Company registration number NI035996 (Northern Ireland)
PRECISION INDUSTRIAL SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PRECISION INDUSTRIAL SERVICES LIMITED
CONTENTS
Page
Company Information
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 26
PRECISION INDUSTRIAL SERVICES LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. K Williams
Mr J McFadden
Mrs. C McFadden
Mr C McCauley
Mr D Morrison
Mr D Officer
Mr S Pimblett
Secretary
Mr. K Williams
Company number
NI035996
Registered office
Site 28
Campsie Industrial Estate
McLean Road
Derry~Londonderry
BT47 3XX
Auditor
Moore (NI) LLP
21/23 Clarendon Street
Derry/Londonderry
BT48 7EP
Bankers
Danske Bank
North Business Centre
1-2 Broadway
Ballymena
BT43 7AA
Solicitors
Mark Reid Solicitor
2A Woodburn Park
Lisnagelvin
Londonderry
BT47 5PS
PRECISION INDUSTRIAL SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
Principal activity and review of the company
The principal activity of the company is the provision of property, environmental and utility services. There was no significant change in these activities during the year.
Review of the company and future developments
For the year ended 31st December 2023 the company has achieved a profit before tax of £73,122 (2022: Profit before tax of £413,322).
The directors are pleased with the performance of the company and are confident that the business will perform well in 2024 and beyond.
Principal Risks and Uncertainties
The company's operations expose it to a variety of financial risks that include price risk, foreign exchange risk, credit risk and liquidity risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring and controlling the effects of these risks. Given the size of the company, the director has assumed responsibility for the monitoring of financial risk management.
Financial risk management
The company's operations expose it to a variety of financial risks, including cash flow risks and credit risks. The company has in place a risk management programme to monitor and control the effects of these risks.
Foreign exchange risk
A proportion of the company's trading is conducted in foreign currency. However, any exposure to foreign exchange risk in the normal course of business is deemed to be immaterial.
Credit risk
The company is exposed to credit risk due to its policy of giving credit to customers. However, credit checks are routinely carried out on new customers. Bad debt is monitored on an going basis and the company's policies mean that bad debt is kept to a minimum.
Interest rate cash flow risk
The company has interest bearing liabilities and has a policy of monitoring its debt finance to ensure certainty of future interest cash flows.
Liquidity risk
The directors monitor the cash levels of the company to ensure that there are always cash funds available to meet the day to day working capital requirements of the company.
Key performance indicators
Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.
Mr. K Williams
Director
24 September 2024
PRECISION INDUSTRIAL SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company continued to be that of the provision of property, environmental and utility services.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr. K Williams
Mr J McFadden
Mrs. C McFadden
Mr C McCauley
Mr D Morrison
Mr D Officer
Mr S Pimblett
Auditor
The auditor, Moore (NI) LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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.
PRECISION INDUSTRIAL SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr. K Williams
Director
24 September 2024
PRECISION INDUSTRIAL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PRECISION INDUSTRIAL SERVICES LIMITED
- 5 -
Opinion
We have audited the financial statements of Precision Industrial Services 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, the 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:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor'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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
PRECISION INDUSTRIAL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PRECISION INDUSTRIAL SERVICES LIMITED (CONTINUED)
- 6 -
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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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.
Based on our understanding of the company and its operating environment, we determined that the most significant frameworks which have a direct impact on the preparation of the financial statements are those related to the reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations of which non-compliance may have a material effect on the financial statements. Compliance with these laws and regulations was assessed as part of our procedures.
Other laws and regulations of which non-compliance may have a material effect on the financial statements, e.g. through fines or litigation, were identified as regulations in relation to employment law and health and safety regulations. Our required procedures in these areas are limited to inquiry of directors and other management and inspection of any regulatory or legal correspondence. These limited procedures did not identify any actual or suspected non-compliance.
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, including evaluating management's incentives and opportunities to manage earnings or influence the reported results. From the results of our assessment, we determined that the principal risk of fraud related to posting inappropriate journal entries. In common with all audits under ISAs (UK), we are required to perform specific procedures to respond to the risk of management override.
PRECISION INDUSTRIAL SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PRECISION INDUSTRIAL SERVICES LIMITED (CONTINUED)
- 7 -
Audit response to risks identified
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. Audit procedures performed by the engagement team included:
We obtained an understanding of the company's internal control systems in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control.
We obtained an understanding of how the company complies with relevant laws and regulations by making enquiries of management and those charged with governance.
Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims.
Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
Reviewing minutes of management and directors meetings.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
We test the completeness of income to address the risk of fraud in revenue recognition.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.
We communicated relevant laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment through collusion, forgery, intentional omissions, misrepresentations or the override of internal control.
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.
The purpose of our audit work and to whom we owe our responsibilities
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.
John Bradley
Senior Statutory Auditor
For and on behalf of Moore (NI) LLP
24 September 2024
Chartered Accountants
Statutory Auditor
21/23 Clarendon Street
Derry/Londonderry
BT48 7EP
PRECISION INDUSTRIAL SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
6,722,795
6,621,613
Cost of sales
(5,210,521)
(5,004,532)
Gross profit
1,512,274
1,617,081
Administrative expenses
(1,286,124)
(1,263,145)
Other operating income
88,000
85,667
Operating profit
4
314,150
439,603
Interest receivable and similar income
7
6,759
9
Interest payable and similar expenses
8
(47,786)
(26,290)
Profit before taxation
273,123
413,322
Tax on profit
9
(90,955)
(75,111)
Profit for the financial year
182,168
338,211
The profit and loss account has been prepared on the basis that all operations are continuing operations.
PRECISION INDUSTRIAL SERVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
781,297
744,926
Investment property
11
200,000
200,000
Investments
12
365,607
365,607
1,346,904
1,310,533
Current assets
Stocks
14
12,396
8,688
Debtors
15
3,332,566
4,644,068
Cash at bank and in hand
777,975
59,333
4,122,937
4,712,089
Creditors: amounts falling due within one year
16
(2,081,446)
(2,585,011)
Net current assets
2,041,491
2,127,078
Total assets less current liabilities
3,388,395
3,437,611
Creditors: amounts falling due after more than one year
17
(199,721)
(468,805)
Provisions for liabilities
Deferred tax liability
20
37,700
(37,700)
-
Net assets
3,150,974
2,968,806
Capital and reserves
Called up share capital
22
10,555
10,555
Share premium account
16,484
16,484
Revaluation reserve
125,465
125,465
Profit and loss reserves
2,998,470
2,816,302
Total equity
3,150,974
2,968,806
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
Mr. K Williams
Mr J McFadden
Director
Director
Company registration number NI035996 (Northern Ireland)
PRECISION INDUSTRIAL SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2022
10,555
16,484
125,465
2,478,091
2,630,595
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
338,211
338,211
Balance at 31 December 2022
10,555
16,484
125,465
2,816,302
2,968,806
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
182,168
182,168
Balance at 31 December 2023
10,555
16,484
125,465
2,998,470
3,150,974
PRECISION INDUSTRIAL SERVICES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,214,257
373,573
Interest paid
(47,786)
(26,290)
Income taxes paid
(75,086)
(63,385)
Net cash inflow from operating activities
1,091,385
283,898
Investing activities
Purchase of tangible fixed assets
(121,941)
(64,438)
Proceeds from disposal of tangible fixed assets
3,163
17,748
Interest received
6,759
9
Net cash used in investing activities
(112,019)
(46,681)
Financing activities
Repayment of bank loans
(263,484)
(232,723)
Payment of finance leases obligations
2,760
(46,598)
Net cash used in financing activities
(260,724)
(279,321)
Net increase/(decrease) in cash and cash equivalents
718,642
(42,104)
Cash and cash equivalents at beginning of year
59,333
101,437
Cash and cash equivalents at end of year
777,975
59,333
PRECISION INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information
Precision Industrial Services Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Site 28, Campsie Industrial Estate, McLean Road, Derry~Londonderry, BT47 3XX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
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.
Precision Industrial Services Limited is a wholly owned subsidiary of Precision NI Holdings Limited and the results of Precision Industrial Services Limited are included in the consolidated financial statements of Precision NI Holdings Limited which are available from Site 28, Campsie Industrial Estate, McLean Road, Derry~Londonderry, BT47 3XX.
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.
PRECISION INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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 professional 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 are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Straight line over fifty years
Plant and machinery
20% straight line
Motor vehicles
25% straight line
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.
1.5
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.
1.6
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.
PRECISION INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
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.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, which are receivable within one year and do not constitute a financing transaction, are initially measured at transaction price including transaction costs. Basic financial assets are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.
Where the arrangement constitutes a financing transaction, the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.
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.
PRECISION INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, which are payable within one year and do not constitute a financing transaction, are initially measured at transaction price including transaction costs. Basic financial liabilities are subsequently measured at amortised cost, being the transaction price less any amounts settled.
Where the arrangement constitutes a financing transaction, the transaction is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar instrument.
Debt instruments are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost, using the effective interest rate method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.
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.
PRECISION INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
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.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PRECISION INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
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.
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.
1.17
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.
PRECISION INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
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.
3
Turnover and other revenue
Turnover is wholly attributed to the rendering of services in the UK & Ireland in respect of the company's principal activities.
2023
2022
£
£
Other revenue
Interest income
6,759
9
Rental Income
88,000
85,667
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
3,064
(3,522)
Fees payable to the company's auditor for the audit of the company's financial statements
11,613
9,600
Depreciation of owned tangible fixed assets
53,329
47,239
Depreciation of tangible fixed assets held under finance leases
30,397
47,996
Profit on disposal of tangible fixed assets
(1,318)
(3,772)
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Average employees
178
180
PRECISION INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 19 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
3,929,693
3,850,022
Social security costs
345,590
390,285
Pension costs
68,306
63,582
4,343,589
4,303,889
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
522,504
486,765
Company pension contributions to defined contribution schemes
7,233
6,465
529,737
493,230
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2022 - 4).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
127,493
121,765
Company pension contributions to defined contribution schemes
1,321
1,321
Accrued pension at the end of the year
698
665
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
6,759
9
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
43,410
22,634
Interest on finance leases and hire purchase contracts
4,376
3,656
47,786
26,290
PRECISION INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
53,255
80,824
Adjustments in respect of prior periods
(5,713)
Total current tax
53,255
75,111
Deferred tax
Origination and reversal of timing differences
37,700
Total tax charge
90,955
75,111
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
273,123
413,322
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
64,239
78,531
Effect of change in corporation tax rate
7,000
Group relief
(1,064)
Permanent capital allowances in excess of depreciation
(510)
3,357
Depreciation on assets not qualifying for tax allowances
426
Under/(over) provided in prior years
(5,713)
Deferred tax adjustments in respect of prior years
19,800
Taxation charge for the year
90,955
75,111
PRECISION INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
10
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
1,145,198
1,165,595
1,131,363
3,442,156
Additions
15,091
106,850
121,941
Disposals
(932)
(61,595)
(62,527)
At 31 December 2023
1,145,198
1,179,754
1,176,618
3,501,570
Depreciation and impairment
At 1 January 2023
570,348
1,108,951
1,017,931
2,697,230
Depreciation charged in the year
1,812
30,831
51,082
83,725
Eliminated in respect of disposals
(143)
(60,539)
(60,682)
At 31 December 2023
572,160
1,139,639
1,008,474
2,720,273
Carrying amount
At 31 December 2023
573,038
40,115
168,144
781,297
At 31 December 2022
574,850
56,644
113,432
744,926
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Motor vehicles
68,926
110,749
Freehold land and buildings with a carrying amount of £573,038 (2022 - £574,850) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
PRECISION INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
11
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
200,000
Investment property comprises 44 City Business Park, Dunmurry. The fair value of the investment property has been arrived at after a property valuation was carried out by market experts at the request of the directors on the 20th October 2020. The directors have determined that the valuation provided at this date remains an accurate assessment of the investment property's fair value at the reporting date.
12
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
13
365,607
365,607
13
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
Precision Mechanical Contractors Ltd
28 Campsie Business Park,
McLean Road
, Eglinton, Derry~Londonderry, Northern Ireland, BT47 3XX
Ordinary and preference
100.00
Steam & Generation Services (NI) Ltd
28 Campsie Industrial Estate, Mclean Road, Eglinton, Derry~Londonderry, BT47 3XX
Ordinary Shares
100.00
14
Stocks
2023
2022
£
£
Finished goods and goods for resale
12,396
8,688
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,013,412
1,694,718
Amounts owed by group undertakings
1,608,714
1,256,582
Other debtors
627,164
1,618,073
Prepayments and accrued income
83,276
74,695
3,332,566
4,644,068
PRECISION INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
18
298,314
289,434
Obligations under finance leases
19
29,480
30,000
Trade creditors
222,089
289,221
Amounts owed to group undertakings
523,678
960,122
Corporation tax
53,280
75,111
Other taxation and social security
265,449
308,600
Other creditors
246,658
228,829
Accruals and deferred income
442,498
403,694
2,081,446
2,585,011
17
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
18
168,558
440,922
Obligations under finance leases
19
31,163
27,883
199,721
468,805
18
Loans and overdrafts
2023
2022
£
£
Bank loans
466,872
730,356
Payable within one year
298,314
289,434
Payable after one year
168,558
440,922
The long-term loans are secured by fixed charges over the company's land and properties.
PRECISION INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
19
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
41,112
32,100
In two to five years
36,215
30,360
77,327
62,460
Less: future finance charges
(16,684)
(4,577)
60,643
57,883
Finance lease payments represent rentals payable by the company for certain items of plant and machinery and motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
20
Deferred taxation
Deferred tax assets and liabilities are offset where the 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
Balances:
£
£
ACAs
37,700
-
2023
Movements in the year:
£
Liability at 1 January 2023
-
Charge to profit or loss
37,700
Liability at 31 December 2023
37,700
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
68,306
63,582
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
PRECISION INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
22
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
B Ordinary shares of £1 each
555
555
555
555
10,555
10,555
10,555
10,555
The ordinary shares entitle the shareholders to:
full voting rights
full rights to participate in dividends, as voted; and
full rights to participate in a distribution including in a winding up situation.
23
Events after the reporting date
There have been no significant events affecting the company since the reporting date.
24
Related party transactions
The company is a wholly owned subsidiary of Precision NI Holdings Limited and has taken advantage of the exemption conferred by section 33.1A of FRS102 not to disclose transactions with other wholly owned subsidiaries within the group.
25
Ultimate controlling party
The parent company of Precision Industrial Services Limited is Precision NI Holdings Limited, a company incorporated in Northern Ireland and its registered office is Site 28, Campsie Industrial Estate, McLean Road, Derry~Londonderry, BT47 3XX.
The largest and smallest group in which in the Company is consolidated is that headed by Precision NI Holdings Limited. The consolidated accounts are available to the public and may be obtained from its registered office as outlined above.
PRECISION INDUSTRIAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
26
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
182,168
338,211
Adjustments for:
Taxation charged
90,955
75,111
Finance costs
47,786
26,290
Investment income
(6,759)
(9)
Gain on disposal of tangible fixed assets
(1,318)
(3,772)
Depreciation and impairment of tangible fixed assets
83,725
95,235
Movements in working capital:
(Increase)/decrease in stocks
(3,708)
989
Decrease/(increase) in debtors
1,311,502
(544,275)
(Decrease)/increase in creditors
(490,094)
385,793
Cash generated from operations
1,214,257
373,573
27
Analysis of changes in net funds/(debt)
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
59,333
718,642
777,975
Borrowings excluding overdrafts
(730,356)
263,484
(466,872)
Obligations under finance leases
(57,883)
(2,760)
(60,643)
(728,906)
979,366
250,460
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