Company registration number 10073564 (England and Wales)
GREENBOTTLE LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
GREENBOTTLE LIMITED
COMPANY INFORMATION
Directors
Mr Andrew Black
Mr David Dinwoodie
Mr Mark Olpin
Mr John Waine
Secretary
Mrs J Black
Company number
10073564
Registered office
40 Queen Anne Street
London
W1G 9EL
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
GREENBOTTLE LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12 - 13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 42
GREENBOTTLE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their Strategic Report and the consolidated audited financial statements of Greenbottle Limited ("Greenbottle") and its subsidiaries for the year ended 31 December 2023.

Principal activities

The Group’s core activities include the collection, sale, and re-refining of waste lubricating oil, alongside other related waste management and recovery services.

Greenbottle is the non-trading holding company, owning 100% of Slicker Recycling Limited (‘’Slicker’’) and its subsidiaries (J Vant Limited, Avista Oil Services (UK) Limited, Regroup (UK) Limited, Regroup (Reclaim) Limited, Regroup (Refuel) Limited, Waste Recycling Services Limited and Regroup (Renewables) Limited); Greenbottle Re-Refining (UK) Limited ("GBBR") and its subsidiaries (see below); together with a 49% interest in AVISTA Green ApS, a base oil re-refinery business in Denmark.

GBRR and its subsidiaries, Hydrodec Inc, Hydrodec of North America and Cleveland Industrial Recycling were part of the group at the year end. However, GBRR was sold to Andrew Black, the ultimate beneficial owner of Greenbottle Limited on 30 August 2024 and has been disclosed as a non adjusting post balance sheet event within the financial statements.

Business Review and financial key performance indicators

The directors are pleased to present an EBITDA result of £8.6m, for the year ended 31 December 2023 (2022: £14.9m). This outcome highlights another successful year, demonstrating the Group’s resilience in navigating market fluctuations and inflationary pressures on operational costs, while steadfastly maintaining its commitment to operational efficiency and superior customer service.

Sustainability is central to Slicker, a leading UK provider of waste oil recycling services, which exports internationally to a state-of-the-art re-refinery. In 2023, Slicker delivered its highest volume of waste lubricating oil into the Avista Green re-refinery joint venture. The partnership between the businesses is going from strength to strength.

Aligned with the circularity in Slicker, Hydrodec of North America LLC can offer closed-loop solution for transformer oil, which delivers a 91% reduction in CO2 emissions compared to virgin transformer oil.

Linked with our overseas sales growth of waste lubricating oil into the re-refinery, driven by our commitment to the sustainable circular economy and the green agenda, in September 2023 Slicker submitted an entry for a prestigious Kings Award for Enterprise: International Trade 2024.

In May 2023, Slicker successfully acquired the trade and assets of Oil Monster, the waste lubricating oil collection division of Cleansing Service Group Limited. Operating across the UK with a team of 13 employees and a fleet of 10 collection vehicles, Oil Monster has been integrated into Slicker's daily operations. This acquisition was a strategic fit, and the synergies realised in the second half of the year, particularly through route optimisation and operational efficiencies, have already demonstrated the value of this acquisition. Further benefits are anticipated as Oil Monster customers transition to Slicker’s enhanced service delivery model. This transition will create opportunities to cross-sell additional services from our non-lubricating oil divisions, enabling us to better support customers with their comprehensive hazardous waste management needs.

Development and future outlook

As a leader in sustainable waste management, the Group is committed to driving operational efficiencies and adopting forward-thinking best practices in the collection of used lubricating oil. In line with this, we are further developing our waste oil collection vehicles equipped with enhanced safety features, to be brought into the business in 2024. These vehicles will incorporate an advanced oil management solution designed to prevent spillages, assist in manual handling and improve overall customer service. This initiative reinforces our dedication to innovation and sustainability while maintaining industry-leading standards.

With innovation and growth driving the Group’s strategy, strengthening our infrastructure and people is crucial to leading the way in achieving environmentally sustainable waste management practices remains imperative. Doing so by re-refining waste lubricating oil and the recycling of other wastes collected to avoid landfill, being committed to developing innovative ways to improve services, whilst achieving positive impacts in the attitudes, satisfaction and happiness of both colleagues and customers.

 

GREENBOTTLE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Sustainability through Environmental, Social and Governance (ESG) practices and the Circular Economy remain a key consideration for all projects.

In 2023, Slicker began collaborating with a significant lubricant manufacturer to design a circular solution for the collection of used lubricating oil from their customers. This initiative ensures guaranteed circularity, supported by innovative technology. Our sector is increasingly focused on collaboration, with partnerships formed only after thorough vetting, enhancing the integrity and effectiveness of our solutions.

Looking ahead to 2024, our strategic priorities will focus on advancing research and development of new fuel products to strengthen our existing portfolio, securing additional feedstock supplies, and driving growth within the Industrial Services division.

Principal risks and uncertainties

The Directors of the Company and the execution of the company strategy are subject to the following risks:

Credit and liquidity risk:

The company’s sources of funding currently comprise of operating cash flow, bank borrowings and intercompany loans with the parent company, Greenbottle Limited. There is a guarantee and right of set off between the company and certain other group undertakings in respect of bank borrowings.

 

Pricing risk:

The selling price of used lubricating oil is exposed to movement in the Platts and base oil indices. This exposure has been mitigated by aligning feedstock acquisition pricing with the same indices. Through the Group’s joint venture, AVISTA Green, the Group benefits from the extended value chain with a meaningful level of volume of collected used oil through to the sale of base oil being contracted with large companies as counterparties.

 

Foreign exchange risk:

The Platts index is denominated in US Dollars, all export sales are denominated in GBP and the Company uses natural hedging to minimise exposure.

 

Competitor risk:

Despite competitive pressures from new market entrants, the Company remains firmly focused on its core strengths and long-term strategic vision. Our commitment to maintaining the highest standards of quality, safety, and sustainability continues to differentiate us in the marketplace. While price competition has intensified, we are leveraging our established reputation, operational excellence, and accredited services to reinforce customer trust and sustain market leadership. The board feel that we remain ideally placed to stay ahead of any such competition, whilst continuing to maintain our core principles.

Going concern

The Directors have a reasonable expectation that the company has resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Financial key performance indicators

Key performance indicators include:

 

 

 

2023

2022

Turnover (£’000)

 

62,664

58,742

EBITDA (£’000)

 

8,587

14,926

Profit/(loss) after tax (£’000)

 

2,421

9,776

Average number of employees

 

262

260

 

GREENBOTTLE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Section 172 statement

 

Section 172 of the Companies Act 2006 requires Directors to take into consideration the interests of stakeholders in their decision making. Our statement below sets out how the Directors have discharged their section 172 duty.

Greenbottle recognises that strong governance and leadership are the foundation of its reputation and long-term success. All Stakeholders, from customers to suppliers to colleagues to regulators have to be able to see and feel ethical behaviour delivered via an open culture.

The operating businesses publicly communicates their core value of driving sustainability supported by the legally correct waste management procedures.  These principles are actioned through colleague responsibility and accountability procedures and relevant professional external auditing.

The Executive Management team, who are collectively responsible for promoting the long term success of the business, meet monthly to address strategy implementation and performance. This includes independent advice to ensure we remain abreast of wider industry issues and topics. The Executive Board structure, operates effectively, with team leaders from all sections individually reporting on performance and issues of relevance and concern.

The need to foster the Company's business relationships with customers and suppliers

The Directors recognise that the success of the business relies on attracting, retaining and developing our colleagues, our most valuable assets. Therefore, the Company takes steps to ensure that colleagues feel engaged and informed about the business decisions that affect them by regularly communicating via colleague briefings and quarterly newsletters.

We firmly believe that motivated individuals drive business performance, and we are committed to providing our colleagues with opportunities for growth and development. As such, we continuously invest in nurturing future talent through training, professional qualifications, and internal promotion.

Social events are encouraged across the Company, to foster relationships and demonstrate that the Company cares about colleagues’ health and wellbeing.

Community and Environmental considerations

The Directors recognise the Group’s diverse customer base is at the centre of the business and therefore adding value and providing a top-level service to these stakeholders is essential. Taking the time to understand the needs and concerns of our customers, means that we can find solutions to manage their waste and forge business relations. In turn, this leads to increased revenues, healthier margins and enables us to continue to invest in the company’s sustainable future.

As part of our ongoing efforts to raise awareness about the responsible management of waste lubricating oil, Slicker our UK business has produced a thought-provoking promotional video, presented from a child’s perspective. This initiative is aimed at engaging both existing and prospective customers, highlighting the environmental and operational benefits of re-refining used lubricating oil, and encouraging a shift in mindset- “Think Different” towards sustainable practices.

Slicker recognises that as we focus on strengthening our commitment to transition to a net zero carbon company, we also need to bring our customers along on this journey and educate to deliver their own green credentials. Many companies are choosing Slicker as their provider based on both our green values and circular economy approach and our leading customer service.

GREENBOTTLE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The Directors approach to social responsibility, diversity and community is of high importance.

As a business we support local charities where possible, for instance, in the run up to Christmas, Slicker launched a ’12 days of Christmas cheer’ initiative whereby £200 was donated to a charity near each Slicker depot, nominated by our colleagues, each day for 12 days.

The company is committed to promoting diversity and ensuring equality of opportunities within the workplace, regardless of disability, age, gender, race or sexual orientation. In the UK, Slicker has continued the Apprentice program, taking on several roles across the business during the year, building their skills for the future.

As part of the company’s commitment to sustainability and social responsibility, management are actively exploring B-Corp certification and pursuing accreditation as a Living Wage employer. These initiatives align with the company’s long-term strategic goals to enhance our ethical practices, promote employee well-being, and strengthen our reputation as a purpose-driven organisation.

On behalf of the board

Mr Mark Olpin
Director
25 November 2024
GREENBOTTLE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

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

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

Mr Andrew Black
Mr David Dinwoodie
Mr Mark Olpin
Mr John Waine
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

Ormerod Rutter were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

GREENBOTTLE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Statement of directors' responsibilities

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.

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.

On behalf of the board
Mr Mark Olpin
Director
25 November 2024
GREENBOTTLE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GREENBOTTLE LIMITED
- 7 -
Opinion

We have audited the financial statements of Greenbottle 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 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:

GREENBOTTLE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GREENBOTTLE LIMITED
- 8 -
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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and the group, we identified the principal risks of non-compliance with laws and regulations including those that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, and the extent to which non-compliance might have a material effect on the financial statements.

Audit procedures performed included discussions with management, review of board meeting minutes, testing of journals, designing and performing audit procedures and challenging assumptions and judgements made by management in relation to accounting estimates.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

GREENBOTTLE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GREENBOTTLE LIMITED
- 9 -

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.

Colm McGrory FCA (Senior Statutory Auditor)
For and on behalf of Ormerod Rutter Limited
26 November 2024
Chartered Accountants
Statutory Auditor
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
GREENBOTTLE LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Notes
£000
£000
Turnover
3
62,664
58,742
Cost of sales
(44,756)
(45,287)
Gross profit
17,908
13,455
Administrative expenses
(14,219)
(9,128)
Other operating income
223
203
Operating profit
4
3,912
4,530
Share of profits of joint ventures
879
7,554
Interest receivable and similar income
8
2
-
0
Interest payable and similar expenses
9
(899)
(533)
Profit before taxation
3,894
11,551
Tax on profit
10
(1,473)
(1,775)
Profit for the financial year
29
2,421
9,776
Profit for the financial year is attributable to:
- Owners of the parent company
2,568
14,542
- Non-controlling interests
(147)
(4,766)
2,421
9,776
GREENBOTTLE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
2023
2022
£000
£000
Profit for the year
2,421
9,776
Other comprehensive income
Currency translation loss taken to retained earnings
(591)
-
0
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
1,830
9,776
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,977
14,542
- Non-controlling interests
(147)
(4,766)
1,830
9,776
GREENBOTTLE LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£000
£000
£000
£000
Fixed assets
Goodwill
12
11,919
8,791
Negative goodwill
12
(177)
(2,557)
Net goodwill
11,742
6,234
Other intangible assets
12
85
27
Total intangible assets
11,827
6,261
Tangible assets
13
25,049
26,693
Investment properties
14
715
-
0
Investments
15
20,241
20,897
57,832
53,851
Current assets
Stocks
18
2,204
2,569
Debtors
19
8,669
11,889
Cash at bank and in hand
4,311
3,034
15,184
17,492
Creditors: amounts falling due within one year
20
(46,279)
(44,490)
Net current liabilities
(31,095)
(26,998)
Total assets less current liabilities
26,737
26,853
Creditors: amounts falling due after more than one year
21
(7,871)
(10,688)
Provisions for liabilities
Provisions
24
825
725
Deferred tax liability
25
1,445
674
(2,270)
(1,399)
Net assets
16,596
14,766
GREENBOTTLE LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
2023
2022
Notes
£000
£000
£000
£000
- 13 -
Capital and reserves
Called up share capital
28
1
1
Share premium account
29
3,004
3,004
Merger reserve
29
1,422
1,422
Other reserves
29
10
10
Profit and loss reserves
29
12,159
10,182
Equity attributable to owners of the parent company
16,596
14,619
Non-controlling interests
-
147
16,596
14,766
The financial statements were approved by the board of directors and authorised for issue on 25 November 2024 and are signed on its behalf by:
25 November 2024
Mr Mark Olpin
Director
GREENBOTTLE LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 14 -
2023
2022
Notes
£000
£000
£000
£000
Fixed assets
Investments
15
16,669
16,669
Current assets
Debtors
19
2,385
12,647
Cash at bank and in hand
1
1
2,386
12,648
Creditors: amounts falling due within one year
20
(28,735)
(28,528)
Net current liabilities
(26,349)
(15,880)
Net (liabilities)/assets
(9,680)
789
Capital and reserves
Called up share capital
28
1
1
Share premium account
29
3,004
3,004
Profit and loss reserves
29
(12,685)
(2,216)
Total equity
(9,680)
789

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £10,468,843 (2022 - £869,777 loss).

The financial statements were approved by the board of directors and authorised for issue on 25 November 2024 and are signed on its behalf by:
25 November 2024
Mr Mark Olpin
Director
Company registration number 10073564 (England and Wales)
GREENBOTTLE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Share capital
Share premium account
Merger reserve
Other reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£000
£000
£000
£000
£000
£000
£000
£000
Balance at 1 January 2022
1
3,004
1,422
10
553
4,990
-
4,990
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
-
-
14,542
14,542
(4,766)
9,776
Disposal of shares in subsidiary to non-controlling interest
-
-
-
-
(4,913)
(4,913)
4,913
-
Balance at 31 December 2022
1
3,004
1,422
10
10,182
14,619
147
14,766
Year ended 31 December 2023:
Profit for the year
-
-
-
-
2,568
2,568
(147)
2,421
Other comprehensive income:
Currency translation differences
-
-
-
-
(591)
(591)
-
(591)
Total comprehensive income for the year
-
-
-
-
1,977
1,977
(147)
1,830
Balance at 31 December 2023
1
3,004
1,422
10
12,159
16,596
-
0
16,596
GREENBOTTLE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
Share capital
Share premium account
Profit and loss reserves
Total
£000
£000
£000
£000
Balance at 1 January 2022
1
3,004
(1,346)
1,659
Year ended 31 December 2022:
Loss and total comprehensive income for the year
-
-
(870)
(870)
Balance at 31 December 2022
1
3,004
(2,216)
789
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(10,469)
(10,469)
Balance at 31 December 2023
1
3,004
(12,685)
(9,680)
GREENBOTTLE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2023
2022
Notes
£000
£000
£000
£000
Cash flows from operating activities
Cash generated from operations
35
10,910
12,867
Income taxes paid
(780)
(478)
Net cash inflow from operating activities
10,130
12,389
Investing activities
Purchase of business
(5,091)
-
Purchase of intangible assets
(71)
(266)
Purchase of tangible fixed assets
(2,756)
(9,599)
Proceeds from disposal of tangible fixed assets
271
194
Proceeds from disposal of joint ventures
1,055
6,394
Interest received
2
-
0
Net cash used in investing activities
(6,590)
(3,277)
Financing activities
Proceeds from borrowings
340
-
Repayment of borrowings
-
(10,113)
Proceeds from new bank loans
402
-
Repayment of bank loans
(1,453)
3,325
Payment of finance leases obligations
(641)
(1,206)
Interest paid
(899)
(533)
Net cash used in financing activities
(2,251)
(8,527)
Net increase in cash and cash equivalents
1,289
585
Cash and cash equivalents at beginning of year
3,034
2,449
Effect of foreign exchange rates
(12)
-
0
Cash and cash equivalents at end of year
4,311
3,034
GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
1
Accounting policies
Company information

Greenbottle Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 40 Queen Anne Street, London, W1G 9EL.

 

The group consists of Greenbottle 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 £000.

The financial statements have been prepared under the historical cost convention, modified to include include investment properties 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 Greenbottle Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

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

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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

1.6
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 ten 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
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -

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

Software
3 to 5 years
1.8
Tangible fixed assets

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

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

Freehold land and buildings
20 years
Leasehold land and buildings
(with 50 years or more to run) are depreciated at 2% pa
Freehold land and asset under construction
Not depreciated
Plant and equipment
3 to 15 years
Fixtures and fittings
2 to 10 years
Motor vehicles
3 to 15 years

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.

1.9
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.

 

1.10
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.

GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 21 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Impairment of fixed assets

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

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -
1.12
Stocks

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

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

1.13
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.

1.14
Financial instruments

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

 

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

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
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.

1.16
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.

1.17
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.

GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 25 -
1.18
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.

1.19
Retirement benefits

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

1.20
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. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.21
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.22
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.

 

The results and cashflows of operations whose functional currency is not pound sterling are translated at the average rates of exchange during the year and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and on foreign currency borrowing to the extent that they hedge the group's investment in such operations, are reported in other comprehensive income (attributable to non-controlling interests as appropriate).

GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
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.

Property, plant and equipment

Property, plant and equipment are depreciated over their useful life taking into account, where appropriate, residual values. Assessment of useful lives and residual values are performed annually, taking into account factors such as technological innovation, maintenance programmes, market information and management considerations. In assessing the residual values, the remaining life of the asset, its projected disposal value and future market conditions are taken into account. Details on property, plant and equipment can be found in note 13.

Environmental provision

Provision is made to cover anticipated costs in relation to the restoration of a number of sites following sale or completion of activities. Detail on environmental provision can be found in note 24.

3
Turnover and other revenue
2023
2022
£000
£000
Turnover analysed by geographical market
United Kingdom
31,672
30,921
Europe
16,116
19,216
United States
14,876
8,605
62,664
58,742
2023
2022
£000
£000
Other revenue
Interest income
2
-
GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
4
Operating profit
2023
2022
£000
£000
Operating profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
-
(718)
Depreciation of owned tangible fixed assets
2,200
1,580
Depreciation of tangible fixed assets held under finance leases
132
244
Impairment of owned tangible fixed assets
2,380
15,151
Profit on disposal of tangible fixed assets
(24)
(46)
Amortisation of intangible assets
1,463
1,018
Impairment of intangible assets
-
0
4
Release of negative goodwill
(2,380)
(13,639)
Operating lease charges
1,927
1,673
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£000
£000
For audit services
Audit of the financial statements of the group and company
8
3
Audit of the financial statements of the company's subsidiaries
55
37
63
40
For other services
Taxation compliance services
5
6
All other non-audit services
18
15
23
21
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
Direct labour
184
190
-
-
Administration
74
66
-
-
Directors
4
4
4
4
Total
262
260
4
4
GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 28 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£000
£000
£000
£000
Wages and salaries
11,587
9,284
-
0
20
Social security costs
970
872
-
-
Pension costs
361
218
-
0
-
0
12,918
10,374
-
0
20
7
Directors' remuneration
2023
2022
£000
£000
Remuneration for quaifying services
-
-
-
-

None of the directors received any remuneration for their qualifying services to the company. The emoluments of directors is disclosed in the financial statements of Slicker Recycling Limited, a subsidiary undertaking.

 

During the year retirement benefits were accruing to no Directors (2022 - no directors) in respect of defined contribution pension schemes.

8
Interest receivable and similar income
2023
2022
£000
£000
Interest income
Interest on bank deposits
2
-
0
9
Interest payable and similar expenses
2023
2022
£000
£000
Interest on bank overdrafts and loans
825
502
Interest on finance leases and hire purchase contracts
71
31
Other interest
3
-
Total finance costs
899
533
10
Taxation
2023
2022
£000
£000
Current tax
UK corporation tax on profits for the current period
787
648
GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
2023
2022
£000
£000
(Continued)
- 29 -
Deferred tax
Origination and reversal of timing differences
686
1,127
Total tax charge
1,473
1,775

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

2023
2022
£000
£000
Profit before taxation
3,894
11,551
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
916
2,195
Tax effect of expenses that are not deductible in determining taxable profit
916
3,114
Tax effect of income not taxable in determining taxable profit
-
0
(4,027)
Gains not taxable
(766)
-
0
Tax effect of utilisation of tax losses not previously recognised
(203)
(3)
Unutilised tax losses carried forward
421
165
Permanent capital allowances in excess of depreciation
-
0
352
Other permanent differences
-
0
(15)
Depreciation in excess of capital allowances
189
-
Other temporary timing differences
-
(6)
Taxation charge
1,473
1,775
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
2022
Notes
£000
£000
In respect of:
Intangible assets
12
-
4
Property, plant and equipment
13
2,380
15,151
Recognised in:
Administrative expenses
2,380
15,155

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
12
Intangible fixed assets
Group
Goodwill
Negative goodwill
Software
Total
£000
£000
£000
£000
Cost
At 1 January 2023
11,651
(16,835)
267
(4,917)
Additions - internally developed
-
0
-
0
71
71
Additions - business combinations
4,591
-
0
-
0
4,591
Exchange adjustments
(14)
-
0
-
0
(14)
At 31 December 2023
16,228
(16,835)
338
(269)
Amortisation and impairment
At 1 January 2023
2,860
(14,278)
240
(11,178)
Amortisation charged for the year
1,450
(2,380)
13
(917)
Exchange adjustments
(1)
-
0
-
0
(1)
At 31 December 2023
4,309
(16,658)
253
(12,096)
Carrying amount
At 31 December 2023
11,919
(177)
85
11,827
At 31 December 2022
8,791
(2,557)
27
6,261
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 11.

GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£000
£000
£000
£000
£000
£000
£000
Cost
At 1 January 2023
6,320
6,205
2,886
42,468
1,641
6,220
65,740
Additions
1,201
159
-
0
838
170
1,788
4,156
Business combinations
-
0
-
0
-
0
-
0
-
0
500
500
Disposals
(241)
-
0
-
0
(196)
-
0
(88)
(525)
Transfer to investment property
-
0
(820)
-
0
-
0
-
0
-
0
(820)
Exchange adjustments
(185)
(3)
-
0
(462)
(25)
(7)
(682)
At 31 December 2023
7,095
5,541
2,886
42,648
1,786
8,413
68,369
Depreciation and impairment
At 1 January 2023
3,340
756
1,217
28,856
571
4,307
39,047
Depreciation charged in the year
165
176
-
0
1,391
86
514
2,332
Impairment losses
-
0
-
0
-
0
2,380
-
0
-
0
2,380
Eliminated in respect of disposals
-
0
-
0
-
0
(196)
-
0
(82)
(278)
Transfer to investment property
-
0
(105)
-
0
-
0
-
0
-
0
(105)
Exchange adjustments
(13)
-
0
-
0
(39)
(1)
(3)
(56)
At 31 December 2023
3,492
827
1,217
32,392
656
4,736
43,320
Carrying amount
At 31 December 2023
3,603
4,714
1,669
10,256
1,130
3,677
25,049
At 31 December 2022
2,980
5,449
1,669
13,612
1,070
1,913
26,693
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.
GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Tangible fixed assets
(Continued)
- 32 -

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
£000
£000
£000
£000
Plant and equipment
275
-
0
-
0
-
0
Motor vehicles
2,405
1,163
-
0
-
0
2,680
1,163
-
-

More information on impairment movements in the year is given in note 11.

14
Investment property
Group
Company
2023
2023
£000
£000
Fair value
At 1 January 2023
-
-
Transfers from owner-occupied property
715
-
At 31 December 2023
715
-

Investment property comprises the land and buildings in Wolverhampton. The fair value of the investment property has been arrived at on the basis of the net book value transferred from fixed assets, the fair value was assessed by comparing to the anticipated carrying value based on normal commercial property rental yields achieved in the same location.

15
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£000
£000
£000
£000
Investments in joint ventures
17
20,241
20,897
16,669
16,669
GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Fixed asset investments
(Continued)
- 33 -
Movements in fixed asset investments
Group
Shares in joint ventures
£000
Cost or valuation
At 1 January 2023
20,897
Exchange adjustments
(479)
Share of profit
878
Dividends received
(1,055)
At 31 December 2023
20,241
Carrying amount
At 31 December 2023
20,241
At 31 December 2022
20,897
Movements in fixed asset investments
Company
Shares in joint ventures
£000
Cost or valuation
At 1 January 2023 and 31 December 2023
16,669
Carrying amount
At 31 December 2023
16,669
At 31 December 2022
16,669
GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
16
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Slicker Recycling Limited
Lombard House, Worcester Road, Stourport-On-Severn, Worcestershire, United Kingdom, DY13 9BZ
The collection and processing of waste lubricant oil, together with related waste services and the sale of processed fuel oil
Ordinary
100.00
-
Greenbottle Re-Refining (UK) Limited
Lombard House, Worcester Road, Stourport-On-Severn, Worcestershire, United Kingdom, DY13 9BZ
To build and operate a high grade base oil-refinery in the UK
Ordinary
100.00
-
Avista Oil Services (UK) Limited
Lombard House, Worcester Road, Stourport-On-Severn, Worcestershire, United Kingdom, DY13 9BZ
The recovery and recycling of waste oils in the United Kingdom
Ordinary
-
100.00
J Vant Limited
Lombard House, Worcester Road, Stourport-On-Severn, Worcestershire, United Kingdom, DY13 9BZ
The collection and processing of waste lubricant oil, together with related waste services
Ordinary
-
100.00
Regroup (UK) Limited
Clipper House, Air Street, Hull, East Yorkshire, HU5 1RR
The head office activities
Ordinary
-
100.00
Regroup (Reclaim) Limited
Clipper House, Air Street, Hull, East Yorkshire, HU5 1RR
The collection, recovery and processing of hydrocarbon wastes.
Ordinary
-
100.00
Regroup (Refuel) Limited
Clipper House, Air Street, Hull, East Yorkshire, HU5 1RR
The marketing, sale and distribution of fuel oil.
Ordinary
-
100.00
Hydrodec Inc
2021 Steinway Blvd Southeast, Canton, OH 44707, United States
The head office activities
Ordinary
-
67.00
Hydrodec of North America LLC
2021 Steinway Blvd Southeast, Canton, OH 44707, United States
HoNA collects and hydrotreats used transformer and naphthenic oils from its facility in Ohio, creating a closed loop solution
Ordinary
-
67.00
Szoka Properties LLC
3325 Middle Road, Ashtabula, OH, 44004, United States
Property holding company
Ordinary
-
67.00
Cleveland Industrial Recycling LLC
3325 Middle Road, Ashtabula, OH, 44004, United States
Scrap metal processing and high voltage field services
Ordinary
-
67.00
Cleveland Green Management LLC
2021 Steinway Blvd Southeast, Canton, OH 44707, United States
The company employs senior managers who are subsequently charged back to Cleveland Industrial Recycling LLC and Hydrodec as part of the contractual arrangements
Ordinary
-
67.00

On 30 August 2024, the group disposed of its investment in Greenbottle Re-Refining (UK) Limited. Greenbottle Re-Refining (UK) Limited holds the group's 67% interests in Hydrodec Inc, Hydrodec of North America LLC, Szoka Properties LLC, Cleveland Industrial Recycling LLC and Cleveland Green Management LLC.

GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 35 -
17
Joint ventures

Details of joint ventures at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Interest
% Held
held
Direct
Avista Green ApS
Juelsmindevej 6, 4400 Kalundborg, Danmark
Operating a used oil re-refinery
Ordinary
49.00
18
Stocks
Group
Company
2023
2022
2023
2022
£000
£000
£000
£000
Raw materials and consumables
964
1,097
-
-
Work in progress
83
48
-
-
Finished goods and goods for resale
1,157
1,424
-
0
-
0
2,204
2,569
-
-
19
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£000
£000
£000
£000
Trade debtors
4,824
5,024
-
0
-
0
Amounts owed by group undertakings
-
-
2,385
12,647
Other debtors
1,676
4,647
-
0
-
0
Prepayments and accrued income
1,134
1,268
-
0
-
0
7,634
10,939
2,385
12,647
Deferred tax asset (note 25)
1,035
950
-
0
-
0
8,669
11,889
2,385
12,647
GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 36 -
20
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£000
£000
£000
£000
Bank loans
22
2,261
2,680
-
0
-
0
Obligations under finance leases
23
433
458
-
0
-
0
Other borrowings
22
29,729
28,522
28,735
28,522
Trade creditors
4,913
4,861
-
0
-
0
Corporation tax payable
435
428
-
0
-
0
Other taxation and social security
416
306
-
-
Deferred income
26
37
38
-
0
-
0
Other creditors
4,445
2,503
-
0
-
0
Accruals and deferred income
3,610
4,694
-
0
6
46,279
44,490
28,735
28,528
21
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£000
£000
£000
£000
Bank loans and overdrafts
22
4,251
4,883
-
0
-
0
Obligations under finance leases
23
1,318
534
-
0
-
0
Other borrowings
22
2,119
2,986
-
0
-
0
Deferred income
26
183
208
-
0
-
0
Deferred consideration
-
0
2,077
-
0
-
0
7,871
10,688
-
-
The deferred consideration as at 31 December 2022 was fully paid during the year.
22
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£000
£000
£000
£000
Bank loans
6,512
7,563
-
0
-
0
Loans from related parties
28,735
28,522
28,735
28,522
Other loans
3,113
2,986
-
0
-
0
38,360
39,071
28,735
28,522
Payable within one year
31,990
31,202
28,735
28,522
Payable after one year
6,370
7,869
-
0
-
0

The long-term loans are secured by fixed and floating charges over the assets of the company and the group.

GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
22
Loans and overdrafts
(Continued)
- 37 -

Included within bank loans above are mortgages of £1,782,000 (2022 - £1,836,000). The mortgages are repayment over 20 years and are subject to 4% p.a. interest.

 

Included within bank loans above is a loan of £3,185,000 (2022 - £3,725,000). The loan is repayable over 6 years and is subject to 5.10% p.a. interest.

 

Included within bank loans above is a loan of £393,000 (2022 - £Nil). The loan is repayable within 1 year and is subject to 8.5% p.a. interest.

 

Included within bank loans above is £1,131,000 owing under a factoring facility.

 

Included within other loans above are Coronavirus Business Interruption Scheme (CBILS) loans totalling £3,113,000 (2022 - £2,986,000). The loan is repayable over 6 years and is subject to 4.1% p.a. interest. The first 12 months were interest free.

GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 38 -
23
Finance lease obligations
Group
Company
2023
2022
2023
2022
£000
£000
£000
£000
Future minimum lease payments due under finance leases:
Within one year
433
458
-
0
-
0
In two to five years
1,318
534
-
0
-
0
1,751
992
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2 to 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

24
Provisions for liabilities
Group
Company
2023
2022
2023
2022
£000
£000
£000
£000
Remediation of contaminated land
825
725
-
-

Provisions relate to anticipated costs in relation to the restoration of a number of sites following sale or completion of activities.

Movements on provisions:
Remediation of contaminated land
Group
£000
At 1 January 2023
724
Additional provisions in the year
101
At 31 December 2023
825
GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 39 -
25
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£000
£000
£000
£000
Accelerated capital allowances
1,445
674
39
39
Tax losses
-
-
957
852
Short term timing differences
-
-
39
59
1,445
674
1,035
950
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£000
£000
Asset at 1 January 2023
(276)
-
Charge to profit or loss
686
-
Liability at 31 December 2023
410
-
26
Deferred income
Group
Company
2023
2022
2023
2022
£000
£000
£000
£000
Arising from government grants
208
233
-
-
Other deferred income
12
13
-
-
220
246
-
-

Deferred income is included in the financial statements as follows:

Current liabilities
37
38
-
0
-
0
Non-current liabilities
183
208
-
0
-
0
220
246
-
-
GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 40 -
27
Retirement benefit schemes
2023
2022
Defined contribution schemes
£000
£000
Charge to profit or loss in respect of defined contribution schemes
361
218

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

28
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary shares of £1 each
575
575
1
1
29
Reserves
Merger Reserve

Slicker Recycling Limited and Greenbottle Re-refining (UK) Limited were initially acquired by Andrew Black on 4 March 2016 and subsequently transferred to Greenbottle Limited on 13 April 2016. Merger accounting has been used to account for this transaction and the 'Merger Reserve' represents the difference between the consideration paid and net assets transferred.

 

Other reserves

During 2020, a director's shares in Slicker Recycling Limited, a subsidiary undertaking, vested. The shares issued to the director by Slicker Recycling Limited were subsequently exchanged for 25 ordinary shares in Greenbottle Limited which were issued during the year. The £10,000 included in other reserves represents the difference between the amount receivable by the group in respect of the shares issued by Slicker Recycling Limited and the nominal value of the shares issued by Greenbottle Limited in exchange for new shares in Slicker Recycling Limited.

 

Share premium account

This represents the amount by which shares have been issued at a price greater than nominal value less issue costs.

 

Profit and loss reserves

This represents the accumulated realised earning from the prior and current periods as reduced by losses and dividends from time to time.

GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 41 -
30
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
£000
£000
£000
£000
Within one year
397
385
-
-
Between two and five years
1,103
1,196
-
-
In over five years
674
843
-
-
2,174
2,424
-
-
Lessor

The operating leases represent three leases to third parties. The leases are negotiated over terms of between five and ten years,

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

Group
Company
2023
2022
2023
2022
£000
£000
£000
£000
Within one year
104
-
-
-
Between two and five years
346
-
-
-
In over five years
140
-
-
-
590
-
-
-
31
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2023
2022
2023
2022
£000
£000
£000
£000
Acquisition of tangible fixed assets
3,650
1,251
-
-

As at 31 December 2023, the Group had committed to purchasing Motor Vehicles amounting to £3,650,000 (2022 - £1,251,000).

32
Events after the reporting date

On 30 August 2024, the group disposed of its investment in Greenbottle Re-Refining (UK) Limited. Greenbottle Re-Refining (UK) Limited holds the group's 67% interests in Hydrodec Inc, Hydrodec of North America LLC, Szoka Properties LLC, Cleveland Industrial Recycling LLC and Cleveland Green Management LLC.

GREENBOTTLE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 42 -
33
Related party transactions

Entities in which the group has a participating interest

The following transactions were made during the year with entities in which the company and the group has a participating interest:

 

34
Directors' transactions

At the year-end, amounts due to directors totalled £28,735,000 (2022 - £28,522,000) and are included within Other borrowings due within 1 year.

 

 

35
Cash generated from group operations
2023
2022
£000
£000
Profit for the year after tax
2,421
9,776
Adjustments for:
Share of results of associates and joint ventures
(879)
(7,554)
Taxation charged
1,473
1,775
Finance costs
899
533
Investment income
(2)
-
0
Gain on disposal of tangible fixed assets
(24)
(46)
Amortisation and impairment of intangible assets
(917)
(12,617)
Depreciation and impairment of tangible fixed assets
4,712
16,975
Increase in provisions
100
325
Movements in working capital:
Decrease/(increase) in stocks
303
(1,222)
Decrease/(increase) in debtors
3,233
(222)
(Decrease)/increase in creditors
(383)
5,170
Decrease in deferred income
(26)
(26)
Cash generated from operations
10,910
12,867
36
Analysis of changes in net debt - group
1 January 2023
Cash flows
New finance leases
Exchange rate movements
31 December 2023
£000
£000
£000
£000
£000
Cash at bank and in hand
3,034
1,289
-
(12)
4,311
Borrowings excluding overdrafts
(39,071)
700
-
11
(38,360)
Obligations under finance leases
(992)
615
(1,400)
26
(1,751)
(37,029)
2,604
(1,400)
25
(35,800)
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.210Mr Andrew BlackMr David DinwoodieMr Mark OlpinMr John WaineMrs J Blackfalsefalse10073564bus:Consolidated2023-01-012023-12-31100735642023-01-012023-12-3110073564bus:Director12023-01-012023-12-3110073564bus:Director22023-01-012023-12-3110073564bus:Director32023-01-012023-12-3110073564bus:Director42023-01-012023-12-3110073564bus:CompanySecretary12023-01-012023-12-3110073564bus:RegisteredOffice2023-01-012023-12-31100735642023-12-3110073564bus:Consolidated2022-01-012022-12-31100735642022-01-012022-12-3110073564core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-01-012023-12-3110073564core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-01-012022-12-3110073564bus:Consolidated2023-12-3110073564core:Goodwillbus:Consolidated2023-12-3110073564core:Goodwillbus:Consolidated2022-12-3110073564core:NegativeGoodwillbus:Consolidated2023-12-3110073564core:NegativeGoodwillbus:Consolidated2022-12-3110073564core:OtherResidualIntangibleAssetsbus:Consolidated2023-12-3110073564core:OtherResidualIntangibleAssetsbus:Consolidated2022-12-3110073564core:ComputerSoftwarebus:Consolidated2023-12-3110073564core:ComputerSoftwarebus:Consolidated2022-12-3110073564bus:Consolidated2022-12-3110073564core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-12-3110073564core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-12-3110073564core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2023-12-3110073564core:PlantMachinerybus:Consolidated2023-12-3110073564core:FurnitureFittingsbus:Consolidated2023-12-3110073564core:MotorVehiclesbus:Consolidated2023-12-3110073564core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-3110073564core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-12-3110073564core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2022-12-3110073564core:PlantMachinerybus:Consolidated2022-12-3110073564core:FurnitureFittingsbus:Consolidated2022-12-3110073564core:MotorVehiclesbus:Consolidated2022-12-31100735642022-12-3110073564core:ShareCapitalbus:Consolidated2023-12-3110073564core:ShareCapitalbus:Consolidated2022-12-3110073564core:SharePremiumbus:Consolidated2023-12-3110073564core:SharePremiumbus:Consolidated2022-12-3110073564core:CapitalRedemptionReservebus:Consolidated2023-12-3110073564core:CapitalRedemptionReservebus:Consolidated2022-12-3110073564core:OtherMiscellaneousReservebus:Consolidated2023-12-3110073564core:OtherMiscellaneousReservebus:Consolidated2022-12-3110073564core:ShareCapital2023-12-3110073564core:ShareCapital2022-12-3110073564core:SharePremium2023-12-3110073564core:SharePremium2022-12-3110073564core:RetainedEarningsAccumulatedLosses2023-12-3110073564core:ShareCapitalbus:Consolidated2021-12-3110073564core:SharePremiumbus:Consolidated2021-12-3110073564core:CapitalRedemptionReservebus:Consolidated2021-12-3110073564core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-12-3110073564core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3110073564core:Non-controllingInterestsbus:Consolidated2022-12-3110073564core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3110073564core:Non-controllingInterestsbus:Consolidated2023-12-3110073564core:ShareCapital2021-12-3110073564core:SharePremium2021-12-3110073564core:RetainedEarningsAccumulatedLosses2021-12-3110073564core:RetainedEarningsAccumulatedLosses2022-12-3110073564bus:Consolidated2021-12-3110073564core:Goodwill2023-01-012023-12-3110073564core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3110073564core:ComputerSoftware2023-01-012023-12-3110073564core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3110073564core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3110073564core:LeaseholdImprovements2023-01-012023-12-3110073564core:PlantMachinery2023-01-012023-12-3110073564core:FurnitureFittings2023-01-012023-12-3110073564core:MotorVehicles2023-01-012023-12-3110073564core:UKTaxbus:Consolidated2023-01-012023-12-3110073564core:UKTaxbus:Consolidated2022-01-012022-12-3110073564bus:Consolidated12023-01-012023-12-3110073564bus:Consolidated12022-01-012022-12-3110073564bus:Consolidated22023-01-012023-12-3110073564bus:Consolidated22022-01-012022-12-3110073564core:Goodwillbus:Consolidated2022-12-3110073564core:NegativeGoodwillbus:Consolidated2022-12-3110073564core:ComputerSoftwarebus:Consolidated2022-12-3110073564bus:Consolidated2022-12-3110073564core:Goodwillcore:InternallyGeneratedIntangibleAssetsbus:Consolidated2023-01-012023-12-3110073564core:NegativeGoodwillcore:InternallyGeneratedIntangibleAssetsbus:Consolidated2023-01-012023-12-3110073564core:ComputerSoftwarecore:InternallyGeneratedIntangibleAssetsbus:Consolidated2023-01-012023-12-3110073564core:InternallyGeneratedIntangibleAssetsbus:Consolidated2023-01-012023-12-3110073564core:Goodwillbus:Consolidated2023-01-012023-12-3110073564core:NegativeGoodwillbus:Consolidated2023-01-012023-12-3110073564core:ComputerSoftwarebus:Consolidated2023-01-012023-12-3110073564core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2022-12-3110073564core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-12-3110073564core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2022-12-3110073564core:PlantMachinerybus:Consolidated2022-12-3110073564core:FurnitureFittingsbus:Consolidated2022-12-3110073564core:MotorVehiclesbus:Consolidated2022-12-3110073564core:LandBuildingscore:OwnedOrFreeholdAssetsbus:Consolidated2023-01-012023-12-3110073564core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-01-012023-12-3110073564core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2023-01-012023-12-3110073564core:PlantMachinerybus:Consolidated2023-01-012023-12-3110073564core:FurnitureFittingsbus:Consolidated2023-01-012023-12-3110073564core:MotorVehiclesbus:Consolidated2023-01-012023-12-3110073564core:PlantMachinery2023-12-3110073564core:PlantMachinery2022-12-3110073564core:MotorVehicles2023-12-3110073564core:MotorVehicles2022-12-3110073564core:CurrentFinancialInstruments2023-12-3110073564core:CurrentFinancialInstruments2022-12-3110073564core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3110073564core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3110073564core:WithinOneYearbus:Consolidated2023-12-3110073564core:WithinOneYearbus:Consolidated2022-12-3110073564core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3110073564core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3110073564core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-12-3110073564core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2022-12-3110073564core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3110073564core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3110073564core:Non-currentFinancialInstrumentsbus:Consolidated2023-12-3110073564core:Non-currentFinancialInstrumentsbus:Consolidated2022-12-3110073564core:Non-currentFinancialInstruments2023-12-3110073564core:Non-currentFinancialInstruments2022-12-3110073564core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3110073564core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3110073564core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12023-12-3110073564core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12022-12-3110073564core:Non-currentFinancialInstrumentscore:AfterOneYear22023-12-3110073564core:Non-currentFinancialInstrumentscore:AfterOneYear22022-12-3110073564core:WithinOneYear2023-12-3110073564core:WithinOneYear2022-12-3110073564core:BetweenTwoFiveYearsbus:Consolidated2023-12-3110073564core:BetweenTwoFiveYearsbus:Consolidated2022-12-3110073564core:BetweenTwoFiveYears2023-12-3110073564core:BetweenTwoFiveYears2022-12-3110073564bus:PrivateLimitedCompanyLtd2023-01-012023-12-3110073564bus:FRS1022023-01-012023-12-3110073564bus:Audited2023-01-012023-12-3110073564bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3110073564bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP