Company registration number 00988751 (England and Wales)
CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
COMPANY INFORMATION
Directors
I H W Thomas
Mr R Zubovic
Secretary
I H W Thomas
Company number
00988751
Registered office
Cordwallis Street
Maidenhead
Berkshire
SL6 7BE
Auditor
Eacotts International Limited
Grenville Court
Britwell Road
Burnham
Buckinghamshire
SL1 8DF
Business address
Cordwallis Street
Maidenhead
Berkshire
SL6 7BE
Bankers
HSBC Bank plc
35 High Street
Maidenhead
Berkshire
SL6 1JQ
CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
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 - 28
CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Fair review of the business

As a main Volkswagen Commercial Vehicles dealer, Isuzu Truck dealer & MAN truck centre, the Company continues to deal in new and used commercial motor vehicles, provide vehicle servicing and repairs and sells spare parts for Volkswagen Commercial Vehicles, Isuzu and MAN trucks. The Company also sells and exports parts for all types of commercial vehicles under the brand of CV Parts 365.

Principal risks and uncertainties

The commercial vehicle sector remains competitive both locally and nationally. The Company strives to give a premium service and as such gain an advantage over its competitors. Supplies of new vehicles has returned to normal however with the pending release of new vehicle models and the effect on market demand our vehicle sales volumes have remained at a similar level of 2023. Our service and repairs business and parts business has grown from the previous year by obtaining new business through existing and new customers and has continued to grow throughout 2024.

The management of the company continue to actively review the position and are mindful of the welfare of its staff and continues to adhere to all applicable Government guidance.

 

Development and performance

The company’s activities are organised as follows:

 

The turnover of the company by division was as follows:

 

2023    2022     2021     2020     2019

£000    £000     £000     £000    £000     

 

Sales of new vehicles     13,172    12,569    14,796     14,465     20,613    

Sales of used vehicles     4,347    4,425    5,743     5,879     5,264    

Servicing and repairs     7,624    6,214    7,115     5,805     7,629

Sales of spare parts     10,054    8,484    5,793     5,124     6,755    

Other income         41    72     114    154     169

    

 

The company operates in West London and throughout the Thames Valley, has operations in Heathrow, Reading, Maidenhead & Bicester. This is one of the busiest areas for commercial vehicles in the UK and also has one of the highest cost bases in the country. To this end the Directors are always monitoring the company’s performance against its peers by using Composite Reports of the Dealer Networks – this information (KPI’s) is supplied by the manufacturers. The Directors continually strive to keep the company in the Top 25% of all the Networks.

CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

The business monitors many KPI’s against its peers as previously noted, several of which are reported below. Turnover has increased this year by obtaining new business through existing and new customers and has continued to grow throughout 2024. When excluding the reversal of impairment on land in 2022 (£730,284) the KPI’s have increased.

Operating profit has increased from the prior year to £585,084 (2022: £241,183) and profit before taxation and exceptional items has also increased to £536,221 (2022: £199,461)        

Return on capital employed has increased to 4.8% (2022: 2.7%). Return on capital employed is calculated as profit after interest and taxation but before exceptional items divided by capital employed, which constitutes total assets less current liabilities, less cash plus overdrafts and other short-term borrowings.

We have a healthy order bank of vehicles however until the new models are released towards the end of 2024 we anticipate that the new and used vehicle volumes to remain at the same level.

The forecast for aftersales is for service revenues and overall parts sales to increase and to optimise on margin retention through continuous improvement of productivity and efficiencies. Activity levels and customer confidence remain strong and the Group remains well placed to take advantage of any market opportunities that may be presented.

The company is committed to conducting business with integrity and in a socially responsible and sustainable way and expects its suppliers and customers to share in this commitment.

 

On behalf of the board

I H W Thomas
Director
25 September 2024
CORDWALLIS COMMERCIALS (MAIDENHEAD) 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 sales, servicing, repair and hire of motor vehicles and the sales of spare parts.
Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £10,000. 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:

I H W Thomas
Mr R Zubovic
Auditor

In accordance with the company's articles, a resolution proposing that Eacotts International Limited be reappointed as auditor of the company will be put at a General Meeting.

Energy and carbon report

As the company has not consumed more than 40,000 MWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

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
I H W Thomas
Director
25 September 2024
CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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.

 

 

 

 

 

 

 

 

CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
- 5 -
Opinion

We have audited the financial statements of Cordwallis Commercials (Maidenhead) 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:

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:

CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
- 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:

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.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and UK Tax Legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:

CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
- 7 -

We also communicated relevant identified 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 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.

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.

Use of our report

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

Mr Jeffrey Smith
Senior Statutory Auditor
For and on behalf of Eacotts International Limited
25 September 2024
Accountants
ICAEW Registered Auditors
Grenville Court
Britwell Road
Burnham
Buckinghamshire
SL1 8DF
CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
35,237,887
31,763,998
Cost of sales
(31,130,679)
(28,192,987)
Gross profit
4,107,208
3,571,011
Administrative expenses
(3,720,874)
(2,774,444)
Other operating income
198,750
175,000
Operating profit
4
585,084
971,567
Interest receivable and similar income
8
41,397
-
0
Interest payable and similar expenses
9
(90,260)
(41,722)
Profit before taxation
536,221
929,845
Tax on profit
10
(179,373)
(13,454)
Profit for the financial year
356,848
916,391

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

CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
13
3,988
7,975
Tangible assets
14
5,563,070
5,592,791
5,567,058
5,600,766
Current assets
Stocks
15
5,746,365
4,834,347
Debtors
16
2,328,935
1,674,038
Cash at bank and in hand
718,446
1,024,219
8,793,746
7,532,604
Creditors: amounts falling due within one year
17
(7,224,381)
(6,275,201)
Net current assets
1,569,365
1,257,403
Total assets less current liabilities
7,136,423
6,858,169
Creditors: amounts falling due after more than one year
18
(147,953)
(216,547)
Provisions for liabilities
Provisions
21
74,658
74,658
Deferred tax liability
22
80,630
80,630
(155,288)
(155,288)
Net assets
6,833,182
6,486,334
Capital and reserves
Called up share capital
24
3,772
3,772
Capital redemption reserve
25
1,228
1,228
Profit and loss reserves
26
6,828,182
6,481,334
Total equity
6,833,182
6,486,334
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
I H W Thomas
Director
Company registration number 00988751 (England and Wales)
CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
3,772
1,228
5,564,943
5,569,943
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
916,391
916,391
Balance at 31 December 2022
3,772
1,228
6,481,334
6,486,334
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
356,848
356,848
Dividends
11
-
-
(10,000)
(10,000)
Balance at 31 December 2023
3,772
1,228
6,828,182
6,833,182
CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
30
(67,962)
(375,892)
Interest paid
(90,260)
(41,722)
Income taxes refunded/(paid)
41,040
(86,262)
Net cash outflow from operating activities
(117,182)
(503,876)
Investing activities
Purchase of tangible fixed assets
(236,428)
(188,067)
Proceeds from disposal of tangible fixed assets
1
-
0
Interest received
41,397
-
0
Net cash used in investing activities
(195,030)
(188,067)
Financing activities
Repayment of borrowings
(31,903)
(79,439)
Payment of finance leases obligations
48,022
(29,221)
Dividends paid
(10,000)
-
0
Net cash generated from/(used in) financing activities
6,119
(108,660)
Net decrease in cash and cash equivalents
(306,093)
(800,603)
Cash and cash equivalents at beginning of year
1,023,900
1,824,502
Cash and cash equivalents at end of year
717,807
1,023,899
Relating to:
Cash at bank and in hand
718,446
1,024,219
Bank overdrafts included in creditors payable within one year
(639)
(320)
CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information

Cordwallis Commercials (Maidenhead) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cordwallis Street, Maidenhead, Berkshire, SL6 7BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

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

Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Development Costs
25% straight line basis
1.6
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.

CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -

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

Freehold land
No depreciation on freehold land
Land and buildings leasehold
Over the lease term
Improvements to premises
15%, straight line basis
Fixtures, fittings & equipment
15% - 25% straight line basis
Motor vehicles
15% - 25% straight line basis

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.

1.7
Impairment of fixed assets

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

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

 

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

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

1.8
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.

Cost is calculated using the weighted average method.

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.

CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

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
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.

CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
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.

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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.

1.18
Dilapidations

 

The discounted estimated cost of fulfilling the leasehold dilapidations obligation is recognised in the financial statements.

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

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

2023
2022
£
£
Turnover analysed by class of business
Vehicle sales
17,518,907
16,993,608
Parts and servicing
17,678,410
14,698,140
Other income
40,570
72,250
35,237,887
31,763,998
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
35,237,887
31,763,998
2023
2022
£
£
Other revenue
Interest income
41,397
-
CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
261,824
257,615
Depreciation of tangible fixed assets held under finance leases
4,324
-
Reversal of past impairment of tangible fixed assets
-
0
(730,284)
Amortisation of intangible assets
3,987
3,987
Operating lease charges
791,738
785,959
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
35,842
38,730
6
Employees

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

2023
2022
Number
Number
Directors
2
3
Managerial
2
2
Administration
38
39
Sales and sales administration
37
38
Mechanics
55
56
Drivers
8
8
Total
142
146

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
5,684,777
4,969,456
Social security costs
600,646
554,897
Pension costs
92,872
80,367
6,378,295
5,604,720
CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
145,765
180,770
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
41,397
-
0
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
41,397
-
0
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
58,613
9,076
Other finance costs:
Interest on finance leases and hire purchase contracts
31,647
32,646
90,260
41,722
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
177,895
17,668
Adjustments in respect of prior periods
1,478
(8,618)
Total current tax
179,373
9,050
Deferred tax
Origination and reversal of timing differences
-
0
4,404
Total tax charge
179,373
13,454
CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 20 -

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
536,221
929,845
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
126,119
176,671
Tax effect of expenses that are not deductible in determining taxable profit
62,632
52,894
Gains not taxable
-
0
(138,755)
Adjustments in respect of prior years
-
0
(24,540)
Permanent capital allowances in excess of depreciation
(10,856)
(44,198)
Under/(over) provided in prior years
1,478
(8,618)
Taxation charge for the year
179,373
13,454
11
Dividends
2023
2022
£
£
Interim paid
10,000
-
0
12
Impairments

Reversals of previous impairment losses have been recognised in profit or loss as follows:

2023
2022
Notes
£
£
In respect of:
Property, plant and equipment
14
-
0
730,284
Recognised in:
Administrative expenses
-
730,284
CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
13
Intangible fixed assets
Development Costs
£
Cost
At 1 January 2023 and 31 December 2023
15,950
Amortisation and impairment
At 1 January 2023
7,975
Amortisation charged for the year
3,987
At 31 December 2023
11,962
Carrying amount
At 31 December 2023
3,988
At 31 December 2022
7,975

More information on impairment movements in the year is given in note 12.

CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
14
Tangible fixed assets
Freehold land
Land and buildings leasehold
Improvements to premises
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
1,930,284
4,408,410
437,348
1,983,282
204,999
8,964,323
Additions
-
0
-
0
3,122
131,267
102,039
236,428
Disposals
-
0
-
0
-
0
-
0
(65,000)
(65,000)
At 31 December 2023
1,930,284
4,408,410
440,470
2,114,549
242,038
9,135,751
Depreciation and impairment
At 1 January 2023
-
0
1,480,246
166,000
1,520,289
204,997
3,371,532
Depreciation charged in the year
-
0
83,018
9,724
169,082
4,324
266,148
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(64,999)
(64,999)
At 31 December 2023
-
0
1,563,264
175,724
1,689,371
144,322
3,572,681
Carrying amount
At 31 December 2023
1,930,284
2,845,146
264,746
425,178
97,716
5,563,070
At 31 December 2022
1,930,284
2,928,164
271,348
462,993
2
5,592,791
CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Tangible fixed assets
(Continued)
- 23 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts

2023
2022
£
£
Motor vehicles
97,717
-
0
Depreciation charge for the year in respect of leased assets
4,324
-

The company's bankers have a fixed charge over the freehold and leasehold land and buildings with a carrying amount of £2,179,440 (2022 - £2,179,440) and a floating charge over the other assets of the company.

15
Stocks
2023
2022
£
£
Finished goods and goods for resale
5,746,365
4,834,347

The company held consignment stock of £1,193,911 (2022: £2,267,973) at the year end and this has not been included in the stock figure on the balance sheet. The stock is held as consignment stock for 90 days on a sale or return basis, during which period all the risks and costs associated with the consignment stock are not borne by Cordwallis Commercials (Maidenhead) Limited.

16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,844,681
976,530
Corporation tax recoverable
-
0
64,103
Other debtors
150,062
317,560
Prepayments and accrued income
334,192
315,845
2,328,935
1,674,038
CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
17
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
19
639
319
Obligations under finance leases
20
1,063,304
1,042,186
Other borrowings
19
506,515
442,920
Trade creditors
3,467,078
2,150,005
Corporation tax
156,310
-
0
Other taxation and social security
340,795
422,764
Other creditors
953,248
1,506,937
Accruals and deferred income
736,492
710,070
7,224,381
6,275,201
18
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
20
59,890
32,986
Other borrowings
19
88,063
183,561
147,953
216,547
19
Loans and overdrafts
2023
2022
£
£
Bank overdrafts
639
319
Other loans
594,578
626,481
595,217
626,800
Payable within one year
507,154
443,239
Payable after one year
88,063
183,561

The bank holds the following security:

 

The aggregate value of liabilities for which the company has provided security for is £595,217 (2022: £626,800)

The bank loan is repayable in equal instalments over 15 years and incurs interest of 1.8% above the Bank of England base rate.

CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
20
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
1,063,304
1,042,186
In two to five years
59,890
32,986
1,123,194
1,075,172

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Provisions for liabilities
2023
2022
£
£
Dilapidations
74,658
74,658
Movements on provisions:
Dilapidations
£
At 1 January 2023 and 31 December 2023
74,658
22
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:
£
£
Accelerated capital allowances
80,630
80,630
There were no deferred tax movements in the year.

The deferred tax liability set out above is expected to reverse in future years and relates to accelerated capital allowances that are expected to mature within the same period.

CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
23
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
92,872
80,367

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.

24
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
3,772
3,772
3,772
3,772
25
Capital redemption reserve

The capital redemption reserve of £1,228 (2022 £1,228) arose from the company's purchase of its own share capital in a prior period.

26
Profit and loss reserves

The profit and loss reserves £6,828,182 (2022: £6,481,334 ) represents retained earnings less dividends paid since the company was incorporated.

27
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company for some of its properties. Leases are negotiated for an average term of twenty five years and rentals are reviewed every five years.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
224,583
622,500
Between two and five years
435,000
514,583
In over five years
1,468,274
1,613,274
2,127,857
2,750,357
CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
145,765
180,770
Transactions with related parties

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

During the course of the year, the directors charged the company £105,000 (2022: £105,000) for rental of its Maidenhead site. During the course of the year Cordwallis Commercials (Maidenhead) Directors Benefit Pension Plan charged the company £nil (2022: £nil) for the rental of its Oxford site.

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
900,000
1,550,000
Amounts owed to directors
9,172
79,313
Other related parties
15,774
15,774

Included in creditors falling due within one year is a loan of £600,000 from I H W Thomas. This loan is secured by a legal charge over the freehold land on the north side of Edison Road, Dorcan, Swindon. This loan is repayable on demand by I H W Thomas.

 

Included in creditors falling due within one year is a loan of £300,000 from I H W Thomas. This loan is secured by a legal charge over the leasehold property known as: Terranova House, Bennett Road, Reading RG2 0QX. This loan is repayable on demand by I H W Thomas.

 

Included in other creditors is £15,774 (2022: £15,774) which is owed to CV Parts 365 Limited, a company in which I H W Thomas is materially interested as a director.

 

 

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Other related parties
11,960
121,598

Included in other debtors is £11,960 (2022: £121,598) which is owed from Cordwallis Vehicle Contracts Limited, a company in which I H W Thomas is materially interested as a director.

CORDWALLIS COMMERCIALS (MAIDENHEAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
29
Directors' transactions

Dividends totalling £10,000 (2022 - £nil) were paid in the year in respect of shares held by the company's directors.

30
Cash absorbed by operations
2023
2022
£
£
Profit for the year after tax
356,848
916,391
Adjustments for:
Taxation charged
179,373
13,454
Finance costs
90,260
41,722
Investment income
(41,397)
-
0
Amortisation and impairment of intangible assets
3,987
3,987
Depreciation and impairment of tangible fixed assets
266,148
(472,669)
Movements in working capital:
Increase in stocks
(912,018)
(1,587,367)
(Increase)/decrease in debtors
(719,000)
608,738
Increase in creditors
707,837
99,852
Cash absorbed by operations
(67,962)
(375,892)
31
Analysis of changes in net debt
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,024,219
(305,773)
718,446
Bank overdrafts
(319)
(320)
(639)
1,023,900
(306,093)
717,807
Borrowings excluding overdrafts
(626,481)
31,903
(594,578)
Obligations under finance leases
(1,075,172)
(48,022)
(1,123,194)
(677,753)
(322,212)
(999,965)
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