Company Registration No. 09092092 (England and Wales)
BIRT HOLDINGS LIMITED
GROUP ANNUAL REPORT AND
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
BIRT HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr S J Birt
Mr R J Birt
Company number
09092092
Registered office
Lumen House
Rockingham Drive
Linford Wood
Milton Keynes
MK14 6LY
Auditor
TC Group
1 Rushmills
Bedford Road
Northampton
NN4 7YB
BIRT HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 30
BIRT HOLDINGS LIMITED
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 company is an investment holding company and the principal activity of its subsidiary undertakings continues to be the transaction of internal construction business, including design and build and maintenance, and it operates within the United Kingdom. The business conducted is mainly electrical, lighting, HVAC, plumbing, fire, security, networks, internal constructions and development of energy management systems. During the year the group disposed of its subsidiary RSR Residential Limited.

 

 

 

Results and Performance

The results of the group for the year has been set out in the following pages of this Financial Report. For the year ended 31 December 2023, the group has a made a profit before tax of £361,479 (2022 - loss: £811,631), and the shareholder funds of the group totals £4,951,751 (2022: £5,372,118), the reduction in reserves primarily as a result of capital contributions relating to the acquisition of shares by an Employee Ownership Trust. Despite challenging economic conditions post COVID the company is pleased to have been able to strengthen its position in 2023. The directors were also pleased that its main trading subsidiary, R S Response Limited, was able to maintain a strong gross profit position, despite a decrease in turnover, by improving its gross margin to 28.9% (2022 26.1%).

 

The group was able to streamline overheads, particularly staff costs, whilst retaining key staff members. The group has been able to maintain a strong year end cash position. The directors are pleased that the trading subsidiaries have continued their excellent health and safety record with no significant incidents in the year. The trading subsidiaries strive to be innovative in its design and installation projects for example by seeking energy efficient solutions. Technologies in these areas are constantly evolving and whilst delivering projects the companies undertakes research and development to ensure they are offering market leading solutions. This research and development has previously led to successful claims being made, by those companies, under the Research and Development Tax Relief scheme and the companies will make further claims in the future as and when qualifying expenditure is incurred

 

 

 

Strategy

The group's success is dependent on the proper selection, pricing and ongoing management of the work it accepts. The business will continue to expand the products and services offered so as to provide a holistic and thorough service to clients. group's belief that this will also help with client retention which contributes to business growth.

BIRT HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties

As a response to the risk inherent in the construction industry, the group is focussed on providing and upholding exemplary Health & Safety standards.

 

The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subjected to the directors' approvals and ongoing review by internal management. Compliance with regulation, legal and ethical standards is a high priority for the group.

 

 

Brexit

The group undertakes relatively little cross-border trading between the UK and the rest of the EU and consequently Brexit has not had a significant impact on the groups results. Nevertheless, the directors continue to monitor the impact that Brexit may make in the future, have completed all practical preparations and have a contingency plans should there be disruptions.

            

 

Future Development

The group continues to expand its range of services and its customer base and can expect satisfactory growth in both areas.

 

 

Employee Ownership Trust

60% of Birt Holdings Limited issued share capital is held by R S Response Trustees Limited, as trustee for The R S Response Employee Ownership Trust. The trust holds the controlling stake in that company for the benefit of the employees.

 

On behalf of the board

Mr S J Birt
Director
2 October 2024
BIRT HOLDINGS 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.

Results and dividends

The results for the year are set out on page 9.

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:

Mr S J Birt
Mr R J Birt
Financial instruments

The group operates a treasury function which is responsible for managing the liquidity and interest risks associated with the group’s activities.

 

The group’s principal financial instruments include derivative financial instruments, the purpose of which is to manage liquidity and interest rate risks arising from the group’s activities. In addition, the group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations.

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

TC Group were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report certain information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

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.

BIRT HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
On behalf of the board
Mr S J Birt
Director
2 October 2024
BIRT HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

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.

BIRT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BIRT HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Birt Holdings Ltd (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 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:

BIRT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BIRT HOLDINGS LIMITED
- 7 -
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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

• We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

 

• We understood how the group is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

 

• We assess the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

 

• Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

 

• We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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.

BIRT HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BIRT HOLDINGS LIMITED
- 8 -

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.

Richard Buckby FCA (Senior Statutory Auditor)
For and on behalf of TC Group
3 October 2024
Chartered Accountants
Statutory Auditor
1 Rushmills
Bedford Road
Northampton
NN4 7YB
BIRT HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
25,081,302
27,657,620
Cost of sales
(17,566,852)
(20,720,160)
Gross profit
7,514,450
6,937,460
Administrative expenses
(7,205,195)
(7,785,924)
Other operating income
62,753
38,000
Operating profit/(loss)
4
372,008
(810,464)
Interest payable and similar expenses
8
(10,529)
(1,167)
Profit/(loss) before taxation
361,479
(811,631)
Tax on profit/(loss)
9
(81,846)
(13,159)
Profit/(loss) for the financial year
20
279,633
(824,790)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
BIRT HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
£
£
Profit/(loss) for the year
279,633
(824,790)
Other comprehensive income
-
-
Total comprehensive income for the year
279,633
(824,790)
Total comprehensive income for the year is all attributable to the owners of the parent company.
BIRT HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
10
-
0
188,442
Tangible assets
11
258,446
325,996
258,446
514,438
Current assets
Debtors
14
5,666,568
8,180,802
Cash at bank and in hand
1,071,201
843,168
6,737,769
9,023,970
Creditors: amounts falling due within one year
15
(1,998,212)
(4,074,325)
Net current assets
4,739,557
4,949,645
Total assets less current liabilities
4,998,003
5,464,083
Creditors: amounts falling due after more than one year
16
-
(50,000)
Provisions for liabilities
Deferred tax liability
17
46,252
41,965
(46,252)
(41,965)
Net assets
4,951,751
5,372,118
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
20
4,951,651
5,372,018
Total equity
4,951,751
5,372,118
The financial statements were approved by the board of directors and authorised for issue on 2 October 2024 and are signed on its behalf by:
02 October 2024
Mr S J Birt
Director
BIRT HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
72,532
96,709
Investments
12
754,050
754,050
826,582
850,759
Current assets
Debtors
14
91,909
92,287
Cash at bank and in hand
8,052
41,508
99,961
133,795
Creditors: amounts falling due within one year
15
(426,963)
(362,551)
Net current liabilities
(327,002)
(228,756)
Total assets less current liabilities
499,580
622,003
Creditors: amounts falling due after more than one year
16
-
(50,000)
Net assets
499,580
572,003
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
20
499,480
571,903
Total equity
499,580
572,003

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 £627,577 (2022 - £2,601,010 profit).

The financial statements were approved by the board of directors and authorised for issue on 2 October 2024 and are signed on its behalf by:
02 October 2024
Mr S J Birt
Director
Company registration number 09092092 (England and Wales)
BIRT HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
100
8,896,808
8,896,908
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
(824,790)
(824,790)
Capital contributions to Employee Ownership Trust
-
(2,700,000)
(2,700,000)
Balance at 31 December 2022
100
5,372,018
5,372,118
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
279,633
279,633
Credit to equity for equity settled share-based payments
-
(700,000)
(700,000)
Balance at 31 December 2023
100
4,951,651
4,951,751
BIRT HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
100
670,893
670,993
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
2,601,010
2,601,010
Credit to equity for equity settled share-based payments
-
(2,700,000)
(2,700,000)
Balance at 31 December 2022
100
571,903
572,003
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
627,577
627,577
Capital contributions to Employee Ownership Trust
-
(700,000)
(700,000)
Balance at 31 December 2023
100
499,480
499,580
BIRT HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
941,935
2,743,072
Interest paid
(10,529)
(1,167)
Income taxes paid
-
0
(761,242)
Net cash inflow from operating activities
931,406
1,980,663
Investing activities
Purchase of tangible fixed assets
(50,831)
(10,347)
Proceeds on disposal of tangible fixed assets
6,917
6,671
Receipts arising from loans made
-
218,585
Net cash (used in)/generated from investing activities
(43,914)
214,909
Financing activities
Capital contributions to Employee Ownership Trust
(700,000)
(2,700,000)
Net cash used in financing activities
(700,000)
(2,700,000)
Net increase/(decrease) in cash and cash equivalents
187,492
(504,428)
Cash and cash equivalents at beginning of year
883,709
1,388,137
Cash and cash equivalents at end of year
1,071,201
883,709
BIRT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
1
Accounting policies
Company information

Birt Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The company's registered number is 09092092 and the registered office is Lumen House, Rockingham Drive, Linford Wood, Milton Keynes, MK14 6LY.

 

The group consists of Birt Holdings Limited and all of its subsidiaries. The registered office of all of the subsidiaries is Lumen House, Rockingham Drive, Linford Wood, Milton Keynes, MK14 6LY.

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. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The group financial statements consolidate the financial statements of Birt Holdings Limited and all its subsidiary undertakings drawn up to 31 December each year. No profit and loss account is presented for Birt Holdings Limited as permitted by section 408 of the Companies Act 2006. Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the subsidiary company so as to obtain benefit from its activities.

All subsidiaries are accounted for by applying the purchase method, except for group reconstructions that are a merger.

RSR Interiors Limited has been included in the group financial statements using the purchase method of accounting. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition. As this was part of a group reconstruction (not qualifying for the merger method) the fair value of all assets and liabilities exceeded the purchase consideration which resulted in negative goodwill.

RS Response Limited has been included in the group financial statements using the merger method and as such the results and cash flows of RS Response Limited have been brought in to the group financial statements from the beginning of the year in which the merger occurred. The difference between the nominal value of the shares issued and the fair value of the underlying assets and liabilities and nominal value of shares received in exchange was shown as movement in reserves in the year of the merger.

 

BIRT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.3
Going concern

The ability of the group continue as a going concern is directly related the viability of its trading subsidiaries. The directors have considered going concern in relation to each of the subsidiaries and are satisfied that, in each case, have a reasonable expectation that the companies have adequate resources to continue in operational existence for the foreseeable future.

 

In addition, group management accounts for the current year indicate and increase in both turnover and profit.

 

As a result, the directors believe that the group will be able to continue in business and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.

.

1.4
Turnover

Turnover is measured at the fair value of the consideration received or receivable and is shown net of value added tax.

In the subsidiaries, turnover is recognised at the fair value of the consideration received or receivable for construction services and associated goods provided in the normal course of business, and is shown net of VAT.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

The 'percentage of completion method' is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion.

1.5
Intangible fixed assets - goodwill

Goodwill represents the cost of acquisition of a minority interest in a subsidiary. 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 3 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.

BIRT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.6
Tangible fixed assets

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

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:

Leasehold improvements
straight line over the life of the lease
Plant and equipment
10% on cost or 25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
straight line over three years
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.

1.7
Fixed asset investments

Fixed asset investments are valued at cost less provision for diminution in value.

 

In the parent company financial statements, investments in subsidiaries 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.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset 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 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 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.

1.9
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

BIRT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
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.

BIRT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

 

The acceptance of the novation of call spread options, either directly or through an employee benefit trust are treated as an immediate expense and are included in remuneration.

1.13
Retirement benefits

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

1.14
Leases

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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

BIRT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
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.

 

In preparing these accounts the directors have given consideration to the effect on assets and liabilities at the balance sheet date. In respect of fixed assets, stock, amounts receivable on long term contracts and debtors impairment was considered with no changes or adjustments necessary.

 

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Amounts recoverable on long term contracts

The principal activity of the group relates to long term construction contracts. These contracts are accounted for in accordance with FRS 102 which require estimates to be made for contract costs and revenues.

Management bases its judgements of contract costs and revenues on the latest available information. In many cases the results reflect the expected outcome of long term contractual obligations. Contract costs and revenues are affected by a variety of uncertainties that depend on the outcome of future events and often need to be revised as events unfold and uncertainties are resolved. The estimates of contract costs and revenues are updated regularly and significant changes are highlighted through established internal review procedures. The impact of any changes in accounting estimates are reflected in ongoing results.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Construction contracts
25,081,302
27,657,620
2023
2022
£
£
Other revenue
Grants received
7,000
-
BIRT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
4
Operating profit/(loss)
2023
2022
£
£
Operating profit/(loss) for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
11,834
(38,338)
Government grants
(7,000)
-
Depreciation of owned tangible fixed assets
94,179
125,009
Loss/(profit) on disposal of tangible fixed assets
17,285
(5,102)
Amortisation of intangible assets
188,442
251,248
Operating lease charges
242,000
242,067
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
6,600
6,825
Audit of the financial statements of the company's subsidiaries
34,200
30,650
40,800
37,475
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
Site based
36
41
-
-
Office/administrative
79
90
-
-
Directors
2
2
2
2
117
133
2
2

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
5,842,864
6,320,744
-
0
-
0
Social security costs
624,058
727,560
-
-
Pension costs
183,724
192,429
-
0
-
0
6,666,818
7,252,097
-
0
-
0
BIRT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
315,535
329,278
Company pension contributions to defined contribution schemes
20,000
20,000
335,535
349,278
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
160,329
160,062

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2021 - 2)

8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
43
Other finance costs:
Other interest
10,529
1,124
Total finance costs
10,529
1,167
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
77,559
-
0
Deferred tax
Origination and reversal of timing differences
4,287
13,159
Total tax charge
81,846
13,159
BIRT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 24 -

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit/(loss) before taxation
361,479
(811,631)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
90,370
(154,210)
Tax effect of expenses that are not deductible in determining taxable profit
68,369
68,498
Group relief
-
0
3,918
Deferred tax
4,287
13,159
Change in corporation tax rate
(4,879)
-
0
Loss b/fwd or c/fwd
(76,301)
81,794
Taxation charge
81,846
13,159

There are no factors affecting current and total tax charges in respect of future periods

 

 

10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023
-
0
Additions - separately acquired
753,750
At 31 December 2023
753,750
Amortisation and impairment
At 1 January 2023
565,308
Amortisation charged for the year
188,442
At 31 December 2023
753,750
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
188,442
BIRT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
11
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2023
59,061
491,490
106,461
413,700
452,623
1,523,335
Additions
-
0
1,104
-
0
49,727
-
0
50,831
Disposals
-
0
(100,357)
(29,483)
(299,345)
(50,500)
(479,685)
At 31 December 2023
59,061
392,237
76,978
164,082
402,123
1,094,481
Depreciation and impairment
At 1 January 2023
59,061
348,782
93,561
381,580
314,355
1,197,339
Depreciation charged in the year
-
0
35,746
3,225
21,394
33,814
94,179
Eliminated in respect of disposals
-
0
(88,713)
(27,688)
(298,139)
(40,943)
(455,483)
At 31 December 2023
59,061
295,815
69,098
104,835
307,226
836,035
Carrying amount
At 31 December 2023
-
0
96,422
7,880
59,247
94,897
258,446
At 31 December 2022
-
0
142,708
12,900
32,120
138,268
325,996
Company
Plant and equipment
£
Cost or valuation
At 1 January 2023 and 31 December 2023
299,002
Depreciation and impairment
At 1 January 2023
202,293
Depreciation charged in the year
24,177
At 31 December 2023
226,470
Carrying amount
At 31 December 2023
72,532
At 31 December 2022
96,709
BIRT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
754,050
754,050
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
754,050
Carrying amount
At 31 December 2023
754,050
At 31 December 2022
754,050
13
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
R S Response Limited
England & Wales
Ordinary
100.00
RSR Interiors Limited
England & Wales
Ordinary
100.00
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,210,109
6,177,186
-
0
974
Gross amounts owed by contract customers
1,012,306
1,503,731
-
0
-
0
Other debtors
113,721
142,877
85,904
85,622
Prepayments and accrued income
171,931
197,419
6,005
5,691
5,508,067
8,021,213
91,909
92,287
Amounts falling due after more than one year:
Trade debtors
158,501
159,589
-
0
-
0
Total debtors
5,666,568
8,180,802
91,909
92,287
BIRT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
-
0
(40,541)
-
0
-
0
Payments received on account
10,974
1,013,989
3,645
3,645
Trade creditors
1,080,667
1,977,547
2,631
4,524
Amounts owed to group undertakings
-
0
-
0
395,672
187,832
Corporation tax payable
77,559
-
0
-
0
-
0
Other taxation and social security
428,575
362,048
-
-
Other creditors
39,799
182,711
-
0
150,000
Accruals and deferred income
360,638
578,571
25,015
16,550
1,998,212
4,074,325
426,963
362,551
16
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Other creditors
-
0
50,000
-
0
50,000
17
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
46,252
41,965
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
41,965
-
Charge to profit or loss
4,287
-
Liability at 31 December 2023
46,252
-
BIRT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
183,724
192,429

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.

19
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
30
30
30
30
Ordinary B of £1 each
30
30
30
30
Ordinary C of £1 each
20
20
20
20
Ordinary D of £1 each
20
20
20
20
100
100
100
100
20
Profit and loss reserves
Group
Company
2023
2022
2023
2022
£
£
£
£
At the beginning of the year
5,372,018
8,896,808
571,903
670,893
Profit/(loss) for the year
279,633
(824,790)
627,577
2,601,010
Capital contributions to Employee Ownership Trust
(700,000)
(2,700,000)
(700,000)
(2,700,000)
At the end of the year
4,951,651
5,372,018
499,480
571,903
21
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
50,000
50,000
-
-
Between two and five years
200,000
200,000
-
-
In over five years
37,500
87,500
-
-
287,500
337,500
-
-
BIRT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
22
Related party transactions
Transactions with related parties

During the period, R S Response Limited paid rent of £50,000 (2022: £50,000) to a pension fund for the benefit of the directors and their families.

Guarantees

The company had given guarantees to GBF Capital Limited in respect of loans made to the directors, Richard Birt and Stephen Birt, which were secured by a fixed charge over the company's interest in, and income from, Dean Close LLP. The maximum liability under the guarantee is £220,000. The charge was satisfied on 26 March 2024.

23
Controlling party

The R S Response Employee Ownership Trust is the ultimate controlling party on the basis that it holds 60% of the issued share capital of the company. The trust holds the controlling stake in the company for the benefit of the employees.

24
Contingent liabilities

During the year ended 31 December 2020 Birt Holdings Limited entered into an agreement to sell its shares to RS Response Trustees Limited as part of an Employee Ownership Trust. The total amount of capital contributions for this total £18,000,000. As at 31 December 2023, £4,794,031 is outstanding and will be repayable in line with an agreed payment plan, on the basis that the group remains profitable in the future

25
Cash generated from group operations
2023
2022
£
£
Profit/(loss) for the year after tax
279,633
(824,790)
Adjustments for:
Taxation charged
81,846
13,159
Finance costs
10,529
1,167
Loss/(gain) on disposal of tangible fixed assets
17,285
(3,484)
Amortisation and impairment of intangible assets
188,442
251,248
Depreciation and impairment of tangible fixed assets
94,179
125,009
Movements in working capital:
Decrease in debtors
2,514,234
4,189,000
Decrease in creditors
(2,244,213)
(1,008,237)
Cash generated from operations
941,935
2,743,072
26
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
843,168
228,033
1,071,201
BIRT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
27
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
41,508
(33,456)
8,052
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr S J BirtMr R J 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