Company registration number 13238673 (England and Wales)
CORNBROOK METAL RECYCLING HOLDING LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CORNBROOK METAL RECYCLING HOLDING LTD
COMPANY INFORMATION
Director
I J Kayes
Secretary
W S Kayes
Company number
13238673
Registered office
Capital House
272 Manchester Road
Droylsden
Manchester
M43 6PW
Auditor
Chadwick & Company
Capital House
272 Manchester Road
Droylsden
Manchester
M43 6PW
CORNBROOK METAL RECYCLING HOLDING LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 30
CORNBROOK METAL RECYCLING HOLDING LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

The results for the period and the financial position at the end of the period were considered satisfactory by the director.

 

Sales in the period have fallen to £9.81 million (2022 - £12.88 million), a decrease of 23.9%. The decrease in the period is due to the current economic climate and the fact that there have been lower levels of demolition and site clearances in the construction industry.

 

Further, fewer vehicles were scrapped in the period due to the cost of living crisis and the increasing popularity of individuals now leasing rather owning motor vehicles.

Principal risks and uncertainties

The director has identified the following main areas of risk and uncertainty faced by the company and has put systems in place to mitigate these risks.

 

Demand for metal

 

The company is engaged in the sale of scrap metal and processing of waste material. to a wide variety of markets and is therefore exposed to the risk of reduction in economic growth in these markets. At both micro and macro level, the country's economic position has an effect on their growth and demand which has an impact upon price and tonnage requirements. As such this factor is otside of the company's although it monitors carefully the price of metal so as to buy and sell when the conditions are most favourable to the company.

 

The company has built relationships at local and national level to ensure that a customer base exists to accommodate any shifts in demand.

 

Legislation

 

The metal recycling and waste industry sector are heavily regulated by environmental, safety at work and health and safety legislation in the United Kingdom. Changes in legislation or taxation can have an impact on the business, The company continues to monitor and assess its controls and procedures to ensure that it is compliant with current and any future legislation. The company ensures that all employees receive the relevant training to ensure that they are aware of and compliant with the regulations that are key to the business.

 

Competition

 

The company operates in a competitive market where there is a demand and competition for recyclable metals especially when numerous buyers are competing for a limited supply of scrap materials. By maintaining excellent relationships with its suppliers and by being aware of market conditions so as to be able to act quickly, the director is confident that it will have sufficient material to be able to satisfy its customers demands.

 

The director considers that the company's exposure to credit, cash flow and liquidity is minimal given the nature of the business and balance sheet position.

CORNBROOK METAL RECYCLING HOLDING LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

Year     Year

ended      ended

31/12/23 31/12/22

£'000's     £'000's

 

Sales                     9,808     12,881

Gross Profit             1,697     2,872

Stock                     1,085     352

 

At the year end, the group had shareholders’ funds of £6.79 million (2002 - £6.34 million) including distributable reserves of £6.37 million (2022 - £5.92 million). The director considers the results for the year and the financial position of the group and company at the year end to be satisfactory.

On behalf of the board

I J Kayes
Director
23 September 2024
CORNBROOK METAL RECYCLING HOLDING LTD
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 being a holding company for a group of companies who main trades are metal recycling and processing of waste material and the rental of properties.

Results and dividends

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

Ordinary dividends were paid amounting to £128,000. The director does not recommend payment of a further dividend.

Director

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

I J Kayes
Auditor

Chadwick & Company (Manchester) Limited 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 director's responsibilities

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.

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.

CORNBROOK METAL RECYCLING HOLDING LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Medium-sized companies exemption

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

On behalf of the board
I J Kayes
Director
23 September 2024
CORNBROOK METAL RECYCLING HOLDING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CORNBROOK METAL RECYCLING HOLDING LTD
- 5 -

We have audited the financial statements of Cornbrook Metal Recycling Holding 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

The previous auditors were not appointed as auditor to the group and the company until after 31 December 2022 and thus did not observe the counting of physical inventories at the end of the previous year in the subsidiary undertaking. They were unable to satisfy by alternative means concerning the quantities held at 31 December 2022, which are included in the Consolidated Balance Sheet at £351,705, by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary.

 

Furthermore, income from rental of the investment properties and associated expenses are not included separately within the group accounts but are included within the accounts of I J Kayes Properties LLP. The group has an interest in I J Kayes Properties LLP and receives a corresponding share of any profit or loss of the aggregated income and expenses of the overall LLP. However, this is contrary to Generally Accepted Accounting Practice meaning income and expenses cannot be separately identified within the income statement.

 

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.

CORNBROOK METAL RECYCLING HOLDING LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CORNBROOK METAL RECYCLING HOLDING LTD
- 6 -

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.

Auditor's responsibilities for the audit of the financial statements

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

 

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

CORNBROOK METAL RECYCLING HOLDING LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CORNBROOK METAL RECYCLING HOLDING LTD
- 7 -

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We considered and updated our knowledge of the company's specific industry and its regulatory environment, and reviewed the company's documentation surrounding the policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. Based on this understanding, we identified and assessed the risks of material misstatement in the financial statements and designed and performed audit procedures in response to those risks.

We identified the key laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, the most significant of these are the UK Companies Act 2006, End of Life Vehicle regulations, Health and Safety at Work Act 1984, Employment Law, Trading regulations and all other laws and regulations relating to the business. We also gained knowledge of the legal and regulatory frameworks which 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 to avoid a material penalty.

Audit response to risks identified

The audit engagement team were made aware of the potential opportunities and incentives that may exist within the company for fraudulent activity and how and where fraud might occur or be concealed within the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other manual adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, we designed procedures which included:

 

 

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

CORNBROOK METAL RECYCLING HOLDING LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CORNBROOK METAL RECYCLING HOLDING LTD
- 8 -

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.

Michael Chadwick FCA, FCCA (Senior Statutory Auditor)
For and on behalf of Chadwick & Company
Chartered Accountants
Statutory Auditor
Capital House
272 Manchester Road
Droylsden
Manchester
M43 6PW
24 September 2024
CORNBROOK METAL RECYCLING HOLDING LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
9,807,925
12,880,746
Cost of sales
(8,110,682)
(10,008,858)
Gross profit
1,697,243
2,871,888
Administrative expenses
(962,713)
(669,113)
Other operating income
2,853
-
Operating profit
4
737,383
2,202,775
Interest receivable and similar income
8
17,570
433
Interest payable and similar expenses
9
(1,576)
(13,717)
Amounts written off investments
10
-
203,000
Profit before taxation
753,377
2,392,491
Tax on profit
11
(177,008)
(792,468)
Profit for the financial year
23
576,369
1,600,023
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.
CORNBROOK METAL RECYCLING HOLDING LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
2,699,160
3,148,146
Investment property
14
1,111,000
1,111,000
3,810,160
4,259,146
Current assets
Stocks
17
1,085,944
351,705
Debtors
18
1,739,117
1,749,560
Cash at bank and in hand
1,695,456
1,620,892
4,520,517
3,722,157
Creditors: amounts falling due within one year
19
(1,123,750)
(1,112,977)
Net current assets
3,396,767
2,609,180
Total assets less current liabilities
7,206,927
6,868,326
Provisions for liabilities
Deferred tax liability
20
416,766
526,534
(416,766)
(526,534)
Net assets
6,790,161
6,341,792
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
23
6,790,061
6,341,692
Total equity
6,790,161
6,341,792

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

The financial statements were approved and signed by the director and authorised for issue on 23 September 2024
23 September 2024
I J Kayes
Director
Company registration number 13238673 (England and Wales)
CORNBROOK METAL RECYCLING HOLDING LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
15
200
200
Current assets
Debtors
18
1,739,285
1,640,537
Cash at bank and in hand
131,046
500,100
1,870,331
2,140,637
Creditors: amounts falling due within one year
19
(2,431)
(272,737)
Net current assets
1,867,900
1,867,900
Net assets
1,868,100
1,868,100
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
23
1,868,000
1,868,000
Total equity
1,868,100
1,868,100

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 £128,000 (2022 - £2,000,000 profit).

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

The financial statements were approved and signed by the director and authorised for issue on 23 September 2024
23 September 2024
I J Kayes
Director
Company registration number 13238673 (England and Wales)
CORNBROOK METAL RECYCLING HOLDING LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
204
337,402
4,623,267
4,960,873
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
1,600,023
1,600,023
Issue of share capital
(104)
-
-
(104)
Dividends
12
-
-
(132,000)
(132,000)
Transfers
-
-
250,402
250,402
Other movements
-
(337,402)
-
(337,402)
Balance at 31 December 2022
100
-
6,341,692
6,341,792
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
576,369
576,369
Dividends
12
-
-
(128,000)
(128,000)
Balance at 31 December 2023
100
-
6,790,061
6,790,161
Included in profit and loss reserves carried forward is £424,402 (2022 - £424,402) relating to the fair value revaluation reserve arising on the group's investment properties.
CORNBROOK METAL RECYCLING HOLDING LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
2
-
0
2
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
2,000,000
2,000,000
Issue of share capital
98
-
98
Dividends
12
-
(132,000)
(132,000)
Balance at 31 December 2022
100
1,868,000
1,868,100
Year ended 31 December 2023:
Profit and total comprehensive income
-
128,000
128,000
Dividends
12
-
(128,000)
(128,000)
Balance at 31 December 2023
100
1,868,000
1,868,100
CORNBROOK METAL RECYCLING HOLDING LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
507,094
1,051,844
Interest paid
(1,576)
(13,717)
Income taxes paid
(234,244)
(236,133)
Net cash inflow from operating activities
271,274
801,994
Investing activities
Purchase of tangible fixed assets
(135,280)
(904,715)
Proceeds from disposal of tangible fixed assets
49,000
338,430
Interest received
17,570
433
Net cash used in investing activities
(68,710)
(565,852)
Financing activities
Proceeds from issue of shares
-
(106)
Repayment of borrowings
-
(14,224)
Repayment of bank loans
-
(571,502)
Dividends paid to equity shareholders
(128,000)
(132,000)
Net cash used in financing activities
(128,000)
(717,832)
Net increase/(decrease) in cash and cash equivalents
74,564
(481,690)
Cash and cash equivalents at beginning of year
1,620,892
2,102,582
Cash and cash equivalents at end of year
1,695,456
1,620,892
CORNBROOK METAL RECYCLING HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

Cornbrook Metal Recycling Holding Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Capital House, 272 Manchester Road, Droylsden, Manchester, M43 6PW.

 

The group consists of Cornbrook Metal Recycling Holding Ltd 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 investment properties at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

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

 

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

CORNBROOK METAL RECYCLING HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Cornbrook Metal Recycling Holding 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.

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

1.4
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group and company have 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
Tangible fixed assets

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

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

Long leasehold
2% on cost
Leasehold improvements
2% on cost
Plant and equipment
25% reducing balance
Office equipment
25% 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.

CORNBROOK METAL RECYCLING HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.7
Investment property

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

 

1.8
Fixed asset investments

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

 

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

1.9
Impairment of fixed assets

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

 

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

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

 

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

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

CORNBROOK METAL RECYCLING HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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.

 

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.

1.11
Cash and cash equivalents

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

1.12
Financial instruments

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

 

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

 

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

Basic financial assets

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

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.

CORNBROOK METAL RECYCLING HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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.

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.

CORNBROOK METAL RECYCLING HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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.

CORNBROOK METAL RECYCLING HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
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.

 

There have been no material judgements, estimates or assumptions concerning the carrying amount of assets and liabilities in the period.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
9,807,925
12,880,746
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
9,807,925
12,880,746
2023
2022
£
£
Other revenue
Interest income
17,570
433
Commissions received
2,603
-
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
532,764
331,035
Loss/(profit) on disposal of tangible fixed assets
2,502
(158,130)
Operating lease charges
899
-
CORNBROOK METAL RECYCLING HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
2,250
1,000
Audit of the financial statements of the company's subsidiaries
18,250
9,500
20,500
10,500
For other services
Taxation compliance services
1,000
500
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
Administration (including director)
7
7
1
1
Salvage operatives
11
10
-
-
Total
18
17
1
1

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
513,164
488,033
-
0
-
0
Pension costs
8,591
8,651
-
0
-
0
521,755
496,684
-
0
-
0
7
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
10,486
11,082

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for the highest paid director for that year.

CORNBROOK METAL RECYCLING HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
17,505
433
Other interest income
65
-
Total income
17,570
433
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
-
13,717
Other interest
1,576
-
Total finance costs
1,576
13,717
10
Amounts written off investments
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
-
203,000
11
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
286,776
294,934
Deferred tax
Origination and reversal of timing differences
(109,768)
497,534
Total tax charge
177,008
792,468
CORNBROOK METAL RECYCLING HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Taxation
(Continued)
- 24 -

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
753,377
2,392,491
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
177,194
454,573
Tax effect of expenses that are not deductible in determining taxable profit
1,022
-
0
Unutilised tax losses carried forward
-
0
767
Permanent capital allowances in excess of depreciation
(258)
337,128
Utilisation of tax losses brought forward
(950)
-
0
Taxation charge
177,008
792,468

Factors that may affect future tax charges

In the Spring Budget 2021, the United Kingdom Government announced that from 1 April 2023 the corporation tax rate for larger businesses would increase to 25% (rather than remaining at 19%, as previously enacted). As a result, the relevant deferred tax balances have been calculated at 25% as the applicable rate.

12
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
128,000
132,000
CORNBROOK METAL RECYCLING HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
13
Tangible fixed assets
Group
Long leasehold
Leasehold improvements
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
517,000
945,724
2,547,191
97,531
792,120
4,899,566
Additions
-
0
21,347
14,200
3,233
96,500
135,280
Disposals
-
0
-
0
-
0
-
0
(109,300)
(109,300)
At 31 December 2023
517,000
967,071
2,561,391
100,764
779,320
4,925,546
Depreciation and impairment
At 1 January 2023
130,112
205,450
1,014,482
93,323
308,053
1,751,420
Depreciation charged in the year
10,340
19,073
384,346
1,051
117,954
532,764
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(57,798)
(57,798)
At 31 December 2023
140,452
224,523
1,398,828
94,374
368,209
2,226,386
Carrying amount
At 31 December 2023
376,548
742,548
1,162,563
6,390
411,111
2,699,160
At 31 December 2022
386,888
740,274
1,532,709
4,208
484,067
3,148,146
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
14
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023 and 31 December 2023
1,111,000
-

Investment properties comprise residential properties for rent. The fair value of these properties were determined by the use of a property valuation website. In the opinion of the director there has been no significant change in the open market value of the company's investment properties in the year.

CORNBROOK METAL RECYCLING HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
200
200
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
200
Carrying amount
At 31 December 2023
200
At 31 December 2022
200
16
Subsidiaries

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

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Cornbrook Metal Recycling Limited
England and Wales
Metal recycling
Ordinary 'A' & Ordinary 'B'
100.00
Kayes UK Properties Ltd
England and Wales
Property rental
Ordinary 'A' & ordinary 'B'
Ordinary 'A' & Ordinary 'B'
100.00

The registered office address of Cornbrook Metal Recycling Limited and Kayes UK Properties Ltd is Capital House, 272 Manchester Road, Droylsden, Manchester, M43 6PW.

17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
1,085,944
351,705
-
0
-
0
CORNBROOK METAL RECYCLING HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
15,498
40,156
-
0
-
0
Amounts owed by group undertakings
-
-
1,739,285
1,640,537
Other debtors
1,667,979
1,642,276
-
0
-
0
Prepayments and accrued income
55,640
67,128
-
0
-
0
1,739,117
1,749,560
1,739,285
1,640,537
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
17,579
49,266
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
-
0
271,560
Corporation tax payable
318,466
265,934
-
0
-
0
Other taxation and social security
268,509
281,074
-
-
Other creditors
3,620
3,298
2,431
1,177
Accruals and deferred income
515,576
513,405
-
0
-
0
1,123,750
1,112,977
2,431
272,737
20
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
387,766
497,534
Investment property
29,000
29,000
416,766
526,534
The company has no deferred tax assets or liabilities.
CORNBROOK METAL RECYCLING HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Deferred taxation
(Continued)
- 28 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
526,534
-
Credit to profit or loss
(109,768)
-
Liability at 31 December 2023
416,766
-
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
8,591
8,651

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.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
50
50
50
50
Ordinary 'B' shares of £1 each
50
50
50
50
100
100
100
100
23
Reserves
Own shares

Called up share capital represents the nominal value of shares that have been issued.

Fair value reserve

The fair value reserve relates to the surplus arising on the fair value of the group's investment properties.

 

Profit and loss reserves

Profit and loss reserves includes all current and prior period retained profit and losses.

CORNBROOK METAL RECYCLING HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
24
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
-
1,966
-
-
Between two and five years
-
5,934
-
-
-
7,900
-
-
25
Related party transactions

Group

 

The group has taken advantage of the exemption under the Financial Reporting Standard 102 Section 33.1A from disclosing any transactions and balances with group entities of which the group owns 100% of the share capital.

 

Included in other debtors is a balance owed by I J Kayes Properties LLP, an LLP whom Mr I J Kayes, Mrs W S Kayes and Kayes UK Properties Ltd (a subsidiary undertaking within the group) are the members. The amount due to the group as at 31 December 2023 was £1,628,391 (2022 - £1,636,499).

 

During the year, the group's share of the loss of the aggregated income and expenses of I J Kayes Properties LLP was £8,108.

 

Company

 

The company has taken advantage of the exemption under the Financial Reporting Standard 102 Section 33.1A from disclosing any transactions and balances with group entities of which the group owns 100% of the share capital.

 

 

26
Controlling party

The ultimate controlling parties of Cornbrook Metal Recycling Holding Ltd are Mr and Mrs I J Kayes by virtue of them holding the entire share capital of that company.

 

Copies of the consolidated financial statements of the parent company, Cornbrook Metal Recycling Holding Ltd can be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

CORNBROOK METAL RECYCLING HOLDING LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
27
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
576,369
1,600,023
Adjustments for:
Taxation charged
177,008
792,468
Finance costs
1,576
13,717
Investment income
(17,570)
(433)
Loss/(gain) on disposal of tangible fixed assets
2,502
(158,130)
Fair value gain on investment properties
-
(116,000)
Depreciation and impairment of tangible fixed assets
532,764
331,035
Other gains and losses
-
(87,000)
Movements in working capital:
(Increase)/decrease in stocks
(734,239)
31,247
Decrease/(increase) in debtors
10,443
(926,180)
Decrease in creditors
(41,759)
(428,903)
Cash generated from operations
507,094
1,051,844
28
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,620,892
74,564
1,695,456
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