Company registration number 07286694 (England and Wales)
JEAVE 2 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
JEAVE 2 LIMITED
COMPANY INFORMATION
Directors
Ms S Lane
Mrs J Wood
(Appointed 4 October 2023)
Company number
07286694
Registered office
Bolckow Street
North Skelton
Saltburn-By-The-Sea
United Kingdom
TS12 2AP
Auditor
Azets Audit Services
Wynyard Park House
Wynyard Avenue
Wynyard
United Kingdom
TS22 5TB
Bankers
Barclays Bank PLC
12 Station Street
Saltburn-By-The-Sea
United Kingdom
TS12 1AB
Solicitors
Merritt & Company
The Manor House
83 High Street
Yarm
United Kingdom
TS15 9BG
JEAVE 2 LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 28
JEAVE 2 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

Tees Components Limited

In 2023 the company continued to trade well, with strong demand in both subcontract engineering services and Tees White Gill pump-jet thrusters. Revenue increased to £5.01m (2022: £4.2m), which included some significant export contracts. Margins remained healthy and profit before tax was £495k (2022: £300k). The company’s cash position was some £450k higher at the end of the year, albeit after heavy investments in new assets.

At the time of writing, 2024 has been rather slower in the UK manufacturing sector and general economic climate, but the directors are satisfied with a strong long-term order book and steady margins.

Principal risks and uncertainties

Tees Components Limited

The directors do not consider there to be any immediate risks likely to have a significant impact on the short- or long-term value of the business. Risks identified by the Board are summarised below, along with their respective controls in place.

Market risks are managed by ensuring that subcontract work is carried out for a range of clients and sectors. Whilst the company undertakes contracts for others in the supply chain, such as fabricators and foundries, it also supplies direct to OEMs, and these are operating across various sectors including rail, water processing, marine defence, renewable energy, traditional power generation, and nuclear decommissioning.

Operational risks are predominantly those of health, safety and environmental performance. These are managed through the ISO 14001 environmental management system, and the in-house systems for health and safety. These continue to be led and managed in a top-down approach. Skills shortages and a tight labour market are a challenge across the manufacturing sector, and the strong apprentice training provision mitigates this.

Financial risk included those of defaulting creditors, fraud and exchange rate losses. There is an effective credit control system in place which limits exposure and identifies problems early, and the company's IT system, staff training and input from banking professionals reduces the risk of loss through fraud. Delayed and defaulted payments from creditors were and continue to be risks which the business works to mitigate with its systems.

Development and performance

Tees Components Limited

New investments in 2023 included additional small lathes and milling machines to further expand the apprentice training facility and enable larger cohorts to be trained; new blast room equipment; new goods inwards and outgoing storage; and new multi-functional CNC machining capacity.

During 2023 the company celebrated its 60th year, and also opened a large new extension, providing new reception, office, canteen, meeting space, and welfare facilities. The commemorations were tempered by the death of the company Chairman, Clive Wood MBE in March 2023 following a short illness. The board of directors and shareholders, Sharon Lane and Jean Wood, are committed to building on the legacy left by Clive and ensuring the long-term success of the company.

In 2024 the company will launch its two-year Digital Strategy and Carbon Reduction plan. New subcontract services will be commissioned and marketed, and as always the senior team will continue to focus on skills. New precision CNC machining capacity is also planned.

On behalf of the board

Ms S Lane
Director
24 September 2024
JEAVE 2 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 principal activity of the group continued to be that of engineering, machining, fabrication and design.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £67,570. 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:

Ms S Lane
Mr C Wood (Deceased)
(Deceased 23 March 2023)
Mrs J Wood
(Appointed 4 October 2023)
Future developments

Tees Components Limited

Additional machining capacity is planned for 2024. The company is embarking on a two-year digital transformation strategy which will improve its resilience and productivity, as well as aligning with its net zero goals. The board and senior team’s focus on skills development and retention will continue as in previous years.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Ms S Lane
Director
24 September 2024
JEAVE 2 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

 

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

 

 

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

JEAVE 2 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JEAVE 2 LIMITED
- 4 -
Opinion

We have audited the financial statements of Jeave 2 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

JEAVE 2 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JEAVE 2 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:

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.

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.

JEAVE 2 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JEAVE 2 LIMITED
- 6 -

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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

Use of our report

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

Joanne Regan FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
26 September 2024
Chartered Accountants
Statutory Auditor
Wynyard Park House
Wynyard Avenue
Wynyard
United Kingdom
TS22 5TB
JEAVE 2 LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
5,011,842
4,203,431
Cost of sales
(3,139,732)
(2,826,679)
Gross profit
1,872,110
1,376,752
Administrative expenses
(1,413,104)
(1,093,232)
Other operating income
33,302
21,214
Operating profit
4
492,308
304,734
Interest receivable and similar income
8
7,280
172
Interest payable and similar expenses
9
(4,268)
(4,335)
Profit before taxation
495,320
300,571
Tax on profit
10
(130,689)
108,363
Profit for the financial year
26
364,631
408,934
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

JEAVE 2 LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
4,318,519
3,123,051
Investment property
14
63,860
-
0
4,382,379
3,123,051
Current assets
Debtors
17
1,212,058
1,845,640
Cash at bank and in hand
1,505,102
1,051,183
2,717,160
2,896,823
Creditors: amounts falling due within one year
18
(1,422,557)
(821,751)
Net current assets
1,294,603
2,075,072
Total assets less current liabilities
5,676,982
5,198,123
Creditors: amounts falling due after more than one year
19
(106,896)
(55,787)
Provisions for liabilities
Deferred tax liability
21
193,222
62,533
(193,222)
(62,533)
Net assets
5,376,864
5,079,803
Capital and reserves
Called up share capital
24
606
606
Share premium account
25
4,187,610
4,187,610
Profit and loss reserves
26
1,188,648
891,587
Total equity
5,376,864
5,079,803
The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
24 September 2024
Ms S Lane
Director
Company registration number 07286694 (England and Wales)
JEAVE 2 LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
15
4,025,117
4,025,117
Current assets
Debtors
17
163,099
163,099
Net current assets
163,099
163,099
Net assets
4,188,216
4,188,216
Capital and reserves
Called up share capital
24
606
606
Share premium account
25
4,187,610
4,187,610
Total equity
4,188,216
4,188,216

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 £28,170 (2022 - £43,200 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
24 September 2024
Ms S Lane
Director
Company registration number 07286694 (England and Wales)
JEAVE 2 LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
606
4,187,610
566,306
4,754,522
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
408,934
408,934
Dividends
11
-
-
(83,653)
(83,653)
Balance at 31 December 2022
606
4,187,610
891,587
5,079,803
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
364,631
364,631
Dividends
11
-
-
(67,570)
(67,570)
Balance at 31 December 2023
606
4,187,610
1,188,648
5,376,864
JEAVE 2 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
606
4,187,610
-
0
4,188,216
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
43,200
43,200
Dividends
11
-
-
(43,200)
(43,200)
Balance at 31 December 2022
606
4,187,610
-
0
4,188,216
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
28,170
28,170
Dividends
11
-
-
(28,170)
(28,170)
Balance at 31 December 2023
606
4,187,610
-
0
4,188,216
JEAVE 2 LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
31
2,057,379
(104,235)
Interest paid
(4,268)
(4,335)
Income taxes (paid)/refunded
(26)
182,798
Net cash inflow from operating activities
2,053,085
74,228
Investing activities
Purchase of tangible fixed assets
(1,462,964)
(533,071)
Proceeds from disposal of tangible fixed assets
25,130
-
Purchase of investment property
(63,860)
-
Repayment of loans
2,819
439
Interest received
7,280
172
Net cash used in investing activities
(1,491,595)
(532,460)
Financing activities
Payment of finance leases obligations
(40,001)
(40,001)
Dividends paid to equity shareholders
(67,570)
(83,653)
Net cash used in financing activities
(107,571)
(123,654)
Net increase/(decrease) in cash and cash equivalents
453,919
(581,886)
Cash and cash equivalents at beginning of year
1,051,183
1,633,069
Cash and cash equivalents at end of year
1,505,102
1,051,183
JEAVE 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Jeave 2 Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is Bolckow Street, North Skelton, Saltburn-by-the-Sea. TS12 2AP.

 

The group consists of Jeave 2 Limited and all of its subsidiaries, Tees Components Limited and Tees Components (Holdings) Limited.

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.

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

 

1.2
Business combinations

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

 

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

JEAVE 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.3
Basis of consolidation

The consolidated financial statements incorporate those of Jeave 2 Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Their results are incorporated from the date that control passes.

 

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.

1.4
Going concern

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

1.5
Turnover

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

 

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

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

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

JEAVE 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -

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

Freehold land and buildings
4% straight line
Plant and equipment
8 - 15% reducing balance
Fixtures, fittings and equipment
15% reducing balance
Solar panels
4% straight line
Motor vehicles
25% reducing balance

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

1.8
Investment property

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

1.9
Fixed asset investments

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

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.10
Impairment of fixed assets

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

 

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

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

 

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

JEAVE 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -

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

1.11
Cash and cash equivalents

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

1.12
Financial instruments

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

 

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

 

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

Basic financial assets

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

Impairment of financial assets

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

 

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

 

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

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.

JEAVE 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Derecognition of financial liabilities

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

1.13
Equity instruments

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

1.14
Taxation

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

Current tax

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

Deferred tax

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

 

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

JEAVE 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.15
Employee benefits

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

 

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

 

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

1.16
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.17
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.

1.18
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
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.

JEAVE 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
Key sources of estimation uncertainty

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

The principal estimation technique used by the company in attributing profit on contracts to a particular period is the preparation of forecasts on a contract-by-contract basis. These focus on revenue and costs to complete and enable an assessment to be made of the final outturn on each contract, Variations during contracts are taken into account where it is highly probable that the related income will not reverse.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Sale of goods and services
5,011,842
4,203,431
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
3,582,059
3,496,431
Overseas
1,429,783
707,000
5,011,842
4,203,431
2023
2022
£
£
Other revenue
Interest income
7,280
172
Grants received
15,071
16,958
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(1,729)
(71,588)
Government grants
(15,071)
(16,958)
Depreciation of owned tangible fixed assets
232,398
230,647
Depreciation of tangible fixed assets held under finance leases
27,285
29,658
(Profit)/loss on disposal of tangible fixed assets
(17,317)
216
JEAVE 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
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
1,000
-
Audit of the financial statements of the company's subsidiaries
9,230
6,300
10,230
6,300
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

2023
2022
Number
Number
Manufacturing
42
42
Office and management
16
15
58
57

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,209,504
1,912,645
Social security costs
223,584
203,381
Pension costs
89,918
114,830
2,526,006
2,230,856
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
154,669
133,268
Company pension contributions to defined contribution schemes
26,625
56,500
181,294
189,768

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

JEAVE 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
7,280
172
9
Interest payable and similar expenses
2023
2022
£
£
Interest on finance leases and hire purchase contracts
4,198
4,198
Other interest
70
137
Total finance costs
4,268
4,335
10
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
-
0
(182,798)
Deferred tax
Origination and reversal of timing differences
130,689
74,435
Total tax charge/(credit)
130,689
(108,363)

The actual charge/(credit) 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
495,320
300,571
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
116,400
57,108
Tax effect of expenses that are not deductible in determining taxable profit
260
76
Adjustments in respect of prior years
46
(182,798)
Effect of change in corporation tax rate
7,835
15,019
Permanent capital allowances in excess of depreciation
(1,962)
(406)
Depreciation on assets not qualifying for tax allowances
8,110
2,684
Deferred tax adjustments in respect of prior years
-
0
(46)
Taxation charge/(credit)
130,689
(108,363)
JEAVE 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
67,570
83,653
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
1,600,466
Amortisation and impairment
At 1 January 2023 and 31 December 2023
1,600,466
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
1,475,567
7,087,334
257,249
170,407
8,990,557
Additions
634,078
722,026
106,860
-
0
1,462,964
Disposals
-
0
(187,542)
(48,422)
-
0
(235,964)
At 31 December 2023
2,109,645
7,621,818
315,687
170,407
10,217,557
Depreciation and impairment
At 1 January 2023
829,449
4,736,127
182,939
118,991
5,867,506
Depreciation charged in the year
36,468
194,911
15,452
12,852
259,683
Eliminated in respect of disposals
-
0
(181,677)
(46,474)
-
0
(228,151)
At 31 December 2023
865,917
4,749,361
151,917
131,843
5,899,038
Carrying amount
At 31 December 2023
1,243,728
2,872,457
163,770
38,564
4,318,519
At 31 December 2022
646,118
2,351,207
74,310
51,416
3,123,051
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
JEAVE 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Tangible fixed assets
(Continued)
- 23 -

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
£
£
£
£
Plant and equipment
313,780
341,065
-
0
-
0
14
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023 and 31 December 2023
-
-
Additions through external acquisition
63,860
-
At 31 December 2023
63,860
-

Investment property comprises a property which is held for capital appreciation. The fair value of the investment property has been arrived at on the basis of its cost of acquisition in year and reviewed by the directors at the balance sheet date as a fair reflection of its fair value at that date.

15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
4,025,117
4,025,117
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
4,025,117
Carrying amount
At 31 December 2023
4,025,117
At 31 December 2022
4,025,117
JEAVE 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
16
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Tees Components (Holdings) Limited
England and Wales
Ordinary
100.00
-
Tees Components Limited
England and Wales
Ordinary
-
100.00
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
461,205
604,547
-
0
-
0
Gross amounts owed by contract customers
420,184
1,016,487
-
0
-
0
Corporation tax recoverable
32,712
32,686
-
0
-
0
Amounts owed by group undertakings
-
-
163,099
163,099
Other debtors
120,204
123,023
-
0
-
0
Prepayments and accrued income
177,753
68,897
-
0
-
0
1,212,058
1,845,640
163,099
163,099
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
20
42,543
40,877
-
0
-
0
Payments received on account
447,031
294,980
-
0
-
0
Trade creditors
553,441
215,551
-
0
-
0
Other taxation and social security
119,971
192,010
-
-
Government grants
22
26,907
-
0
-
0
-
0
Other creditors
143,510
58,855
-
0
-
0
Accruals and deferred income
89,154
19,478
-
0
-
0
1,422,557
821,751
-
0
-
0

Finance lease liabiltiies are secured against the assets to which they relate.

JEAVE 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
20
14,120
55,787
-
0
-
0
Government grants
22
92,776
-
0
-
0
-
0
106,896
55,787
-
-

Finance lease liabiltiies are secured against the assets to which they relate.

20
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
42,543
40,877
-
0
-
0
In two to five years
14,120
55,787
-
0
-
0
56,663
96,664
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. 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 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
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
£
£
Accelerated capital allowances
501,562
432,328
Tax losses
(276,927)
(367,023)
Retirement benefit obligations
(1,492)
(2,772)
Deferred income taxable on receipt
(29,921)
-
193,222
62,533
The company has no deferred tax assets or liabilities.
JEAVE 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Deferred taxation
(Continued)
- 26 -
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
62,533
-
Charge to profit or loss
130,689
-
Liability at 31 December 2023
193,222
-

 

22
Government grants
Group
Company
2023
2022
2023
2022
£
£
£
£
Arising from government grants
119,683
-
-
-

Deferred income is included in the financial statements as follows:

Current liabilities
26,907
-
0
-
0
-
0
Non-current liabilities
92,776
-
0
-
0
-
0
119,683
-
-
-
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
89,918
114,830

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.

Unpaid pension contributions at the balance sheet date total £16,575 (2022 - £11,084) and are included within other creditors.

24
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
60,567
60,567
606
606
JEAVE 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
25
Share premium account
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning and end of the year
4,187,610
4,187,610
4,187,610
4,187,610
26
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
891,587
566,306
-
-
Profit for the year
364,631
408,934
28,170
43,200
Dividends
(67,570)
(83,653)
(28,170)
(43,200)
At the end of the year
1,188,648
891,587
-
0
-
27
Financial commitments, guarantees and contingent liabilities

During the year the Group received grants totalling £134,754. Grant conditions imply there is course for repayment if the assets to which the grants relate to are disposed of within a 5 year period. Management have advised this would be unlikley given the nature of the assets. Income is being released over the 5 year period.

28
Related party transactions
Transactions with related parties

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

Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Group
Other related parties
192
130
20,940
12,017

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Other related parties
2,039
49
JEAVE 2 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
29
Directors' transactions

Dividends totalling £67,570 (2022 - £83,653) were paid in the year in respect of shares held by the company's directors.

Advances or credits have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Advances
-
120,187
22,874
(25,692)
117,369
120,187
22,874
(25,692)
117,369
30
Controlling party

The ultimate controlling party of Jeave 2 Limited is Mrs S Lane.

31
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Profit for the year after tax
364,631
408,934
Adjustments for:
Taxation charged/(credited)
130,689
(108,363)
Finance costs
4,268
4,335
Investment income
(7,280)
(172)
(Gain)/loss on disposal of tangible fixed assets
(17,317)
216
Depreciation and impairment of tangible fixed assets
259,683
260,305
Movements in working capital:
Decrease/(increase) in debtors
630,789
(794,478)
Increase in creditors
572,233
124,988
Increase in deferred income
119,683
-
Cash generated from/(absorbed by) operations
2,057,379
(104,235)
32
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,051,183
453,919
1,505,102
Obligations under finance leases
(96,664)
40,001
(56,663)
954,519
493,920
1,448,439
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