Company registration number 03609982 (England and Wales)
PETER HARRINGTON LIMITED
Annual report and consolidated financial statements
For the year ended 31 December 2023
PETER HARRINGTON LIMITED
COMPANY INFORMATION
Directors
Mr P L Harrington
Mr J L Jameson
(Appointed 19 December 2023)
Company number
03609982
Registered office
Connect House
133-137 Alexandra Road
London
SW19 7JY
Auditor
WSM Advisors Limited
Connect House
133-137 Alexandra Road
Wimbledon
London
SW19 7JY
PETER HARRINGTON LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 32
PETER HARRINGTON LIMITED
STRATEGIC REPORT
For the year ended 31 December 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.
Peter Harrington continues to deal in antiquarian books, prints and ephemera, fine bindings and works of art. We also provide framing and binding services.
Principal risks and uncertainties
Peter Harrington Limited operates primarily at the premium end of the antiquarian book market. As such, we trade in higher value, rarer, specialist and best quality items which are selected to provide the most attractive offer both to existing clients and to discerning new customers. We consider the risk of investing in higher value items and collections is offset by greater stability at the high end of the market and by our many years of experience with books and clients at this level and are seeing the rewards of this strategy in our growing turnover.
We invest in employee development and welfare and experience very low staff turnover, ensuring experience is retained and grown and that we are not exposed to loss of key skills. We strive continually to improve and extend our reach through expanding our geographical markets and embracing technologies to ensure our business remains relevant to modern life and meets customer needs, using data to inform decision making. We also pride ourselves on a high standard of customer service. Finally, we are aware of the need to maintain effective physical and cyber security to protect our business and assets and are pleased to have acquired a freehold property for use in the business, adding physical capacity and providing security.
Key performance indicators
The financial key performance indicators which best demonstrate the strength of the company as a whole are our turnover, gross margin and average selling price.
Turnover is comprised of direct sales, sales made via third parties and commissions. We are pleased to report that sales and profitability continues to grow and that average price per item remains high.
Our portfolio of clients, sales mix, marketing strategy and online sales development gives us confidence that 2023 will be another year of growth and strong performance.
2023
2022
Turnover
£35,419,230
£25,953,403
Gross margin
31.65%
37.52%
Average price per item
£4,389
£3,122
Total items sold
8,070
8,314
Mr P L Harrington
Director
31 October 2024
PETER HARRINGTON LIMITED
DIRECTORS' REPORT
For the year ended 31 December 2023
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The principal activity is an antiquarian book seller, book binding and print seller.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £630,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr P L Harrington
Ms S Caethoven
(Resigned 20 February 2024)
Mr J L Jameson
(Appointed 19 December 2023)
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr P L Harrington
Director
31 October 2024
PETER HARRINGTON LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
For the year ended 31 December 2023
- 3 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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 ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PETER HARRINGTON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PETER HARRINGTON LIMITED
- 4 -
Opinion
We have audited the financial statements of Peter Harrington Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2023 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
PETER HARRINGTON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PETER HARRINGTON LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and posting inappropriate journal entries to manipulate the fair value of the company's assets.
Our tests included agreeing the financial statement disclosures to underlying supporting documentation where relevant, review of directors' meeting minutes, enquiries with management as to the risks of non-compliance and any instances thereof, challenging assumptions and judgments made by management, and identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. Our audit procedures also focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less like we are to become aware of it.
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.
PETER HARRINGTON LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PETER HARRINGTON LIMITED
- 6 -
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Simon Marsh FCA (Senior Statutory Auditor)
For and on behalf of WSM Advisors Limited
31 October 2024
Chartered Accountants
Statutory Auditor
Connect House
133-137 Alexandra Road
Wimbledon
London
SW19 7JY
PETER HARRINGTON LIMITED
GROUP PROFIT AND LOSS ACCOUNT
For the year ended 31 December 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
35,419,230
25,953,403
Cost of sales
(24,210,132)
(16,215,959)
Gross profit
11,209,098
9,737,444
Administrative expenses
(7,227,337)
(6,150,054)
Other operating income
-
12,990
Operating profit
4
3,981,761
3,600,380
Share of results of joint ventures
7,822
(426)
Interest receivable and similar income
8
7,621
939
Interest payable and similar expenses
9
(95)
(46)
Profit before taxation
3,997,109
3,600,847
Tax on profit
10
(875,128)
(677,518)
Profit for the financial year
3,121,981
2,923,329
Profit for the financial year is all attributable to the owners of the parent company.
PETER HARRINGTON LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2023
- 8 -
2023
2022
£
£
Profit for the year
3,121,981
2,923,329
Other comprehensive income
-
-
Total comprehensive income for the year
3,121,981
2,923,329
Total comprehensive income for the year is all attributable to the owners of the parent company.
PETER HARRINGTON LIMITED
GROUP BALANCE SHEET
As at 31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
3,726,328
3,547,584
Investments
13
350,752
264,762
4,077,080
3,812,346
Current assets
Stocks
15
18,148,284
16,686,553
Debtors
16
4,814,670
3,977,962
Cash at bank and in hand
1,666,346
1,395,555
24,629,300
22,060,070
Creditors: amounts falling due within one year
17
(4,838,333)
(4,496,350)
Net current assets
19,790,967
17,563,720
Net assets
23,868,047
21,376,066
Capital and reserves
Called up share capital
20
550,000
550,000
Capital redemption reserve
21
1,496,287
1,343,236
Profit and loss reserves
21,821,760
19,482,830
Total equity
23,868,047
21,376,066
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
31 October 2024
Mr P L Harrington
Director
Company registration number 03609982 (England and Wales)
PETER HARRINGTON LIMITED
COMPANY BALANCE SHEET
As at 31 December 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
3,726,328
3,547,584
Investments
13
100
100
3,726,428
3,547,684
Current assets
Stocks
15
18,148,284
16,686,553
Debtors
16
5,185,862
4,265,897
Cash at bank and in hand
1,666,346
1,395,555
25,000,492
22,348,005
Creditors: amounts falling due within one year
17
(4,836,732)
(4,492,850)
Net current assets
20,163,760
17,855,155
Net assets
23,890,188
21,402,839
Capital and reserves
Called up share capital
20
550,000
550,000
Capital redemption reserve
21
1,496,287
1,343,236
Profit and loss reserves
21,843,901
19,509,603
Total equity
23,890,188
21,402,839
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit after tax for the year was £3,117,350 (2022 - £2,950,102).
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
31 October 2024
Mr P L Harrington
Director
Company registration number 03609982 (England and Wales)
PETER HARRINGTON LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2023
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
550,000
1,188,743
18,663,994
20,402,737
Period ended 31 December 2022:
Profit and total comprehensive income
-
-
2,923,329
2,923,329
Dividends
11
-
-
(1,950,000)
(1,950,000)
Redemption of shares
20
-
154,493
(154,493)
Balance at 31 December 2022
550,000
1,343,236
19,482,830
21,376,066
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
3,121,981
3,121,981
Dividends
11
-
-
(630,000)
(630,000)
Redemption of shares
20
-
153,051
(153,051)
Balance at 31 December 2023
550,000
1,496,287
21,821,760
23,868,047
PETER HARRINGTON LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2023
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
550,000
1,188,743
18,663,994
20,402,737
Period ended 31 December 2022:
Profit and total comprehensive income for the period
-
-
2,950,102
2,950,102
Dividends
11
-
-
(1,950,000)
(1,950,000)
Redemption of shares
20
-
154,493
(154,493)
Balance at 31 December 2022
550,000
1,343,236
19,509,603
21,402,839
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
3,117,349
3,117,349
Dividends
11
-
-
(630,000)
(630,000)
Redemption of shares
20
-
153,051
(153,051)
Balance at 31 December 2023
550,000
1,496,287
21,843,901
23,890,188
PETER HARRINGTON LIMITED
GROUP STATEMENT OF CASH FLOWS
For the year ended 31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
2,313,682
967,422
Interest paid
(95)
(46)
Income taxes paid
(948,014)
(818,437)
Net cash inflow from operating activities
1,365,573
148,939
Investing activities
Purchase of tangible fixed assets
(244,254)
(89,424)
Proceeds from disposal of joint ventures
(78,168)
(264,762)
Repayment of loans
3,070
148,763
Interest received
7,621
939
Net cash used in investing activities
(311,731)
(204,484)
Financing activities
Repayment of preference shares
(153,051)
(154,493)
Dividends paid to equity shareholders
(630,000)
(1,950,000)
Net cash used in financing activities
(783,051)
(2,104,493)
Net increase/(decrease) in cash and cash equivalents
270,791
(2,160,038)
Cash and cash equivalents at beginning of year
1,395,555
3,555,593
Cash and cash equivalents at end of year
1,666,346
1,395,555
PETER HARRINGTON LIMITED
COMPANY STATEMENT OF CASH FLOWS
For the year ended 31 December 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
2,235,514
702,760
Interest paid
(95)
(46)
Income taxes paid
(948,014)
(818,437)
Net cash inflow/(outflow) from operating activities
1,287,405
(115,723)
Investing activities
Purchase of tangible fixed assets
(244,254)
(89,424)
Investments in subsidiary
(100)
Repayment of loans
3,070
148,763
Interest received
7,621
939
Net cash (used in)/generated from investing activities
(233,563)
60,178
Financing activities
Redemption of shares
(153,051)
(154,493)
Dividends paid to equity shareholders
(630,000)
(1,950,000)
Net cash used in financing activities
(783,051)
(2,104,493)
Net increase/(decrease) in cash and cash equivalents
270,791
(2,160,038)
Cash and cash equivalents at beginning of year
1,395,555
3,555,593
Cash and cash equivalents at end of year
1,666,346
1,395,555
PETER HARRINGTON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
For the year ended 31 December 2023
- 15 -
1
Accounting policies
Company information
Peter Harrington Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, London, SW19 7JY.
The group consists of Peter Harrington Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Guarantee from Peter Harrington Limited to Peter Harrington US Limited
Peter Harrington US Limited has taken the exemption from an audit for the year ended 31 December 2023 under section 479A of Companies Act 2006 which is available as Peter Harrington Limited has given a statutory guarantee, in line with s479C of Companies Act 2006, of all the outstanding liabilities as at 31 December 2023 of Peter Harrington US Limited.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Peter Harrington Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures.
PETER HARRINGTON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 16 -
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.6
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 Freehold
2% straight line basis
Leasehold property
5% - 20% on a straight line basis
Plant and machinery
25% on a reducing balance basis
Equipment, fixtures and fittings
25% on a reducing balance basis
Motor vehicles
25% on a reducing balance basis
Freehold land and building includes freehold land. Land is 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 recognised in the profit and loss account.
PETER HARRINGTON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 17 -
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Provision has been made in full against any items purchased more than four years before the end of the accounting period, and is charged directly to profit and loss for the period. This estimate is based on the knowledge of the experienced staff within the business.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts.
PETER HARRINGTON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 18 -
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
PETER HARRINGTON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 19 -
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.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PETER HARRINGTON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 20 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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 leased asset are consumed.
Future operating lease commitments are measured to the earliest of the lease break clause or termination.
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.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
PETER HARRINGTON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
- 21 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
35,419,230
25,881,683
Sale of services
-
71,720
35,419,230
25,953,403
2023
2022
£
£
Turnover analysed by geographical market
UK
14,772,584
10,338,960
EU
1,577,652
1,396,885
Outside EU
19,068,994
14,217,558
35,419,230
25,953,403
2023
2022
£
£
Other revenue
Interest income
7,621
939
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
14,013
(58,600)
Depreciation of owned tangible fixed assets
65,511
71,255
Operating lease charges
440,535
446,162
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
17,640
16,800
PETER HARRINGTON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
- 22 -
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Bookstores
57
53
57
53
Book binding
4
5
4
5
Total
61
58
61
58
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,908,684
3,334,496
3,908,684
3,334,496
Social security costs
462,448
411,119
462,448
411,119
Pension costs
163,687
143,477
163,687
143,477
4,534,819
3,889,092
4,534,819
3,889,092
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
389,413
372,550
Company pension contributions to defined contribution schemes
5,114
5,000
394,527
377,550
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 1).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
315,000
300,000
PETER HARRINGTON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
- 23 -
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
4,994
939
Other interest income
2,627
-
Total income
7,621
939
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
4,994
939
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
95
-
Other finance costs:
Other interest
-
46
Total finance costs
95
46
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
943,525
695,739
Adjustments in respect of prior periods
(68,397)
(18,221)
Total current tax
875,128
677,518
PETER HARRINGTON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
10
Taxation
(Continued)
- 24 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
3,997,109
3,600,847
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
940,140
684,161
Tax effect of expenses that are not deductible in determining taxable profit
4,613
5,607
Unutilised tax losses carried forward
(798)
798
Adjustments in respect of prior years
(68,397)
(18,221)
Effect of change in corporation tax rate
(212)
-
Permanent capital allowances in excess of depreciation
(218)
Depreciation in excess of capital allowances
5,173
Taxation charge
875,128
677,518
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
630,000
1,950,000
PETER HARRINGTON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
- 25 -
12
Tangible fixed assets
Group
Land and buildings Freehold
Leasehold property
Plant and machinery
Equipment, fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
3,243,790
1,045,901
45,910
526,794
4,000
4,866,395
Additions
200,144
843
5,183
38,084
244,254
At 31 December 2023
3,443,934
1,046,744
51,093
564,878
4,000
5,110,649
Depreciation and impairment
At 1 January 2023
905,615
25,356
383,871
3,969
1,318,811
Depreciation charged in the year
20,852
5,450
39,201
8
65,511
At 31 December 2023
926,468
30,806
423,071
3,976
1,384,321
Carrying amount
At 31 December 2023
3,443,934
120,276
20,287
141,807
24
3,726,328
At 31 December 2022
3,243,790
140,286
20,554
142,923
31
3,547,584
The cost of freehold land and buildings includes the cost of freehold land of £1,386,864 and freehold property of £2,057,070. Freehold land is not depreciated.
PETER HARRINGTON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
12
Tangible fixed assets
(Continued)
- 26 -
Company
Land and buildings Freehold
Leasehold property
Plant and machinery
Equipment, fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
3,243,790
1,045,901
45,910
526,794
4,000
4,866,395
Additions
200,144
843
5,183
38,084
244,254
At 31 December 2023
3,443,934
1,046,744
51,093
564,878
4,000
5,110,649
Depreciation and impairment
At 1 January 2023
905,615
25,356
383,871
3,969
1,318,811
Depreciation charged in the year
20,852
5,450
39,201
8
65,511
At 31 December 2023
926,468
30,806
423,071
3,976
1,384,321
Carrying amount
At 31 December 2023
3,443,934
120,276
20,287
141,807
24
3,726,328
At 31 December 2022
3,243,790
140,286
20,554
142,923
31
3,547,584
The cost of freehold land and buildings includes the cost of freehold land of £1,386,864 and freehold property of £2,057,070. Freehold land is not depreciated.
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
100
100
Investments in joint ventures
350,752
264,762
350,752
264,762
100
100
PETER HARRINGTON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
13
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Group
Shares in joint ventures
£
Cost or valuation
At 1 January 2023
264,762
Additions
85,990
At 31 December 2023
350,752
Carrying amount
At 31 December 2023
350,752
At 31 December 2022
264,762
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
100
Carrying amount
At 31 December 2023
100
At 31 December 2022
100
14
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
Peter Harrington US Limited
UK
Ordinary
100.00
15
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
18,148,284
16,686,553
18,148,284
16,686,553
PETER HARRINGTON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
- 28 -
16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,364,205
3,585,815
4,364,205
3,585,815
Corporation tax recoverable
1,036
1,036
Amounts owed by group undertakings
-
-
371,192
287,935
Other debtors
114,202
143,437
114,202
143,437
Prepayments and accrued income
336,263
247,674
336,263
247,674
4,814,670
3,977,962
5,185,862
4,265,897
17
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Other borrowings
18
303,713
456,764
303,713
456,764
Trade creditors
3,202,347
2,879,980
3,202,347
2,879,980
Corporation tax payable
271,795
345,716
271,694
345,716
Other taxation and social security
147,478
114,719
147,478
114,719
Other creditors
366,140
129,262
366,140
129,262
Accruals and deferred income
546,860
569,909
545,360
566,409
4,838,333
4,496,350
4,836,732
4,492,850
18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Preference shares
303,713
456,764
303,713
456,764
Payable within one year
303,713
456,764
303,713
456,764
The preference shares are redeemable on demand by either the preference shareholder or the Company, and as such, are classified as current liabilities in the statement of financial position. Upon redemption of the preference shares an amount equal to the par value of the shares is transferred to a capital redemption reserve.
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
163,687
143,477
PETER HARRINGTON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
19
Retirement benefit schemes
(Continued)
- 29 -
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
20
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary share of £1 each
550,000
550,000
550,000
550,000
21
Reserves
Capital redemption reserve
Preference shares were redeemed in December 2023 at the option of Peter Harrington Limited. Redemption occurred at par-value and thus no premium reserve was created.
22
Financial commitments, guarantees and contingent liabilities
Peter Harrington Limited issued a declaration of joint and several liabilities to its UK consolidated subsidiary, being Peter Harrington US Limited, which is a full liability of 100%.
23
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
417,500
417,500
417,500
417,500
Between two and five years
1,510,000
1,600,000
1,510,000
1,600,000
In over five years
265,833
575,833
265,833
575,833
2,193,333
2,593,333
2,193,333
2,593,333
24
Related party transactions
Transactions with related parties
During the year the group entered into the following transactions with related parties:
The Company has redeemable preference shares in issue to a shareholder and close family member of a director. These shares are redeemable on demand and unsecured. The balance outstanding at the year end was £303,713 (2022: £456,764) and is included within creditors due within one year on the statement of financial position.
PETER HARRINGTON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
24
Related party transactions
(Continued)
- 30 -
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2023
2022
£
£
Group
Key management personnel
1,034
-
Other related parties
11,981
-
Company
Key management personnel
1,034
-
Other related parties
11,981
-
Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Key management personnel
-
3,070
Company
Entities over which the company has control, joint control or significant influence
370,072
287,935
Key management personnel
-
3,070
During the year a loan was provided to Peter Harrington US Limited, a wholly owned subsidiary of Peter Harrington Limited. The amount is unsecured, repayable on demand and is interest free.
The loan to key management personal accrues interest at HMRC's nominal rate and £1,438 (2022: nil) was accrued during the year.
PETER HARRINGTON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
- 31 -
25
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
3,121,981
2,923,329
Adjustments for:
Share of results of associates and joint ventures
(7,822)
-
Taxation charged
875,128
677,518
Finance costs
95
46
Investment income
(7,621)
(939)
Depreciation and impairment of tangible fixed assets
65,511
71,255
Movements in working capital:
Increase in stocks
(1,461,731)
(3,495,167)
(Increase)/decrease in debtors
(840,814)
226,268
Increase in creditors
568,955
565,112
Cash generated from operations
2,313,682
967,422
26
Cash generated from operations - company
2023
2022
£
£
Profit for the year after tax
3,117,349
2,950,102
Adjustments for:
Taxation charged
875,027
677,518
Finance costs
95
46
Investment income
(7,621)
(939)
Depreciation and impairment of tangible fixed assets
65,511
71,255
Movements in working capital:
Increase in stocks
(1,461,731)
(3,495,167)
Increase in debtors
(924,071)
(61,666)
Increase in creditors
570,955
561,611
Cash generated from operations
2,235,514
702,760
PETER HARRINGTON LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
- 32 -
27
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,395,555
270,791
1,666,346
Borrowings excluding overdrafts
(456,764)
153,051
(303,713)
938,791
423,842
1,362,633
28
Analysis of changes in net funds - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,395,555
270,791
1,666,346
Borrowings excluding overdrafts
(456,764)
153,051
(303,713)
938,791
423,842
1,362,633
2023-12-312023-01-01falsefalseCCH SoftwareCCH Accounts Production 2024.301Mr P L HarringtonMs S CaethovenMr J L JamesonMr E O'Domhnaillfalse03609982bus:Consolidated2023-01-012023-12-31036099822023-01-012023-12-3103609982bus:Director12023-01-012023-12-3103609982bus:Director32023-01-012023-12-3103609982bus:Director22023-01-012023-12-3103609982bus:CompanySecretary12023-01-012023-12-3103609982bus:RegisteredOffice2023-01-012023-12-31036099822023-12-3103609982bus:Consolidated2022-01-012022-12-31036099822022-01-012022-12-3103609982bus:Consolidated2023-12-3103609982bus:Consolidated2022-12-31036099822022-12-3103609982core:Buildings2022-12-3103609982core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-3103609982core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-12-3103609982core:PlantMachinerybus:Consolidated2023-12-3103609982core:FurnitureFittingsbus:Consolidated2023-12-3103609982core:MotorVehiclesbus:Consolidated2023-12-3103609982core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-3103609982core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-12-3103609982core:PlantMachinerybus:Consolidated2022-12-3103609982core:FurnitureFittingsbus:Consolidated2022-12-3103609982core:MotorVehiclesbus:Consolidated2022-12-3103609982core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3103609982core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3103609982core:PlantMachinery2023-12-3103609982core:FurnitureFittings2023-12-3103609982core:MotorVehicles2023-12-3103609982core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3103609982core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3103609982core:PlantMachinery2022-12-3103609982core:FurnitureFittings2022-12-3103609982core:MotorVehicles2022-12-3103609982bus:Consolidated2021-12-31036099822021-12-3103609982core:ShareCapitalbus:Consolidated2023-12-3103609982core:ShareCapitalbus:Consolidated2022-12-3103609982core:CapitalRedemptionReservebus:Consolidated2023-12-3103609982core:CapitalRedemptionReservebus:Consolidated2022-12-3103609982core:ShareCapital2023-12-3103609982core:ShareCapital2022-12-3103609982core:CapitalRedemptionReserve2023-12-3103609982core:CapitalRedemptionReserve2022-12-3103609982core:RetainedEarningsAccumulatedLosses2023-12-3103609982core:ShareCapitalbus:Consolidated2021-12-3103609982core:CapitalRedemptionReservebus:Consolidated2021-12-3103609982core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-12-3103609982core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3103609982core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3103609982core:ShareCapital2021-12-3103609982core:CapitalRedemptionReserve2021-12-3103609982core:RetainedEarningsAccumulatedLosses2021-12-3103609982core:RetainedEarningsAccumulatedLosses2022-12-3103609982core:ForeignCurrencyTranslationReserve2023-12-3103609982core:ForeignCurrencyTranslationReserve2022-12-3103609982core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3103609982core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3103609982core:PlantMachinery2023-01-012023-12-3103609982core:FurnitureFittings2023-01-012023-12-3103609982core:MotorVehicles2023-01-012023-12-3103609982core:UKTaxbus:Consolidated2023-01-012023-12-3103609982core:UKTaxbus:Consolidated2022-01-012022-12-3103609982bus:Consolidated12023-01-012023-12-3103609982bus:Consolidated12022-01-012022-12-3103609982core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-3103609982core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-12-3103609982core:PlantMachinerybus:Consolidated2022-12-3103609982core:FurnitureFittingsbus:Consolidated2022-12-3103609982core:MotorVehiclesbus:Consolidated2022-12-3103609982bus:Consolidated2022-12-3103609982core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3103609982core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3103609982core:PlantMachinery2022-12-3103609982core:FurnitureFittings2022-12-3103609982core:MotorVehicles2022-12-31036099822022-12-3103609982core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-01-012023-12-3103609982core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-01-012023-12-3103609982core:PlantMachinerybus:Consolidated2023-01-012023-12-3103609982core:FurnitureFittingsbus:Consolidated2023-01-012023-12-3103609982core:MotorVehiclesbus:Consolidated2023-01-012023-12-3103609982core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3103609982core:CurrentFinancialInstruments2023-12-3103609982core:CurrentFinancialInstruments2022-12-3103609982core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3103609982core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3103609982core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3103609982core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3103609982core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103609982core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103609982core:WithinOneYearbus:Consolidated2023-12-3103609982core:WithinOneYearbus:Consolidated2022-12-3103609982bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103609982bus:FRS1022023-01-012023-12-3103609982bus:Audited2023-01-012023-12-3103609982bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3103609982bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP