Company registration number 03836436 (England and Wales)
ACEO LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ACEO LIMITED
COMPANY INFORMATION
Director
Mr E Odim
Company number
03836436
Registered office
Hillside Farm
Rodley
Westbury-on-Severn
Gloucestershire
United Kingdom
GL14 1QZ
Auditor
Azets Audit Services
Epsilon House
The Square
Gloucester Business Park
Gloucester
United Kingdom
GL3 4AD
ACEO LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Independent auditor's report
4 - 7
Statement of income and retained earnings
8
Balance sheet
9
Statement of cash flows
10
Notes to the financial statements
11 - 27
ACEO 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
Aceo is a proud, independent, family-owned business, celebrating 25 years in the Scotch Whisky industry, with its HQ and distribution centre based in a prime location in Scotland’s Central Belt, beside the M8 motorway between Glasgow and Edinburgh, and their international airports.
Over the past quarter-century, our commitment to quality products and providing outstanding services have earned us a loyal customer base and a high level of respect in the industry. As Aceo’s reputation has grown, it has allowed us to forge valuable relations with leading Scotch whisky companies and attract other industry suppliers (of such things as bottles and dry goods).
Aceo’s leading premium brand is Murray McDavid, known for its innovative approach to whisky maturation, which involves using a variety of casks to create unique and inspired Scotch whisky – the Art of Maturation. In 2022, the company launched a Murray McDavid sub-brand called Cask Craft, which has been well received by the market and added significantly to sales in 2023.
Aceo, through its Aceo Spirits division, has other whisky and spirit brands. These include the following Scotch and other spirit products: Smoky Scot, Parkmore Selection, Glen Cooper, Coleburn Selection, The Glenlee, Iguana Rum, Metropolitan Gin, Rodchenko Vodka and Emerald Isle Irish Whiskey.
The company’s New Product Development Team have a number of brands in development, which we are confident will be every bit as successful as our established brands. These include: Murray McDavid Ultra, Osprey and Column amongst others.
In addition to its spirit sales, Aceo is a well-established whisky broker and supplier of a range of whisky services, which include bottling, transport, cask warehousing, plus label and product design and consultancy. We aim to expand the services we offer to the industry but reduce bulk sales in favour of selling more branded products, which is ultimately more profitable in the long-term. To this end, Aceo has expanded its presence in Speyside. It has acquired new warehouses in Kinloss to increase its cask storage capacity. It has also purchased the former Bank of Scotland building in Forres, to be used as a sales/admin office and a retail space.
In addition to its operational sites, Aceo has other properties, which, importantly, it uses as brand homes for promoting its whisky/spirits and for generating income from offering accommodation to whisky tourists and other visitors to Speyside – Scotland’s largest whisky production region.
Financial Performance and Key performance indicators
The company’s reported turnover for the year is £8.3m (2022 - £8.8m). This reflects a small decline from the previous year but supports the company’s strategic objective of reducing reliance on bulk sales and increasing bottled sales and services. Sales of bottles increased by 68%, highlighting our successful marketing, innovation, and growing consumer preference for our bottled offerings.
We have also seen substantial growth in our warehousing and services turnover as we respond to the growing demand in the market for cask storage and operational services. These steps, together with a drive to achieve internal cost reductions, will help improve our overall financial performance.
A loss for the year has been reported at £0.46m compared with a profit of £0.7m in 2022. However, this decrease was driven by the significant increases in interest rates during 2023.
The balance sheet position as of 31 December 2023 showed net assets of £9.0m (2022 - £9.8m), reflecting growth in fixed and current assets to support future growth of the business i.e. the purchase of Kinloss Whisky Warehouses, The Old Bank and whisky stock (especially new make spirit that can be used in future years.)
ACEO LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Operations
During the year, our Dandaleith Craft Bottling Hall in Speyside began production. This facility allows us to do premium bespoke single cask bottlings of our Murray McDavid brand and our customers’ brands, offering us not only economies, but also greater flexibility.
Additionally, we initiated the expansion of our warehouse storage capacity at our Kinloss site, which is expected to become operational in 2024. The P&L reflects these non-recurring costs, which will support improved profitability in the coming years. We have also continued to collaborate with partners to secure wood (empty casks) for maturing our spirits, thereby ensuring the ongoing innovation of the Murray McDavid brand.
Outlook
The world-wide supply chain crisis and the sharp rises in energy prices of 2022/23 and the subsequent continued rise in inflation and interest rates impacted our financial performance in 2023. We expect the near-term outlook to remain challenging, but to start improving during 2024.
While Aceo will continue to be affected by wider economic pressures beyond our control, we strongly believe that our adopted strategy that focuses on selling bottled branded spirit, expanding our operational capacity and, crucially, the purchasing and laying down of stock, will support Aceo’s future growth and allow the company to fulfil its exciting plans and ambitions.
Mr E Odim
Director
22 October 2024
ACEO 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 bulk whisky and spirit sales, associated distillery services and bottling and transport services.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £383,000. 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 E Odim
Statement of director's responsibilities
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;
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.
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 E Odim
Director
22 October 2024
ACEO LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ACEO LIMITED
- 4 -
Opinion
We have audited the financial statements of Aceo Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, the balance sheet, 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.
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.
ACEO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF ACEO LIMITED
- 5 -
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.
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.
ACEO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF ACEO LIMITED
- 6 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and 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 indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Other matters which we are required to address
Under the Companies Act 2006, the company was exempt from audit for the year ended 31 December 2022. As a consequence, the financial statements of the company for the year ended 31 December 2022, which form the basis for the corresponding figures presented in the current period's financial statements, were unaudited. The directors are no longer able to take advantage of the exemption from audit available under section 477 of the Companies Act 2006 for the year ended 31 December 2023.
Although the company was exempt from audit for the year ended 31 December 2022 we were able observe the counting of physical stock quantities at this date and as a result our audit opinion is not modified in this respect.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
ACEO LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF ACEO LIMITED
- 7 -
Rebecca Hudson
Senior Statutory Auditor
For and on behalf of Azets Audit Services
22 October 2024
Chartered Accountants
Statutory Auditor
Epsilon House
The Square
Gloucester Business Park
Gloucester
United Kingdom
GL3 4AD
ACEO LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
as restated
Notes
£
£
Turnover
2
8,270,452
8,798,549
Cost of sales
(4,083,545)
(3,936,067)
Gross profit
4,186,907
4,862,482
Administrative expenses
(4,251,812)
(3,710,633)
Other operating income
541,170
195,933
Operating profit
3
476,265
1,347,782
Interest receivable and similar income
6
394
1,725
Interest payable and similar expenses
7
(1,034,091)
(453,493)
(Loss)/profit before taxation
(557,432)
896,014
Tax on (loss)/profit
8
92,742
(146,167)
(Loss)/profit for the financial year
(464,690)
749,847
Retained earnings brought forward
9,837,030
9,137,183
Dividends
9
(383,000)
(50,000)
Retained earnings carried forward
8,989,340
9,837,030
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ACEO LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
10
24,841
25,909
Tangible assets
11
9,320,459
8,435,882
Investments
12
93
93
9,345,393
8,461,884
Current assets
Stocks
14
16,934,896
13,376,413
Debtors
15
2,527,252
2,341,595
Cash at bank and in hand
164,391
466,066
19,626,539
16,184,074
Creditors: amounts falling due within one year
16
(19,904,595)
(14,638,071)
Net current (liabilities)/assets
(278,056)
1,546,003
Total assets less current liabilities
9,067,337
10,007,887
Provisions for liabilities
Deferred tax liability
18
52,997
145,857
(52,997)
(145,857)
Net assets
9,014,340
9,862,030
Capital and reserves
Called up share capital
21
25,000
25,000
Profit and loss reserves
8,989,340
9,837,030
Total equity
9,014,340
9,862,030
The financial statements were approved and signed by the director and authorised for issue on 22 October 2024
Mr E Odim
Director
Company Registration No. 03836436
ACEO LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(1,201,629)
(930,955)
Interest paid
(1,034,091)
(453,493)
Income taxes refunded
19,460
Net cash outflow from operating activities
(2,216,260)
(1,384,448)
Investing activities
Purchase of intangible assets
(1,590)
(2,192)
Purchase of tangible fixed assets
(1,167,565)
(801,883)
Proceeds from disposal of tangible fixed assets
15,576
(32,977)
Interest received
394
1,725
Net cash used in investing activities
(1,153,185)
(835,327)
Financing activities
Proceeds from new bank loans
3,450,770
2,603,671
Dividends paid
(383,000)
(50,000)
Net cash generated from financing activities
3,067,770
2,553,671
Net (decrease)/increase in cash and cash equivalents
(301,675)
333,896
Cash and cash equivalents at beginning of year
466,066
132,170
Cash and cash equivalents at end of year
164,391
466,066
ACEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information
Aceo Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hillside Farm, Rodley, Westbury-on-Severn, Gloucestershire, United Kingdom, GL14 1QZ.
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 not to prepare consolidated accounts, on the grounds of immateriality. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The director notes that the company had net current liabilities at the balance sheet date. Notwithstanding this, the director confirms that cash flow forecasts have been prepared covering a period of more than 12 months from the date of approval of the financial statements which, taking account of available headroom in its facilities and reasonable cash flow sensitives, show the company continuing to be able to meet its liabilities as they fall due during this period. true
Furthermore, the company renewed its banking facility prior to the balance sheet date as referred to in note 17. This facility is secured against the assets of the company and the bank conducts regularly visits which include valuations of the company’s stock to gain its own assurance over the security given by the company over the facility provided.
As a result of the above and at the time of approving the financial statements, the director therefore has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and has continued to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from rents receivable represents the value of rentals received or receivable from tenants of freehold and leasehold properties held by the company during the period, excluding value added tax.
ACEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences
10 years
1.5
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:
Land and buildings
1% - 20% on cost
Leashold land and buildings
4% - 25% on cost
Leasehold improvements
10% - 25% on cost
Plant and machinery
10% - 25% on cost
Fixtures and fittings
22% - 25% on cost
Computers
25% on cost
Motor vehicles
25% on cost
Assets in the course of construction are not depreciated.
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.
1.6
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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
ACEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
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.
ACEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
ACEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
ACEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.13
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
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.
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.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.18
The company has taken advantage of exemption under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
2
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Bulk
2,069,885
5,181,281
Bottles
4,216,229
2,508,737
Warehousing and services
1,593,777
702,835
Bottling & logistic services
277,556
349,031
Events and others
113,005
56,665
8,270,452
8,798,549
ACEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Turnover and other revenue
(Continued)
- 17 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
3,373,406
5,754,405
Europe
3,249,063
1,876,678
Rest of world
1,647,983
1,167,466
8,270,452
8,798,549
2023
2022
£
£
Other revenue
Interest income
394
1,725
3
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
28,380
7,331
Fees payable to the company's auditor for the audit of the company's financial statements
17,500
Depreciation of owned tangible fixed assets
281,662
171,998
(Profit)/loss on disposal of tangible fixed assets
(14,250)
41,263
Amortisation of intangible assets
2,658
2,545
Operating lease charges
168,387
192,432
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Management
4
4
Sales and marketing
7
5
Operations
33
27
Admin
22
18
Total
66
54
ACEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Employees
(Continued)
- 18 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,988,688
1,676,944
Social security costs
197,573
178,324
Pension costs
62,895
36,545
2,249,156
1,891,813
5
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
7,869
7,082
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
394
1,725
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
394
1,725
7
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Other interest
1,034,091
453,493
8
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
118
310
Deferred tax
Origination and reversal of timing differences
(92,860)
145,857
Total tax (credit)/charge
(92,742)
146,167
ACEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 19 -
The actual (credit)/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
(557,432)
896,014
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(131,108)
170,243
Tax effect of expenses that are not deductible in determining taxable profit
43,746
12,016
Adjustments in respect of prior years
9,486
Effect of change in corporation tax rate
(5,495)
50,718
Permanent capital allowances in excess of depreciation
(20,364)
Other timing differences
115
(74,645)
(1,287)
Taxation (credit)/charge for the year
(92,742)
146,167
9
Dividends
2023
2022
£
£
Interim paid
383,000
50,000
10
Intangible fixed assets
Patents & licences
£
Cost
At 1 January 2023
35,135
Additions - internally developed
1,590
At 31 December 2023
36,725
Amortisation and impairment
At 1 January 2023
9,226
Amortisation charged for the year
2,658
At 31 December 2023
11,884
Carrying amount
At 31 December 2023
24,841
At 31 December 2022
25,909
ACEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Intangible fixed assets
(Continued)
- 20 -
Intangible fixed assets are pledged as a security for bank facilities under a fixed and floating charge.
ACEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
11
Tangible fixed assets
Land and buildings
Leashold land and buildings
Leasehold improvements
Assets under construction
Plant and machinery
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
£
£
Cost
At 1 January 2023
885,898
7,288,153
5,041
110,000
454,315
111,433
207,629
214,357
9,276,826
Additions
1,029,539
38,329
38,823
17,916
29,963
12,995
1,167,565
Disposals
(5,041)
(2,961)
(8,002)
At 31 December 2023
885,898
8,317,692
148,329
493,138
129,349
234,631
227,352
10,436,389
Depreciation and impairment
At 1 January 2023
79,809
162,534
5,041
270,086
53,083
154,886
115,505
840,944
Depreciation charged in the year
103,398
8,154
69,941
23,058
29,950
47,161
281,662
Eliminated in respect of disposals
(5,041)
(1,635)
(6,676)
At 31 December 2023
183,207
170,688
340,027
76,141
183,201
162,666
1,115,930
Carrying amount
At 31 December 2023
702,691
8,147,004
148,329
153,111
53,208
51,430
64,686
9,320,459
At 31 December 2022
806,089
7,125,619
110,000
184,229
58,350
52,743
98,852
8,435,882
ACEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Tangible fixed assets
(Continued)
- 22 -
Tangible fixed assets are pledged as a security for bank facilities under a fixed and floating charge.
12
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
13
93
93
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
SASU ACEO FRANCE
9 Rue Jeanne D'Arc, Chateauponsac, 87290, France
Ordinary
100.00
14
Stocks
2023
2022
£
£
Finished goods and goods for resale
16,934,896
13,376,413
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
614,816
1,362,759
Corporation tax recoverable
19,578
Amounts owed by group undertakings
75,503
Other debtors
146,616
210,368
Prepayments and accrued income
1,765,820
673,387
2,527,252
2,341,595
Amounts owed by group undertakings are unsecured, interest free and have no fixed date of repayment and are repayable on demand.
Debtors are pledged as a security for bank facilities under a fixed and floating charge.
ACEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
17
15,825,969
12,375,199
Trade creditors
3,306,921
1,552,425
Taxation and social security
57,192
132,268
Deferred income
19
135,357
218,299
Other creditors
365,135
30,028
Accruals
214,021
329,852
19,904,595
14,638,071
17
Loans and overdrafts
2023
2022
£
£
Bank loans
15,825,969
12,375,199
Payable within one year
15,825,969
12,375,199
At the balance sheet date, the company had a facility of £19,900,000 available from its bank of which the amount drawn at the balance sheet date is shown in bank loans included in creditors due within one year. Amounts drawn under this facility are secured by a fixed and floating charge over the assets of the company, are repayable on demand on a rolling basis and interest is charged at a margin of 2.6% above the Bank of England base rate.
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
352,617
322,256
Tax losses
(299,620)
(173,742)
Retirement benefit obligations
-
(2,657)
52,997
145,857
ACEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Deferred taxation
(Continued)
- 24 -
2023
Movements in the year:
£
Liability at 1 January 2023
145,857
Credit to profit or loss
(92,860)
Liability at 31 December 2023
52,997
19
Deferred income
2023
2022
£
£
Other deferred income
135,357
218,299
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
62,895
36,545
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.
21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
25,000
25,000
25,000
25,000
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
79,866
175,423
Between two and five years
102,594
141,070
In over five years
103
5,293
182,563
321,786
ACEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Operating lease commitments
(Continued)
- 25 -
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
Within one year
287,410
23
Financial commitments, guarantees and contingent liabilities
The company also had contingent liabilities at the balance sheet date totalling £67,820 regarding bank guarantees (2022: £67,820).
24
Events after the reporting date
On 25 May 2024 1 Ordinary £1 share of Aceo Distillers Company Limited was transferred from Edward Odim to Aceo Limited for £Nil consideration.
25
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
2023
2022
£
£
Companies connected via common control
214,777
70,083
Commission payable
2023
2022
£
£
Companies connected via common control
107,016
-
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Companies connected via common control
-
36,594
ACEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
25
Related party transactions
(Continued)
- 26 -
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Companies connected via common control
2,090
72,171
26
Cash absorbed by operations
2023
2022
£
£
(Loss)/profit for the year after tax
(464,690)
749,847
Adjustments for:
Taxation (credited)/charged
(92,742)
146,167
Finance costs
1,034,091
453,493
Investment income
(394)
(1,725)
(Gain)/loss on disposal of tangible fixed assets
(14,250)
41,263
Amortisation and impairment of intangible assets
2,658
2,545
Depreciation and impairment of tangible fixed assets
281,662
171,998
Movements in working capital:
Increase in stocks
(3,558,483)
(2,494,013)
(Increase)/decrease in debtors
(205,235)
71,390
Increase in creditors
1,898,696
559,412
Decrease in deferred income
(82,942)
(631,332)
Cash absorbed by operations
(1,201,629)
(930,955)
27
Analysis of changes in net debt
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
466,066
(301,675)
164,391
Borrowings excluding overdrafts
(12,375,199)
(3,450,770)
(15,825,969)
(11,909,133)
(3,752,445)
(15,661,578)
28
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
ACEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
28
Prior period adjustment
(Continued)
- 27 -
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
749,847
Profit as adjusted
749,847
Notes to reconciliation
Other operating income
Amounts in relation to property rent of £195,933 for the year ended 31 December 2022 rent were originally included in turnover and have been reclassified to other operating income accordingly.
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