Company registration number 09830385 (England and Wales)
ANT YAPI (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ANT YAPI (UK) LIMITED
COMPANY INFORMATION
Director
Mr Cengizhan Karaduman
Company number
09830385
Registered office
1 Knightsbridge Green
5th Floor
London
SW1X 7QA
Auditor
BLS Burnells LLP
The Atrium
1 Harefield Road
Uxbridge
Middlesex
UB8 1EX
ANT YAPI (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
ANT YAPI (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The director presents the strategic report for the year ended 31 December 2023.
Review of the business
In the year ended 31st December 2023, revenue is £35.6m with a loss of £109k.
In the short term, Ant Yapi (UK) Limited’s principal priority is to improve its profitability by operating more efficiently and managing cash more effectively.
In the medium term, we aim to grow sustainably to an annual turnover of £45m - £100m.
Traditionally construction has been a low margin industry with a high level of risk. As the market improves, we are becoming more selective about projects and choosing to bid for projects where we can create added value for our clients and a healthier profit margin.
Investment in strengthening the company’s management structure is ongoing to grow business presence, with the company continually reviewing its operational model to identify areas for improved efficiencies as well as providing staff with on-going support and training.
Principal risks and uncertainties
The principal risks and uncertainties facing the company include operating in a competitive environment.
Health and Safety is another focus of risk for management for the business. There are comprehensive Health and Safety policies and procedures in place.
Risks are reviewed by the board and appropriate strategies have been put in place to mitigate and monitor them.
Financial risk management
The company is exposed to material levels of credit, liquidity and interest rates risks. The Board Monitors the net debt, banking facilities and cashflows on a regular basis and that adequate working capital facilities are in place.
Financial instruments
The company's policy is to finance its operations from inter-company borrowings and bank facilities. Additional uncommitted borrowing and overdraft facilities are utilised for short term financing requirements.
The financial instruments utilised by the company are borrowings, short-term cash deposits and items such as trade creditors which arise directly from its operations. Borrowing and deposit facilities are on a floating rate basis. The company's policy is not to trade in financial instruments.
Development and performance
For Ant Yapi (UK) Limited , our emphasis will be on creating greater value rather than volume. Since the year end we have continued with our existing projects some of which are nearing completion. We have also put forward tender for new contract worth £326m and are very positive that we will be granted with it.
Key performance indicators
The directors use both financial and non financial performance indicators to monitor the company position. The key non-financial performance of the company for the first three years of trading is turnover thereafter the key performance indicator will revert to profit after tax.
The key non-financial performance indicators of the company are customer service and satisfaction and stakeholder relationships. The directors review the performance with constant feedback from stakeholders.
The directors are of the belief that the monitoring of the abovementioned indicators is an effective aspect of business performance review.
ANT YAPI (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Other information and explanations
Going concern
The Directors have assessed the value of the reserves and operations of the company and does not consider that there are events or conditions that will cast doubt on the company's ability to continue as a going concern. Full support has been obtained from ultimate parent company for continued support since Incorporation and subsequent to the year end. We draw attention to note 1.2 in the financial statements for detailed going concern assessment.
Statement 172
The Directors of the Company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the UK Companies Act 2006 which is summarised as follows:
A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of
the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:
" the likely consequences of any decisions in the long-term;
" the interests of the company's employees;
" the need to foster the company's business relationships with suppliers, customers and others;
" the impact of the company's operations on the community and environment;
" the desirability of the company maintaining a reputation for high standards of business conduct; and the need to act fairly as between shareholders of the company
The Directors have taken decisions in the long term interest of the Company. Economic and political conditions are taken into account to have a decision for the company's future. Construction has been a low margin industry with a high level of risk. Therefore, we are monitoring the current global and national environment in the short term decision making
as well and which has always benefitted as we are well positioned and our plan is to continue to operate our business within tight budgetary controls.
Our staff are the key in our business's successfully growth. We have always recognised the importance of treating everyone of our staff with respect and trust. We always approach carefully to provide our staff's benefits and the pay they receive.
We have a team who always ready to provide the details supplier and customers in need.
We work closely with our suppliers throughout the year. We regularly review the performance of suppliers and are having meeting to sustain long-term relationship.
Finally, we are very aware of the Company's responsibilities towards the communities in which it operates and to the environment. The Company is committed to responsible health and safety management. In the effort of our hard working team, we are taking further measures to deliver environmental improvements.
Mr Cengizhan Karaduman
Director
20 June 2024
ANT YAPI (UK) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The director presents his 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 construction and development of building projects.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr Cengizhan Karaduman
Mr Kadir Tokman
(Resigned 30 January 2024)
Post reporting date events
As disclosed in note 15, Doulton Development Ltd, which were developing the project "Westminster tower" faced financial difficulties and went into liquidation in April 2024. At 31.12.2023, material balance of £667,113 was outstanding and reported as Trade debtor, this balance is considered as not recoverable and will be w/off in 2024 financial statement.
Energy and carbon report
As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr Cengizhan Karaduman
Director
20 June 2024
ANT YAPI (UK) LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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. He is 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.
ANT YAPI (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANT YAPI (UK) LIMITED
- 5 -
Opinion
We have audited the financial statements of Ant Yapi (UK) Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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, but we would like to refer to note 1.2 in the notes to the accounts in order to inform the user of these financial statement the basis of the assessment.
Our responsibilities and the responsibilities of the director 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 director is 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:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
ANT YAPI (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANT YAPI (UK) LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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 director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.
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.
ANT YAPI (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANT YAPI (UK) LIMITED
- 7 -
We exercise professional judgement and maintain professional scepticism throughout the audit.
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risk, such procedures include examining, on a sample basis, evidence regarding the amounts and disclosures in the financial statements, holding discussions with management or those charged with governance to identify instances of fraud and non-compliance with laws and regulations, testing journal entries for appropriateness and carrying out analytical review to identify anomalies for further testing.
We obtain understanding of internal controls relevant to the audit and design audit procedures that are appropriate in the circumstances.
We evaluate the appropriateness of accounting policies used and the reasonableness of any significant accounting estimates made by management as well as evaluate the overall presentation of the financial statements.
To address the risk of non-compliance with laws and regulations, we communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation) and taxation legislation (including payroll taxes) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statements items.
Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the Company's license to operate. We identified the following areas as those most likely to have such an effect: Health and safety legislation regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Conclude whether, in our judgement, there are conditions or events which could affect the ability of the company to continue as a going concern for the foreseeable future, being a period of at least 12 months following the approval of the financial statements.
Because of inherent limitations of an audit, there is a risk we will not detect all irregularities, including those which result in material misstatement in the financial statements or non-compliance with laws and regulations. The risk is greater where the irregularity is due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.
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.
ANT YAPI (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANT YAPI (UK) 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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr Vishal Bhatt
Senior Statutory Auditor
For and on behalf of BLS Burnells LLP
20 June 2024
Chartered Certified Accountants
Statutory Auditor
The Atrium
1 Harefield Road
Uxbridge
Middlesex
UB8 1EX
ANT YAPI (UK) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
35,510,864
55,198,103
Cost of sales
(31,367,844)
(40,964,298)
Gross profit
4,143,020
14,233,805
Administrative expenses
(4,283,694)
(3,693,543)
Other operating income
16,527
232,783
Operating (loss)/profit
5
(124,147)
10,773,045
Interest receivable and similar income
9
102,813
205,397
Interest payable and similar expenses
10
(88,589)
(170,428)
(Loss)/profit before taxation
(109,923)
10,808,014
Tax on (loss)/profit
11
(69,230)
(Loss)/profit for the financial year
(109,923)
10,738,784
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ANT YAPI (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
£
£
(Loss)/profit for the year
(109,923)
10,738,784
Other comprehensive income
-
-
Total comprehensive income for the year
(109,923)
10,738,784
ANT YAPI (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
56,669
77,407
Investments
13
100
56,769
77,407
Current assets
Debtors
16
15,336,323
12,516,063
Cash at bank and in hand
457,458
4,793,922
15,793,781
17,309,985
Creditors: amounts falling due within one year
17
(6,854,127)
(8,281,046)
Net current assets
8,939,654
9,028,939
Net assets
8,996,423
9,106,346
Capital and reserves
Called up share capital
20
25,001,000
25,001,000
Profit and loss reserves
(16,004,577)
(15,894,654)
Total equity
8,996,423
9,106,346
The financial statements were approved by the board of directors and authorised for issue on 20 June 2024 and are signed on its behalf by:
Mr Cengizhan Karaduman
Director
Company registration number 09830385 (England and Wales)
ANT YAPI (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
12,001,000
(26,633,438)
(14,632,438)
Year ended 31 December 2022:
Profit and total comprehensive income
-
10,738,784
10,738,784
Conversion of loan to shares
20
13,000,000
-
13,000,000
Balance at 31 December 2022
25,001,000
(15,894,654)
9,106,346
Year ended 31 December 2023:
Loss and total comprehensive income
-
(109,923)
(109,923)
Balance at 31 December 2023
25,001,000
(16,004,577)
8,996,423
ANT YAPI (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(6,764,862)
(4,906,414)
Interest paid
(38,630)
(170,428)
Income taxes paid
(30,816)
(86,907)
Net cash outflow from operating activities
(6,834,308)
(5,163,749)
Investing activities
Purchase of tangible fixed assets
(72,178)
Proceeds from disposal of tangible fixed assets
19,500
Proceeds from aquisition of subsidiaries
(100)
Loan to Directors
(604,869)
(362,940)
Interest received
102,813
205,397
Net cash used in investing activities
(502,156)
(210,221)
Financing activities
Proceeds from issue of shares
13,000,000
Bank Loan received/(Repayment) of bank loans
3,000,000
(3,750,000)
Net cash generated from financing activities
3,000,000
9,250,000
Net (decrease)/increase in cash and cash equivalents
(4,336,464)
3,876,030
Cash and cash equivalents at beginning of year
4,793,922
917,892
Cash and cash equivalents at end of year
457,458
4,793,922
ANT YAPI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information
Ant Yapi (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is , 1 Knightsbridge Green, 5th Floor, London, SW1X 7QA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 405 of the Companies Act 2006 from the obligation to prepare group accounts on the basis that its subsidiary is not material for the purpose of giving true and fair view of the financial statement.
1.2
Going concern
At the year-end, the company was in a Net Asset position of £8.988.507 (2022 Net Asset : £9112,329). The company incurred a Gross Profit of £3,9m (2022: 14.2m) and as such given the financial indicators of material uncertainty may be unable to realise its assets and discharge its liabilities in the normal course of business.true
The directors have confirmed that the Company have sufficient financial backing from the group companies to continue the business in foreseeable future. For this basis they have reviewed the financial and cash flow projections for the next 12 months from the date of the approval of the financial statements. There is no need for the additional financial support to be provided to the company, but in case of the risk of any cash flow needs, The parent company and related parties are ready to provide personal guarantees and financial support to the company. The Directors note that the company should have insufficient working capital, the parent company has provided a letter of support that they would help the company to meet its financial obligations as and when required.
In addition, the directors have confirmed that there are additional new projects in pipeline which is going to be realized in the next 3 years.
Existing projects will be continue till end of 2025 and additional to this in 2024 we are planning to sign 3-4 new contracts as below;
Shotton Mill paper manufacture : £40.000.000
Kensington Residential Project: £32.500.000
Oak Tree Residential Project: £44.000.000
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
ANT YAPI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Rendering of services
In respect of long-term contracts, turnover represents the value of work done in the year, including estimates of amounts not invoiced and is reference to the stage of completion of each contract , once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to the Balance sheet on each project. Full provision is made for losses estimated by the directors on all contracts in the year in which the loss is first foreseen. Such estimates are based upon the director's experience and relevant professional advice.
Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable
1.4
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:
Plant and equipment
20% on cost
Fixtures and fittings
25% on reducing balance
Motor vehicles
20% on cost
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.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company 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). 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.
ANT YAPI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
ANT YAPI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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.
ANT YAPI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
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.
1.10
Taxation
Current tax
There is no tax liability in the current year as the company has unutilised losses b/fwd from previous years.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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 leases asset are consumed.
ANT YAPI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.14
Government grants
Basic recognition and measurement
A grant is not recognised until there is reasonable assurance that:
Grants are recognised using the performance model or the accrual model.
Measurement is at the fair value of the asset received or receivable.
Performance model
Under the performance model:
A grant that specifies performance conditions is recognised in income when the performance conditions are met;
A grant that does not specify performance conditions 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.
Accrual model
Under the accrual model:
Grants are classified as relating to either revenue or assets;
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the related costs are recognised;
Grants which are compensation for past expenses or losses, or where there are no future associated costs, are recognised in income in the period they become receivable;
Grants are recognised over the periods in which the expenses are recognised to which those grants relate.
Grants relating to an asset are recognised in income systematically over the asset‚s expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset‚s carrying amount.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.16
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 revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.
The stage of completion is measured by reference to the ration of work performed to date to the total contract price.
ANT YAPI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Key source of estimation uncertainity
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions which have a significantrisk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments,economic utilisation and the physical condition of the assets.
Revenue recognition in long term contracts
Recognition of revenue and profit is based on judgement made in respect of the ultimate profitability of a contract. Such judgements are arrived at through the use of estimates in relation to the costs and value of work performed to date and to be performed in bringing contracts to completion. The company has appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review an authorisation.
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Construction business
35,510,864
55,198,103
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
35,510,864
55,198,103
2023
2022
£
£
Other revenue
Interest income
102,813
205,397
Grants received (R&D Credit)
-
165,885
ANT YAPI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
4
Exceptional item
2023
2022
£
£
Income
Interest on Diirectors O/D balance
13,328
3,077
During the year, the company had advanced loan to the director for which interest at 2.25% was charged. Refer to note 23 for details regarding the directors overdrawn balance.
5
Operating (loss)/profit
2023
2022
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses
14,421
984
Government grants including R&D credit
-
(165,885)
Depreciation of owned tangible fixed assets
20,738
34,902
Profit on disposal of tangible fixed assets
-
(14,300)
Operating lease charges
339,543
567,038
6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
17,000
17,161
7
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
33
28
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
2,465,244
1,887,588
Social security costs
292,308
244,470
Pension costs
29,000
20,753
2,786,552
2,152,811
ANT YAPI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
8
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
251,606
221,220
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
251,606
221,220
9
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
34
Interest receivable from group companies
102,779
205,397
Total income
102,813
205,397
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
102,813
205,397
10
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
88,589
170,428
11
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
69,230
ANT YAPI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Taxation
(Continued)
- 23 -
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
(Loss)/profit before taxation
(109,923)
10,808,014
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(20,885)
2,053,523
Tax effect of expenses that are not deductible in determining taxable profit
19,239
(6,631)
Tax effect of utilisation of tax losses not previously recognised
(2,046,892)
Unutilised tax losses carried forward
1,646
Under/(over) provided in prior years
69,230
Taxation charge for the year
-
69,230
No liability to UK Corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022 as the company utilised B/fwd losses in 2022 and for 2023 the company made a loss.
Based on the current years tax computation, the company has a carried forward loss of £15,212,146 which estimates around £3,803,036 worth of deferred tax asset which will be offset against future profits. Management has decided not accrue this amount as a deferred tax asset and report in the notes to the accounts for the user of these financial statement to understand the future tax liability/asset status of the company.
ANT YAPI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
101,055
125,794
91,953
318,802
Disposals
(101,055)
(101,055)
At 31 December 2023
125,794
91,953
217,747
Depreciation and impairment
At 1 January 2023
101,055
118,159
22,181
241,395
Depreciation charged in the year
6,302
14,436
20,738
Eliminated in respect of disposals
(101,055)
(101,055)
At 31 December 2023
124,461
36,617
161,078
Carrying amount
At 31 December 2023
1,333
55,336
56,669
At 31 December 2022
7,635
69,772
77,407
13
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
14
100
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
-
Additions
100
At 31 December 2023
100
Carrying amount
At 31 December 2023
100
At 31 December 2022
-
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
ANT YAPI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Subsidiaries
(Continued)
- 25 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Stellar Heavy Industries UK Ltd
England
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Stellar Heavy Industries UK Ltd
100
15
Construction contracts
At 31 December 2023, retentions held by customers for contract work amounted to £2,498,427 (2022 - £3,594,572).
16
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,106,127
6,303,947
Corporation tax recoverable
122,492
214,168
Amounts owed by group undertakings
2,785,781
1,422,277
Other debtors
1,306,941
821,958
Prepayments and accrued income
3,014,982
3,753,713
15,336,323
12,516,063
Trade debtors include a balance of £667,113 recoverable from Doulton Development Ltd, which was heading the Westminster project, the company did not have sufficient cash headroom to fund the project and finally went into liquidation in April 2024. Management of Ant Yapi (UK) Ltd was not aware of the company's financial situation at 31.12.2023. This balance is considered as not recoverable and would be w/off in 2024.
Included in the amount owed from group undertakings is the amount receivable from Ant Property Investment Ltd of £1,189,010, £848,270 from Ant Yapi New York LLC and £748,500 form the parent company Ant Yapi Sanayi Ve Ticaret A.S . Ant Property Investment Ltd is currently looking for new developments and hence the balance was still outstanding at 31.12.2023. Management can confirm that all loan balances are recoverable and if required the parent company would be pay the amount for which a guarantee letter has been received.
ANT YAPI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
17
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
18
3,000,000
Trade creditors
3,235,119
1,005,477
Corporation tax
122,492
Other taxation and social security
205,707
2,012,391
Other creditors
51,459
Accruals and deferred income
361,842
5,140,686
6,854,127
8,281,046
18
Loans and overdrafts
2023
2022
£
£
Bank loans
3,000,000
Payable within one year
3,000,000
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
29,000
20,753
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.
20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
25,001,000
25,001,000
25,001,000
25,001,000
ANT YAPI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
21
Financial commitments, guarantees and contingent liabilities
Turkiye is Bankasi AS has agreed with the LEAS PAVILION DEVELOPMENT LTD at the request of the
Company to provide performance bond as security for the performance of the obligations of the Company. The bond amount is £3,750,00 which is 10% of the Contract sum under current contract. The expiry date of the Bond is three months after the date of issue of the final practical completion statement under the contract.
There is Performance bond in place by the guarantor Euler Hermes to CHELSEA BARRACKS (4) GP LLP as well of the amount £5,574,788 and the expiry is the date of receipt by the Guarantor of the Notice of Making Good Defects issued under clause 2.36 of the Contract.
22
Events after the reporting date
As disclosed in note 15, Doulton Development Ltd, which were developing the project "Westminster tower" faced financial difficulties and went into liquidation in April 2024. At 31.12.2023, material balance of £667,113 was outstanding and reported as Trade debtor, is considered as not recoverable and will be w/off in 2024 financial statement.
23
Directors' transactions
Post year end on 2nd May 2024, an amount of £750,000 was repaid by the directors to clear the loan outstanding, Further, the remaining balance will be paid before the end of 30th September 2024 and hence no s455 tax liability is accrued, necessary interest have been charged in the financial statement on the loan outstanding.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Lonas and advance
2.25
362,939
591,541
13,328
967,808
362,939
591,541
13,328
967,808
24
Ultimate controlling party
Ant Yapi (UK) is 100% owned by the parent company, Ant Yapi Sanayi Ve Ticaret A.S, which is based in Turkey. The immediate and ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Ant Yapi Sanayi Ve Ticaret AS, and copies of the consolidated financial statements can be obtained from its registered office at Istanbul province, Umraniye County, Saray District, Akcakoca Avenue No. 11, Turkey. There is no ultimate controlling party.
ANT YAPI (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
25
Cash absorbed by operations
2023
2022
£
£
(Loss)/profit for the year after tax
(109,923)
10,738,784
Adjustments for:
Taxation charged
69,230
Finance costs
88,589
170,428
Investment income
(102,813)
(205,397)
Gain on disposal of tangible fixed assets
-
(14,300)
Depreciation and impairment of tangible fixed assets
20,738
34,902
Movements in working capital:
Increase in debtors
(2,307,067)
(572,994)
Decrease in creditors
(4,354,386)
(15,127,067)
Cash absorbed by operations
(6,764,862)
(4,906,414)
26
Analysis of changes in net funds/(debt)
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
4,793,922
(4,336,464)
457,458
Borrowings excluding overdrafts
-
(3,000,000)
(3,000,000)
4,793,922
(7,336,464)
(2,542,542)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100Mr Cengizhan KaradumanMr Kadir Tokmanfalsefalse098303852023-01-012023-12-3109830385bus:Director12023-01-012023-12-3109830385bus:Director22023-01-012023-12-3109830385bus:RegisteredOffice2023-01-012023-12-31098303852023-12-31098303852022-01-012022-12-3109830385core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3109830385core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31098303852022-12-3109830385core:PlantMachinery2023-12-3109830385core:FurnitureFittings2023-12-3109830385core:MotorVehicles2023-12-3109830385core:PlantMachinery2022-12-3109830385core:FurnitureFittings2022-12-3109830385core:MotorVehicles2022-12-3109830385core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3109830385core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3109830385core:CurrentFinancialInstruments2023-12-3109830385core:CurrentFinancialInstruments2022-12-3109830385core:ShareCapital2023-12-3109830385core:ShareCapital2022-12-3109830385core:RetainedEarningsAccumulatedLosses2023-12-3109830385core:RetainedEarningsAccumulatedLosses2022-12-3109830385core:ShareCapital2021-12-3109830385core:RetainedEarningsAccumulatedLosses2021-12-3109830385core:ShareCapital2022-01-012022-12-310983038512023-01-012023-12-310983038512022-01-012022-12-31098303852022-12-31098303852021-12-3109830385core:PlantMachinery2023-01-012023-12-3109830385core:FurnitureFittings2023-01-012023-12-3109830385core:MotorVehicles2023-01-012023-12-3109830385core:UKTax2023-01-012023-12-3109830385core:UKTax2022-01-012022-12-3109830385core:PlantMachinery2022-12-3109830385core:FurnitureFittings2022-12-3109830385core:MotorVehicles2022-12-3109830385core:Non-currentFinancialInstruments2023-12-3109830385core:Non-currentFinancialInstruments2022-12-3109830385bus:PrivateLimitedCompanyLtd2023-01-012023-12-3109830385bus:FRS1022023-01-012023-12-3109830385bus:Audited2023-01-012023-12-3109830385bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP