves as at 31st December 2022: £18,846,940 (previously £18,556,417)
Profit for the financial year: £4,988,428 (previously £5,053,428)
Dividends: (£626,753) (previously (£730,589))
Company statement of changes in equity
Share capital balance at 1st January 2022 and 31st December 2022: £435,900 (previously £2,639,434)
Profit and loss reserves as at 1st January 2022: £14,485,265 (previously £14,233,578)
Profit and loss reserves as at 31st December 2022: £18,835,803 (previously £18,545,280)
Profit for the financial year: £4,977,291 (previously £5,042,291)
Dividends: (£626,753) (previously (£730,589)
Group statement of cashflows
Interest paid: (£201,401) (previously £136,401)
AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Prior period adjustment
(Continued)
- 30 -
Net cash inflow from operating activities: £3,929,429 (previously £3,944,430)
Repayment of preference shares (£38,835) (previously £nil)
Dividends paid (£626,753) (previously (£730,589)
Net cash used in financing activities (£790,351) (previously £855,352)
Company statement of cashflows
Interest paid: (£201,401) (previously £136,401)
Net cash inflow from operating activities: £2,830,161 (previously £2,895,162)
Repayment of preference shares (£38,835) (previously £nil)
Dividends paid (£626,753) (previously (£730,589)
Net cash used in financing activities (£790,351) (previously £855,352)
Note 11 - interest payable and similar expenses
Dividends on redeemable preference share not classified as equity: £65,000 (previously £nil)
Note 12 - Taxation
Profit before taxation: £6,262,868 (previously £6,327,868)
Expected tax charge based on the standard rate of corporation tax in the UK: £1,189,945 (previously £1,202,295)
Tax effect of expenses that are not deductible in determining taxable profit: £16,529 (previously £4,179)
Note 13 - Dividends
Interim paid - £17,636 (previously £121,472)
Note 20 - Creditors: amounts falling due within one year
Other borrowings: £112,953 (previously 10,249)
Note 21 - Creditors: amounts falling due after one year
Other borrowings: £1,810,307 (previously £nil)
AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Prior period adjustment
(Continued)
- 31 -
Note 22 - Loans and overdrafts
Preference shares: £1,913,011 (previously £nil)
Payable within one year: £1,546,286 (previously £1,443,582)
Payable after one year: £1,810,307 (previously £nil)
Note 25 - Share capital
Preference shares classified as equity: £425,900 (previously £2,629,434)
Preference shares classified as liabilities: £2,203,534 (previously £nil)
Total equity share capital: £435,900 (previously £2,639,434)
Note 30 - Cash generated from group operations
Profit for the year after tax: £4,988,428 (previously £5,199,898)
Finance costs: £201,401 (previously £136,401)
Note 31 - Cash generated from operations - company
Profit for the year after tax: £4,977,291 (previously £5,042,291)
Finance costs: £201,401 (previously £136,401)
6
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Research and development costs
6,372
65,271
Government grants
-
(289)
Depreciation of owned tangible fixed assets
380,443
197,367
(Profit)/loss on disposal of tangible fixed assets
(250,943)
42,554
Operating lease charges
2,857
2,367
AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
7
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
24,000
22,000
8
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 Staff
62
57
62
57
Administration Staff
9
10
9
10
Management Staff
3
3
3
3
Total
74
70
74
70

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,218,755
2,009,774
2,218,755
2,009,774
Social security costs
214,483
208,038
214,483
208,038
Pension costs
56,883
71,809
56,883
71,809
2,490,121
2,289,621
2,490,121
2,289,621
9
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
56,068
53,795
Company pension contributions to defined contribution schemes
6,000
6,000
62,068
59,795
AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Director's remuneration
(Continued)
- 33 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).

10
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
98,069
-
0
Other interest income
50,821
21,256
Total income
148,890
21,256
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
98,069
-
11
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
243,602
58,659
Dividends on redeemable preference shares not classified as equity
65,000
65,000
308,602
123,659
Other finance costs:
Other interest
3,294
77,742
Total finance costs
311,896
201,401
12
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
521,195
1,200,066
Adjustments in respect of prior periods
(24)
909
Total current tax
521,171
1,200,975
AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Taxation
2023
2022
£
£
(Continued)
- 34 -
Deferred tax
Origination and reversal of timing differences
(70,075)
73,465
Total tax charge
451,096
1,274,440

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
2,288,683
6,262,868
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
538,298
1,189,945
Tax effect of expenses that are not deductible in determining taxable profit
15,288
16,529
Adjustments in respect of prior years
(24)
909
Effect of change in corporation tax rate
(78,008)
78,332
Permanent capital allowances in excess of depreciation
(640)
(3,856)
Depreciation on assets not qualifying for tax allowances
(23,755)
(13,053)
Other permanent differences
(63)
5,634
Taxation charge
451,096
1,274,440

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
75,943
3,211,019
AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
13
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
250,000
609,117
Interim paid
18,768
17,636
268,768
626,753
14
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
48,311,111
-
0
4,294,050
497,691
267,560
53,370,412
Additions
1,301,656
19,046
387,848
70,134
-
0
1,778,684
Disposals
(3,363,244)
-
0
(220,902)
-
0
-
0
(3,584,146)
At 31 December 2023
46,249,523
19,046
4,460,996
567,825
267,560
51,564,950
Depreciation and impairment
At 1 January 2023
1,422,247
-
0
3,129,952
305,856
133,549
4,991,604
Depreciation charged in the year
121,956
3,809
198,315
24,610
31,753
380,443
Eliminated in respect of disposals
(225,544)
-
0
(103,596)
-
0
-
0
(329,140)
At 31 December 2023
1,318,659
3,809
3,224,671
330,466
165,302
5,042,907
Carrying amount
At 31 December 2023
44,930,864
15,237
1,236,325
237,359
102,258
46,522,043
At 31 December 2022
46,888,864
-
0
1,164,098
191,835
134,011
48,378,808
AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Tangible fixed assets
(Continued)
- 36 -
Company
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
45,211,443
-
0
4,294,050
497,691
267,560
50,270,744
Additions
616,470
19,046
387,848
70,134
-
0
1,093,498
Disposals
(3,363,244)
-
0
(220,902)
-
0
-
0
(3,584,146)
At 31 December 2023
42,464,669
19,046
4,460,996
567,825
267,560
47,780,096
Depreciation and impairment
At 1 January 2023
1,422,247
-
0
3,129,952
305,856
133,549
4,991,604
Depreciation charged in the year
121,956
3,809
198,315
24,610
31,753
380,443
Eliminated in respect of disposals
(225,544)
-
0
(103,596)
-
0
-
0
(329,140)
At 31 December 2023
1,318,659
3,809
3,224,671
330,466
165,302
5,042,907
Carrying amount
At 31 December 2023
41,146,010
15,237
1,236,325
237,359
102,258
42,737,189
At 31 December 2022
43,789,196
-
0
1,164,098
191,835
134,011
45,279,140
Group
Company
2023
2022
2023
2022
£
£
£
£
Freehold
44,930,864
46,888,844
41,146,010
43,789,176
15
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023
355,524
355,524
Disposals
(55,524)
(55,524)
At 31 December 2023
300,000
300,000
AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Investment property
(Continued)
- 37 -

Investment property has been valued by the director at the year end on an open market basis.

16
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
505
400
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
400
Additions
105
At 31 December 2023
505
Carrying amount
At 31 December 2023
505
At 31 December 2022
400
17
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
Ashbourne Park Limited
United Kingdom
Ordinary
100.00
High Close Farm Limited
United Kingdom
Ordinary
100.00
Avon Estates (2011) Limited
United Kingdom
Ordinary
100.00
Avon Estates (Parksales) Limited
United Kingdom
Ordinary
100.00
Wye Valley Caravan Park Ltd
United Kingdom
Ordinary
100.00
Mill Field Park Ltd
United Kingdom
Ordinary
100.00
AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Subsidiaries
(Continued)
- 38 -

Ashbourne Park Limited, a wholly owned subsidiary of Avon Estates Limited, is exempt from audit for the period ending 31st January 2024 by virtue of section 479A of the Companies Act 2006.

 

High Close Farm Limited, a wholly owned subsidiary of Avon Estates Limited, is exempt from audit for the period ending 31st January 2024 by virtue of section 479A of the Companies Act 2006.

 

As at 31st December 2023, Avon Estates (2011) Limited, Avon Estates (Parksales) Limited, Wye Valley Caravan Park Ltd and were all dormant, with no transactions (other than the issue of share capital on incorporation) occurring during the year. Mill Field Park Limited was incorporated on 1st November 2023 and is yet to file a set of accounts.

18
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Work in progress
928,882
1,183,665
928,882
1,183,665
Finished goods and goods for resale
3,661,074
3,374,268
3,661,074
3,374,268
4,589,956
4,557,933
4,589,956
4,557,933
19
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,497,779
2,380,552
2,497,778
2,380,552
Corporation tax recoverable
290,143
290,143
290,143
290,143
Amounts owed by group undertakings
-
-
3,452,379
2,780,647
Other debtors
2,473,833
1,138,538
2,473,833
1,138,538
Prepayments and accrued income
204,560
122,198
204,560
122,198
5,466,315
3,931,431
8,918,693
6,712,078
Amounts falling due after more than one year:
Other debtors
167,214
191,042
167,214
191,042
Total debtors
5,633,529
4,122,473
9,085,907
6,903,120
AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 39 -
20
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
22
-
0
1,433,333
-
0
1,433,333
Other borrowings
22
111,207
112,953
111,207
112,953
Trade creditors
2,615,711
2,899,968
2,615,711
2,899,968
Amounts owed to related parties
192,021
290,132
192,021
290,132
Corporation tax payable
(44,511)
696,436
(47,124)
693,823
Other taxation and social security
566,788
84,058
566,788
84,058
Other creditors
-
0
1,071,898
-
0
1,071,898
Accruals and deferred income
2,655,774
2,279,480
2,653,474
2,278,380
6,096,990
8,868,258
6,092,077
8,864,545
21
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
22
1,773,701
1,810,307
1,773,701
1,810,307
22
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
-
0
1,433,333
-
0
1,433,333
Preference shares
1,875,307
1,913,011
1,875,307
1,913,011
Other loans
9,601
10,249
9,601
10,249
1,884,908
3,356,593
1,884,908
3,356,593
Payable within one year
111,207
1,546,286
111,207
1,546,286
Payable after one year
1,773,701
1,810,307
1,773,701
1,810,307

The parent company is subject and party to an unlimited first charge guarantee over the Avon Caravan Park, Rayford Park and Riverside Park in respect of the borrowings from Handelsbanken AB (publ). Interest is charged at 2.5% above the Bank of England base rate and payments are due each quarter with a larger final payment due nine months after the balance sheet date.

AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 40 -
23
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
395,722
330,104
Revaluations
8,616,430
8,676,181
9,012,152
9,006,285
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
395,722
330,104
Revaluations
8,540,487
8,676,181
8,936,209
9,006,285
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
9,006,285
9,006,285
Credit to profit or loss
(70,076)
(70,076)
Charge to other comprehensive income
75,943
-
Liability at 31 December 2023
9,012,152
8,936,209

The deferred tax liability expected to reverse in the next accounting period is £26,178 and relates to accelerated capital allowances that are expected to mature within the same period. The remainder of the element of deferred tax relating to accelerated capital allowances of £369,544 is not expected to reverse within twelve months.

The deferred tax liability relating to the revaluation of freehold property of £8,616,430 is not expected to reverse within twelve months.

AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 41 -
24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
56,883
71,809

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.

The company had outstanding pension commitments at the year end of £9,601.

25
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10,000
10,000
10,000
10,000
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference A of £1 each
1,129,434
1,129,434
1,129,434
1,129,434
Preference B of £1 each
1,000,000
1,000,000
1,000,000
1,000,000
Preference C of £1 each
500,000
500,000
500,000
500,000
2,629,434
2,629,434
2,629,434
2,629,434
Preference shares classified as equity
425,900
425,900
Preference shares classified as liabilities
2,203,534
2,203,534
2,629,434
2,629,434
Total equity share capital
435,900
435,900

The company has one class of ordinary shares which carry no right to fixed income. Additionally, the company has in issue 'A' non-redeemable, "B" non-redeemable and "C" non-redeemable preference shares which do have a right to a fixed dividend.

 

The "A" preference shares are treated as a combination of equity and a liability, while the "B" and "C" preference shares are treated entirely as liabilities.

 

These preference shares do not carry voting rights.

AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 42 -
26
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
27,600
27,600
27,600
27,600
Between two and five years
78,200
105,800
78,200
105,800
105,800
133,400
105,800
133,400
27
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
-
177,378
Transactions with related parties

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

Services received
Interest received
2023
2022
2023
2022
£
£
£
£
Group
Entities with control, joint control or significant influence over the company
-
-
-
2,217
Other related parties
-
280,000
-
12,360
Company
Entities with control, joint control or significant influence over the company
-
-
25,778
2,217
Other related parties
180,000
280,000
18,178
12,360
AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
27
Related party transactions
(Continued)
- 43 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Key management personnel
-
275,311
Other related parties
233,001
290,132
Company
Key management personnel
-
275,311
Other related parties
233,001
290,132

At the year end £109,280 was owed to the John Allen Discretionary Will Trust for Emma Jones (which owns a minority ordinary shareholding in the company) and £123,721 was owed to the Emma Jones Discretionary Will Trust (which owns preference shares in the company).

 

£1,546,556 was owed by the director to the company at the year end.

Other information

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group. Intercompany balances and transactions with wholly owned subsidiaries have been eliminated in the consolidated accounts.

28
Directors' transactions

Dividends totalling £184,936 (2022 - £445,942) were paid in the year in respect of shares held by the company's directors.

At the balance sheet date, the director was a creditor of the company.

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
2.19
-
1,520,778
25,778
1,546,556
-
1,520,778
25,778
1,546,556
AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 44 -
29
Controlling party

The ultimate controlling party is the director, Mr N Allen, by virtue of his 72.68% interest in the voting shares of the company.

30
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
1,837,587
4,988,428
Adjustments for:
Taxation charged
451,096
1,274,440
Finance costs
311,896
201,401
Investment income
(148,890)
(21,256)
(Gain)/loss on disposal of tangible fixed assets
(250,943)
42,554
Depreciation and impairment of tangible fixed assets
380,443
197,367
Movements in working capital:
Increase in stocks
(32,023)
(1,286,421)
Decrease/(increase) in debtors
35,500
(1,114,646)
(Decrease)/increase in creditors
(595,242)
918,030
Cash generated from operations
1,989,424
5,199,897
AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 45 -
31
Cash generated from operations - company
2023
2022
£
£
Profit for the year after tax
1,825,437
4,977,291
Adjustments for:
Taxation charged
448,246
1,271,827
Finance costs
311,896
201,401
Investment income
(148,890)
(21,256)
(Gain)/loss on disposal of tangible fixed assets
(250,943)
42,554
Depreciation and impairment of tangible fixed assets
380,443
197,367
Movements in working capital:
Increase in stocks
(32,023)
(1,286,421)
Increase in debtors
(636,231)
(2,199,064)
(Decrease)/increase in creditors
(596,442)
916,930
Cash generated from operations
1,301,493
4,100,629
32
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
5,344,596
(939,921)
4,404,675
Borrowings excluding overdrafts
(3,356,593)
1,471,685
(1,884,908)
1,988,003
531,764
2,519,767
33
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
5,344,596
(939,921)
4,404,675
Borrowings excluding overdrafts
(3,356,593)
1,471,685
(1,884,908)
1,988,003
531,764
2,519,767
AVON ESTATES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 46 -
34
Events after the reporting date

After the reporting date, the group acquired three new parks for a combined £2.8m.

2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.210N J 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