Registered number
02708090
Allam Marine Limited
Report and Financial Statements
31 December 2023
Allam Marine Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Strategic report 3
Independent auditor's report 4
Income statement 7
Statement of financial position 8
Statement of changes in equity 9
Statement of cash flows 10
Notes to the financial statements 11
Allam Marine Limited
Company Information
Directors
E Allam
Auditors
Jacksons
First Floor
Albion House
Albion Street
Hull
HU1 3TE
Registered office
Wyke Way
Melton West Business Park
Melton
Hull
HU14 3BQ
Registered number
02708090
Allam Marine Limited
Registered number: 02708090
Directors' Report
The directors present their report and financial statements for the year ended 31 December 2023.
Principal activities
The company's principal activity during the year continued to be that of industrial and marine engineering.
Directors
The following persons served as directors during the year:
E Allam
Directors' responsibilities
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 10 September 2024 and signed on its behalf.
E Allam
Director
Allam Marine Limited
Strategic Report
Review of the business including key performance indicators
Turnover for the year has decreased by 35%. However, the business has achieved a better profit margin compared to the previous year. Although the downturn in sales is an industry-wide trend, the company is well placed to take advantage of opportunities as they arise.
Administrative costs have increased by 61%. This is a result of the recruitment of new employees during the financial year together with increases in the rate of wages and salaries. Energy costs have also increased significantly.
The director, in accordance with s. 172, seeks to promote the long term success of the company and consider the interests of all stakeholders, by regular meetings with management coupled with substantial skills and experience.
Engagement with suppliers, customers and others
The directors seek to foster good relationships with the company's suppliers and customers.
Streamline energy and carbon reporting
The company has analysed its consumption of UK gas and energy in line with the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. The total consumption for the year ended 31 December 2023 is 310,759 Kwh. This consumption is solely Electricity. This equates to total UK emissions of 64.35 tCO2e and represents an intensity ratio of 0.7 (tCO2e per £m of turnover).
The company proactively monitors its energy consumption and routinely looks for ways to improve its energy efficiency.
Future Developments
The company's manufacturing and storage facilities are able to respond quickly to changes in demand because the business has increased it overall stock levels during the financial year. The company is the first port of call for customers seeking generators at short notice.
Principal risks and uncertainties
The company's main risks are in connection with economic activity in the generating sets market. Because the company exports over 90% of its products, it is exposed to fluctuations in the exchange rate between the pound and various currencies.
This report was approved by the board on 10 September 2024 and signed on its behalf.
E Allam
Director
Allam Marine Limited
Independent auditor's report
to the members of Allam Marine Limited
Opinion
We have audited the financial statements of Allam Marine Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, the Statement of Financial Position, 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 the 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;
have been prepared in accordance with the requirements of the Companies Act 2006.
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 the 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.
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 directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the 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.
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of our planning process:
We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.
We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006 and the Health and Safety at Work Act.
We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to stocks and the provision for bad debts.
Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
Testing key revenue lines.
Performing a physical verification of key assets .
Obtaining third-party confirmation of material balances.
Documenting and verifying all significant related party balances and transactions.
Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Mark Jackson FCA MBA
(Senior Statutory Auditor) First Floor
for and on behalf of Albion House
Jacksons Albion Street
Statutory Auditor Hull
10 September 2024 HU1 3TE
Allam Marine Limited
Income Statement
for the year ended 31 December 2023
Notes 2023 2022
£ £
Turnover 3 45,052,497 68,889,505
Cost of sales (40,521,643) (63,379,262)
Gross profit 4,530,854 5,510,243
Administrative expenses (3,286,007) (2,041,080)
Other operating income 21,922 21,922
Operating profit 4 1,266,769 3,491,085
Profit on sale of fixed assets 4,770 18,623
Interest receivable 456,099 440,043
Profit on ordinary activities before taxation 1,727,638 3,949,751
Tax on profit on ordinary activities 6 137,607 197,351
Profit for the financial year 1,865,245 4,147,102
Allam Marine Limited
Statement of Financial Position
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 7 9,904,256 10,088,351
Investments 8 285 285
9,904,541 10,088,636
Current assets
Stocks 9 49,797,576 21,843,241
Debtors 10 8,715,217 14,474,817
Cash at bank and in hand 14,809,966 45,161,497
73,322,759 81,479,555
Creditors: amounts falling due within one year 11 (8,191,213) (18,386,594)
Net current assets 65,131,546 63,092,961
Total assets less current liabilities 75,036,087 73,181,597
Provisions for liabilities
Deferred taxation 12 (29,185) (39,940)
Net assets 75,006,902 73,141,657
Capital and reserves
Called up share capital 13 10,000,000 10,000,000
Profit and loss account 14 65,006,902 63,141,657
Total equity 75,006,902 73,141,657
Approved and authorised for issue by the board on 10 September 2024 and signed on their behalf by:
E Allam
Director
Allam Marine Limited
Statement of Changes in Equity
for the year ended 31 December 2023
Share Profit Total
capital and loss
account
£ £ £
At 1 January 2022 10,000,000 58,994,555 68,994,555
Profit for the financial year 4,147,102 4,147,102
At 31 December 2022 10,000,000 63,141,657 73,141,657
At 1 January 2023 10,000,000 63,141,657 73,141,657
Profit for the financial year 1,865,245 1,865,245
At 31 December 2023 10,000,000 65,006,902 75,006,902
Allam Marine Limited
Statement of Cash Flows
for the year ended 31 December 2023
Notes 2023 2022
£ £
Operating activities
Profit for the financial year 1,865,245 4,147,102
Adjustments for:
Profit on sale of fixed assets (4,770) (18,623)
Interest receivable (456,099) (440,043)
Tax on profit on ordinary activities (137,607) (197,351)
Depreciation 234,925 222,054
Increase in stocks (27,954,335) (593,310)
Decrease in debtors 5,759,600 10,678,318
(Decrease)/increase in creditors (10,195,786) 2,976,515
(30,888,827) 16,774,662
Interest received 456,099 440,043
Corporation tax paid 127,257 (764,258)
Cash (used in)/generated by operating activities (30,305,471) 16,450,447
Investing activities
Payments to acquire tangible fixed assets (90,611) (117,868)
Proceeds from sale of tangible fixed assets 44,551 18,623
Cash used in investing activities (46,060) (99,245)
Net cash (used)/generated
Cash (used in)/generated by operating activities (30,305,471) 16,450,447
Cash used in investing activities (46,060) (99,245)
Net cash (used)/generated (30,351,531) 16,351,202
Cash and cash equivalents at 1 January 45,161,497 28,810,295
Cash and cash equivalents at 31 December 14,809,966 45,161,497
Cash and cash equivalents comprise:
Cash at bank 14,809,966 45,161,497
Allam Marine Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Critical accounting estimates and judgements
In order to apply the company's accounting policies, as described in note1 above, the directors are required to make judgements and estimates in respect of the carrying value of assets and liabilities which may not be apparent from other sources of information. The directors base these critical accounting judgements and estimations on previous historical experience and other factors which the directors judge to be relevant. Judgements and estimates will invariably differ from actual results and hence such judgements and estimates are reviewed by the directors on an ongoing basis.
The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on the amounts recognised in the financial statements:
Stocks
Stocks are valued at the lower of cost and net realisable value. Where items are in stock for a long period the directors will estimate their realisable value, and make provision, where necessary. The directors constantly review and consider the stock levels and monitor the sale of items held for long periods. In assessing any provision the directors take into account their past experience of the sale of items and whether the item model has been changed by the supplier.
3 Analysis of turnover 2023 2022
£ £
Sale of goods 45,052,497 68,889,505
By geographical market:
UK 4,471,365 18,016,710
Europe 2,288,372 11,769,681
Rest of world 38,292,760 39,103,114
45,052,497 68,889,505
4 Operating profit 2023 2022
£ £
This is stated after charging:
Depreciation of owned fixed assets 234,925 222,054
Auditors' remuneration for audit services 14,500 12,000
Auditors' remuneration for other services 2,400 3,600
Carrying amount of stock sold 40,521,643 63,379,262
5 Staff costs 2023 2022
£ £
Wages and salaries 1,035,043 635,600
Social security costs 95,361 55,426
Other pension costs 17,482 12,906
1,147,886 703,932
Average number of employees during the year Number Number
Administration 18 10
Manufacturing 18 19
36 29
6 Taxation 2023 2022
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 454,560 (214,602)
Adjustments in respect of previous periods (581,412) -
(126,852) (214,602)
Deferred tax:
Origination and reversal of timing differences (10,755) 17,251
Tax on loss on ordinary activities (137,607) (197,351)
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2023 2022
£ £
Profit on ordinary activities before tax 1,727,638 3,949,751
Standard rate of corporation tax in the UK 23.52% 20.00%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 406,340 789,950
Effects of:
Expenses not deductible for tax purposes 48,220 (38,577)
Capital allowances for period in excess of depreciation - 22,782
Utilisation of tax losses - (988,757)
Adjustments to tax charge in respect of previous periods (581,412) -
Current tax charge for period (126,852) (214,602)
7 Tangible fixed assets
Land and buildings Plant and machinery Fixtures, fittings, tools and equipment Total
At cost At cost At cost
£ £ £ £
Cost or valuation
At 1 January 2023 11,129,327 1,281,850 202,030 12,613,207
Additions 10,000 72,880 7,731 90,611
Disposals (90,434) (250,101) (114,184) (454,719)
At 31 December 2023 11,048,893 1,104,629 95,577 12,249,099
Depreciation
At 1 January 2023 1,292,613 1,048,733 183,510 2,524,856
Charge for the year 166,370 61,592 6,963 234,925
On disposals (59,955) (242,935) (112,048) (414,938)
At 31 December 2023 1,399,028 867,390 78,425 2,344,843
Carrying amount
At 31 December 2023 9,649,865 237,239 17,152 9,904,256
At 31 December 2022 9,836,714 233,117 18,520 10,088,351
8 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2023 285
At 31 December 2023 285
The company holds 20% or more of the share capital of the following companies:
Capital and Profit (loss)
Company Shares held reserves for the year
Class % £ £
Tempest Diesels Limited Ordinary 100 100 -
9 Stocks 2023 2022
£ £
Raw materials and consumables 49,797,576 21,843,241
10 Debtors 2023 2022
£ £
Trade debtors 6,903,406 13,179,240
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,000,000 -
Other debtors 552,635 1,111,499
Prepayments and accrued income 259,176 184,078
8,715,217 14,474,817
11 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 8,090,118 18,326,326
Amounts owed to group undertakings and undertakings in which the company has a participating interest 100 100
Corporation tax 14,560 14,155
Other taxes and social security costs 51,481 34,013
Accruals and deferred income 34,954 12,000
8,191,213 18,386,594
12 Deferred taxation 2023 2022
£ £
Accelerated capital allowances 29,185 39,940
2023 2022
£ £
At 1 January 39,940 22,689
(Credited)/charged to the profit and loss account (10,755) 17,251
At 31 December 29,185 39,940
13 Share capital Nominal 2023 2023 2022
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 10,000,000 10,000,000 10,000,000
14 Profit and loss account 2023 2022
£ £
At 1 January 63,141,657 58,994,555
Profit for the financial year 1,865,245 4,147,102
At 31 December 65,006,902 63,141,657
15 Controlling party
The company's parent is Allamhouse Limited, a company incorporated in England. Allamhouse Limited prepares group accounts which are available at the address in note 18. Allamhouse Limited is controlled by the Allam family.
16 Presentation currency
The financial statements are presented in Sterling.
17 Legal form of entity and country of incorporation
Allam Marine Limited is a private company limited by shares and incorporated in England.
18 Principal place of business
The address of the company's principal place of business and registered office is:
Wyke Way
Melton West Business Park
Melton
Hull
HU14 3BQ
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