Company Registration No. SC028747 (Scotland)
THOMAS TUNNOCK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
THOMAS TUNNOCK LIMITED
COMPANY INFORMATION
Directors
Sir A B Tunnock CBE
Lady E A Tunnock
Mrs K Loudon
Mrs F Gow
Mr F Loudon
Mr W B Gow
Secretary
Mr W B Gow
Company number
SC028747
Registered office
34 Old Mill Road
Uddingston
United Kingdom
G71 7HH
Auditor
Johnston Carmichael LLP
227 West George Street
Glasgow
G2 2ND
THOMAS TUNNOCK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
THOMAS TUNNOCK LIMITED
STRATEGIC REPORT
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
- 1 -

The directors present the strategic report for the 52 week period ended 24 February 2024.

Overall strategy

For the past 134 years Tunnock’s has always favoured quality over quantity and long-term value over short-term gain. Through careful and prudent management, we have grown to become one of the leading biscuit brands in the UK.

 

We plan to secure an exciting future by remaining true to the values established by the Tunnock family and continuing to invest in our people, products and plant.

 

Fair review of the business

Turnover for the 52-week period ended 24 February 2024 was £87,061,923 (2023: £75,817,934). The gross profit percentage of the company increased to 26.7% (2023: 25.4%). This remains below the years prior to 2023 due to significant increases in raw material costs following the invasion of Ukraine and the more recent Cocoa crisis. These raw material costs increases are very challenging and continued to impact the Company’s financial performance after the year end.

 

Profit before tax increased to £4,085,651 (2023: £1,014,433).

 

The net asset position at the period end was £58,603,148, a £2,056,248 increase from the prior period.

 

The company continued to take a long-term view by investing in new plant with capital expenditure of £3,359,163 (2023: £2,021,710) in the period. This is essential to expand capacity and maintain our position at the forefront of the market.

Principal risks and uncertainties

In managing our business the principal risks we are exposed to are rising commodity and utility prices, the Covid-19 pandemic and credit risks based on the health of the global economy. The company faced unprecedented increases in raw material costs during the year and it is anticipated that these will continue.

The company’s operations expose it to a variety of financial risks that include the effects of changes in market prices, credit risk and interest rate risk. The company does not use derivative instruments to manage interest rate costs and as such, no hedge accounting is applied.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company’s finance function.

Price Risk

The company is exposed to commodity price risk as a result of its operations. The prices of relevant commodities are reviewed by the board of directors regularly.

Credit Risk

The company has implemented a policy that requires credit checks on potential customers before sales are made. The amount of exposure to any individual counterpart is subject to a limit, which is reassessed regularly by the board.

Interest Rate Cash Flow Risk

The company has interest bearing assets. The interest-bearing assets only include cash balances, which earn interest at fixed and variable rates. The Directors will revisit the appropriateness of this policy should the company’s operations change in size or nature.

Future Developments

The company will continue to invest in plant, people and products to expand the distribution of Tunnock’s products both in the UK and internationally.

THOMAS TUNNOCK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
- 2 -
Key performance indicators

Key performance indicators are shown below:

                            2024        2023

Profit before tax (£000)                    4,086        1,014

Sales per employee (£000)                 125         110

Units produced (million)                      628         596

Promoting the success of the company

In 2018 The Companies (Miscellaneous Reporting) Regulations introduced a requirement for large companies to publish a statement describing how the directors have regard to the matters set out in s172(1)(a-f) of the Companies Act 2006.

The Directors attend monthly board meetings to review the strategy, performance and responsibilities of the Company. The Directors consider, both individually and collectively, that they have taken decisions in a manner that they consider would be most likely to promote the success of the Company for the benefit of its members as a whole.

The key S172 (1) disclosures are:

1. The likely consequences of any decision in the long-term: For the last 134 years, the Company has favoured quality over quantity and long-term value over short-term gains. The long-term success of the Company is always a key factor when making decisions.

2. The interests of our employees: Our employees are part of the Tunnock “Family” and their well-being and development are key to our ongoing strategy.

3. The need to foster business relationships with suppliers, customers and others: The Board aims to produce products of the highest quality and that means striving for the highest standards through strong relationships with all our stakeholders.

4. The impact of the Company’s operation on the community and environment: The Company is a key employer within the local Community and supports many Community groups both locally and nationally. The Board are focused on reducing the Company’s carbon footprint through improving efficiency and recycling waste materials.

5. The Company’s reputation for high standards of business conduct: The Company has a distinguished heritage and brand and the Board works to preserve these in all of the decisions it makes.

6. The need to act fairly as between members of the company: The Board aims to manage the company for the benefit of its members as a whole over the long term.

On behalf of the board

Sir A B Tunnock CBE
Director
14 June 2024
THOMAS TUNNOCK LIMITED
DIRECTORS' REPORT
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
- 3 -

The directors present their annual report and financial statements for the 52 week period ended 24 February 2024.

Principal activities

The principal activity of the company continued to be that of the production of chocolate biscuits selling in the UK and globally.

Results and dividends

The results for the 52 week period are set out on page 9.

Ordinary dividends were paid amounting to £1,000,049. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the 52 week period and up to the date of signature of the financial statements were as follows:

Sir A B Tunnock CBE
Lady E A Tunnock
Mrs K Loudon
Mrs F Gow
Mr F Loudon
Mr W B Gow
Qualifying third party indemnity provisions

In accordance with the company’s articles of association, throughout the period the directors have been, and continue to be, indemnified to the fullest extent permitted by the law. Appropriate directors’ and officers’ liability insurance cover is arranged and maintained via the company’s insurance brokers.

Disabled persons

Applications for employment by disabled persons are given full and fair consideration for all vacancies, having regard to particular aptitudes and abilities. In the event of employees becoming disabled, every effort is made to retrain them in order that their employment with the company may continue.

It is the policy of the company that training, career development and promotional activities should be available to all employees.

Employee involvement

The company has continued its practice of keeping employees informed of matters affecting them as employees and the financial and economic factors affecting the performance of the company.

This is achieved through consultation at factory level with the format determined by local needs and industry practice.

Matters addressed in the Strategic Report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and engagement with employees, suppliers, customers and others.

Auditor

The auditor, Johnston Carmichael LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

THOMAS TUNNOCK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
- 4 -
Energy and carbon report

The company has used the UK Government Environmental Reporting Guidance and the UK Government Greenhouse Gas Conversion Factors for Government Reporting in reporting its greenhouse gas emissions.

 

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
29,882,666
27,374,148
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
3,446.00
3,003.00
- Fuel consumed for owned transport
369.00
297.00
3,815.00
3,300.00
Scope 2 - indirect emissions
- Electricity purchased
1,961.00
1,829.00
Total gross emissions
5,776.00
5,129.00
Intensity ratio
Kilograms of carbon dioxide per £ of Company Turnover (kgCO2e/£)
0.07
0.07
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2023 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The company has chosen to use a company turnover intensity metric and, as such, the emissions are quoted as kilograms of carbon dioxide per £ of company turnover (kgCO2e/£).

Measures taken to improve energy efficiency

The company is committed to making continuing progress in improving the environmental impact of our operations and to help build a sustainable environment. Significant progress has been made over the past year including ongoing investment in new plant and equipment and entering into an electricity contract which is 100% based on renewable energy sources. The scope 2 emissions have been calculated using grid average figures and do not reflect the reduction in CO2 emissions from these renewable energy sources. If this was applied, emissions would reduce to 3,761 TCO2 and 0.04kgCO2e/£.

THOMAS TUNNOCK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
- 5 -
Statement of directors' responsibilities

The directors are responsible for preparing the strategic report, directors' 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 company and the profit or loss of the company 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Sir A B Tunnock CBE
Director
14 June 2024
THOMAS TUNNOCK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THOMAS TUNNOCK LIMITED
- 6 -
Opinion

We have audited the financial statements of Thomas Tunnock Limited (the 'company') for the 52 week period ended 24 February 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

 

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 responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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:

 

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

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and 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, set out on page 5, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit is 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, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations by considering their experience, past performance and support available.

All engagement team members were briefed on relevant identified laws and regulations and potential fraud risks at the planning stage of the audit. Engagement team members were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that are applicable to company and the sector in which it operates, focusing on those provisions that had a direct effect on the determination of material amounts and disclosures in the financial statements. The most relevant frameworks we identified include:

THOMAS TUNNOCK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THOMAS TUNNOCK LIMITED
- 8 -

We gained an understanding of how the company is complying with these laws and regulations by making enquiries of management and those charged with governance. We corroborated these enquiries through our review of relevant correspondence with regulatory bodies and board meeting minutes.

We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur, by meeting with management and those charged with governance to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management and those charged with governance were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management and those charged with governance oversee the implementation and operation of controls. We identified a heightened fraud risk in relation to:

In addition to the above, the following procedures were performed to provide reasonable assurance that the financial statements were free of material fraud or error:

Our audit procedures were designed to respond to the risk of material misstatements 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 intentional concealment, forgery, collusion, omission or misrepresentation. 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 likely we would become aware of it.

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.

Jeffrey Marjoribanks (Senior Statutory Auditor)
For and on behalf of Johnston Carmichael LLP
14 June 2024
Chartered Accountants
Statutory Auditor
227 West George Street
Glasgow
G2 2ND
THOMAS TUNNOCK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
- 9 -
Period
Period
ended
ended
24 February
25 February
2024
2023
Notes
£
£
Turnover
3
87,061,923
75,817,934
Cost of sales
(63,828,592)
(56,585,749)
Gross profit
23,233,331
19,232,185
Administrative expenses
(19,859,302)
(18,676,438)
Other operating income
171,312
91,682
Fair value movement on investments
346,224
105,515
Operating profit
4
3,891,565
752,944
Interest receivable and similar income
8
213,620
3,459
Interest payable and similar expenses
9
(19,534)
(16,970)
Fair value movement on investment properties
10
-
275,000
Profit before taxation
4,085,651
1,014,433
Tax on profit
11
(1,029,354)
(242,966)
Profit for the financial 52 week period
3,056,297
771,467

The profit and loss account has been prepared on the basis that all operations are continuing operations.

 

The company had no items of other comprehensive income in the current or prior period and therefore no statement of other comprehensive income has been prepared.

THOMAS TUNNOCK LIMITED
BALANCE SHEET
AS AT 24 FEBRUARY 2024
24 February 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
32,092,601
32,910,877
Investment properties
14
1,975,000
1,975,000
34,067,601
34,885,877
Current assets
Stocks
16
2,897,770
2,731,326
Debtors
17
12,170,788
11,993,008
Investments
18
6,276,406
5,930,182
Cash at bank and in hand
12,734,827
10,566,242
34,079,791
31,220,758
Creditors: amounts falling due within one year
19
(6,351,551)
(7,171,276)
Net current assets
27,728,240
24,049,482
Total assets less current liabilities
61,795,841
58,935,359
Provisions for liabilities
Deferred tax liability
20
3,192,693
2,388,459
(3,192,693)
(2,388,459)
Net assets
58,603,148
56,546,900
Capital and reserves
Called up share capital
22
176,500
176,500
Share premium account
23
65,927
65,927
Capital redemption reserve
24
123,500
123,500
Profit and loss reserves
25
58,237,221
56,180,973
Total equity
58,603,148
56,546,900
The financial statements were approved by the board of directors and authorised for issue on 14 June 2024 and are signed on its behalf by:
Sir A B Tunnock CBE
Director
Company Registration No. SC028747
THOMAS TUNNOCK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 27 February 2022
176,500
65,927
123,500
56,409,555
56,775,482
Period ended 24 February 2023:
Profit and total comprehensive income for the period
-
-
-
771,467
771,467
Dividends
12
-
-
-
(1,000,049)
(1,000,049)
Balance at 24 February 2023
176,500
65,927
123,500
56,180,973
56,546,900
Period ended 24 February 2024:
Profit and total comprehensive income for the period
-
-
-
3,056,297
3,056,297
Dividends
12
-
-
-
(1,000,049)
(1,000,049)
Balance at 24 February 2024
176,500
65,927
123,500
58,237,221
58,603,148
THOMAS TUNNOCK LIMITED
STATEMENT OF CASH FLOWS
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
- 12 -
Period ended 24 February 2024
Period ended 25 February 2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
6,333,711
3,984,475
Interest paid
(19,534)
(16,970)
Income taxes paid
-
0
(756,324)
Net cash inflow from operating activities
6,314,177
3,211,181
Investing activities
Purchase of tangible fixed assets
(3,359,163)
(2,021,710)
Interest received
213,620
3,459
Net cash used in investing activities
(3,145,543)
(2,018,251)
Financing activities
Dividends paid
(1,000,049)
(1,000,049)
Net cash used in financing activities
(1,000,049)
(1,000,049)
Net increase in cash and cash equivalents
2,168,585
192,881
Cash and cash equivalents at beginning of 52 week period
10,566,242
10,373,361
Cash and cash equivalents at end of 52 week period
12,734,827
10,566,242
THOMAS TUNNOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
- 13 -
1
Accounting policies
Company information

Thomas Tunnock Limited is a private company limited by shares incorporated in Scotland. The registered office is 34 Old Mill Road, Uddingston, United Kingdom, G71 7HH.

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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemptions available under section 402 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the company's subsidiary undertakings are dormant and wholly immaterial to the group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

1.3
Reporting period

The current period covers the 52 week period from 26 February 2023 to 24 February 2024. The comparative period covers the 52 week period from 27 February 2022 to 25 February 2023.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and equipment
6.67% to 10% straight line
Computers
25% straight line
Motor vehicles
16.67% to 33.33% straight line
Assets under construction
not depreciated
THOMAS TUNNOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
1
Accounting policies
(Continued)
- 14 -

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

1.6
Investment properties

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.

1.7
Impairment of fixed assets

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

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

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

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include certain 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. 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, 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 the profit and loss account, 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.

THOMAS TUNNOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
1
Accounting policies
(Continued)
- 15 -
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 the profit and loss account.

 

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 the profit and loss account.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price. 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THOMAS TUNNOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
1
Accounting policies
(Continued)
- 16 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
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.

1.14
Retirement benefits

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

1.15
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

THOMAS TUNNOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -
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.

Tangible fixed assets - Useful Life (£32m (2023: £33m))

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider factors such as future market conditions, the remaining life of the asset and projected disposal values.

Investment Property (£1.98m (2023: £1.98m))

Investment property is carried at valuation at the balance sheet date. A full valuation is obtained on a regular basis, and in any year where it is likely that there has been a material change in value. In years where no valuation is performed, an assessment of valuation is carried out by the directors in light of current market conditions. In making their open market value assessment, the director considers secure tenancy and rental yields.

3
Turnover and other revenue
2024
2023
£
£
Other significant revenue
Interest income
213,620
3,459
Rental income arising from investment properties
105,493
70,985
Other operating income
4,019
5,147
Sundry asset sale
61,800
15,550

The analysis of turnover by geographical market required by paragraph 68 of Schedule 1 to the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 has not been provided as in the opinion of the directors, such disclosure would be seriously prejudicial to the interests of the company.

4
Operating profit
2024
2023
Operating profit for the period is stated after charging:
£
£
Depreciation of owned tangible fixed assets
4,177,439
4,028,270
THOMAS TUNNOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
- 18 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
43,250
43,000
For other services
Taxation compliance services
12,250
11,750
All other non-audit services
3,000
1,000
15,250
12,750
6
Employees

The average monthly number of persons (including directors) employed by the company during the 52 week period was:

2024
2023
Number
Number
Office & management
40
38
Manufacturing & transport
654
645
Total
694
683

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
21,226,862
20,283,992
Social security costs
2,057,270
1,983,041
Pension costs
651,393
534,818
23,935,525
22,801,851
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,013,218
1,002,310
Company pension contributions to defined contribution schemes
4,000
10,000
1,017,218
1,012,310

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

THOMAS TUNNOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
7
Directors' remuneration
(Continued)
- 19 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
314,532
306,206
Company pension contributions to defined contribution schemes
4,000
10,000
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
213,620
3,459
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
19,534
16,970
10
Fair value movement in investment properties
2024
2023
£
£
Changes in the fair value of investment properties
-
275,000
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
225,120
-
0
Adjustments in respect of prior periods
-
0
6,229
Total current tax
225,120
6,229
Deferred tax
Origination and reversal of timing differences
813,464
179,920
Changes in tax rates
-
0
56,817
Adjustment in respect of prior periods
(9,230)
-
0
Total deferred tax
804,234
236,737
Total tax charge
1,029,354
242,966
THOMAS TUNNOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
11
Taxation
(Continued)
- 20 -

The actual charge for the 52 week period can be reconciled to the expected charge for the 52 week period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
4,085,651
1,014,433
Expected tax charge based on the standard rate of corporation tax in the UK of 24.44% (2023: 19.00%)
998,533
192,742
Tax effect of expenses that are not deductible in determining taxable profit
-
0
622
Tax effect of income not taxable in determining taxable profit
(23,278)
(53,140)
Adjustments in respect of prior years
-
0
6,229
Depreciation on assets not qualifying for tax allowances
-
0
4,803
Deferred tax adjustments in respect of prior years
(9,230)
-
0
Exempt ABGH distributions
(27,612)
(23,549)
Chargeable gains
54,319
58,443
Remeasurement of deferred tax for changes in tax rates
18,186
56,816
Fixed asset difference
18,436
-
0
Taxation charge for the period
1,029,354
242,966
12
Dividends
2024
2023
£
£
Final paid
1,000,049
1,000,049
THOMAS TUNNOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
- 21 -
13
Tangible fixed assets
Freehold land and buildings
Assets under construction
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 26 February 2023
14,211,861
-
0
58,087,469
1,033,485
1,148,533
74,481,348
Additions
542,297
558,168
1,931,822
12,887
313,989
3,359,163
Disposals
-
0
-
-
0
-
0
(141,190)
(141,190)
At 24 February 2024
14,754,158
558,168
60,019,291
1,046,372
1,321,332
77,699,321
Depreciation and impairment
At 26 February 2023
4,043,205
-
0
36,117,740
755,530
653,996
41,570,471
Depreciation charged in the 52 week period
290,090
-
0
3,567,915
142,528
176,906
4,177,439
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(141,190)
(141,190)
At 24 February 2024
4,333,295
-
0
39,685,655
898,058
689,712
45,606,720
Carrying amount
At 24 February 2024
10,420,863
558,168
20,333,636
148,314
631,620
32,092,601
At 24 February 2023
10,168,656
-
0
21,969,729
277,955
494,537
32,910,877
14
Investment property
2024
£
Fair value
At 26 February 2023 and 24 February 2024
1,975,000

The fair value of investment properties is based on valuations carried out by independent valuers at February and March 2023. The valuers hold a recognised and relevant personal qualification and have recent experience in the location and class of investment properties held.

Investment properties comprise retail and domestic units. The fair value of the investment properties has been arrived at on the basis of a valuation carried out by Allied Surveyors Scotland Plc and Whyte & Barrie Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

THOMAS TUNNOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
- 22 -
15
Subsidiaries

Details of the company's subsidiaries at 24 February 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Uddingston Biscuit Company Ltd
34 Old Mill Road, Uddingston, Glasgow, G71 7HH
Dormant
Ordinary
100.00
Uddingston Chocolate Company Ltd
34 Old Mill Road, Uddingston, Glasgow, G71 7HH
Dormant
Ordinary
100.00
Bothwell Biscuit Company Ltd
34 Old Mill Road, Uddingston, Glasgow, G71 7HH
Dormant
Ordinary
100.00
Bothwell Chocolate Company Ltd
34 Old Mill Road, Uddingston, Glasgow, G71 7HH
Dormant
Ordinary
100.00
Thomas Tunnock (EU) Ltd
1 WML, Windmill Lane, Dublin, D02 F206
Dormant
Ordinary
100.00
16
Stocks
2024
2023
£
£
Raw materials and consumables
2,047,173
2,159,240
Work in progress
342,025
315,622
Finished goods and goods for resale
508,572
256,464
2,897,770
2,731,326
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,053,850
10,843,042
Corporation tax recoverable
-
0
90,000
Prepayments and accrued income
1,116,938
1,059,966
12,170,788
11,993,008

Trade debtors is shown net of a bad debt provision of £20k (2023: £20k).

THOMAS TUNNOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
- 23 -
18
Current asset investments
2024
2023
£
£
Listed investments
4,002,050
3,751,051
Unlisted investments
2,274,356
2,179,131
6,276,406
5,930,182
Listed investments included above:
Listed investments carrying amount
4,002,050
3,751,051

Included within unlisted investments is £302,941 (2023: £368,352) of cash in a capital account. These funds are available on demand.

19
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,648,974
2,083,995
Corporation tax
135,120
-
0
Other taxation and social security
1,180,477
1,274,113
Other creditors
5,113
5,602
Accruals and deferred income
2,381,867
3,807,566
6,351,551
7,171,276
20
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
2,718,500
2,048,691
Short term timing differences
(34,253)
(113,194)
Capital gains
508,446
452,962
3,192,693
2,388,459
THOMAS TUNNOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
20
Deferred taxation
(Continued)
- 24 -
2024
Movements in the 52 week period:
£
Liability at 26 February 2023
2,388,459
Charge to profit or loss
804,234
Liability at 24 February 2024
3,192,693
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
651,393
534,818

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount owing at the period end totalled £153,865 (2023: £85,679).

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
176,500
176,500
176,500
176,500

The shares carry full equal voting and participation rights.

23
Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

24
Capital redemption reserve

Capital redemption reserve was created when 123,500 shares were repurchased.

25
Profit and loss reserves

Profit and loss reserves are the cumulative profits and losses incurred by the company since incorporation and not distributed to the shareholders.

26
Related party transactions
Remuneration of key management personnel

The company has taken advantage of the exemption in FRS 102 (section 33.7A) whereby key management remuneration has not been disclosed because key management personnel and directors are considered to be the same.

THOMAS TUNNOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 52 WEEK PERIOD ENDED 24 FEBRUARY 2024
- 25 -
27
Directors' transactions

Dividends totalling £725,248 (2023 - £725,248) were paid in the 52 week period in respect of shares held by the company's directors.

28
Ultimate controlling party

The Tunnock family are the ultimate controlling party by virtue of their shareholding.

29
Cash generated from operations
Period ended 24 February 2024
Period ended 25 February 2023
£
£
Profit for the 52 week period after tax
3,056,297
771,467
Adjustments for:
Taxation charged
1,029,354
242,966
Finance costs
19,534
16,970
Investment income
(213,620)
(3,459)
Depreciation and impairment of tangible fixed assets
4,177,439
4,028,270
Adjustment for fair value movements on investments
(346,224)
(105,515)
Adjustment for fair value movements in investment property
-
(275,000)
Movements in working capital:
Increase in stocks
(166,444)
(746,117)
Increase in debtors
(267,780)
(1,772,452)
(Decrease)/increase in creditors
(954,845)
1,827,345
Cash generated from operations
6,333,711
3,984,475
30
Analysis of changes in net funds
26 February 2023
Cash flows
24 February 2024
£
£
£
Cash at bank and in hand
10,566,242
2,168,585
12,734,827
2024-02-242023-02-25falsefalsefalseCCH SoftwareCCH Accounts Production 2024.300Sir A B Tunnock CBELady E A TunnockMrs K LoudonMrs F GowMr F LoudonMr W B GowMr W B GowSC0287472023-02-252024-02-24SC028747bus:Director12023-02-252024-02-24SC028747bus:Director22023-02-252024-02-24SC028747bus:Director32023-02-252024-02-24SC028747bus:Director42023-02-252024-02-24SC028747bus:Director52023-02-252024-02-24SC028747bus:CompanySecretaryDirector12023-02-252024-02-24SC028747bus:CompanySecretary12023-02-252024-02-24SC028747bus:Director62023-02-252024-02-24SC028747bus:RegisteredOffice2023-02-252024-02-24SC0287472024-02-24SC0287472022-02-272023-02-24SC028747core:RetainedEarningsAccumulatedLosses2022-02-272023-02-24SC028747core:RetainedEarningsAccumulatedLosses2023-02-252024-02-24SC0287472023-02-24SC028747core:LandBuildingscore:OwnedOrFreeholdAssets2024-02-24SC028747core:ConstructionInProgressAssetsUnderConstruction2024-02-24SC028747core:PlantMachinery2024-02-24SC028747core:ComputerEquipment2024-02-24SC028747core:MotorVehicles2024-02-24SC028747core:LandBuildingscore:OwnedOrFreeholdAssets2023-02-24SC028747core:ConstructionInProgressAssetsUnderConstruction2023-02-24SC028747core:PlantMachinery2023-02-24SC028747core:ComputerEquipment2023-02-24SC028747core:MotorVehicles2023-02-24SC028747core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-24SC028747core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-24SC028747core:CurrentFinancialInstruments2024-02-24SC028747core:CurrentFinancialInstruments2023-02-24SC028747core:ShareCapital2024-02-24SC028747core:ShareCapital2023-02-24SC028747core:SharePremium2024-02-24SC028747core:SharePremium2023-02-24SC028747core:CapitalRedemptionReserve2024-02-24SC028747core:CapitalRedemptionReserve2023-02-24SC028747core:RetainedEarningsAccumulatedLosses2024-02-24SC028747core:RetainedEarningsAccumulatedLosses2023-02-24SC028747core:ShareCapital2022-02-26SC028747core:SharePremium2022-02-26SC028747core:CapitalRedemptionReserve2022-02-26SC028747core:RetainedEarningsAccumulatedLosses2022-02-26SC0287472022-02-26SC0287472023-02-24SC028747core:LandBuildingscore:OwnedOrFreeholdAssets2023-02-252024-02-24SC028747core:PlantMachinery2023-02-252024-02-24SC028747core:ComputerEquipment2023-02-252024-02-24SC028747core:MotorVehicles2023-02-252024-02-24SC028747core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-02-252024-02-24SC02874712023-02-252024-02-24SC02874712022-02-272023-02-24SC028747core:UKTax2023-02-252024-02-24SC028747core:UKTax2022-02-272023-02-24SC02874722023-02-252024-02-24SC02874722022-02-272023-02-24SC02874732023-02-252024-02-24SC02874732022-02-272023-02-24SC02874742023-02-252024-02-24SC02874742022-02-272023-02-24SC02874752023-02-252024-02-24SC02874752022-02-272023-02-24SC028747core:LandBuildingscore:OwnedOrFreeholdAssets2023-02-24SC028747core:ConstructionInProgressAssetsUnderConstruction2023-02-24SC028747core:PlantMachinery2023-02-24SC028747core:ComputerEquipment2023-02-24SC028747core:MotorVehicles2023-02-24SC028747core:ConstructionInProgressAssetsUnderConstruction2023-02-252024-02-24SC028747core:Subsidiary12023-02-252024-02-24SC028747core:Subsidiary22023-02-252024-02-24SC028747core:Subsidiary32023-02-252024-02-24SC028747core:Subsidiary42023-02-252024-02-24SC028747core:Subsidiary52023-02-252024-02-24SC028747core:CurrentFinancialInstrumentscore:ListedExchangeTraded2024-02-24SC028747core:CurrentFinancialInstrumentscore:ListedExchangeTraded2023-02-24SC028747core:CurrentFinancialInstrumentscore:UnlistedNon-exchangeTraded2024-02-24SC028747core:CurrentFinancialInstrumentscore:UnlistedNon-exchangeTraded2023-02-24SC028747bus:PrivateLimitedCompanyLtd2023-02-252024-02-24SC028747bus:FRS1022023-02-252024-02-24SC028747bus:Audited2023-02-252024-02-24SC028747bus:FullAccounts2023-02-252024-02-24xbrli:purexbrli:sharesiso4217:GBP