Company registration number 06967659 (England and Wales)
NARANG GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
NARANG GROUP LIMITED
COMPANY INFORMATION
Directors
Mr J Narang
Mr R Narang
Company number
06967659
Registered office
Narang House
121 City Road
Bradford
BD8 8JR
Auditor
Hentons
Northgate
118 North Street
Leeds
West Yorkshire
LS2 7PN
NARANG GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
NARANG GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
The principal activity of the company continued to be the wholesale of textiles, electrical and plumbing, and beers, wines, spirits and other beverages.
Directors are pleased to report an increase in turnover and maintenance of gross margin during what has been a difficult trading year, particularly for the hospitality sector. A strong market presence has enabled the business to not only maintain market share but also to take advantage of new opportunities arising.
Despite pressures from rising overheads and increasing interest rates during the 2023 year, the improvement in sales and cost reduction programmes that have been introduced have enabled an increase in the retained profit although at a slightly reduced net profit margin.
There has been some capital investment during the 2023 year and this combined with the profits generated have resulted in a further strengthening of the balance sheet.
Directors continue to work towards achievement of carbon neutrality with work on both buildings and delivery fleet during the trading year.
Concentration during the year has been ensure a strong base on which to build following the disruptive COVID years and directors predict that this strategy will enable the business to further increase profitability in the coming year.
Key performance indicators
The directors monitor progress on the overall company strategy by reference to certain KPI’s.
Performance during the year, against that for a comparative period is set out below:
2022 2021 2010
Gross Profit Margin 12.0% 11.7% 13.9%
Net Profit Margin 1.9% 1.9% 1.4%
The directors are pleased with the continued performance of these metrics.
Mr J Narang
Director
19 September 2024
NARANG GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The company did not trade during the period. The principal activity of the subsidiaries continued to be wholesalers of textiles, electrical and plumbing goods and beers, wines, spirits and other beverages.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £76,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J Narang
Mr R Narang
Auditor
The auditor, Henton & Co LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic report
The directors review of the business and their consideration of the risks and uncertainties surrounding the business maybe found in the Strategic Report.true
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.
NARANG GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
On behalf of the board
Mr J Narang
Director
19 September 2024
NARANG GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NARANG GROUP LIMITED
- 4 -
Opinion
We have audited the financial statements of Narang Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
NARANG GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NARANG GROUP LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Reviewed the nature of the industry and sector, the control environment and business performance for the year.
Identifying the laws and regulations the company operates within and enquiring with management if they are aware of any non compliance issues.
Discussed how and where fraud may occur with all members of the audit engagement team.
In line with all audits under ISAs (UK) we were required to perform tests to respond to the risk of management override. We tested the appropriateness of journal entries, evaluated the judgements made for accounting estimates to assess if any bias, and assessed the rationale behind any significant or unusual transactions.
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.
NARANG GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NARANG GROUP LIMITED
- 6 -
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.
Nadeem Ahmed (Senior Statutory Auditor)
For and on behalf of Hentons
19 September 2024
Chartered Accountants
Statutory Auditor
Northgate
118 North Street
Leeds
West Yorkshire
LS2 7PN
NARANG GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
16,897,376
15,599,009
Cost of sales
(14,791,001)
(13,725,103)
Gross profit
2,106,375
1,873,906
Administrative expenses
(1,964,066)
(1,874,842)
Other operating income
364,218
371,563
Operating profit
4
506,527
370,627
Interest payable and similar expenses
7
(233,852)
(159,520)
Amounts written off investments
8
-
86,367
Profit before taxation
272,675
297,474
Tax on profit
9
(55,530)
(42,925)
Profit for the financial year
217,145
254,549
Profit for the financial year is all attributable to the owners of the parent company.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
NARANG GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
£
£
Profit for the year
217,145
254,549
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
Total comprehensive income for the year
217,145
254,549
Total comprehensive income for the year is all attributable to the owners of the parent company.
NARANG GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
90,000
108,000
Tangible assets
12
344,118
373,681
Investment property
13
2,445,432
2,170,151
2,879,550
2,651,832
Current assets
Stocks
16
6,798,318
6,305,447
Debtors
17
3,703,602
3,678,854
Cash at bank and in hand
341,272
1,131,724
10,843,192
11,116,025
Creditors: amounts falling due within one year
18
(5,125,302)
(5,007,760)
Net current assets
5,717,890
6,108,265
Total assets less current liabilities
8,597,440
8,760,097
Creditors: amounts falling due after more than one year
19
(1,346,866)
(1,666,759)
Provisions for liabilities
Deferred tax liability
22
78,403
62,312
(78,403)
(62,312)
Net assets
7,172,171
7,031,026
Capital and reserves
Called up share capital
24
100
100
Revaluation reserve
494,374
494,374
Profit and loss reserves
6,677,697
6,536,552
Total equity
7,172,171
7,031,026
The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
19 September 2024
Mr J Narang
Director
Company registration number 06967659 (England and Wales)
NARANG GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
102
102
Current assets
Debtors
17
450,253
453,153
Cash at bank and in hand
29,674
450,253
482,827
Creditors: amounts falling due within one year
18
(309,446)
(341,835)
Net current assets
140,807
140,992
Net assets
140,909
141,094
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
140,809
140,994
Total equity
140,909
141,094
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 £75,816 (2022 - £75,823 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
19 September 2024
Mr J Narang
Director
Company registration number 06967659 (England and Wales)
NARANG GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
100
424,417
6,427,960
6,852,477
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
254,549
254,549
Dividends
10
-
-
(76,000)
(76,000)
Transfers
-
-
(69,957)
(69,957)
Other movements
-
69,957
-
69,957
Balance at 31 December 2022
100
494,374
6,536,552
7,031,026
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
217,145
217,145
Dividends
10
-
-
(76,000)
(76,000)
Balance at 31 December 2023
100
494,374
6,677,697
7,172,171
NARANG GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
100
141,171
141,271
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
75,823
75,823
Dividends
10
-
(76,000)
(76,000)
Balance at 31 December 2022
100
140,994
141,094
Year ended 31 December 2023:
Profit and total comprehensive income
-
75,815
75,815
Dividends
10
-
(76,000)
(76,000)
Balance at 31 December 2023
100
140,809
140,909
NARANG GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
662,491
28,744
Interest paid
(233,852)
(159,520)
Income taxes (paid)/refunded
(37,225)
373,425
Net cash inflow from operating activities
391,414
242,649
Investing activities
Purchase of tangible fixed assets
(8,848)
(45,035)
Proceeds from disposal of tangible fixed assets
-
100,998
Purchase of investment property
(275,281)
(1,976,157)
Proceeds from disposal of investment property
-
1,773,628
Net cash used in investing activities
(284,129)
(146,566)
Financing activities
Repayment of bank loans
(334,149)
(234,046)
Payment of finance leases obligations
(13,343)
(36,641)
Dividends paid to equity shareholders
(76,000)
(76,000)
Net cash used in financing activities
(423,492)
(346,687)
Net decrease in cash and cash equivalents
(316,207)
(250,604)
Cash and cash equivalents at beginning of year
(831,162)
(580,558)
Cash and cash equivalents at end of year
(1,147,369)
(831,162)
Relating to:
Cash at bank and in hand
341,272
1,131,724
Bank overdrafts included in creditors payable within one year
(1,488,641)
(1,962,886)
NARANG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information
Narang Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Narang House, 121 City Road, Bradford, West Yorkshire, BD8 8JR.
The group consists of Narang Group 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. The principal accounting policies adopted are set out below.
1.2
Business combinations
The consolidated financial statements incorporate those of Narang Group Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 31 December 2023.
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.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Narang Group 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.
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.
NARANG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
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 directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
As with all businesses there is uncertainty with COVID. Use of the furlough scheme and working closely with the bank have mitigated short term liquidity risk and covenant headroom. Increased performance in higher margin areas of the business mitigate profit loss by reduced turnover in those of lower margin. Continued good relationships with customers and suppliers ensure both confidence in customers to purchase from the business and continuation of support from suppliers and brand owners.
Therefore, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life, which has been assessed as 20 years.
Negative goodwill arising from the fair value adjustments of the assets acquired by the subsidiary will be written off over the life of the assets so acquired.
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
NARANG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Design rights
5 years
1.8
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% straight line
Land and buildings Leasehold
2% straight line
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
15% and 20% reducing balance
Motor vehicles
20% 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.
1.9
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.
1.10
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.
NARANG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.11
Impairment of fixed assets
At each reporting end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.
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.
1.12
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.13
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.
NARANG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.14
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 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.
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.
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 trade and other payables, 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 receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Other financial liabilities
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.
NARANG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.15
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.16
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.17
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 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.
1.18
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.
1.19
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
NARANG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.20
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.21
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key areas of judgement and estimation relate to provisions against stocks and doubtful debt, but the directors are satisfied that there is no significant risk of material misstatement arising.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Wholesale of wines, spirits and other beverages
15,326,742
13,823,851
Wholesale of electrical and plumbing supplies
1,326,358
1,519,016
Wholesale of textiles
244,276
256,142
16,897,376
15,599,009
NARANG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 21 -
2023
2022
£
£
Other significant revenue
Management fees received
-
115,500
Rental income
135,682
254,113
Other income
228,536
1,950
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
16,897,376
15,599,009
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
69
4,264
Depreciation of owned tangible fixed assets
46,407
34,927
Depreciation of tangible fixed assets held under finance leases
(7,997)
8,953
Loss on disposal of tangible fixed assets
-
(92,341)
Amortisation of intangible assets
18,000
18,000
Cost of stocks recognised as an expense
14,540,316
13,473,843
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
-
-
Audit of the financial statements of the company's subsidiaries
19,204
30,280
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
Management and administration
63
65
NARANG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 22 -
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,074,146
1,140,121
Social security costs
68,619
64,582
-
-
Pension costs
21,055
17,485
1,163,820
1,222,188
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
233,437
157,439
Other finance costs:
Interest on finance leases and hire purchase contracts
415
2,081
Total finance costs
233,852
159,520
8
Other gains and losses
2023
2022
£
£
Gain on disposal of subsidiary
-
740,326
Changes in the fair value of investment properties
-
86,367
-
86,367
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
54,725
49,004
Adjustments in respect of prior periods
(15,286)
Total current tax
39,439
49,004
Deferred tax
Origination and reversal of timing differences
16,091
(6,079)
Total tax charge
55,530
42,925
NARANG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 23 -
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
272,675
297,474
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
68,169
56,520
Tax effect of expenses that are not deductible in determining taxable profit
4,500
Tax effect of income not taxable in determining taxable profit
(16,410)
Tax effect of utilisation of tax losses not previously recognised
(19,463)
Unutilised tax losses carried forward
34
Effect of change in corporation tax rate
(3,442)
-
Permanent capital allowances in excess of depreciation
4,961
4,884
Depreciation on assets not qualifying for tax allowances
1,045
Amortisation on assets not qualifying for tax allowances
3,420
Under/(over) provided in prior years
(15,286)
Supertax deduction
(489)
Deferred tax
16,091
(6,079)
Taxation charge
55,530
42,925
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
76,000
76,000
11
Intangible fixed assets
Group
Goodwill
Design rights
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
360,000
10,000
370,000
Amortisation and impairment
At 1 January 2023
252,000
10,000
262,000
Amortisation charged for the year
18,000
18,000
At 31 December 2023
270,000
10,000
280,000
NARANG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Intangible fixed assets
(Continued)
- 24 -
Carrying amount
At 31 December 2023
90,000
90,000
At 31 December 2022
108,000
108,000
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
12
Tangible fixed assets
Group
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
200,000
75,000
34,486
362,622
234,142
906,250
Additions
1,500
7,253
95
8,848
At 31 December 2023
200,000
75,000
35,986
369,875
234,237
915,098
Depreciation and impairment
At 1 January 2023
40,000
31,500
29,874
294,275
136,920
532,569
Depreciation charged in the year
4,000
1,500
1,047
12,418
19,446
38,411
At 31 December 2023
44,000
33,000
30,921
306,693
156,366
570,980
Carrying amount
At 31 December 2023
156,000
42,000
5,065
63,182
77,871
344,118
At 31 December 2022
160,000
43,500
4,612
68,347
97,222
373,681
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2023
2022
2023
2022
£
£
£
£
Motor vehicles
6,177
35,804
NARANG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
13
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023 and 31 December 2023
2,170,151
-
Additions through external acquisition
275,281
-
At 31 December 2023
2,445,432
-
Investment property comprises properties held by the group for rental income purposes. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
102
102
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
102
Carrying amount
At 31 December 2023
102
At 31 December 2022
102
15
Subsidiaries
These financial statements are separate company financial statements for 31 December 2021.
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Harold Moore & Son Ltd
UK
Ordinary
100.00
Narang Wholesalers Ltd
UK
Ordinary
100.00
Royce Morgan Ltd
UK
Ordinary
100.00
NARANG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
6,798,318
6,305,447
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
964,008
1,134,359
18,552
21,452
Amounts owed by related parties
431,701
431,701
431,701
431,701
Other debtors
2,289,460
2,106,065
Prepayments and accrued income
18,433
6,729
3,703,602
3,678,854
450,253
453,153
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
2,081,865
2,573,549
39,798
Obligations under finance leases
21
3,168
13,328
Trade creditors
1,970,013
1,976,513
Amounts owed to group undertakings
110,835
321,835
Corporation tax payable
54,725
52,511
Other taxation and social security
118,685
216,614
-
-
Other creditors
596,666
142,446
158,813
20,000
Accruals and deferred income
300,180
32,799
5,125,302
5,007,760
309,446
341,835
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
20
1,280,594
1,597,304
Obligations under finance leases
21
3,183
Other creditors
66,272
66,272
1,346,866
1,666,759
-
-
NARANG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
1,873,818
2,207,967
Bank overdrafts
1,488,641
1,962,886
39,798
3,362,459
4,170,853
39,798
-
Payable within one year
2,081,865
2,573,549
39,798
Payable after one year
1,280,594
1,597,304
The long-term loans are secured by fixed and floating charges over the undertaking and all property and assets of the group.
Finance lease liabilities are secured on the underlying assets.
The long term loans are repayable in equal monthly instalments, at market rates of interest.
21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
3,168
13,328
In two to five years
3,183
3,168
16,511
-
-
Finance lease payments represent rentals payable by the company or group for certain items of motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
22
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Group
£
£
ACAs
5,148
6,638
Investment property
73,255
55,674
78,403
62,312
NARANG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Deferred taxation
(Continued)
- 28 -
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
62,312
-
Charge to profit or loss
16,091
-
Liability at 31 December 2023
78,403
-
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
21,055
17,485
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.
24
Share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
25
Controlling party
The company is controlled by the directors by virtue of their shareholding.
NARANG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
26
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
217,145
254,549
Adjustments for:
Taxation charged
55,530
42,925
Finance costs
233,852
159,520
Gain on disposal of tangible fixed assets
-
(92,341)
Amortisation and impairment of intangible assets
18,000
18,000
Depreciation and impairment of tangible fixed assets
38,411
43,880
Amounts written off investments
-
(86,367)
Movements in working capital:
Increase in stocks
(492,873)
(759,442)
Increase in debtors
(24,748)
(12,552)
Increase in creditors
617,172
460,572
Cash generated from operations
662,489
28,744
27
Cash (absorbed by)/generated from operations - company
2023
2022
£
£
Profit for the year after tax
75,815
75,823
Adjustments for:
Investment income
(76,000)
(76,000)
Movements in working capital:
Decrease in debtors
2,900
12,860
(Decrease)/increase in creditors
(72,187)
12,440
Cash (absorbed by)/generated from operations
(69,472)
25,123
28
Analysis of changes in net debt - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,131,724
(790,452)
341,272
Bank overdrafts
(1,962,886)
474,245
(1,488,641)
(831,162)
(316,207)
(1,147,369)
Borrowings excluding overdrafts
(2,207,967)
334,149
(1,873,818)
Obligations under finance leases
(16,511)
13,343
(3,168)
(3,055,640)
31,285
(3,024,355)
NARANG GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
29
Analysis of changes in net funds/(debt) - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
29,674
(29,674)
-
Bank overdrafts
(39,798)
(39,798)
29,674
(69,472)
(39,798)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200Mr R NarangMr R S NarangMr J 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