Company Registration No. SC089357 (Scotland)
D MCNAIR (BUILDERS MERCHANTS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
D MCNAIR (BUILDERS MERCHANTS) LIMITED
COMPANY INFORMATION
Directors
B Ballantyne
D Santi
J Doohan
Company number
SC089357
Registered office
Old Mill Park
Glasgow Road
KIRKINTILLOCH
G66 1SS
Auditor
Johnston Carmichael LLP
227 West George Street
Glasgow
G2 2ND
D MCNAIR (BUILDERS MERCHANTS) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
D MCNAIR (BUILDERS MERCHANTS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Fair review of the business
The results for the year and financial position of the company are as shown in the annexed financial statements.
The board is satisfied with the pre-tax profit in the year. This was achieved against a backdrop of subdued consumer confidence as inflation reduced at a slower than hoped for rate coupled with the impact of rising interest rates. Despite weakening demand and the impact of commodity deflation the company was able to deliver another positive financial performance.
Development and performance
The principal risks and uncertainties affecting the business, together with the company’s approach to those are summarised below:-
Market conditions – the company continues to enhance business performance through a variety of initiatives and investments in what remains an increasingly competitive environment. Despite the uncertainty in the wider economy emanating from the cost of living crisis, the ongoing market demand within the sector provides grounds for a cautious optimism.
Product risk – the company maintains a wide network of suppliers and invests in building long-term relationships with them. Through the buying, stock management and accounts payable teams, regular contact is maintained with every active supplier to ensure continuity of supply.
IT risk – the company is dependent on reliable IT systems for managing and controlling the business. The company’s IT function oversees all systems and has policies in place to protect software, hardware and data and to prevent unauthorised access to systems.
Fraud risk – there are internal control procedures to ensure that detailed checking is carried out in all areas of the business. The company’s management reporting systems are designated in part to highlight irregularities at all stages of the cycle of cash and stock whilst moving through the business, during the disbursement of company funds and as regards the safety and security of assets.
Currency risk – the company has minimal exposure to translation and transaction foreign currency risks.
Liquidity risks – current and projected working capital and investment demand is reviewed in conjunction with existing financing facilities to determine cash requirements as part of the routine reporting process.
Credit risk – the company maintains strong relationships with each of its key customers and monitors the position at operational and board level on a regular basis.
Key performance indicators
These include the monitoring of turnover (increased by £418,548 to £18,698,814, an increase of 2.3% (2022 - decrease of 2.9%)), gross margin (increased by £81,964 to £5,666,799 on a gross profit percentage of 30.3% (2022 - 30.6%)), net profitability (profit before tax decreased by £127,771 to £1,110,004) and return on capital employed (decreased to 11.8% from 15.3%).
Monitoring of staff turnover and strict adherence to health and safety standards are also considered key to solid financial performance.
D MCNAIR (BUILDERS MERCHANTS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Future Developments
The board is confident that sufficient market demand combined with robust cash management places the business in a strong position within the sector despite the ongoing uncertainty in the wider economy. The predicted interest rate reductions will help restore consumer confidence as the year progresses.
The directors have continued to pursue the strategies that have served the company well in the past and anticipate a favourable outcome taking into consideration the commercial challenges faced.
B Ballantyne
Director
25 September 2024
D MCNAIR (BUILDERS MERCHANTS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of the distribution of building materials.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £208,312 (2022 - £206,049). 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:
B Ballantyne
D Santi
J Doohan
Auditor
The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Future developments
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor 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 company’s auditor is aware of that information.
Going concern
Despite the wider economic challenges, the company has seen a strong performance in 2023 despite the backdrop of weakening consumer confidence. The board is confident however that the ongoing demand within the sector combined with robust cash management and a strong balance sheet, places the business in a strong position despite the uncertainty in the wider economy.
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.
On behalf of the board
B Ballantyne
Director
25 September 2024
D MCNAIR (BUILDERS MERCHANTS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
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 the profit or loss of the company 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;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
D MCNAIR (BUILDERS MERCHANTS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF D MCNAIR (BUILDERS MERCHANTS) LIMITED
- 5 -
Opinion
We have audited the financial statements of D McNair (Builders Merchants) Limited for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and the related 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:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its 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 responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.
D MCNAIR (BUILDERS MERCHANTS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF D MCNAIR (BUILDERS MERCHANTS) LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report and 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 set out on page 4, 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor 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 for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit is 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 assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.
All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
D MCNAIR (BUILDERS MERCHANTS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF D MCNAIR (BUILDERS MERCHANTS) LIMITED
- 7 -
Extent to which the audit is considered capable of detecting irregularities, including fraud (continued)
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:
UK Generally Accepted Accounting Practice;
Companies Act 2006;
Corporation Tax legislation;
VAT legislation; and
Employment legislation and tax compliance.
We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of relevant correspondence with regulatory bodies and board meeting minutes.
We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. We identified a heightened fraud risk in relation to:
In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:
Reviewing minutes of meetings of those charged with governance for reference to: breaches of laws and regulation or for any indication of any potential litigation and claims; and events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud;
Reviewing the level of and reasoning behind the company’s procurement of legal and professional services;
Performing audit procedures over revenue recognition, testing sales from source documentation to the accounting system and ensuring year-end sales cut-off has been appropriately applied;
Performing audit work procedures over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing judgements made by management in their calculation of accounting estimates for potential management bias;
Completion of appropriate checklists and use of our experience to assess the Company’s compliance with the Companies Act 2006; and
Agreement of the financial statement disclosures to supporting documentation.
Our audit procedures were designed to respond to the risk of material misstatements in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
D MCNAIR (BUILDERS MERCHANTS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF D MCNAIR (BUILDERS MERCHANTS) LIMITED
- 8 -
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.
James Hamilton (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
25 September 2024
Chartered Accountants
Statutory Auditor
227 West George Street
Glasgow
G2 2ND
D MCNAIR (BUILDERS MERCHANTS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
18,698,814
18,280,266
Cost of sales
(13,032,015)
(12,695,431)
Gross profit
5,666,799
5,584,835
Administrative expenses
(4,644,072)
(4,356,876)
Operating profit
4
1,022,727
1,227,959
Interest receivable and similar income
7
90,235
12,545
Interest payable and similar expenses
8
(2,958)
(2,729)
Profit before taxation
1,110,004
1,237,775
Tax on profit
9
(264,607)
(219,822)
Profit for the financial year
845,397
1,017,953
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
D MCNAIR (BUILDERS MERCHANTS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
910,367
1,245,465
Current assets
Stocks
12
1,115,352
1,237,871
Debtors
13
3,217,065
2,903,979
Cash at bank and in hand
5,643,138
4,984,330
9,975,555
9,126,180
Creditors: amounts falling due within one year
14
(1,965,462)
(1,983,967)
Net current assets
8,010,093
7,142,213
Total assets less current liabilities
8,920,460
8,387,678
Creditors: amounts falling due after more than one year
15
(33,667)
Provisions for liabilities
Deferred tax liability
17
206,241
276,877
(206,241)
(276,877)
Net assets
8,714,219
8,077,134
Capital and reserves
Called up share capital
19
563
563
Share premium account
20
209,818
209,818
Capital redemption reserve
21
500
500
Profit and loss reserves
22
8,503,338
7,866,253
Total equity
8,714,219
8,077,134
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
B Ballantyne
D Santi
Director
Director
Company Registration No. SC089357
D MCNAIR (BUILDERS MERCHANTS) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
563
209,818
500
7,054,349
7,265,230
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
1,017,953
1,017,953
Dividends
10
-
-
-
(206,049)
(206,049)
Balance at 31 December 2022
563
209,818
500
7,866,253
8,077,134
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
845,397
845,397
Dividends
10
-
-
-
(208,312)
(208,312)
Balance at 31 December 2023
563
209,818
500
8,503,338
8,714,219
D MCNAIR (BUILDERS MERCHANTS) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,196,272
2,216,486
Interest paid
(2,958)
(2,729)
Income taxes paid
(183,293)
(558,056)
Net cash inflow from operating activities
1,010,021
1,655,701
Investing activities
Purchase of tangible fixed assets
(52,757)
(513,144)
Proceeds on disposal of tangible fixed assets
19,484
187,900
Interest received
90,235
12,545
Net cash generated from/(used in) investing activities
56,962
(312,699)
Financing activities
Amount withdrawn by directors
(120,000)
(120,000)
Payment of finance leases obligations
(79,863)
(78,302)
Dividends paid
(208,312)
(206,049)
Net cash used in financing activities
(408,175)
(404,351)
Net increase in cash and cash equivalents
658,808
938,651
Cash and cash equivalents at beginning of year
4,984,330
4,045,679
Cash and cash equivalents at end of year
5,643,138
4,984,330
D MCNAIR (BUILDERS MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information
D McNair (Builders Merchants) Limited is a private company limited by shares incorporated in Scotland. The registered office is Old Mill Park, Glasgow Road, KIRKINTILLOCH, G66 1SS.
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
Going concern
Despite the wider economic challenges, the company has seen a strong performance in 2023 despite the backdrop of weakening consumer confidence. The board is confident however that the ongoing demand within the sector combined with robust cash management and a strong balance sheet, places the business in a strong position despite the uncertainty in the wider economy.true
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.
1.3
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.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Short Leasehold Property
4% and 10% on cost
Office Equipment
25% on cost
Heavy Goods Vehicles
Straight line over 6 years
Plant & Machinery
20% on cost
Fixtures and Fittings
15% on cost
Motor Vehicles
20% on cost
Computer Equipment
33% on cost
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 credited or charged to profit or loss.
D MCNAIR (BUILDERS MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.5
Impairment of fixed assets
At each reporting period end date, the company 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.8
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
D MCNAIR (BUILDERS MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
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 are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company 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 company.
D MCNAIR (BUILDERS MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.10
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 company’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 when the company has 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.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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 asset's 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.
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.
D MCNAIR (BUILDERS MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.14
Supplier incentives, rebates and discounts are collectively referred to as supplier income and are recognised as a deduction from cost of sales on an accruals basis, calculated on the expected entitlement which has been earned up to the balance sheet date for each relevant supplier contract. The accrued incentives, rebates and discounts receivable at the year end are included within other debtors.
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Fixed asset depreciation
Tangible fixed assets (note 11) are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Impairment of assets
Assets are considered for impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of the unit.
Bad debt provision
Bad debts are provided for where objective evidence of the need for a provision exists.
Obsolescence of stock
Stock (note 12) is assessed for evidence of obsolescence and a provision is made against any stock unlikely to be sold, or where stock is sold post year end at a loss.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
18,698,814
18,280,266
D MCNAIR (BUILDERS MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 18 -
2023
2022
£
£
Other significant revenue
Interest income
90,235
12,545
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
18,000
16,500
Depreciation of owned tangible fixed assets
315,606
268,490
Depreciation of tangible fixed assets held under finance leases
57,060
63,804
Profit on disposal of tangible fixed assets
(4,295)
(148,235)
Operating lease charges
270,000
270,000
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Management
3
3
Production
24
26
Administration
7
7
Sales & distribution
36
35
Total
70
71
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
2,425,901
2,395,958
Social security costs
248,801
261,645
Pension costs
103,943
115,935
2,778,645
2,773,538
D MCNAIR (BUILDERS MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
234,303
362,867
Company pension contributions to defined contribution schemes
43,842
61,176
278,145
424,043
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
110,063
149,548
Company pension contributions to defined contribution schemes
12,546
-
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
90,235
12,545
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
90,235
12,545
8
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
2,958
2,729
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
335,243
194,395
Adjustments in respect of prior periods
(15)
Total current tax
335,243
194,380
D MCNAIR (BUILDERS MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
2023
2022
£
£
(Continued)
- 20 -
Deferred tax
Origination and reversal of timing differences
(70,875)
25,422
Adjustment in respect of prior periods
239
20
Total deferred tax
(70,636)
25,442
Total tax charge
264,607
219,822
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
1,110,004
1,237,775
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
261,073
235,177
Tax effect of expenses that are not deductible in determining taxable profit
4,857
3,493
Adjustments in respect of prior years
(15)
Permanent capital allowances in excess of depreciation
3,920
(24,954)
Deferred tax adjustments in respect of prior years
239
20
Remeasurement of deferred tax for changes in tax rates
(4,188)
6,101
Adjustments to brought forward values
(1,294)
Taxation charge for the year
264,607
219,822
A change in the future UK Corporation tax rate to 25% with effect from 1 April 2023 was announced in the March 2021 budget and substantively enacted on 24 May 2021. This change will have a consequential effect on the company's future tax charge in the UK and as the 25% tax rate was substantively enacted prior to the reporting date, deferred tax expected to unwind after 1 April 2023 has been calculated at 25%.
10
Dividends
2023
2022
£
£
Interim paid
208,312
206,049
D MCNAIR (BUILDERS MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
11
Tangible fixed assets
Short leasehold property
Plant & Machinery
Fixtures and Fittings
Computer equipment
Motor Vehicles
Heavy Goods vehicles
Office equipment
Total
£
£
£
£
£
£
£
£
Cost
At 1 January 2023
778,524
574,934
200,028
296,139
136,255
1,326,833
55,756
3,368,469
Additions
20,936
450
10,707
12,045
8,333
286
52,757
Disposals
(33,735)
(33,735)
At 31 December 2023
799,460
575,384
210,735
308,184
102,520
1,335,166
56,042
3,387,491
Depreciation and impairment
At 1 January 2023
703,906
199,480
195,388
294,064
42,591
634,911
52,664
2,123,004
Depreciation charged in the year
22,657
103,283
1,835
2,737
26,690
214,032
1,432
372,666
Eliminated in respect of disposals
(18,546)
(18,546)
At 31 December 2023
726,563
302,763
197,223
296,801
50,735
848,943
54,096
2,477,124
Carrying amount
At 31 December 2023
72,897
272,621
13,512
11,383
51,785
486,223
1,946
910,367
At 31 December 2022
74,618
375,454
4,640
2,075
93,664
691,922
3,092
1,245,465
D MCNAIR (BUILDERS MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Tangible fixed assets
(Continued)
- 22 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Heavy goods vehicles
133,230
211,661
Depreciation charge for the year in respect of leased assets
57,060
63,804
12
Stocks
2023
2022
£
£
Finished goods and goods for resale
1,115,352
1,237,871
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,528,523
1,328,907
Corporation tax recoverable
314,540
255,601
Other debtors
1,374,002
1,319,471
3,217,065
2,903,979
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
16
32,105
78,301
Trade creditors
989,519
1,224,590
Corporation tax
235,811
24,922
Other taxation and social security
207,544
179,439
Other creditors
10,377
10,283
Accruals and deferred income
490,106
466,432
1,965,462
1,983,967
15
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
16
33,667
D MCNAIR (BUILDERS MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
16
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
33,193
81,030
In two to five years
34,903
33,193
115,933
Less: future finance charges
(1,088)
(3,965)
32,105
111,968
Finance lease payments represent rentals payable by the company for commercial vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Obligations under finance leases are secured against the assets to which they relate.
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
206,241
276,877
2023
Movements in the year:
£
Liability at 1 January 2023
276,877
Credit to profit or loss
(70,636)
Liability at 31 December 2023
206,241
The deferred tax liability set out above is not expected to reverse within 12 months and relates to fixed asset timing differences.
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
103,943
115,935
The company contributes to defined contribution pension schemes for all qualifying employees. The assets of the schemes are held separately from those of the company in independently administered funds. The total amount outstanding as at the year end was £10,177 (2022: £10,024).
D MCNAIR (BUILDERS MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
563
563
563
563
20
Share premium account
Share premium represents the cumulative excess of consideration received over the face value of shares issued by the company.
21
Capital redemption reserve
Capital redemption reserve represents amounts retained as fixed capital following redemption of share capital under companies legislation.
22
Profit and loss reserves
Profit and loss reserves represent accumulated comprehensive income or expenditure for the year and prior periods less dividends paid.
23
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
223,000
223,000
Between two and five years
892,000
892,000
In over five years
1,115,000
1,338,000
2,230,000
2,453,000
24
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
234,462
-
D MCNAIR (BUILDERS MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
25
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The company leases the subjects at 11 Old Mill Park, Kirkintilloch from an entity under common control. The rent paid in the year ended 31 December 2023 amounted to £40,000 (2022: £40,000). The lease was arranged at arms length with the rent at market value.
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Other related parties
1,222
2,076
26
Directors' transactions
Dividends of £208,312 (2022 - £206,049) were paid to the directors as per note 10.
Interest free loans, with no fixed repayment terms, have been made to certain directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
B Ballantyne - Loan to director
-
670,150
120,000
790,150
D Santi - Loan to director
-
180,740
-
180,740
850,890
120,000
970,890
27
Ultimate controlling party
The company is under the control of Mr B Ballantyne by virtue of his majority shareholding.
D MCNAIR (BUILDERS MERCHANTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
28
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
845,397
1,017,953
Adjustments for:
Taxation charged
264,607
219,822
Finance costs
2,958
2,729
Investment income
(90,235)
(12,545)
Gain on disposal of tangible fixed assets
(4,295)
(148,235)
Depreciation and impairment of tangible fixed assets
372,666
332,294
Movements in working capital:
Decrease in stocks
122,519
97,686
(Increase)/decrease in debtors
(134,147)
384,944
(Decrease)/increase in creditors
(183,198)
321,838
Cash generated from operations
1,196,272
2,216,486
29
Analysis of changes in net funds
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
4,984,330
658,808
5,643,138
Obligations under finance leases
(111,968)
79,863
(32,105)
4,872,362
738,671
5,611,033
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200B BallantyneD SantiJ DoohanfalsefalseSC0893572023-01-012023-12-31SC089357bus:Director12023-01-012023-12-31SC089357bus:Director22023-01-012023-12-31SC089357bus:Director32023-01-012023-12-31SC089357bus:RegisteredOffice2023-01-012023-12-31SC0893572023-12-31SC0893572022-01-012022-12-31SC089357core:RetainedEarningsAccumulatedLosses2022-01-012022-12-31SC089357core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31SC0893572022-12-31SC089357core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-31SC089357core:PlantMachinery2023-12-31SC089357core:FurnitureFittings2023-12-31SC089357core:ComputerEquipment2023-12-31SC089357core:MotorVehicles2023-12-31SC089357core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-12-31SC089357core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-12-31SC089357core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-31SC089357core:PlantMachinery2022-12-31SC089357core:FurnitureFittings2022-12-31SC089357core:ComputerEquipment2022-12-31SC089357core:MotorVehicles2022-12-31SC089357core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-31SC089357core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-12-31SC089357core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-31SC089357core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-31SC089357core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-31SC089357core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-31SC089357core:CurrentFinancialInstruments2023-12-31SC089357core:CurrentFinancialInstruments2022-12-31SC089357core:ShareCapital2023-12-31SC089357core:ShareCapital2022-12-31SC089357core:SharePremium2023-12-31SC089357core:SharePremium2022-12-31SC089357core:CapitalRedemptionReserve2023-12-31SC089357core:CapitalRedemptionReserve2022-12-31SC089357core:RetainedEarningsAccumulatedLosses2023-12-31SC089357core:RetainedEarningsAccumulatedLosses2022-12-31SC089357core:ShareCapital2021-12-31SC089357core:SharePremium2021-12-31SC089357core:CapitalRedemptionReserve2021-12-31SC089357core:RetainedEarningsAccumulatedLosses2021-12-31SC0893572021-12-31SC08935712023-01-012023-12-31SC08935712022-01-012022-12-31SC0893572022-12-31SC089357core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-31SC089357core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-31SC089357core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-01-012023-12-31SC089357core:PlantMachinery2023-01-012023-12-31SC089357core:FurnitureFittings2023-01-012023-12-31SC089357core:ComputerEquipment2023-01-012023-12-31SC089357core:MotorVehicles2023-01-012023-12-31SC089357core:UKTax2023-01-012023-12-31SC089357core:UKTax2022-01-012022-12-31SC08935722023-01-012023-12-31SC08935722022-01-012022-12-31SC089357core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-31SC089357core:PlantMachinery2022-12-31SC089357core:FurnitureFittings2022-12-31SC089357core:ComputerEquipment2022-12-31SC089357core:MotorVehicles2022-12-31SC089357core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-31SC089357core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2022-12-31SC089357core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-01-012023-12-31SC089357core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-01-012023-12-31SC089357core:Non-currentFinancialInstruments2023-12-31SC089357core:Non-currentFinancialInstruments2022-12-31SC089357core:WithinOneYear2023-12-31SC089357core:WithinOneYear2022-12-31SC089357core:BetweenTwoFiveYears2023-12-31SC089357core:BetweenTwoFiveYears2022-12-31SC089357core:MoreThanFiveYears2023-12-31SC089357core:MoreThanFiveYears2022-12-31SC089357bus:PrivateLimitedCompanyLtd2023-01-012023-12-31SC089357bus:FRS1022023-01-012023-12-31SC089357bus:Audited2023-01-012023-12-31SC089357bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP