Company registration number 00875221 (England and Wales)
CASTACRETE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CASTACRETE LTD
COMPANY INFORMATION
Directors
T A Smallman
R M Smallman
G Wells
(Appointed 24 June 2024)
Secretary
S J King
Company number
00875221
Registered office
Stone House
Dean Street
East Farleigh
Maidstone
Kent
United Kingdom
ME15 0PW
Auditor
Azets Audit Services
Globe House
Eclipse Park
Sittingbourne Road
Maidstone
Kent
United Kingdom
ME14 3EN
CASTACRETE LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12 - 13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 42
CASTACRETE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Business review
Development and performance of the company

There have not been any significant changes in the Group's principal activities in the year under review and, at the date of this report, the directors are not aware of any likely changes in the Group's activities in the next year.

 

The Group's turnover decreased by 5.57% compared to the prior year, whilst cost of sales decreased by 1.96% resulting in an decrease in the level of operating profits. Additionally, the result before tax has decreased from a profit of £1,679,028 to a loss of £92,930.

 

Turnover has reduced in the year, in line with the wider market which appears to returning to pre-pandemic levels. The trading environment is challenging with competitive prices across all sub-sectors that the Group operates in. Management continue to monitor performance and critically assess market opportunities to ensure continued success of the business.

Key performance indicators

The KPIs used to determine the progress and performance of the Group are set out below:

 

 

The Group's level of turnover has decreased as indicated above.

 

 

The Group has a wide range of customers to whom we provide a variety of products. Management continue to focus on providing excellent service to both new and existing customers alike.

 

 

The Group's gross profit margin decreased in the year under review from 36.5% to 28.5%, which reflects market conditions during 2023.

Financial position at the reporting date

The balance sheet shows that the Group's net assets at the year end have decreased from £30,824,437 to £30,687,107. This is due to the loss after tax, which has been retained, less dividends paid.

 

The Group generated cash from operations of £952,981 and invested £1,455,294 in fixed assets and investment property.

CASTACRETE LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties

Management continually monitor the key risks facing the Group, together with assessing the controls used for managing these risks.

 

The principal risks and uncertainties facing the Group are as follows:

 

 

 

 

By order of the board

S J King
Secretary
19 November 2024
CASTACRETE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and Group continued to be that of the manufacture of concrete products, the importing of stone and other paving material and associated items, and the sale of concrete and stone paving and similar products.

Results and dividends

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

Ordinary dividends were paid amounting to £1,980. 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:

T A Smallman
R M Smallman
G Wells
(Appointed 24 June 2024)
Financial instruments
Principal financial instruments

The Group's principal financial instruments comprise bank loans, overdrafts, hire purchase and loans from shareholders. The main purpose of these instruments is to raise funds for and to finance the Group's operations. Due to the nature of the financial instruments used by the company there is no exposure to price risk. The Group's approach to managing other risks applicable to the financial instruments concerned is shown below.

Liquidity risk

In respect of the bank balances the liquidity risk is managed by transferring funds between the accounts of the Group to obtain the maximum rate of interest, whilst not impacting on the immediate financial needs of the Group.

 

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

 

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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.

CASTACRETE LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Going concern

The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt a going concern basis in preparing the annual financial statements.

 

Further details regarding the adoption of the going concern basis can be found in note 1.4 to the financial statements.

By order of the board
S J King
Secretary
19 November 2024
CASTACRETE LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CASTACRETE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CASTACRETE LTD
- 6 -
Opinion

We have audited the financial statements of Castacrete 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CASTACRETE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CASTACRETE LTD
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

CASTACRETE LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CASTACRETE LTD
- 8 -

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:

 

 

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.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Daniel Graves BA(Hons) FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
20 November 2024
Chartered Accountants
Statutory Auditor
Globe House
Eclipse Park
Sittingbourne Road
Maidstone
Kent
United Kingdom
ME14 3EN
CASTACRETE LTD
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
as restated
Notes
£
£
Turnover
3
27,326,950
28,937,427
Cost of sales
(19,526,364)
(19,917,036)
Gross profit
7,800,586
9,020,391
Distribution costs
(4,319,684)
(4,183,080)
Administrative expenses
(3,421,678)
(3,067,857)
Other operating income
59,157
58,284
Operating profit
4
118,381
1,827,738
Interest receivable and similar income
8
75,282
10,295
Interest payable and similar expenses
9
(286,593)
(159,005)
(Loss)/profit before taxation
(92,930)
1,679,028
Tax on (loss)/profit
10
(42,420)
(362,232)
(Loss)/profit for the financial year
(135,350)
1,316,796
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
CASTACRETE LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
as restated
£
£
(Loss)/profit for the year
(135,350)
1,316,796
Other comprehensive income
-
-
Total comprehensive income for the year
(135,350)
1,316,796
Total comprehensive income for the year is all attributable to the owners of the parent company.
CASTACRETE LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 11 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
12
471,033
623,800
Tangible assets
13
24,254,925
24,198,919
Investment property
14
1,063,583
1,063,583
25,789,541
25,886,302
Current assets
Stocks
17
8,327,724
8,620,986
Debtors
18
1,616,553
1,631,266
Cash at bank and in hand
3,596,931
4,846,966
13,541,208
15,099,218
Creditors: amounts falling due within one year
19
(4,694,891)
(5,518,350)
Net current assets
8,846,317
9,580,868
Total assets less current liabilities
34,635,858
35,467,170
Creditors: amounts falling due after more than one year
20
(2,113,109)
(2,606,621)
Provisions for liabilities
Provisions
23
151,345
151,345
Deferred tax liability
24
1,684,297
1,884,767
(1,835,642)
(2,036,112)
Net assets
30,687,107
30,824,437
Capital and reserves
Called up share capital
26
99,000
99,000
Revaluation reserve
1,132,952
1,132,952
Capital redemption reserve
1,000
1,000
Profit and loss reserves
29,454,155
29,591,485
Total equity
30,687,107
30,824,437
The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
19 November 2024
G Wells
Director
Company registration number 00875221 (England and Wales)
CASTACRETE LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
13
24,029,697
23,920,367
Investment property
14
1,063,583
1,063,583
Investments
15
2,015,532
2,015,532
27,108,812
26,999,482
Current assets
Stocks
17
7,817,764
8,018,733
Debtors
18
1,517,992
1,675,978
Cash at bank and in hand
3,393,858
4,308,676
12,729,614
14,003,387
Creditors: amounts falling due within one year
19
(4,695,151)
(5,448,244)
Net current assets
8,034,463
8,555,143
Total assets less current liabilities
35,143,275
35,554,625
Creditors: amounts falling due after more than one year
20
(2,113,109)
(2,606,621)
Provisions for liabilities
Provisions
23
151,345
151,345
Deferred tax liability
24
1,642,688
1,833,053
(1,794,033)
(1,984,398)
Net assets
31,236,133
30,963,606
Capital and reserves
Called up share capital
26
99,000
99,000
Revaluation reserve
1,132,952
1,132,952
Capital redemption reserve
1,000
1,000
Profit and loss reserves
30,003,181
29,730,654
Total equity
31,236,133
30,963,606

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £274,507 (2022 - £1,455,965 profit).

CASTACRETE LTD
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
19 November 2024
G Wells
Director
Company registration number 00875221 (England and Wales)
CASTACRETE LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
99,000
1,132,952
1,000
28,274,689
29,507,641
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
1,316,796
1,316,796
Balance at 31 December 2022
99,000
1,132,952
1,000
29,591,485
30,824,437
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
-
(135,350)
(135,350)
Dividends
11
-
-
-
(1,980)
(1,980)
Balance at 31 December 2023
99,000
1,132,952
1,000
29,454,155
30,687,107
CASTACRETE LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 January 2022
99,000
1,132,952
1,000
28,274,689
29,507,641
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
1,455,965
1,455,965
Balance at 31 December 2022
99,000
1,132,952
1,000
29,730,654
30,963,606
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
274,507
274,507
Dividends
11
-
-
-
(1,980)
(1,980)
Balance at 31 December 2023
99,000
1,132,952
1,000
30,003,181
31,236,133
CASTACRETE LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
952,981
2,216,267
Interest paid
(184,836)
(115,018)
Income taxes paid
(72,565)
(710,059)
Net cash inflow from operating activities
695,580
1,391,190
Investing activities
Purchase of intangible assets
-
(763,837)
Purchase of tangible fixed assets
(1,455,294)
(3,065,646)
Proceeds on disposal of tangible fixed assets
2,019
4,000
Purchase of investment property
-
(263,583)
Interest received
75,282
10,295
Net cash used in investing activities
(1,377,993)
(4,078,771)
Financing activities
Repayment of borrowings
(18,401)
(167,539)
Repayment of bank loans
(300,000)
(300,000)
Payment of finance leases obligations
(224,964)
(399,238)
Dividends paid to equity shareholders
(1,980)
-
Net cash used in financing activities
(545,345)
(866,777)
Net decrease in cash and cash equivalents
(1,227,758)
(3,554,358)
Cash and cash equivalents at beginning of year
4,817,377
8,371,735
Cash and cash equivalents at end of year
3,589,619
4,817,377
Relating to:
Cash at bank and in hand
3,596,931
4,846,966
Bank overdrafts included in creditors payable within one year
(7,312)
(29,589)
CASTACRETE LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
1,229,434
2,537,403
Interest paid
(184,836)
(115,018)
Income taxes paid
(10,375)
(828,000)
Net cash inflow from operating activities
1,034,223
1,594,385
Investing activities
Purchase of tangible fixed assets
(1,454,600)
(2,728,152)
Proceeds on disposal of tangible fixed assets
2,019
-
0
Purchase of investment property
-
0
(263,583)
Purchase of subsidiaries
-
0
(1,837,837)
Interest received
71,162
9,316
Net cash used in investing activities
(1,381,419)
(4,820,256)
Financing activities
Repayment of borrowings
(18,401)
(167,539)
Repayment of bank loans
(300,000)
(300,000)
Payment of finance leases obligations
(224,964)
(399,238)
Dividends paid to equity shareholders
(1,980)
-
Net cash used in financing activities
(545,345)
(866,777)
Net decrease in cash and cash equivalents
(892,541)
(4,092,648)
Cash and cash equivalents at beginning of year
4,279,087
8,371,735
Cash and cash equivalents at end of year
3,386,546
4,279,087
Relating to:
Cash at bank and in hand
3,393,858
4,308,676
Bank overdrafts included in creditors payable within one year
(7,312)
(29,589)
CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
1
Accounting policies
Company information

Castacrete Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Stone House, Dean Street, East Farleigh, Maidstone, Kent, United Kingdom, ME15 0PW.

 

The group consists of Castacrete 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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Castacrete 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.

CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.4
Going concern

At the time of approving the financial statements, taking into consideration all relevant factors and other evidence available to the directors in respect of the Group's trading prospects, the directors remain satisfied 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 represents net invoiced sales of goods and services, excluding value added tax. Invoices are issued once goods have been delivered and the company has a right to consideration. Turnover derives solely from the principal activities of the Group.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

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

 

Freehold land and buildings (other than investment properties) are included at their valuation as at 31 December 2013, plus subsequent additions at cost, less depreciation and any impairment losses. The valuations at 31 December 2013 are treated as deemed cost in accordance with the provisions of Section 35.10 (d) of FRS 102.

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:

Freehold land and buildings
2% on cost or valuation
Leasehold improvements
5% / 10% on cost or valuation / 10% on reducing balance
Plant and equipment
5% / 10% on cost / 15% on reducing balance
Fixtures and fittings
10% on cost / 25% on reducing balance
Computers
25% on cost
Motor vehicles
12.5% / 20% on cost / 25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.9
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.

1.10
Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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

 

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.

 

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.

1.11
Stocks

Stock and work in progress is valued at the lower of cost and estimated selling price (less trade discounts) less all further costs to completion and all costs to be incurred in marketing, selling and distribution.

 

In the case of raw materials and consumable stores, cost means purchase price including transport and handling costs, less trade discounts, calculated on a first in first out basis. In the case of finished goods, cost comprises direct materials, direct labour and attributable production and other overheads that have been incurred in bringing the stocks to their present location and condition.

 

Moulds are expensed over 3 or 6 years on a straight line basis.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group applies the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments, which are classified as basic.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -
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 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. The impairment loss 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,

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.

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.

CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
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.

1.14
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.

1.15
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.

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.

CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
1.16
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

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

1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

1.20
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.

CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairments of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no material indicators of impairments identified during the current financial year other than in respect of bad and doubtful trade debtor balances recognised in the financial statements.

Determining residual values and useful economic lives of property, plant and equipment

The Group depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

 

Judgement is applied by management when determining the residual values for tangible fixed assets. When determining the residual value management aim to assess the amount that the Group would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

Key sources of estimation uncertainty

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

Estimating value in use

Where an indication of impairment exists the directors will carry out an impairment review to determine the recoverable amount, which is the higher of fair value less cost to sell and value in use. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and a suitable discount rate in order to calculate present value.

Recoverability of receivables

The Group establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the ageing of the receivables, past experience of recoverability, and the credit profile of individual or groups of customers.

CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
3
Turnover

 

The Group's turnover relates solely to its principal activity and arises in the United Kingdom.

4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
1,083,800
1,083,900
Depreciation of tangible fixed assets held under finance leases
72,813
72,813
Impairment of owned tangible fixed assets
229,961
-
Loss on disposal of tangible fixed assets
10,695
3,197
Amortisation of intangible assets
152,767
140,037
Cost of stocks recognised as an expense
15,395,419
15,652,648
Operating lease charges
285,252
236,324
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
30,950
29,650
Audit of the financial statements of the company's subsidiaries
16,750
5,500
47,700
35,150
For other services
All other non-audit services
11,747
9,465
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
Sales, distribution and administration
95
101
85
88
Manufacturing
40
40
40
40
Directors
2
2
2
2
Total
137
143
127
130
CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 26 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,864,253
4,884,190
4,572,699
4,583,411
Social security costs
515,658
544,667
491,930
515,542
Pension costs
172,468
161,549
166,309
155,358
5,552,379
5,590,406
5,230,938
5,254,311
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
39,201
52,591
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
64,907
10,295
Other interest income
10,375
-
Total income
75,282
10,295
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
272,955
137,593
Interest on finance leases and hire purchase contracts
13,548
21,022
Other interest
90
390
Total finance costs
286,593
159,005
CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
242,890
313,223
Deferred tax
Origination and reversal of timing differences
(200,470)
49,009
Total tax charge
42,420
362,232

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

2023
2022
£
£
(Loss)/profit before taxation
(92,930)
1,679,028
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(21,857)
319,015
Tax effect of expenses that are not deductible in determining taxable profit
1,121
12,468
Change in unrecognised deferred tax assets
56,384
-
0
Group relief
(51,007)
-
0
Amortisation on assets not qualifying for tax allowances
35,931
26,607
Adjust deferred tax to average rate
(14,911)
13,243
Fixed asset differences
39,614
(11,956)
Deferred tax on investment properties
(2,855)
2,855
Taxation charge
42,420
362,232
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
1,980
-
CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
763,837
Amortisation and impairment
At 1 January 2023
140,037
Amortisation charged for the year
152,767
At 31 December 2023
292,804
Carrying amount
At 31 December 2023
471,033
At 31 December 2022
623,800
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.

More information on impairment movements in the year is given in note .

CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2023
16,912,488
130,993
15,085,959
2,113,827
15,930
2,140,439
36,399,636
Additions
30,544
-
0
1,227,369
196,687
694
-
0
1,455,294
Disposals
-
0
-
0
(9,011)
(10,439)
2,145
(102,616)
(119,921)
At 31 December 2023
16,943,032
130,993
16,304,317
2,300,075
18,769
2,037,823
37,735,009
Depreciation and impairment
At 1 January 2023
1,180,995
13,099
8,270,973
1,601,803
1,568
1,132,279
12,200,717
Depreciation charged in the year
171,912
11,789
570,452
132,363
2,258
267,839
1,156,613
Impairment losses
-
0
-
0
229,961
-
0
-
0
-
0
229,961
Eliminated in respect of disposals
-
0
-
0
(7,460)
(10,439)
2,700
(92,008)
(107,207)
At 31 December 2023
1,352,907
24,888
9,063,926
1,723,727
6,526
1,308,110
13,480,084
Carrying amount
At 31 December 2023
15,590,125
106,105
7,240,391
576,348
12,243
729,713
24,254,925
At 31 December 2022
15,731,493
117,894
6,814,986
512,024
14,362
1,008,160
24,198,919
CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2023
16,912,488
14,989,715
2,113,827
2,064,362
36,080,392
Additions
30,544
1,227,369
196,687
-
0
1,454,600
Disposals
-
0
(22,892)
(10,439)
(15,389)
(48,720)
At 31 December 2023
16,943,032
16,194,192
2,300,075
2,048,973
37,486,272
Depreciation and impairment
At 1 January 2023
1,180,995
8,256,536
1,601,803
1,120,691
12,160,025
Depreciation charged in the year
171,912
558,181
132,363
251,717
1,114,173
Impairment losses
-
0
229,961
-
0
-
0
229,961
Eliminated in respect of disposals
-
0
(22,752)
(10,439)
(14,393)
(47,584)
At 31 December 2023
1,352,907
9,021,926
1,723,727
1,358,015
13,456,575
Carrying amount
At 31 December 2023
15,590,125
7,172,266
576,348
690,958
24,029,697
At 31 December 2022
15,731,493
6,733,179
512,024
943,671
23,920,367

The carrying value of land and buildings comprises:

Group
Company
2023
2022
2023
2022
£
£
£
£
Freehold
15,487,007
15,620,366
15,487,007
15,620,366
Short leasehold
103,118
111,127
103,118
111,127
15,590,125
15,731,493
15,590,125
15,731,493

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Plant and equipment
793,675
866,487
793,675
866,487

More information on impairment movements in the year is given in note .

CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Tangible fixed assets
(Continued)
- 31 -

The freehold land and buildings were revalued as at 31 December 2013 by Sibley Pares Limited, Chartered Surveyors, on the basis of the open market value for existing use. For property owned at 31 December 2013 the values at that date are treated as deemed cost in accordance with the provisions of Section 35.10 (d) of FRS 102. Subsequent additions are included at cost.

If assets included at deemed cost were instead reflected on a historical cost basis, the total amount included in land and buildings would have been as follows:

2023
2022
£
£
Group
Cost
15,700,821
15,678,003
Accumulated depreciation
(1,569,539)
(1,415,217)
Carrying value
14,131,282
14,262,786
Company
Cost
15,700,821
15,678,003
Accumulated depreciation
(1,569,539)
(1,415,217)
Carrying value
14,131,282
14,262,786
The net book value of fixed assets includes payments for assets in the course of construction as follows:
Group
Land and buildings
Plant and equipment
Total
£
£
£
Net book value
As at 31 December 2023
46,687
2,754,270
2,800,957
As at 31 December 2022
69,976
1,815,319
1,885,295
Company
Land and buildings
Plant and equipment
Total
£
£
£
Net book value
As at 31 December 2023
46,687
2,754,270
2,800,957
As at 31 December 2022
69,976
1,815,319
1,885,295
CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 32 -
14
Investment property
Group
Company
2023
2023
£
£
Fair value
At 1 January 2023 and 31 December 2023
1,063,583
1,063,583

At the year end, the Group and company owned 3 (2022: 3) investment properties.

 

The fair value of the first investment property is £300,000, arrived at on the basis of a valuation carried out at 31 December 2013 by independent valuers and chartered surveyors, Sibley Pares Limited. The professional valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

Additionally, during 2017, a 10 year rental term commenced on a second property owned by the company, and so the carrying value at the date of transfer of £338,195 was reclassified to investment property. The fair value of this property was estimated by the directors as at 31 December 2017 to be £500,000, arrived at on the basis of rentals received in respect of this property.

 

Finally, the fair value of the third investment property is £263,583, arrived at on the basis of a valuation carried out during 2022 by independent valuers and chartered surveyors, Countrywide Properties Limited. The professional valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

In the opinion of the directors, there has been no material change in the value of any investment property as at the balance sheet date.

15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
2,015,532
2,015,532
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
2,400,615
Impairment
At 1 January 2023 and 31 December 2023
385,083
Carrying amount
At 31 December 2023
2,015,532
At 31 December 2022
2,015,532
CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
16
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
Mogul Stone Limited
England and Wales
Ordinary
100.00
The Alexandra Stone Company Limited
England and Wales
Ordinary
100.00
B&M Concrete Products Limited
England and Wales Limited
Ordinary
100.00
Roman Stone Paving Ltd
England and Wales
Ordinary
100.00
17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
391,604
449,901
391,604
449,901
Pallets and mould stocks
1,392,475
1,268,408
1,392,475
1,268,408
Finished goods and goods for resale
6,543,645
6,902,677
6,033,685
6,300,424
8,327,724
8,620,986
7,817,764
8,018,733

There were no significant differences between the replacement costs and the values above except for pallets, which have been expensed over 4 to 8 years on a straight line basis and for mould stocks, which have been expensed over 1 to 6 years on a straight line basis.

18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,372,528
1,272,514
1,268,644
1,144,868
Corporation tax recoverable
-
0
105,610
-
0
167,800
Amounts owed by group undertakings
-
-
8,693
110,787
Other debtors
42,699
19,119
40,937
19,119
Prepayments and accrued income
200,701
232,733
199,093
232,114
1,615,928
1,629,976
1,517,367
1,674,688
Amounts falling due after more than one year:
Other debtors
625
1,290
625
1,290
Total debtors
1,616,553
1,631,266
1,517,992
1,675,978
CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
1,590,198
1,630,876
1,590,198
1,630,876
Obligations under finance leases
22
194,043
225,495
194,043
225,495
Trade creditors
1,331,954
2,160,043
1,282,967
2,104,504
Amounts owed to group undertakings
-
0
-
0
71,873
26,351
Corporation tax payable
64,715
-
0
64,715
-
0
Other taxation and social security
337,821
391,670
338,657
370,999
Other creditors
93,504
96,104
163,839
96,103
Accruals and deferred income
1,082,656
1,014,162
988,859
993,916
4,694,891
5,518,350
4,695,151
5,448,244
20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
2,100,000
2,400,000
2,100,000
2,400,000
Obligations under finance leases
22
13,109
206,621
13,109
206,621
2,113,109
2,606,621
2,113,109
2,606,621
21
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
FURBS loan
1,103,631
1,103,631
1,103,631
1,103,631
Bank loans
2,400,000
2,700,000
2,400,000
2,700,000
Bank overdrafts
7,312
29,589
7,312
29,589
Directors' loans
179,255
197,656
179,255
197,656
3,690,198
4,030,876
3,690,198
4,030,876
Payable within one year
1,590,198
1,630,876
1,590,198
1,630,876
Payable after one year
2,100,000
2,400,000
2,100,000
2,400,000
CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
21
Loans and overdrafts
(Continued)
- 35 -

A loan in the sum of £3,000,000 was taken out on 22 December 2021. This loan is repayable by quarterly instalments of £75,000, with a final instalment on 22 December 2031. The loan bears interest at 2% pa over the Sterling Relevant Reference Rate.

 

The Funded Unapproved Retirement Benefits Scheme (FURBS) loan is repayable on demand and currently bears interest at 1½% pa. Accrued interest at 31 December 2023 amounted to £564,612 (2022: £548,057) and these sums are included in note 19 under accruals and deferred income.

 

The bank overdraft facility and loans are secured by fixed and floating charges over the company's assets and mortgages over certain properties.

22
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
197,382
235,620
197,382
235,620
In two to five years
13,398
210,781
13,398
210,781
210,780
446,401
210,780
446,401
Less: future finance charges
(3,628)
(14,285)
(3,628)
(14,285)
207,152
432,116
207,152
432,116

The hire purchase liabilities are secured on the related assets.

23
Provisions for liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition deferred consideration
151,345
151,345
151,345
151,345
Movements on provisions:
Acquisition deferred consideration
Group
£
At 1 January 2023 and 31 December 2023
151,345
CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
23
Provisions for liabilities
(Continued)
- 36 -
Acquisition deferred consideration
Company
£
At 1 January 2023 and 31 December 2023
151,345
24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
1,632,923
1,822,150
Revaluations
195,431
195,431
Investment property
48,098
50,953
Other timing differences
(192,155)
(183,767)
1,684,297
1,884,767
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
1,591,314
1,770,436
Revaluations
195,431
195,431
Investment property
48,098
50,953
Other timing differences
(192,155)
(183,767)
1,642,688
1,833,053
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
1,884,767
1,833,053
Credit to profit or loss
(200,470)
(190,365)
Liability at 31 December 2023
1,684,297
1,642,688
CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
24
Deferred taxation
(Continued)
- 37 -

The deferred tax on revaluations and investment property relates to the estimated corporation tax on chargeable gains that would arise if the land and buildings were disposed of at the valuations included in the accounts.

 

Otherwise, except for other timing differences expected to reverse within 12 months, the deferred tax liability set out above is expected to reverse over the life of the qualifying assets and relates to accelerated capital allowances that are expected to mature within the same period.

25
Retirement benefit schemes

The Group operates three money purchase (defined contribution) pension schemes. Contributions payable to these schemes are charged to the profit and loss account in the period to which they relate. These contributions are invested separately from the Group's assets.

At the year end, £38,169 (2022: £35,641) was payable to the pension scheme. This amount is included within other creditors.

26
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 5p each
1,980,000
1,980,000
99,000
99,000
27
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
165,821
145,076
165,821
145,076
Between two and five years
78,727
51,109
78,727
51,109
244,548
196,185
244,548
196,185
CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
27
Operating lease commitments
(Continued)
- 38 -
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
40,000
40,000
40,000
40,000
Between two and five years
96,667
136,667
96,667
136,667
136,667
176,667
136,667
176,667
28
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£
£
£
£
Acquisition of tangible fixed assets
34,764
586,022
34,764
586,022
29
Events after the reporting date

Subsequent to the balance sheet date, and prior to the approval of these financial statements, on 29 February 2024, the parent company acquired 100% of the share capital of Hawley Garden Centre and Nursery Limited, for initial consideration of £3,925,000. In order to fund the acquisition, new bank loans were taken out on the same date totalling £3.6m at a mixture of fixed and floating interest rates.

 

Additionally, subsequent to the balance sheet date, and prior to the approval of these financial statements, dividends totalling £990 were declared and paid to the parent company’s shareholders. Such dividends have not been reflected in these financial statements.

 

Finally, subsequent to the balance sheet date, the Group ceased trading at both its Tunbridge Wells and High Wycombe sites in June 2024. The intention is to sell both sites.

30
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, including directors, is as follows.

2023
2022
£
£
Aggregate compensation
172,706
158,350
Other information
CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
30
Related party transactions
(Continued)
- 39 -

The company has taken advantage of the exemption provided in section 33.1A of Financial Reporting Standard 102, allowing non disclosure of related party transactions for wholly owned subsidiaries.

 

As at 31 December 2023 there were outstanding balances on unsecured loans from the directors, amounting to £179,255 (2022: £197,656) repayable within one year and included in loans and overdrafts (note 19). Interest at 9% has been charged on the loans since 1 January 2016. Accrued interest relating to these loans, to the sum of £184,375 (2022: £168,215), remained outstanding as at the year end and is included in accruals (note 19).

 

As at 31 December 2023, £Nil (2022: £4,000) was due to the son of a director and is included in other creditors (note 19). Interest at 9% has been charged on the loan. Accrued interest relating to this loan of £1,920 (2022: £1,830) remained outstanding as at the year end and is included in other creditors (note 19).

 

The company occupies two properties owned by two of the company's pension schemes. Rent at a commercial rate of £117,180 (2022: £117,180) was paid in the year.

 

As at 31 December 2023 the company owed the Funded Unapproved Retirement Benefits Scheme, of which a director is one of the trustees £1,103,631 (2022: £1,103,631) which is included within loans and overdrafts (note 19). The loan currently bears interest at 1½% pa. £16,555 (2022: £16,554) of interest was charged during 2023 but not paid. The total accrued unpaid interest at 31 December 2023 amounted to £564,612 (2022: £548,057) and is included within accruals (note 19).

 

Dividends were paid to directors in the year totalling £1,980 (2022: £Nil).

31
Controlling party

The ultimate controlling party is Mr T A Smallman, one of the company's directors.

32
Reserves

The profit and loss account balance of the company includes the sum of £1,544,735 representing the revaluation reserve of The Alexandra Stone Company Limited as at 31 December 2008, which was realised on the transfer of the freehold property to Castacrete Limited. Accordingly, this element of the company's reserves is not distributable.

 

The potential tax on the property originally owned by The Alexandra Stone Company Limited amounts to £165,987 (2022: £165,987). This has been deducted from the company's revaluation reserve, which includes valuation surpluses on the revaluation of this property and the company's other operational properties.

 

The profit and loss balance also includes £342,351 (2022: £339,496), which represents the net of the revaluation surplus on investment properties less the potential tax that would arise on the sale of those properties at their book value.

CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 40 -
33
Cash generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(135,350)
1,316,796
Adjustments for:
Taxation charged
42,420
362,232
Finance costs
286,593
159,005
Investment income
(75,282)
(10,295)
Loss on disposal of tangible fixed assets
10,695
3,197
Amortisation and impairment of intangible assets
152,767
140,037
Depreciation and impairment of tangible fixed assets
1,386,574
1,156,713
Increase in provisions
-
151,345
Movements in working capital:
Decrease/(increase) in stocks
293,262
(424,929)
(Increase)/decrease in debtors
(90,897)
863,710
Decrease in creditors
(917,801)
(1,501,544)
Cash generated from operations
952,981
2,216,267
34
Cash generated from operations - company
2023
2022
£
£
Profit for the year after tax
274,507
1,455,965
Adjustments for:
Taxation charged
52,525
366,269
Finance costs
286,593
159,005
Investment income
(71,162)
(9,316)
(Gain)/loss on disposal of tangible fixed assets
(883)
420
Depreciation and impairment of tangible fixed assets
1,344,134
1,104,548
Movements in working capital:
Decrease in stocks
200,969
177,324
(Increase)/decrease in debtors
(9,814)
881,188
Decrease in creditors
(847,435)
(1,598,000)
Cash generated from operations
1,229,434
2,537,403
CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 41 -
35
Analysis of changes in net funds/(debt) - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
4,695,621
(1,098,690)
3,596,931
Bank overdrafts
(29,589)
22,277
(7,312)
4,666,032
(1,076,413)
3,589,619
Borrowings excluding overdrafts
(3,803,631)
300,000
(3,503,631)
Obligations under finance leases
(432,116)
224,964
(207,152)
430,285
(551,449)
(121,164)
36
Analysis of changes in net funds/(debt) - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
4,308,676
(914,818)
3,393,858
Bank overdrafts
(29,589)
22,277
(7,312)
4,279,087
(892,541)
3,386,546
Borrowings excluding overdrafts
(3,803,631)
300,000
(3,503,631)
Obligations under finance leases
(432,116)
224,964
(207,152)
43,340
(367,577)
(324,237)
37
Prior period adjustment

Following an internal review, comparative figures have been amended in order to decrease goodwill recognised on the prior year subsidiary acqusiiton by £151,345. Consequently the level of goodwill amortisation recognised in the prior year has also decreased, by £27,746.

Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
Fixed assets
Goodwill
747,399
(123,599)
623,800
Current assets
Bank and cash
4,695,621
151,345
4,846,966
Net assets
30,796,691
27,746
30,824,437
Capital and reserves
Profit and loss reserves
29,563,739
27,746
29,591,485
CASTACRETE LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
37
Prior period adjustment
(Continued)
- 42 -
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Administrative expenses
(3,095,603)
27,746
(3,067,857)
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
1,455,965
Profit as adjusted
1,455,965
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