Company registration number 01762605 (England and Wales)
BARENTZ UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
BARENTZ UK LIMITED
COMPANY INFORMATION
Directors
Mr N J Copp
Mr A J Litchfield
Secretary
N Copp
Company number
01762605
Registered office
Part Second Floor
The Omnibus Building
Lesbourne Road
Reigate
Surrey
RH2 7LD
Auditor
Moore (South) LLP
Suite 3, Second Floor
Friary Court
13-21 High Street
Guildford
Surrey
GU1 3DG
BARENTZ UK LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 11
Statement of comprehensive income
12
Balance sheet
13
Statement of changes in equity
14
Notes to the financial statements
15 - 29
BARENTZ UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

 

The principal activity of Barentz UK Limited (The “Company”) continued to be that of the sale and distribution of products and ingredients to the pharmaceutical, personal care, animal nutrition, and human nutrition industries.

Review of Business

Turnover for the year ended 31 December 2023 amounted to £43.9m (2022: £49.2m). This equates to a 10.8% decrease in turnover due to some significant low margin business being managed directly by the customer in 2023.

 

Gross profit increased slightly to £10.6m (2022: 10.5m).

 

Overheads in the year ended 31 December 2023 amounted to £5.6m (2022: £4.2m), driven by increased management charges and increases to headcount.

 

Overall operating profit for 2023 decreased to £5.2m (2022: £6.3m).

 

The directors continue to plan the future development of the business through building new commercial partnerships.

 

The directors are satisfied with the results for the period.

 

Net current assets and shareholders' funds at 31 December 2023 increased to £17.9m (2022: £15.0m).

Principal risks and uncertainties

The Directors are aware of their responsibility for managing risks, which are regularly reviewed to ensure that risk management is being implemented and monitored effectively.

 

The company's operations expose it to a variety of financial risks that include credit risk and liquidity risk. The company has put in place policies and procedures that seek to limit the effect of these risks.

 

The company actively maintains cash in hand at a level that is designed to ensure sufficient available funds for operations.

 

The company has policies that require appropriate credit checks on potential and existing customers before sales are made.

 

The company actively maintains a credit insurance policy that is designed to ensure that all of the company's sales invoices are covered against default, where a customer can no longer meet its payment obligations. Credit limits are reviewed regularly to ensure the correct level of cover is in place to cover the company's requirements. Where the company is granted an insufficient limit, the customers past trading history is taken into account when determining the level of credit to grant them. The company aims to operate with just 1% of the value of open sales invoices not being covered by credit insurance, this way the potential risk to the company is minimised.

 

The company is exposed to changes in the selling prices of its products. Changes in prices may be forced by inflation, stock availability, market demand or competitive forces such as the development of competitor products and competitor discounting.

 

BARENTZ UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

The directors have deemed the key performance indicators of the Company to be turnover, gross profit, profit before tax and net assets. The directors have determined these to be key performance indicators of the Company due to its nature as a trading company with the principal activity of distributing high quality products and ingredients.

 

Turnover was £43.9m (2022: £49.2m). Gross Profit was £10.6m (2022 £10.5m). Profit before tax was £5.7m (2022: £6.3m), while net assets increased to £17.9m (2022: £15.0m).

 

Other information and explanations

Future developments

There continues to be a considerable focus to obtain new agreements with Principals. This strategy of expanding the company’s product portfolio provides an opportunity to grow turnover and gross margin as well as being a further opportunity to mitigate future risk.

The outlook for 2024, it will be challenging year as many customers had stock built in 2023 and as such had lower demand. Furthermore, increased competition and continued longer lead times will mean that 2024 Gross Margin will be lower than 2023.

 

BARENTZ UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Statement by Directors in relation to Performance of their Statutory Duties in accordance with Section 172 of the Companies Act 2006

Section 172 of the Companies Act 2006 requires Directors to take into consideration the interests of stakeholders in their decision-making. While discharging their duties, Section 172 requires the Directors to consider amongst other matters:

 

  1. The likely consequences of any decision in the long term

  2. The interests of the company’s employees

  3. The need to foster the company’s business relationships with suppliers, customers and others

  4. The impact of the company’s operations on the community and the environment

  5. The desirability of the company maintaining a reputation for high standards of business conduct and the need to act fairly

A statement detailing how the Directors have regard for these parts of Section 172 of the Companies Act 2006 is set out below.

Consequences of any decisions

The Directors of the Company are fully aware of the requirement for them to act in a way that they believe, in good faith, would be most likely to promote the long term success of the Company for the benefit of its stakeholders. In the performance of its duty to promote the success of the Company, the Board has regard to a number of matters, including the likely consequence of any decisions in the long term, and listens to the views of the Group’s key stakeholders to build trust and ensure it fully understands the potential impacts of the decisions it makes.

 

Employees

 

The Company’s employees are fundamental to the overall success of the business. The directors manage the day to day decision making, engagement and communications with employees and ensure that people are treated fairly and are valued with respect to pay, benefit and conditions. We fully realise that our employees wish to be informed and consulted on matters affecting their work and to be involved in problem-solving affecting their own areas of interest and responsibility.

 

The Company is firmly committed to a policy of good communication at all levels and we aim to establish a climate which constantly encourages the open flow of information and ideas, which is discussed via regular meetings with the employees.

 

Suppliers and customers

 

The Company acts in a fair manner with all suppliers and customers and seeks to maintain strong business relationships with them. This is achieved via regular meetings with all our key suppliers and via clear communication to all our customers. The Company ensures suppliers are paid promptly and ensures it acts fairly and in a transparent manner with all customers, and actively engages to resolve any disputes or defaults.

 

Community and Environment

 

The Company through its activities and through its relatively small employee base, can through its decisions have minimal impact on the community and environment. The Company is however encouraging company car drivers to consider greener alternatives and to travel only when necessary.

BARENTZ UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

Business conduct

 

As Directors our intention is to behave responsibly, ensuring management operate the business with integrity and in accordance with the high standards of conduct and governance expected of a business such as ours. Our intention is to work with other businesses that share our values.

 

The Directors are responsible for ensuring that the activities of the Company are conducted in compliance with the law and applicable governance and regulatory authorities. The Directors actively promotes a corporate culture that is based on ethical values and behaviours.

 

The Directors ensure that the financial statements give a true and fair view of the state of affairs of the Company.

On behalf of the board

Mr N J Copp
Director
26 September 2024
BARENTZ UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

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 sale and distribution of products and ingredients to the pharmaceutical, personal care, animal nutrition, and human nutrition industries.

Results and dividends

The results for the year are set out on page 12.

An interim dividend of £1,995 per share totalling £1,995,000 (2022 - £1,320 per share totalling £1,320,000) was declared in 2023.

Directors

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

Mr N J Copp
Mr A J Litchfield
Directors' insurance

Indemnity insurance for the benefit of the directors was in force during the year.

Auditor

In accordance with the company's articles, a resolution proposing that Moore (South) LLP be reappointed as auditor of the company will be put at a General Meeting.

Energy and carbon report

The company has consumed more than 40,000 kWh of energy in this reporting period and as a large company, is required to report on its emissions, energy consumption or energy efficiency activities.

2023
Energy consumption
kWh
Aggregate of energy consumption in the year
208,488
2023
Emissions of CO2 equivalent
metric tonnes
Scope 1 - direct emissions
- Gas combustion
3.00
- Fuel consumed for owned transport
40.00
43.00
Scope 2 - indirect emissions
- Electricity purchased
24.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
13.00
Total gross emissions
80.00
Intensity ratio
Tonnes of CO2 per employee
1.4
BARENTZ UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2023 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

Measures taken to improve energy efficiency

The Company has continued to encourage staff to use video conferencing where possible for meetings to reduce the need for travel. Additionally, the Company has continued to encourage employees with a company car to switch to alternatives such as electric or hybrid cars. Furthermore the Company has moved to a more energy efficient office.

 

Disclosure in the Strategic Report

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 matters relating to the principal activity, review of the business and principal risks and uncertainties of the company.

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.

On behalf of the board
Mr N J Copp
Director
26 September 2024
BARENTZ UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -

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 company and of the profit or loss of the company 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 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.

 

In addition, the directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

BARENTZ UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BARENTZ UK LIMITED
- 8 -
Opinion

We have audited the financial statements of Barentz UK Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 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.

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:

BARENTZ UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BARENTZ UK LIMITED
- 9 -
Matters on which we are required to report by exception

In the light of the 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 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 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'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 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.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outline 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.

BARENTZ UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BARENTZ UK LIMITED
- 10 -

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Our approach was as follows:

 

 

 

 

 

 

 

In response to the risk of fraud due to management override, we:

BARENTZ UK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF BARENTZ UK LIMITED
- 11 -

In response to the risk of irregularities with regards to the recognition of revenue, we;

 

In response to the potential for incorrect valuation of inventory, we:

 

In response to the potential to overstate the value of receivables, we:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material mis-statements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Christopher Goodwin
Senior Statutory Auditor
For and on behalf of Moore (South) LLP
26 September 2024
Chartered Accountants
Statutory Auditor
Suite 3, Second Floor
Friary Court
13-21 High Street
Guildford
Surrey
GU1 3DG
BARENTZ UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
Turnover
3
43,878,075
49,196,366
Cost of sales
(33,229,828)
(38,718,861)
Gross profit
10,648,247
10,477,505
Administrative expenses
(5,576,538)
(4,221,815)
Other operating income
175,522
4,000
Operating profit
4
5,247,231
6,259,690
Interest receivable and similar income
8
500,619
82,039
Interest payable and similar expenses
9
-
0
(369)
Profit before taxation
5,747,850
6,341,360
Tax on profit
10
(883,290)
(743,088)
Profit for the financial year
4,864,560
5,598,272

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

BARENTZ UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
12
824,298
-
0
Tangible assets
13
1,439,113
1,084,560
Investments
14
91
91
2,263,502
1,084,651
Current assets
Stocks
17
3,312,093
4,029,754
Debtors
18
8,055,274
9,256,818
Cash at bank and in hand
11,172,904
9,353,116
22,540,271
22,639,688
Creditors: amounts falling due within one year
19
(6,907,322)
(8,709,865)
Net current assets
15,632,949
13,929,823
Total assets less current liabilities
17,896,451
15,014,474
Provisions for liabilities
Deferred tax liability
20
26,550
14,133
(26,550)
(14,133)
Net assets
17,869,901
15,000,341
Capital and reserves
Called up share capital
22
1,000
1,000
Profit and loss reserves
17,868,901
14,999,341
Total equity
17,869,901
15,000,341
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Mr N J Copp
Director
Company registration number 01762605 (England and Wales)
BARENTZ UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
1,000
10,721,069
10,722,069
Year ended 31 December 2022:
Profit and total comprehensive income
-
5,598,272
5,598,272
Dividends
11
-
(1,320,000)
(1,320,000)
Balance at 31 December 2022
1,000
14,999,341
15,000,341
Year ended 31 December 2023:
Profit and total comprehensive income
-
4,864,560
4,864,560
Dividends
11
-
(1,995,000)
(1,995,000)
Balance at 31 December 2023
1,000
17,868,901
17,869,901
BARENTZ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
1
Accounting policies
Company information

Barentz UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Part Second Floor, The Omnibus Building, Lesbourne Road, Reigate, Surrey, RH2 7LD.

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.

This 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:

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Barentz UK Limited is a wholly owned subsidiary of Forum Products Holdings Limited and the results of Barentz UK Limited are included in the consolidated financial statements of Barentz Holding BV which are publicly available. The registered office is Saturnsstraat 15, 2132 HB Hoofdorp, The Netherlands.

1.2
Going concern

Atruet 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, which excludes value added tax, represents the invoiced value of goods and services supplied, which includes commission. Invoices raised for goods and services are based on fulfilled obligations, Commission income is accounted for on a receipts basis.

BARENTZ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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.

 

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.

1.5
Tangible fixed assets

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold land and buildings
2% straight line
Leasehold improvements
10% straight line
Plant and equipment
33% reducing balance
Fixtures and fittings
20% straight line and 20% and 33% reducing balance
Computer equipment
20% straight line and 20% reducing balance
Motor vehicles
25% reducing balance

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

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

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

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

1.7
Stocks

Stocks are stated at the lower of cost and net realisable value. Costs are determined on a first in, first out basis, subject to commercial decisions over the age of stocks held and includes, where relevant, costs incurred in moving product to warehouse, together with packaging costs. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for costs of realisation. Provision is made where necessary for obsolete, slow-moving and defective stocks.

BARENTZ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.8
Financial instruments

Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds basic financial instruments, which comprise cash and cash equivalents, trade and other receivables derivative financial instruments, trade and other payables. The Company has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full.

Basic financial assets

(i) Cash and cash equivalents

 

Cash and cash equivalents include cash in hand and deposits held with banks.

 

(ii) Trade and other receivables

 

Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.

 

At the end of each reporting period, the Company assesses whether there is objective evidence that any receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss.

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

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.

BARENTZ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

(iii) Trade and other payables and loans and borrowings

 

Trade and other payables are initially measured at the transaction price, including any transactions costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount of the cash expected to be paid.

 

(iv) Derivative financial instruments

 

The Company uses derivative financial instruments to reduce exposure to foreign exchange risk arising in relation to foreign denominated transactions. The company does not hold or issue derivative financial instruments for speculative purposes.

 

Derivative financial instruments are initially recognised at fair value at the date the derivative contract is entered into and are subsequently measured at fair value at each reporting date. The resulting gain or loss is recognised in profit or loss. The Company doesn't apply hedge accounting in accordance with Section 12.

 

(v) Compound financial instruments

 

The derivative financial instrument is presented as a financial asset or financial liability depending on whether it is in a favourable or unfavourable position for the Company at the reporting date.

 

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Other financial liabilities

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

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Dividends distributed are recognised in the year which they are approved.

1.10
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current or deferred taxation assets are not discounted.

BARENTZ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

Unrelieved tax losses and deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

1.12
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the Company's pension scheme are charged to the Statement of Comprehensive Income in the period to which they relate.

1.13
Leases

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the period of the lease.

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

1.14
Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction based on published rates or on the average rate at which forward contracts are placed with financial institutions. Exchange differences are taken into account in arriving at the operating result.

BARENTZ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
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.

Critical judgements in applying the Company's accounting policies

(i) Assessing indicators of impairment

 

In assessing whether there have been any indicators of impairments of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability, there have been no indicators of impairments identified during the current financial year.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

 

(ii) Recoverability of receivables

 

The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the ageing of the receivables, whether the receivables are covered by credit insurance, past experience of recoverability, and the credit profile of individual or groups of customers.

 

(iii) Determining residual values and useful economic lives of property, plant and equipment

 

The Company depreciate tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

 

Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to assess the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

 

 

 

 

 

 

 

 

BARENTZ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
39,539,974
39,894,487
Other European Union
2,524,944
1,940,770
Rest of World
1,813,157
7,361,109
43,878,075
49,196,366
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(826)
-
0
Depreciation of owned tangible fixed assets
83,962
91,640
Loss/(profit) on disposal of tangible fixed assets
7,699
(5,964)
Amortisation of intangible assets
30,795
-
Operating lease charges
266,972
214,990
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 company
25,800
24,000
For other services
Taxation compliance services
1,375
1,250
All other non-audit services
2,325
2,000
3,700
3,250
6
Employees

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

2023
2022
Number
Number
Sales and marketing
16
14
Technical
8
7
Administration
5
5
Finance and operations
26
24
Directors
2
2
Total
57
52
BARENTZ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
3,256,861
2,668,246
Social security costs
387,335
325,522
Pension costs
179,002
145,805
3,823,198
3,139,573
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
397,457
364,348
Company pension contributions to defined contribution schemes
16,464
14,965
413,921
379,313

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

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
267,900
245,624
Company pension contributions to defined contribution schemes
10,200
9,266

 

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
498,720
78,156
Other interest income
1,899
3,883
Total income
500,619
82,039
BARENTZ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
-
95
Other interest
-
0
274
-
0
369
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
870,873
835,000
Adjustments in respect of prior periods
-
0
(91,912)
Total current tax
870,873
743,088
Deferred tax
Origination and reversal of timing differences
12,417
-
0
Total tax charge
883,290
743,088

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
5,747,850
6,341,360
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
1,350,745
1,204,858
Tax effect of expenses that are not deductible in determining taxable profit
3,749
10,342
Adjustments in respect of prior years
-
0
(91,912)
Group relief
(470,264)
(380,200)
Accelerated capital allowances and other timing differences
12,417
-
0
Other
(13,357)
-
0
Taxation charge for the year
883,290
743,088
11
Dividends
2023
2022
2023
2022
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares
Interim paid
1,995.00
1,320.00
1,995,000
1,320,000
BARENTZ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
12
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023
-
0
Additions
855,093
At 31 December 2023
855,093
Amortisation and impairment
At 1 January 2023
-
0
Amortisation charged for the year
30,795
At 31 December 2023
30,795
Carrying amount
At 31 December 2023
824,298
At 31 December 2022
-
0
BARENTZ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
13
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
920,000
231,913
121,433
98,831
48,167
9,450
1,429,794
Additions
-
0
281,606
2,365
131,238
33,467
-
0
448,676
Disposals
-
0
(121,213)
-
0
(23,033)
(34,464)
(9,450)
(188,160)
At 31 December 2023
920,000
392,306
123,798
207,036
47,170
-
0
1,690,310
Depreciation and impairment
At 1 January 2023
79,460
126,526
29,908
59,867
41,354
8,119
345,234
Depreciation charged in the year
14,980
24,155
30,215
10,854
3,703
55
83,962
Eliminated in respect of disposals
-
0
(115,627)
-
0
(22,798)
(31,400)
(8,174)
(177,999)
At 31 December 2023
94,440
35,054
60,123
47,923
13,657
-
0
251,197
Carrying amount
At 31 December 2023
825,560
357,252
63,675
159,113
33,513
-
0
1,439,113
At 31 December 2022
840,540
105,387
91,525
38,964
6,813
1,331
1,084,560
BARENTZ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
14
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
15
91
91
15
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Barentz Ireland Ltd
Block S, Grants View, Greenogue Business Park, Rathcoole, County Dublin, Ireland
Distributor
Ordinary
100.00
0
The aggregate capital and reserves and the result for the year of the subsidiary noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Barentz Ireland Ltd
3,401,299
1,525,721
16
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
18,957,829
18,268,893
Carrying amount of financial liabilities
Measured at amortised cost
5,727,243
7,312,484
17
Stocks
2023
2022
£
£
Finished goods and goods for resale
3,312,093
4,029,754

The cost of goods expensed through the Statement of Comprehensive Income was £31,948,467 (2022: £36,876,814).

BARENTZ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
18
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,061,255
6,983,871
Corporation tax recoverable
132,165
146,140
Amounts owed by group undertakings
691,375
1,893,470
Other debtors
32,295
38,436
Prepayments and accrued income
138,184
194,901
8,055,274
9,256,818
19
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,482,372
4,125,234
Amounts owed to group undertakings
869,465
1,455,351
Taxation and social security
1,180,080
1,397,381
Other creditors
35,369
32,902
Accruals and deferred income
1,340,036
1,698,997
6,907,322
8,709,865
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Opening Balance
14,133
14,133
Movement
12,417
-
Closing Balance
26,550
14,133
2023
Movements in the year:
£
Liability at 1 January 2023
14,133
Charge to profit or loss
12,417
Liability at 31 December 2023
26,550
BARENTZ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
179,002
145,805

The company operates a defined contribution pension scheme. At 31 December 2023, contributions amounting to £35,369 (2022: £32,902) were outstanding.

22
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
23
Financial commitments, guarantees and contingent liabilities

A standard multilateral bank guarantee was held by NatWest Bank plc with Barentz UK Limited, Forum Products Holdings Limited and Forum Health Products Limited.

24
Operating lease commitments
Lessee

Whilst the cost of the building that Forum Products Holdings Limited leases is paid for by Barentz UK Limited, the lease was signed in 2014 by Forum Products Holdings Limited and hence the commitment for the building lease is shown within the accounts of that legal entity.

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023
2022
£
£
Within one year
197,934
96,039
Between two and five years
489,822
83,542
687,756
179,581
25
Events after the reporting date

Subsequent to the balance sheet date, a fixed charge was created in favour of Receivables Procurements Securitization Company B.V. covering all present and future assets. This relates to a new debt factoring arrangement.

 

During the first half of 2024, the company paid dividends to the value of £18,264,030 to Forum Products Holdings Limited and received dividends of £2,529,030 from Barentz Ireland Limited.

 

26
Related party transactions
BARENTZ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
26
Related party transactions
(Continued)
- 29 -

Section 33 " Related Party Disclosures" requires disclosure of the details of material transactions between the reporting entity and related parties. The company is exempt from disclosing related party transactions with entities that are part of the Forum Products Holdings Limited group.true

 

During the year, the company purchased goods to the value of £272,722 (2022: £278,441) from Unilecithin Group and £12,409 (2022: £11,211) from IMCo Pharma a.s., which are both fellow subsidiaries of Barentz Holding B.V.

 

At 31 December 2023 the company owed £nil (2022: £66,644) to Unilecithin Group and £533 (2022: £5,845) to IMCo Pharma a.s..

27
Ultimate controlling party

The company's immediate parent undertaking is Forum Products Holdings Limited a company registered at the same address as Barentz UK Limited and incorporated in England and Wales. The results of Barentz UK Limited are included in the consolidated financial statements prepared by Barentz Holding BV.

 

The ultimate parent undertaking is Rivage Jersey Holding Limited, a company registered in Jersey.

The ultimate controlling party is the Cinven Fund VI.

28
Forward Foreign Exchange Contracts

The company enters into forward exchange contracts to hedge specific forecast transactions. At the balance sheet date the company had entered into forward exchange contracts to buy and sell Dollars, Euros and other currencies in exchange for Sterling. The total net principal value of the contracts outstanding at 31 December 2023 were £321,268 (2022: £666,455).

 

In accordance with the foreign exchange management policy, there were the following open forward contracts at the year end maturing within 12 months:

 

 

 

Principal Amount

Average Committed

Contracted value

Fair Value

Currency

£

Rate

(Currency)

£

CHF

USD

218,364

102,904

1.07947

1.26332

235,000

130,000

1,133

(847)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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