Company registration number 10345480 (England and Wales)
ROYD TOOLGROUP UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ROYD TOOLGROUP UK LIMITED
COMPANY INFORMATION
Directors
C Murphy
J Murphy
R A Murphy
M Murphy
Company number
10345480
Registered office
Ensors Chartered Accountants
Connexions
159 Princes Street
Ipswich
IP1 1QJ
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
ROYD TOOLGROUP UK 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
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 28
ROYD TOOLGROUP UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Business overview
Royd Toolgroup Limited is an industry leading creator and provider of bespoke building and construction industry products. Founded in 2011 we have grown to be one of the sector leaders in innovation, design and quality within the industry, providing trades people with great value high performing solutions, which are continuously revised and developed with our customers and supply partners.
As a passionate, family-owned business, we pride ourselves primarily in the ongoing investment in our people, branding, products, and business systems, allowing us to continually enhance and grow our business in meeting the evolving needs of our markets.
As a service driven business, our focus is ensuring our suppliers and customers are at the forefront of innovation, supported by excellent, globally leading manufacturing partners, which continue to work to the highest quality standards and provide excellent product availability and service from our extensive UK held stocks.
We offer an end-to-end service, working collaboratively with our key clients helping to grow their brand and service performance. With our innovative product and production development processes, we offer sustainable solutions to the continued focus in environmental concerns, outperforming our competitors on this key aspect.
Review of the business
The directors are delighted to report that 2023 produced the strongest set of results in the 12 years the business has been trading. Sales revenues increased to £18m representing a like for like increase of 22% versus 2022 on a full year basis, allowing for the previous period having been for 8 months. As a result of this growth, and effective margin and cost management, profit before tax was £2.8m, an increase in return on sales to 15.6% versus 9.2% in the previous period.
Sales turnover growth was a result of the company continuing to secure contracts with new customers as well as expanding product ranges and volumes for existing customers. The company has also continued to focus on increasing exports with the expansion of its EU and USA subsidiaries during the year.
Key performance indicators
The board considers and monitors the key performance indicators that determine the financial performance and strength of the company as a whole; these being sales revenue, gross profit margins, overheads to sales ratios, net profit return, working capital management, cash generation and ROI.
ROYD TOOLGROUP UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties
Economic changes
The company continually reviews its risk to economic events. The company trades with customers in the UK and overseas, and globally spread suppliers and there remains uncertainty relating to global conditions impacting supply chains, financial markets and acts of military aggression. The board of directors works with advisors and external parties to constantly monitor and review the impacts of the various events and risks, whilst keeping up to date with current UK law and compliance.
The directors are conscious of the pressures on the UK housing market and the reductions in demand being experienced by builders merchants and distributors during the latter part of 2023 and in to the 2024 year. A reduction in turnover is anticipated to occur for 2024 and the directors have undertaken a margin and cost management programme to ensure a further strong set of results is produced for the year. Product range expansion and development will continue as a means to increasing market penetration, and the directors believe the company will be well placed to benefit from recovery of activity in the housing market in the future. Further growth is also expected from the growth in EU and USA markets.
Financial
The company’s financial assets liabilities consist of trade debtors and creditors, bank balances and stock.
The board of directors manage the company’s exposure to financial risk by researching the credit worthiness of customers and by seeking advice from the company’s providers of finance and its other external advisors as the need arises.
The company has no significant concentration of credit risk, with exposure spread over a number of blue- chip customers and smaller reginal and independent distributors.
Employees
The company recognizes the importance its employees play in delivering success to the business and equips them through its training and development programmes to ensure they have the best knowledge to be able to excel in their roles and deliver the best service to our customers. Our staff are our most valuable asset we have initiatives to offer flexible working where possible, career development paths and have an inclusive, one team approach for our diverse workforce.
Future developments
Through our strategic vision for growth, parameters have been set to ensure future developments. The Management team continues to monitor the developments in the UK and global economy and respond in a way that ensures forward progression for the company.
The board have recently completed the sale of the intellectual property and trading activity of the company’s woodscrew business to a UK third party, to enable the board to focus the company on the continued growth of its other brands and markets. In November 2023, the board commenced discussions with a larger internationally based third party for the sale of the equity of the company. At the date of signing these accounts the discussions continue to be progressed and are expected to be concluded in the near future.
R A Murphy
Director
7 October 2024
ROYD TOOLGROUP UK 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 wholesale supply of industrial materials and construction products
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £571,456. 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:
C Murphy
J Murphy
R A Murphy
M Murphy
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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
R A Murphy
Director
7 October 2024
ROYD TOOLGROUP UK 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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ROYD TOOLGROUP UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROYD TOOLGROUP UK LIMITED
- 5 -
Qualified opinion on financial statements
We have audited the financial statements of Royd Toolgroup UK Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the effects on the corresponding figures of the of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
We were appointed as auditor for the company’s first statutory audit for the period ended 31 December 2022. As a result of the prior period being unaudited and the nature of the Company's accounting records, we were unable to obtain sufficient appropriate evidence concerning the opening balances at 1 May 2022 and the consequent effect on the income statement for the period ended 31 December 2022. Had we been able to obtain sufficient appropriate evidence concerning the opening balances at 1 May 2022 we might have identified material adjustments to the amounts reported thereon.
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 qualified opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
ROYD TOOLGROUP UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROYD TOOLGROUP UK LIMITED (CONTINUED)
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In respect solely of the limitation on our work relating to opening balances, described above:
we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
we were unable to determine whether adequate accounting records had been maintained in the prior period.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) 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 internal audit reports.
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.
ROYD TOOLGROUP UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROYD TOOLGROUP UK LIMITED (CONTINUED)
- 7 -
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.
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.
Barry Gostling
Senior Statutory Auditor
For and on behalf of Ensors Accountants LLP
8 October 2024
Chartered Accountants
Statutory Auditor
Connexions
159 Princes Street
Ipswich
IP1 1QJ
ROYD TOOLGROUP UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Year
8 months
ended
ended
31 December
31 December
2023
2022
as restated
Notes
£
£
Turnover
3
18,014,523
9,858,789
Cost of sales
(10,048,429)
(5,898,531)
Gross profit
7,966,094
3,960,258
Distribution costs
(686,229)
(57,148)
Administrative expenses
(5,066,129)
(2,906,765)
Sale of intellectual property
4
624,325
Operating profit
5
2,838,061
996,345
Interest receivable and similar income
8
1,684
Interest payable and similar expenses
9
(64,425)
(96,117)
Profit before taxation
2,773,636
901,912
Tax on profit
10
(711,357)
(242,151)
Profit for the financial year
2,062,279
659,761
The income statement has been prepared on the basis that all operations are continuing operations.
ROYD TOOLGROUP UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
12
4,400
7,700
Tangible assets
13
180,503
135,142
184,903
142,842
Current assets
Stocks
14
3,399,204
4,796,156
Debtors
15
4,680,808
3,260,082
Cash at bank and in hand
3,986,328
979,515
12,066,340
9,035,753
Creditors: amounts falling due within one year
16
(6,186,662)
(4,295,752)
Net current assets
5,879,678
4,740,001
Total assets less current liabilities
6,064,581
4,882,843
Creditors: amounts falling due after more than one year
17
(463,901)
(780,233)
Provisions for liabilities
Deferred tax liability
20
41,033
33,786
(41,033)
(33,786)
Net assets
5,559,647
4,068,824
Capital and reserves
Called up share capital
22
324
324
Share premium account
23,976
23,976
Profit and loss reserves
5,535,347
4,044,524
Total equity
5,559,647
4,068,824
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 7 October 2024 and are signed on its behalf by:
R A Murphy
Director
Company registration number 10345480 (England and Wales)
ROYD TOOLGROUP UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Share premium account
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 May 2022
300
-
2,482
4,386,157
4,388,939
Prior periods dividends adjusted
-
(751,511)
(751,511)
As restated
300
2,482
3,634,646
3,637,428
Period ended 31 December 2022:
Profit and total comprehensive income
-
-
-
659,761
659,761
Issue of share capital
22
24
23,976
-
-
24,000
Dividends
11
-
-
-
(252,365)
(252,365)
Transfers
-
-
(2,482)
2,482
-
Balance at 31 December 2022
324
23,976
4,044,524
4,068,824
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
2,062,279
2,062,279
Dividends
11
-
-
-
(571,456)
(571,456)
Balance at 31 December 2023
324
23,976
5,535,347
5,559,647
ROYD TOOLGROUP UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
4,790,008
979,786
Interest paid
(82,017)
(78,525)
Income taxes paid
(831,155)
(45,789)
Net cash inflow from operating activities
3,876,836
855,472
Investing activities
Purchase of tangible fixed assets
(92,777)
(4,034)
Interest received
1,684
Net cash used in investing activities
(92,777)
(2,350)
Financing activities
Proceeds from issue of shares
24,000
Repayment of bank loans
(178,063)
(688,284)
Payment of finance leases obligations
(34,276)
45,727
Dividends paid
(571,456)
(252,365)
Net cash used in financing activities
(783,795)
(870,922)
Net increase/(decrease) in cash and cash equivalents
3,000,264
(17,800)
Cash and cash equivalents at beginning of year
966,172
983,972
Cash and cash equivalents at end of year
3,966,436
966,172
Relating to:
Cash at bank and in hand
3,986,328
979,515
Bank overdrafts included in creditors payable within one year
(19,892)
(13,343)
ROYD TOOLGROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
1
Accounting policies
Company information
Royd Toolgroup UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ensors Chartered Accountants, Connexions, 159 Princes Street, Ipswich, IP1 1QJ.
1.1
Reporting period
As per FRS 102 3.10, an entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. This entity’s reporting period is for a period of 12 months. However the comparative period is being presented for a period shorter than one year. The comparative reporting period was changed to 8 months. This was due management's requirement for accounting periods to be in line with parent entity. The comparative amounts presented in the financial statements (including the related notes) are therefore not entirely comparable to the amounts presented for the 12 month period ended 31 December 2023.
1.2
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.
1.3
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.
1.4
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.
1.5
Research and development expenditure
Expenditure on research and development is written off in the year it is incurred.
ROYD TOOLGROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
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,net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% straight line
Fixtures and fittings
14% straight line
Computers
33% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.8
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.
ROYD TOOLGROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.9
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.
1.10
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.
1.11
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 statement of financial position 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.
ROYD TOOLGROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including 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.
ROYD TOOLGROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.12
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.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ROYD TOOLGROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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 statement of financial position 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.
1.17
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction . Exchange differences are taken into account in arriving at the operating profit
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.
Valuation of stocks
The company’s principal activity is that of buying and selling industrial spares and tooling. From time to time, some of the stocks become unsellable for varied reasons including changes in technology or customer preferences , therefore some of the stocks become obsolete and the provision for obsolete stocks (valuation) has been considered to be an area of key estimation uncertainty.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sales of goods
17,914,330
9,798,864
Other services income
100,193
59,925
18,014,523
9,858,789
ROYD TOOLGROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover and other revenue
(Continued)
- 18 -
2023
2022
£
£
Turnover analysed by geographical market
UK sales
16,709,635
9,121,652
EU sales
1,064,794
555,515
Rest of the world sales
240,094
181,622
18,014,523
9,858,789
2023
2022
£
£
Other revenue
Interest income
-
1,684
4
Intellectual property
2023
2022
£
£
Sale of intellectual property
(624,325)
-
Profit on transfer of brand intellectual property value to related party.
5
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(12,520)
308,033
Research and development costs
23,299
105,039
Fees payable to the company's auditor for the audit of the company's financial statements
20,000
17,825
Depreciation of owned tangible fixed assets
37,792
28,414
Depreciation of tangible fixed assets held under finance leases
9,624
6,060
Amortisation of intangible assets
3,300
2,200
Operating lease charges
356,649
211,894
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total employees
48
38
ROYD TOOLGROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 19 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,964,198
1,127,416
Social security costs
210,769
164,589
Pension costs
23,293
13,538
2,198,260
1,305,543
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
38,749
33,498
4 Directors have been remunerated throughout the financial period.
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest receivable from group companies
1,684
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,684
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
3,030
Other finance costs:
Interest on finance leases and hire purchase contracts
912
1,057
Other interest
63,513
92,030
64,425
96,117
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
704,110
249,761
ROYD TOOLGROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
2023
2022
£
£
(Continued)
- 20 -
Deferred tax
Origination and reversal of timing differences
7,247
(7,610)
Total tax charge
711,357
242,151
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
2,773,636
901,912
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
652,359
171,363
Tax effect of expenses that are not deductible in determining taxable profit
54,775
302,010
Depreciation on assets not qualifying for tax allowances
(210)
(7,610)
Other non-reversing timing differences
9,493
Other permanent differences
4,004
(233,105)
Remeasurement of deferred tax for
changes in tax rates
429
Taxation charge for the year
711,357
242,151
11
Dividends
2023
2022
£
£
Final paid
571,456
252,365
ROYD TOOLGROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
12
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
33,000
Amortisation and impairment
At 1 January 2023
25,300
Amortisation charged for the year
3,300
At 31 December 2023
28,600
Carrying amount
At 31 December 2023
4,400
At 31 December 2022
7,700
13
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
45,529
130,241
100,607
45,489
321,866
Additions
47,489
14,128
31,160
92,777
At 31 December 2023
93,018
144,369
131,767
45,489
414,643
Depreciation and impairment
At 1 January 2023
12,698
53,640
86,846
33,540
186,724
Depreciation charged in the year
10,842
15,121
11,829
9,624
47,416
At 31 December 2023
23,540
68,761
98,675
43,164
234,140
Carrying amount
At 31 December 2023
69,478
75,608
33,092
2,325
180,503
At 31 December 2022
32,831
76,601
13,761
11,949
135,142
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
2,325
11,949
ROYD TOOLGROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
14
Stocks
2023
2022
£
£
Raw materials and consumables
3,399,204
4,796,156
Costs of stocks recognised as an expense in the year amounted to £7,082,366 (Dec 2022: £5,318,822 ).
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,563,490
2,797,315
Amounts owed by group undertakings
946,702
Other debtors
1,059,822
320,170
Prepayments and accrued income
110,794
142,597
4,680,808
3,260,082
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
18
309,335
182,497
Obligations under finance leases
19
20,857
37,153
Trade creditors
3,120,390
2,084,967
Amounts owed to group undertakings
76,663
Corporation tax
473,966
601,011
Other taxation and social security
353,705
429,872
Other creditors
172,594
22,189
Accruals and deferred income
1,735,815
861,400
6,186,662
4,295,752
17
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
18
463,901
762,253
Obligations under finance leases
19
17,980
463,901
780,233
ROYD TOOLGROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
18
Loans and overdrafts
2023
2022
£
£
Bank loans
753,344
931,407
Bank overdrafts
19,892
13,343
773,236
944,750
Payable within one year
309,335
182,497
Payable after one year
463,901
762,253
During the year, the company had loans from its bankers under 5 term loans totalling £753,344. All the loans have different repayment profiles but are all repayable fully within 5 years. Loans accrue interest at a variable rates but expected to be £113,607.56. Issue costs of £3,000 were incurred, which have been deducted from the initial carrying value and will be charged to profit or loss as part of the interest charge calculated using the effective interest rate method. The cash for these loans was received net of the issue costs.
All borrowings are payable fully in less than 5 years time.
19
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
20,857
37,798
In two to five years
17,335
20,857
55,133
Finance lease payments represent rentals payable by the company for motor vehicles acquired on hire purchase.All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
41,033
33,786
ROYD TOOLGROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Deferred taxation
(Continued)
- 24 -
2023
Movements in the year:
£
Liability at 1 January 2023
33,786
Charge to profit or loss
7,247
Liability at 31 December 2023
41,033
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.
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
23,293
13,538
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.
22
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
Ordinary A Shares of £1 each
50
50
50
50
Ordinary B Shares of £1 each
50
50
50
50
Ordinary C Shares of £1 each
16
8
8
8
Ordinary D Shares of £1 each
8
16
16
16
324
324
324
324
In the period ended 31 December 2022, the company issued 24, £1 C&D Shares at a premium of £999 each. The total consideration received was £24,000.
ROYD TOOLGROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
23
Operating lease commitments
Lessee
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
459,369
479,200
Between two and five years
1,171,264
1,315,556
In over five years
490,375
686,525
2,121,008
2,481,281
ROYD TOOLGROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
24
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2023
2022
£
£
Aggregate compensation
125,352
54,487
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Other related parties
6,404
512,075
3,166,191
2,390,960
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
1,386,340
674,848
Other related parties
1,059,822
320,170
25
Directors' transactions
Dividends totalling £227,569 (2022 - £164,460) were paid in the year in respect of shares held by the company's directors.
ROYD TOOLGROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
26
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
2,062,279
659,761
Adjustments for:
Taxation charged
711,357
242,151
Finance costs
64,425
96,117
Investment income
(1,684)
Amortisation and impairment of intangible assets
3,300
2,200
Depreciation and impairment of tangible fixed assets
47,416
34,474
Movements in working capital:
Decrease/(increase) in stocks
1,396,952
(163,290)
(Increase)/decrease in debtors
(1,420,726)
278,971
Increase/(decrease) in creditors
1,925,005
(168,914)
Cash generated from operations
4,790,008
979,786
27
Analysis of changes in net funds/(debt)
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
979,515
3,006,813
3,986,328
Bank overdrafts
(13,343)
(6,549)
(19,892)
966,172
3,000,264
3,966,436
Borrowings excluding overdrafts
(931,407)
178,063
(753,344)
Obligations under finance leases
(55,133)
34,276
(20,857)
(20,368)
3,212,603
3,192,235
28
Subsequent events
The board have completed the sale of the intellectual property and trading activity of its woodscrew business to a UK third party to enable it to concentrate on the continued growth of the company’s other brands. In November 2023, the board commenced discussions with a larger international third party for the sale of the company. At the date of signing the accounts these discussions continue to be progressed and are expected to be concluded in the near future.
ROYD TOOLGROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
29
Prior period adjustment
Adjustments to equity
1 May
31 December
2022
2022
Notes
£
£
Adjustments to prior year
Prior period dividends
1
(751,511)
(751,511)
Reclassification of expenses
2
-
-
Analysis of the effect upon equity
Profit and loss reserves
(751,511)
(751,511)
Adjustments to profit for the previous financial period
2022
£
Prior period dividends
1
-
Reclassification of expenses
2
-
Total adjustments
-
Notes to adjustments
Prior period dividends
The financial statements have been adjusted in order to correct a fundamental accounting error in prior period. Historically dividends between the company and its parent company have not been correctly accounted for resulting in unreported dividends between the two companies in unaudited prior periods amounting to £751,511
Reclassification of expenses
The treatment of certain expenses in the Income Statement has changed from 1 January 2023 onwards. The comparative Income Statement has been restated to enable better comparison between accounting periods. Comparative cost of sales have been reduced by £628,659, distribution costs have increased by £384,246, and administrative expenses have been increased by £244,413 compared with the previously signed financial statements for the period ended 31 December 2022. The misstatement has a £nil effect on reported profits.
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