Company registration number 01122437 (England and Wales)
HAMTON ENVIRONMENTAL SERVICES LTD
CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
HAMTON ENVIRONMENTAL SERVICES LTD
COMPANY INFORMATION
Directors
Ms A Carter
Mr C Beenham
Ms M Carter
Mr T Vincent
Secretary
Ms L Beenham
Company number
01122437
Registered office
Hamton House
177-185 Hornchurch Road
Hornchurch
Essex
RM12 4TE
Auditor
Xeinadin Audit Ltd
249 Cranbrook Road
Ilford
Essex
IG1 4TG
HAMTON ENVIRONMENTAL SERVICES LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12 - 13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Company statement of cash flows
18
Notes to the financial statements
19 - 40
HAMTON ENVIRONMENTAL SERVICES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Review of the business

The results for the year and the financial position at the year end were considered satisfactory by the directors who expect continued growth in the foreseeable future. The company and group remain wholly in private ownership and maintain its pursuit of a policy of longer term investment and financial stability over short-term profit.

Principal risks and uncertainties

The management team follow a continuous review of the performance of the Company and Group through monthly senior management meetings. Action plans are developed and reviewed on an ongoing basis. The key risks are principally the competitiveness of the UK market. Sales opportunities are continually evaluated to the current market and economic climate

Development and performance

Turnover for the year is above forecast and performing well.

 

Focus this year has been on inward investment, cost control and strengthening the balance sheet which is valued at £24.5m.

Key performance indicators

The management team analyse various key performance indicators as part of their overall strategic review but have identified the following as being particularly important:

 

Sales performance versus main competitors, sales versus budget and prior year and quality statistics.

 

Other information and explanations

In the year under review the company has acquired indirectly the entire share capital of IRL Group Ltd whose principal activity is that of a resin flooring contractor. The company is registered in England and Wales.

HAMTON ENVIRONMENTAL SERVICES LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Section 172 (1) statement

Section 172 of the Companies Act 2006 requires a director of a company to act in the way he or she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole.

 

In doing this, section 172 requires a director to have regards, amongst other matters, to the:

 

- likely consequences of any decisions in the long term

 

- interests of the company's employees

 

- need to foster the company's business relationships with suppliers, customers and others

 

- impact of the company's operations on the community and environment

 

- desirability of the company maintaining a reputation for high standards of business conduct; and

 

- need to act fairly as between members of the company.

 

The directors confirm that in discharging their duties under section 172, they have had regard to the factors set out above. The company delegates authority for day to day management to key personnel who are responsible for setting, approving and overseeing the execution of the business strategy and related policies.

 

The company delegates to key management to review the Company's financial and operational performance, risk and compliance, and health and safety matters.

 

Customer service is a key area of focus for the company and the company is committed to maintaining and improving its online customer satisfaction survey rating. Customer satisfaction is maintained through training and development of the company's employees, offering a comprehensive range of stock, and a hassle free purchase experience.

 

Managing good relationships with suppliers is key to facilitating the offering of a wide range of high quality stock. The company engages with its suppliers to ensure that they are consulted and informed.

 

The company also has regard to the local community in all of its activities and acknowledges its role as a major employer in the local area.

 

On behalf of the board

Ms A Carter
Director
30 September 2024
HAMTON ENVIRONMENTAL SERVICES LTD
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 and group continued to be that of specialist industrial cleaning, waste management and recycling, M & E, total facilities management, mat cleaning and ancillary services.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

Ms A Carter
Mr C Beenham
Ms M Carter
Ms J E Beenham
(Resigned 20 April 2024)
Mr T Vincent
Mr J E Beenham
(Resigned 20 April 2024)
Research and development

The management team follow a continuous review of the performance of the company through monthly senior management meetings. Action plans are developed and reviewed on an ongoing basis. The key risks are principally the competitiveness of the UK market in an economic 'downturn'. Sales opportunities are continually evaluated to the current market and economic climate.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

 

 

Auditor

The auditor Xeinadin Audit Ltd is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report
HAMTON ENVIRONMENTAL SERVICES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2023
Energy consumption
kWh
Aggregate of energy consumption in the year
429,162
2023
Emissions of CO2 equivalent
metric tonnes
Scope 1 - indirect emissions
- Energy consumption
617.70
-
Intensity ratio
Tonnes CO2e per kWh per m2
60.84
Scope 2 - direct emissions
- Fuel consumed for own transport
244,738.10
244,738.10
Intensity ratio
Tonnes CO2e per kWh per mile
1.60
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e as analysed above, the recommended ratio for the sector.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of fair review of the business, principal risks and uncertainties and key performance indicators.

Statement of disclosure to auditor

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

HAMTON ENVIRONMENTAL SERVICES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
On behalf of the board
Ms A Carter
Director
30 September 2024
HAMTON ENVIRONMENTAL SERVICES LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

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

 

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

 

 

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

HAMTON ENVIRONMENTAL SERVICES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HAMTON ENVIRONMENTAL SERVICES LTD
- 7 -
Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

HAMTON ENVIRONMENTAL SERVICES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HAMTON ENVIRONMENTAL SERVICES LTD
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Which laws and regulations the auditor identified as being of significance in the context of the entity. ICAEW guidance relating to reporting on irregularities, November 2020, based on ISA 700 A39-1 to A39-5

The auditor’s explanation of its audit response will depend on the risks identified but may include:

- Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims.

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- 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 outside the normal course of business.

ICAEW guidance relating to reporting on irregularities, November 2020, based on ISA 700 A39-1 to A39-5

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.

HAMTON ENVIRONMENTAL SERVICES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HAMTON ENVIRONMENTAL SERVICES LTD
- 9 -
Barry Leibovitch (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Ltd
Date: .........................
2024-09-30
Statutory auditors
249 Cranbrook Road
Ilford
Essex
IG1 4TG
HAMTON ENVIRONMENTAL SERVICES LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
36,183,786
29,467,642
Cost of sales
(29,800,356)
(21,916,322)
Gross profit
6,383,430
7,551,320
Administrative expenses
(5,662,563)
(4,085,449)
Operating profit
4
720,867
3,465,871
Interest receivable and similar income
8
-
0
29
Interest payable and similar expenses
9
(63,857)
(29,805)
Profit before taxation
657,010
3,436,095
Tax on profit
10
(128,840)
(711,388)
Profit for the financial year
30
528,170
2,724,707
Profit for the financial year is attributable to:
- Owners of the parent company
529,292
2,691,673
- Non-controlling interests
(1,122)
33,034
528,170
2,724,707
HAMTON ENVIRONMENTAL SERVICES LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
£
£
Profit for the year
528,170
2,724,707
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
528,170
2,724,707
Total comprehensive income for the year is attributable to:
- Owners of the parent company
529,292
2,691,673
- Non-controlling interests
(1,122)
33,034
528,170
2,724,707
HAMTON ENVIRONMENTAL SERVICES LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
2,468,181
1,860,825
Tangible assets
12
3,695,885
1,582,921
Investments
13
1,580
2,330
6,165,646
3,446,076
Current assets
Stocks
17
261,597
220,155
Debtors
18
26,310,196
22,263,839
Cash at bank and in hand
1,446,633
3,313,310
28,018,426
25,797,304
Creditors: amounts falling due within one year
19
(9,075,986)
(5,698,128)
Net current assets
18,942,440
20,099,176
Total assets less current liabilities
25,108,086
23,545,252
Creditors: amounts falling due after more than one year
20
(429,647)
(312,796)
Provisions for liabilities
Deferred tax liability
23
133,343
90,308
(133,343)
(90,308)
Net assets
24,545,096
23,142,148
Capital and reserves
Called up share capital
25
1,751
1,751
Share premium account
26
175,000
-
0
Capital redemption reserve
27
168
-
0
Own shares
28
1,348
1,348
Profit and loss reserves
30
24,367,901
22,909,292
Equity attributable to owners of the parent company
24,546,168
22,912,391
Non-controlling interests
(1,072)
229,757
24,545,096
23,142,148
HAMTON ENVIRONMENTAL SERVICES LTD
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
30 September 2024
Ms A Carter
Director
Company registration number 01122437 (England and Wales)
HAMTON ENVIRONMENTAL SERVICES LTD
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 14 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,398,203
1,421,689
Investments
13
2,258,338
2,258,298
3,656,541
3,679,987
Current assets
Stocks
17
196,158
220,155
Debtors
18
24,832,596
21,636,556
Cash at bank and in hand
1,213,883
3,094,585
26,242,637
24,951,296
Creditors: amounts falling due within one year
19
(5,516,712)
(5,593,909)
Net current assets
20,725,925
19,357,387
Total assets less current liabilities
24,382,466
23,037,374
Creditors: amounts falling due after more than one year
20
(185,618)
(262,099)
Provisions for liabilities
Deferred tax liability
23
50,000
50,000
(50,000)
(50,000)
Net assets
24,146,848
22,725,275
Capital and reserves
Called up share capital
25
1,751
1,751
Own shares
28
1,348
1,348
Profit and loss reserves
30
24,143,749
22,722,176
Total equity
24,146,848
22,725,275

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,421,573 (2022 - £2,504,557 profit).

The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
30 September 2024
Ms A Carter
Director
Company registration number 01122437 (England and Wales)
HAMTON ENVIRONMENTAL SERVICES LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Share premium account
Capital redemption reserve
Own shares
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
£
£
Balance at 1 January 2022
1,751
-
0
-
0
1,348
20,217,619
20,220,718
-
20,220,718
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
-
2,691,673
2,691,673
33,034
2,724,707
Acquisition of subsidiary
-
-
-
-
-
-
(263,021)
(263,021)
Purchase of shares in subsidiary from non-controlling interest
-
-
-
-
-
-
459,744
459,744
Balance at 31 December 2022
1,751
-
0
-
0
1,348
22,909,292
22,912,391
229,757
23,142,148
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
-
529,292
529,292
(1,122)
528,170
Other movements
-
175,000
168
-
929,317
1,104,485
(229,707)
874,778
Balance at 31 December 2023
1,751
175,000
168
1,348
24,367,901
24,546,168
(1,072)
24,545,096
HAMTON ENVIRONMENTAL SERVICES LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
Share capital
Own shares
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
1,751
1,348
20,217,619
20,220,718
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
2,504,557
2,504,557
Balance at 31 December 2022
1,751
1,348
22,722,176
22,725,275
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,421,573
1,421,573
Balance at 31 December 2023
1,751
1,348
24,143,749
24,146,848
HAMTON ENVIRONMENTAL SERVICES LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
1,020,418
4,475,936
Interest paid
(63,857)
(29,805)
Income taxes paid
(604,651)
(706,468)
Net cash inflow from operating activities
351,910
3,739,663
Investing activities
Purchase of intangible assets
(7,051)
(2,123,845)
Purchase of tangible fixed assets
(2,499,100)
(817,139)
Proceeds from disposal of tangible fixed assets
218,622
244,902
Proceeds from disposal of subsidiaries, net of cash disposed
700
(700)
Proceeds from disposal of associates
50
(50)
Repayment of loans
(256,104)
261,980
Interest received
-
0
29
Net cash used in investing activities
(2,542,883)
(2,434,823)
Financing activities
Proceeds from issue of shares
(120)
-
Repayment of borrowings
(3,455)
(213)
Repayment of bank loans
25,754
-
Payment of finance leases obligations
222,484
32,457
Purchase of shares in subsidiary from non-controlling interest
-
459,744
Net cash generated from financing activities
244,663
491,988
Net (decrease)/increase in cash and cash equivalents
(1,946,310)
1,796,828
Cash and cash equivalents at beginning of year
3,313,310
1,516,482
Cash and cash equivalents at end of year
1,367,000
3,313,310
Relating to:
Cash at bank and in hand
1,446,633
3,313,310
Bank overdrafts included in creditors payable within one year
(79,633)
-
HAMTON ENVIRONMENTAL SERVICES LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
35
(605,270)
4,715,659
Interest paid
(42,199)
(23,081)
Income taxes paid
(588,305)
(706,468)
Net cash (outflow)/inflow from operating activities
(1,235,774)
3,986,110
Investing activities
Purchase of tangible fixed assets
(358,802)
(450,268)
Proceeds from disposal of tangible fixed assets
56,320
89,065
Purchase of subsidiaries
(40)
(2,256,668)
Purchase of associates
-
0
(50)
Repayment of loans
(256,104)
261,980
Net cash used in investing activities
(558,626)
(2,355,941)
Financing activities
Repayment of borrowings
(3,455)
(213)
Payment of finance leases obligations
(82,847)
(51,853)
Net cash used in financing activities
(86,302)
(52,066)
Net (decrease)/increase in cash and cash equivalents
(1,880,702)
1,578,103
Cash and cash equivalents at beginning of year
3,094,585
1,516,482
Cash and cash equivalents at end of year
1,213,883
3,094,585
HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
1
Accounting policies
Company information

Hamton Environmental Services Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Hamton Environmental Services Limited and all of its subsidiaries.

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.

1.2
Business combinations

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

 

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

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Hamton Environmental Services Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

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

1.5
Turnover

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

 

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

Revenue from the sale of goods 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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

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

1.7
Tangible fixed assets

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

HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -

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

Freehold land and buildings
Straight line over 50 years
Leasehold land and buildings
10% Straight line
Plant and equipment
20% Reducing balance
Fixtures and fittings
20% Rducing balance
Motor vehicles
25% Reducing balance

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

1.8
Fixed asset investments

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

 

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

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

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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

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

1.9
Impairment of fixed assets

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

 

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

HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -

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.

1.10
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.

1.11
Cash and cash equivalents

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

1.12
Financial instruments

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

 

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

 

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

Basic financial assets

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

HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
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 group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
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 group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

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

1.14
Taxation

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

Current tax

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

Deferred tax

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

 

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

HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 25 -
1.15
Employee benefits

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

 

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

 

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

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
36,183,786
29,467,642
2023
2022
£
£
Turnover analysed by geographical market
36,183,786
29,467,642
HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 26 -
2023
2022
£
£
Other revenue
Interest income
-
29
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
122,954
197,943
Depreciation of tangible fixed assets held under finance leases
91,917
95,929
Profit on disposal of tangible fixed assets
(47,357)
(8,093)
Operating lease charges
1,754
-
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
25,000
25,000
Audit of the financial statements of the company's subsidiaries
-
4,000
25,000
29,000
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Operatives
602
558
542
531
Administration
27
20
22
20
Directors
6
5
6
5
Total
635
583
570
556
HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 27 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
11,478,444
9,073,832
10,014,954
8,599,863
Social security costs
1,072,458
929,267
1,026,007
890,812
Pension costs
219,846
189,655
199,367
181,837
12,770,748
10,192,754
11,240,328
9,672,512
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
1,167,389
701,504
Company pension contributions to defined contribution schemes
6,597
6,597
1,173,986
708,101

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2022 - 5).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
576,649
304,963
Company pension contributions to defined contribution schemes
1,321
1,321
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
-
0
29
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
-
29
HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
2,900
-
Other finance costs:
Interest on finance leases and hire purchase contracts
36,228
17,755
Other interest
24,729
12,050
Total finance costs
63,857
29,805
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
137,371
659,080
Deferred tax
Origination and reversal of timing differences
(8,531)
52,308
Total tax charge
128,840
711,388

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
657,010
3,436,095
Expected tax charge based on the standard rate of corporation tax in the UK of 23.25% (2022: 19.00%)
152,755
652,858
Tax effect of expenses that are not deductible in determining taxable profit
4,915
2,993
Effect of change in corporation tax rate
(36,465)
-
Group relief
(272,239)
-
0
Permanent capital allowances in excess of depreciation
(4,592)
(4,613)
Other non-reversing timing differences
-
0
12,000
Other permanent differences
284,466
48,150
Taxation charge
128,840
711,388
HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023
2,150,648
Additions
607,357
At 31 December 2023
2,758,005
Amortisation and impairment
At 1 January 2023 and 31 December 2023
289,824
Carrying amount
At 31 December 2023
2,468,181
At 31 December 2022
1,860,825
Company
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
289,823
Amortisation and impairment
At 1 January 2023 and 31 December 2023
289,823
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
400,000
11,262
1,770,698
389,771
2,088,639
4,660,370
Additions
1,802,043
-
0
35,649
10,557
650,851
2,499,100
Disposals
-
0
-
0
-
0
-
0
(374,411)
(374,411)
At 31 December 2023
2,202,043
11,262
1,806,347
400,328
2,365,079
6,785,059
Depreciation and impairment
At 1 January 2023
32,503
11,262
1,612,167
366,628
1,054,889
3,077,449
Depreciation charged in the year
-
0
-
0
36,729
6,667
171,475
214,871
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(203,146)
(203,146)
At 31 December 2023
32,503
11,262
1,648,896
373,295
1,023,218
3,089,174
Carrying amount
At 31 December 2023
2,169,540
-
0
157,451
27,033
1,341,861
3,695,885
At 31 December 2022
367,497
-
0
158,531
23,143
1,033,750
1,582,921
HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Tangible fixed assets
(Continued)
- 31 -
Company
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
400,000
11,262
1,770,698
389,771
1,891,043
4,462,774
Additions
-
0
-
0
-
0
-
0
358,802
358,802
Disposals
-
0
-
0
-
0
-
0
(133,010)
(133,010)
At 31 December 2023
400,000
11,262
1,770,698
389,771
2,116,835
4,688,566
Depreciation and impairment
At 1 January 2023
32,503
11,262
1,612,167
366,628
1,018,525
3,041,085
Depreciation charged in the year
-
0
-
0
31,706
4,629
299,949
336,284
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(87,006)
(87,006)
At 31 December 2023
32,503
11,262
1,643,873
371,257
1,231,468
3,290,363
Carrying amount
At 31 December 2023
367,497
-
0
126,825
18,514
885,367
1,398,203
At 31 December 2022
367,497
-
0
158,531
23,143
872,518
1,421,689

The carrying value of land and buildings comprises:

Group
Company
2023
2022
2023
2022
£
£
£
£
Freehold
367,497
367,497
367,497
367,497
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
700
2,256,708
2,256,668
Investments in associates
15
-
0
50
50
50
Listed investments
1,580
1,580
1,580
1,580
1,580
2,330
2,258,338
2,258,298
HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Fixed asset investments
(Continued)
- 32 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2023 and 31 December 2023
1,580
Carrying amount
At 31 December 2023
1,580
At 31 December 2022
1,580
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
2,256,718
1,580
2,258,298
Additions
40
-
40
At 31 December 2023
2,256,758
1,580
2,258,338
Carrying amount
At 31 December 2023
2,256,758
1,580
2,258,338
At 31 December 2022
2,256,718
1,580
2,258,298
14
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Sirius Service Group Ltd
England and Wales
Mat cleaning and ancillary services
Ordinary
100.00
-
Hamton Star Ltd
England and Wales
Non trading holding company
Ordinary
100.00
-
IRL Group Ltd
England and Wales
Resin flooring contractor
Ordinary
-
100.00
IRL Holdings Ltd
England and Wales
Non trading hompany
Ordinary
-
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Subsidiaries
(Continued)
- 33 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Sirius Service Group Ltd
978,760
166,744
Hamton Star Ltd
55,696
55,576
IRL Group Ltd
(785,387)
(1,057,903)
IRL Holdings Ltd
55,576
(212,415)
15
Associates

Details of associates at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Riverside Retreats Ltd
England and Wales
Property investment
Ordinary
50
16
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Financial assets measured at cost
23,529,238
17,057,202
23,062,905
16,431,530
Equity instruments measured at cost
1,580
1,580
1,580
1,580
Carrying amount of financial liabilities
Financial liabilities measured at cost
8,231,768
4,184,359
4,609,989
4,178,797
17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
196,158
220,155
196,158
220,155
Finished goods and goods for resale
65,439
-
0
-
0
-
0
261,597
220,155
196,158
220,155
HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
16,674,381
11,462,458
15,852,397
11,236,786
Unpaid share capital
120
-
0
-
0
-
0
Amounts owed by group undertakings
-
1,129,920
2,353,493
1,129,920
Amounts owed by undertakings in which the company has a participating interest
3,136,866
1,801,847
1,802,237
1,801,847
Other debtors
3,815,266
2,662,977
3,054,778
2,262,977
Prepayments and accrued income
2,683,563
5,206,637
1,769,691
5,205,026
26,310,196
22,263,839
24,832,596
21,636,556
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
89,633
-
0
-
0
-
0
Obligations under finance leases
22
214,905
93,518
53,539
59,905
Other borrowings
21
-
0
3,455
-
0
3,455
Trade creditors
3,309,054
2,608,234
2,419,276
2,606,259
Amounts owed to group undertakings
-
0
-
0
113,141
113,021
Corporation tax payable
140,234
659,080
81,639
588,304
Other taxation and social security
1,133,631
1,167,485
1,010,702
1,088,907
Other creditors
2,662,737
683,423
830,546
681,433
Accruals and deferred income
1,525,792
482,933
1,007,869
452,625
9,075,986
5,698,128
5,516,712
5,593,909
20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
15,754
-
0
-
0
-
0
Obligations under finance leases
22
413,893
312,796
185,618
262,099
429,647
312,796
185,618
262,099
HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
21
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
25,754
-
0
-
0
-
0
Bank overdrafts
79,633
-
0
-
0
-
0
Other loans
-
0
3,455
-
0
3,455
105,387
3,455
-
3,455
Payable within one year
89,633
3,455
-
0
3,455
Payable after one year
15,754
-
0
-
0
-
0

 

22
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
268,444
127,131
53,539
59,905
In two to five years
360,354
279,183
185,618
262,099
628,798
406,314
239,157
322,004

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

23
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
83,343
40,308
Revaluations
50,000
50,000
133,343
90,308
HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
23
Deferred taxation
(Continued)
- 36 -
Liabilities
Liabilities
2023
2022
Company
£
£
Revaluations
50,000
50,000
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
90,308
50,000
Charge to profit or loss
43,035
-
Liability at 31 December 2023
133,343
50,000

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
219,846
189,655

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,751
1,751
1,751
1,751
26
Share premium account
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
-
0
-
0
-
0
-
0
Other movements
175,000
-
-
-
At the end of the year
175,000
-
0
-
0
-
0
HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 37 -
27
Capital redemption reserve
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
-
-
0
-
-
0
Other movements
168
-
-
-
At the end of the year
168
-
0
-
0
-
0
28
Own shares reserve
2023
2022
Group and company
£
£
At the beginning and end of the year
1,348
1,348
29
Financial commitments, guarantees and contingent liabilities

There is a Composite Company Unlimited Multilateral Guarantee held with HSBC, given by Hamton Environmental Services Limited, Hamton Metals Management Services Limited, Lineside Logistics (Southern) Limited and HMT Electrical Services Limited. There is also a right of set-off between the aforementioned companies. A Carter is a director and shareholder of these companies.

 

There is also an unlimited cross company guarantee held with Allied Irish Bank (GB) between Hamton Environmental Services Limited, Hamton Metals Management Services Limited, HMT Electrical Services Limited and Lineside Logistics (Southern) Limited.            

30
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
22,909,292
20,217,619
22,722,176
20,217,619
Profit for the year
529,292
2,691,673
1,421,573
2,504,557
Other movements
929,317
-
-
-
At the end of the year
24,367,901
22,909,292
24,143,749
22,722,176
31
Related party transactions
Transactions with related parties

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

HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
31
Related party transactions
(Continued)
- 38 -
Management charges
2023
2022
£
£
Group
Other related parties
650,000
2,688,000
Company
Other related parties
650,000
2,688,000

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Company
Entities over which the company has control, joint control or significant influence
113,141
113,021
Other related parties
820,732
675,338

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Entities over which the group has control, joint control or significant influence
-
1,130,000
Other related parties
3,111,689
2,251,008
Company
Entities over which the company has control, joint control or significant influence
2,353,493
1,129,920
Other related parties
4,597,060
4,052,855
32
Controlling party

The ultimate controlling party is A Carter by virtue of her majority shareholding.

 

The entity is consolidated into the annual report and financial statements of Hamton Environmental Services Ltd consolidated annual report and financial statements.

HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 39 -
33
Exemption from audit by parent guarantee

The following subsidiaries are included in these consolidated financial statements drawn up for the year ended 31 December 2023. These companies are exempt from the requirements of the Companies Act relating to the audit of individual accounts by virtue of s479A.

 

 

Company Name Company number Country of incorporation

Sirius Service Group Ltd 02835788 United Kingdom

IRL Group Ltd 02615625 United Kingdom

IRL Holdings Ltd 05145006 United Kingdom

Hamton Star Ltd 14484736 United Kingdom

 

 

34
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
528,170
2,724,707
Adjustments for:
Taxation charged
128,840
711,388
Finance costs
63,857
29,805
Investment income
-
0
(29)
Gain on disposal of tangible fixed assets
(47,357)
(8,093)
Depreciation and impairment of tangible fixed assets
214,871
293,872
Movements in working capital:
Increase in stocks
(41,442)
(20,025)
(Increase)/decrease in debtors
(3,790,133)
128,327
Increase in creditors
3,963,612
615,984
Cash generated from operations
1,020,418
4,475,936
HAMTON ENVIRONMENTAL SERVICES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 40 -
35
Cash (absorbed by)/generated from operations - company
2023
2022
£
£
Profit for the year after tax
1,421,573
2,504,557
Adjustments for:
Taxation charged
81,640
600,304
Finance costs
42,199
23,081
Gain on disposal of tangible fixed assets
(10,316)
(24,589)
Depreciation and impairment of tangible fixed assets
336,284
260,566
Movements in working capital:
Decrease/(increase) in stocks
23,997
(20,025)
(Increase)/decrease in debtors
(2,939,936)
755,610
Increase in creditors
439,289
616,155
Cash (absorbed by)/generated from operations
(605,270)
4,715,659
36
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
3,313,310
(1,866,677)
1,446,633
Bank overdrafts
-
0
(79,633)
(79,633)
3,313,310
(1,946,310)
1,367,000
Borrowings excluding overdrafts
(3,455)
(22,299)
(25,754)
Obligations under finance leases
(406,314)
(222,484)
(628,798)
2,903,541
(2,191,093)
712,448
37
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
3,094,585
(1,880,702)
1,213,883
Borrowings excluding overdrafts
(3,455)
3,455
-
Obligations under finance leases
(322,004)
82,847
(239,157)
2,769,126
(1,794,400)
974,726
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.200Mr C BeenhamMs M CarterMs J E BeenhamMr T VincentMr J E BeenhamMr J E BeenhamMs L 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