Company registration number SC241537
AGRITRAC EXPORTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
AGRITRAC EXPORTS LIMITED
COMPANY INFORMATION
Director
S Barclay
Secretary
Brodies Secretarial Services Limited
Company number
SC241537
Registered office
South Road
Insch
Aberdeenshire
United Kingdom
AB52 6XF
Auditor
Azets Audit Services
37 Albyn Place
Aberdeen
United Kingdom
AB10 1JB
AGRITRAC EXPORTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Group profit and loss account
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 30
AGRITRAC EXPORTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The director presents the strategic report for the year ended 31 December 2023.

Principal activities and business review

The principal activity of the group during the year continued to be that of buying and selling machinery.

 

The director is pleased with the results for the year to 31 December 2023. Despite a challenging economy, the management have continued to develop good working relationships with customers and suppliers.

 

The management are committed to sustaining a good working environment for employees and to ensure that their health and well being is a priority.

 

In the year ended 31 December 2023 the group achieved turnover of £17.8m (2022: £19.4m) and a loss before tax of £0.3m (2022: £0.4m profit). Net assets of the group at the balance sheet date were £6.4m (2022: £6.8m). The decrease was in line with the expectations of the director due to trading results throughout the year.

Principal risks and uncertainties

To assist in the monitoring and control of the principal risks and uncertainties faced by the group it holds financial instruments in order to achieve three main objectives, being:

 

(a) to finance its operations;

 

(b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance;

and

 

(c) for trading purposes.

 

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the group's operations.

 

Interest rate risk

The group monitors interest rates closely in order to minimise the potential exposure risk it has to any interest

rate movements.

 

Credit risk

The group monitors credit risk closely and considers that its current policy of credit checks meets its objectives of managing exposure to credit risk. The group has no significant concentrations of credit risk.

 

Liquidity risk

The group's aim is to maintain a balance between continuity of funding and flexibility through maintaining a sustainable level of external borrowings.

 

Currency risk

The group has certain exposure to foreign currency risk as some of its transactions are dealt with in Euros and Canadian Dollars.

 

Fair values of financial assets and liabilities

Financial instruments included in the accounts have been reviewed and the carrying values per the accounts is the same as the fair value of these financial instruments.

 

 

AGRITRAC EXPORTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Key performance indicators

The group uses a range of financial indicators to monitor the group's performance over time. The key performance indicators are set out below:

 

Total revenue - represents growth of the business.

 

Gross profit - represents residual profit after selling a product or service before deducting any associated overhead costs.

 

Gross margin - shows production efficiency of the business.

 

EBITDA - serves as an indicator of a group's overall financial performance.

 

EBITDA margin - shows group's overall profitability.

2023
2022
£000
£000
Revenue
17,769
19,448
Gross profit
136
763
Gross margin %
1%
3.9%
EBITDA
(214)
513
EBITDA margin %
(1%)
2.6%
These are closely monitored using monthly management accounts and forecasting future cash flows to ensure that adequate funds are available.

 

S Barclay
Director
14 February 2025
AGRITRAC EXPORTS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2023.

Results and dividends

The results for the year are set out on page 8.

 

Ordinary dividends were paid amounting to £75,000 (2022 - £Nil).

Director

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

 

S Barclay

Auditor

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

 

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the 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
S Barclay
Director
14 February 2025
AGRITRAC EXPORTS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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

 

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

 

 

The director is 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. He is 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.

AGRITRAC EXPORTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AGRITRAC EXPORTS LIMITED
- 5 -
Opinion

We have audited the financial statements of Agritrac Exports Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 director 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 director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

AGRITRAC EXPORTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AGRITRAC EXPORTS LIMITED
- 6 -
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 director's report.

 

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

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

AGRITRAC EXPORTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AGRITRAC EXPORTS LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

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

Angus Cowie (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
17 February 2025
Chartered Accountants
Statutory Auditor
37 Albyn Place
Aberdeen
United Kingdom
AB10 1JB
AGRITRAC EXPORTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
17,768,706
19,447,949
Cost of sales
(17,633,078)
(18,685,254)
Gross profit
135,628
762,695
Administrative expenses
(554,860)
(518,935)
Other operating income
113,786
178,864
Operating (loss)/profit
4
(305,446)
422,624
Interest payable and similar expenses
7
(27,547)
(16,354)
(Loss)/profit before taxation
(332,993)
406,270
Tax on (loss)/profit
8
30,419
(80,805)
(Loss)/profit for the financial year
(302,574)
325,465
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(494)
910
Total comprehensive income for the year
(303,068)
326,375
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

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

AGRITRAC EXPORTS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
416,712
457,058
Investments
11
2,926,456
2,585,290
3,343,168
3,042,348
Current assets
Stocks
14
4,411,260
7,169,840
Debtors
15
3,039,795
2,426,094
Cash at bank and in hand
106,533
154,276
7,557,588
9,750,210
Creditors: amounts falling due within one year
16
(4,098,752)
(5,577,003)
Net current assets
3,458,836
4,173,207
Total assets less current liabilities
6,802,004
7,215,555
Creditors: amounts falling due after more than one year
17
(303,416)
(354,909)
Provisions for liabilities
Deferred tax liability
19
77,073
61,063
(77,073)
(61,063)
Net assets
6,421,515
6,799,583
Capital and reserves
Called up share capital
21
1
1
Profit and loss reserves
6,421,514
6,799,582
Total equity
6,421,515
6,799,583
The financial statements were approved and signed by the director and authorised for issue on 14 February 2025
14 February 2025
S Barclay
Director
Company registration number SC241537 (Scotland)
AGRITRAC EXPORTS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
416,712
457,058
Investments
11
2,929,042
2,587,876
3,345,754
3,044,934
Current assets
Stocks
14
4,251,529
6,898,972
Debtors
15
3,169,577
2,677,501
Cash at bank and in hand
69,328
111,945
7,490,434
9,688,418
Creditors: amounts falling due within one year
16
(4,033,457)
(5,549,250)
Net current assets
3,456,977
4,139,168
Total assets less current liabilities
6,802,731
7,184,102
Creditors: amounts falling due after more than one year
17
(303,416)
(354,909)
Provisions for liabilities
Deferred tax liability
19
77,073
61,063
(77,073)
(61,063)
Net assets
6,422,242
6,768,130
Capital and reserves
Called up share capital
21
1
1
Profit and loss reserves
6,422,241
6,768,129
Total equity
6,422,242
6,768,130

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 £270,888 (2022 - £294,922).

The financial statements were approved and signed by the director and authorised for issue on 14 February 2025
14 February 2025
S Barclay
Director
Company registration number SC241537 (Scotland)
AGRITRAC EXPORTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
1
6,473,207
6,473,208
Year ended 31 December 2022:
Profit for the year
-
325,465
325,465
Other comprehensive income:
Currency translation differences
-
910
910
Total comprehensive income
-
326,375
326,375
Balance at 31 December 2022
1
6,799,582
6,799,583
Year ended 31 December 2023:
Loss for the year
-
(302,574)
(302,574)
Other comprehensive income:
Currency translation differences
-
(494)
(494)
Total comprehensive income
-
(303,068)
(303,068)
Dividends
9
-
(75,000)
(75,000)
Balance at 31 December 2023
1
6,421,514
6,421,515
AGRITRAC EXPORTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
1
6,473,207
6,473,208
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
294,922
294,922
Balance at 31 December 2022
1
6,768,129
6,768,130
Year ended 31 December 2023:
Profit and total comprehensive income
-
(270,888)
(270,888)
Dividends
9
-
(75,000)
(75,000)
Balance at 31 December 2023
1
6,422,241
6,422,242
AGRITRAC EXPORTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
358,395
1,006,318
Interest paid
(27,547)
(16,354)
Income taxes paid
(181,017)
(159,645)
Net cash inflow from operating activities
149,831
830,319
Investing activities
Purchase of tangible fixed assets
(69,410)
(10,873)
Proceeds from disposal of tangible fixed assets
20,000
-
Payments on acquisition
(341,166)
(964,571)
Net cash used in investing activities
(390,576)
(975,444)
Financing activities
Repayment of bank loans
(51,493)
(55,043)
Dividends paid to equity shareholders
(75,000)
-
0
Net cash used in financing activities
(126,493)
(55,043)
Net decrease in cash and cash equivalents
(367,238)
(200,168)
Cash and cash equivalents at beginning of year
154,199
353,457
Effect of foreign exchange rates
(494)
910
Cash and cash equivalents at end of year
(213,533)
154,199
Relating to:
Cash at bank and in hand
106,533
154,276
Bank overdrafts included in creditors payable within one year
(320,066)
(77)
AGRITRAC EXPORTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Agritrac Exports Ltd (“the company”) is a private limited company incorporated in Scotland. The registered office is South Road, Insch, Aberdeenshire, United Kingdom, AB52 6XF.

 

The group consists of Agritrac Exports Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

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.

AGRITRAC EXPORTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Agritrac Exports Ltd 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.

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

As part of their consideration of going concern the director has reviewed the group's future cash flow forecasts and profit projections which are based on internal information and recent experience.

Based on the assessment of the group's prospects and viability the director has formed a judgement, at the time of approving the financial statements, that there are no material uncertainties that cast doubt on the group's going concern status and that there is a reasonable expectation that the group has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. The director therefore considers it appropriate to adopt the going concern basis of accounting in preparing its 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.

 

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.

AGRITRAC EXPORTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.6
Tangible fixed assets

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

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

Plant and machinery
10% straight line basis
Tenants improvements
20-33% reducing balance basis
Motor vehicles
10% straight line basis
Equipment
10% straight line basis

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.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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

 

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

 

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

 

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

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

AGRITRAC EXPORTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.8
Impairment of fixed assets

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

 

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

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

 

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

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

1.9
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.

1.10
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.

AGRITRAC EXPORTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.11
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

AGRITRAC EXPORTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

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

 

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.

Derecognition of financial liabilities

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

1.12
Equity instruments

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

1.13
Taxation

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

Current tax

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

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.

AGRITRAC EXPORTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.14
Employee benefits

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

 

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.

1.15
Retirement benefits

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

1.16
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 director is 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.

 

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.

 

Stock provision

Stocks are valued at the lower of cost and selling price less costs to complete and sell. This includes, where necessary, provisions for slow moving stocks. Calculations of these provisions requires judgements to be

made, including the competitive and economic environment and market trends.

 

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors, When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the

debtor, the ageing profile of debtors and historical experience.

 

 

 

 

 

 

AGRITRAC EXPORTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Supply of goods
17,768,706
19,447,949
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
12,297,389
15,590,615
Overseas
5,471,317
3,857,334
17,768,706
19,447,949
4
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange gains
(3,287)
(11,586)
Depreciation of owned tangible fixed assets
90,981
90,032
Profit on disposal of tangible fixed assets
(1,225)
-
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
29,000
21,250
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
Administration and management
3
3
2
2
AGRITRAC EXPORTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
88,092
62,386
67,600
51,952
Social security costs
14,952
9,951
6,697
6,617
Pension costs
5,592
6,154
5,592
6,154
108,636
78,491
79,889
64,723
7
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
27,547
16,354
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
84,800
Adjustments in respect of prior periods
(52,505)
2,425
Total UK current tax
(52,505)
87,225
Foreign current tax on profits for the current period
6,076
10,172
Total current tax
(46,429)
97,397
Deferred tax
Origination and reversal of timing differences
16,010
(16,592)
Total tax (credit)/charge
(30,419)
80,805
AGRITRAC EXPORTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 23 -

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

2023
2022
£
£
(Loss)/profit before taxation
(332,993)
406,270
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
(78,320)
77,191
Tax effect of expenses that are not deductible in determining taxable profit
33,463
2,735
Tax effect of income not taxable in determining taxable profit
(8,537)
-
0
Adjustments in respect of prior years
(52,505)
2,425
Effect of overseas tax rates
12,100
2,436
Deferred tax adjustments in respect of prior years
947
(3,982)
Other tax adjustments, reliefs and transfers
(288)
-
0
Losses carried back
63,288
-
0
Fixed asset differences
(567)
-
0
Taxation (credit)/charge
(30,419)
80,805
9
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
75,000
-
AGRITRAC EXPORTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
10
Tangible fixed assets
Group and company
Plant and machinery
Tenants improvements
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
633,771
147,052
113,582
17,651
912,056
Additions
17,887
-
0
50,920
603
69,410
Disposals
-
0
-
0
(18,775)
-
(18,775)
At 31 December 2023
651,658
147,052
145,727
18,254
962,691
Depreciation and impairment
At 1 January 2023
356,255
58,405
23,082
17,256
454,998
Depreciation charged in the year
64,544
14,706
11,203
528
90,981
At 31 December 2023
420,799
73,111
34,285
17,784
545,979
Carrying amount
At 31 December 2023
230,859
73,941
111,442
470
416,712
At 31 December 2022
277,516
88,647
90,500
395
457,058
11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
2,586
2,586
Unlisted investments
2,926,456
2,585,290
2,926,456
2,585,290
2,926,456
2,585,290
2,929,042
2,587,876
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2023
2,585,290
Additions
341,166
At 31 December 2023
2,926,456
Carrying amount
At 31 December 2023
2,926,456
At 31 December 2022
2,585,290
AGRITRAC EXPORTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
2,586
2,585,290
2,587,876
Additions
-
341,166
341,166
At 31 December 2023
2,586
2,926,456
2,929,042
Carrying amount
At 31 December 2023
2,586
2,926,456
2,929,042
At 31 December 2022
2,586
2,585,290
2,587,876
12
Subsidiaries
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Agritrac Maquinaria S.L.
Calle Arrabal, 5.37256, Valderrodrigo (Salamanca), Spain
Ordinary
100.00
13
Financial instruments
Group
Company
2023
2022
2023
2022
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,093,823
2,338,601
n/a
n/a
Equity instruments measured at cost less impairment
2,926,456
2,585,290
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
4,365,828
5,756,971
n/a
n/a

As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.

14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
4,411,260
7,169,840
4,251,529
6,898,972
AGRITRAC EXPORTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,495,755
1,269,877
2,170,975
1,102,591
Corporation tax recoverable
52,505
-
0
52,505
-
0
Amounts owed by group undertakings
-
-
498,557
483,574
Other debtors
491,535
1,111,110
447,540
1,046,229
Prepayments and accrued income
-
0
45,107
-
0
45,107
3,039,795
2,426,094
3,169,577
2,677,501
AGRITRAC EXPORTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
380,066
60,077
380,066
60,077
Trade creditors
3,009,810
4,982,854
2,996,540
4,955,101
Corporation tax payable
-
0
174,941
-
0
174,941
Other taxation and social security
36,340
-
36,340
-
Other creditors
80,602
54,358
80,602
54,358
Accruals and deferred income
591,934
304,773
539,909
304,773
4,098,752
5,577,003
4,033,457
5,549,250

The bank loan is repaid in monthly instalments on the 5th of every month, with the final payment due 5 August 2029. The interest rate on the loan is SONIA +2.5% per annum.

 

The bank loans are secured by a bond and floating charge over all the assets of the company.

17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
18
303,416
354,909
303,416
354,909

The bank loan is repaid in monthly instalments on the 5th of every month, with the final payment due 5 August 2029. The interest rate on the loan is SONIA +2.5% per annum.

 

The bank loans are secured by a bond and floating charge over all the assets of the company.

18
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
363,416
414,909
363,416
414,909
Bank overdrafts
320,066
77
320,066
77
683,482
414,986
683,482
414,986
Payable within one year
380,066
60,077
380,066
60,077
Payable after one year
303,416
354,909
303,416
354,909

 

AGRITRAC EXPORTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
19
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
77,073
61,063
Liabilities
Liabilities
2023
2022
Company
£
£
Accelerated capital allowances
77,073
61,063
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
61,063
61,063
Charge to profit or loss
16,010
16,010
Liability at 31 December 2023
77,073
77,073

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
5,592
6,154

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.

As at the reporting date, amounts payable of £51 (2022: £535) had not been paid over to the scheme.

21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
AGRITRAC EXPORTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
22
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2023
2022
2023
2022
£
£
£
£
Group and company
Other related parties
3,807,876
4,222,140
3,049,937
2,952,093

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group and company
Other related parties
107,848
809,526

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group and company
Other related parties
65,412
433,958
23
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Advances, credits and guarantees
-
(54,358)
48,756
(5,602)
(54,358)
48,756
(5,602)
24
Controlling party

Throughout the current and previous financial year the company was under the control of its sole director, S Barclay.

AGRITRAC EXPORTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
25
Cash generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(302,574)
325,465
Adjustments for:
Taxation (credited)/charged
(30,419)
80,805
Finance costs
27,547
16,354
Gain on disposal of tangible fixed assets
(1,225)
-
Depreciation and impairment of tangible fixed assets
90,981
90,032
Movements in working capital:
Decrease/(increase) in stocks
2,758,580
(2,536,071)
(Increase)/decrease in debtors
(561,196)
469,081
(Decrease)/increase in creditors
(1,623,299)
2,560,652
Cash generated from operations
358,395
1,006,318
26
Analysis of changes in net debt - group
1 January 2023
Cash flows
Exchange rate movements
31 December 2023
£
£
£
£
Cash at bank and in hand
154,276
(47,249)
(494)
106,533
Bank overdrafts
(77)
(319,989)
-
(320,066)
154,199
(367,238)
(494)
(213,533)
Borrowings excluding overdrafts
(414,909)
51,493
-
(363,416)
(260,710)
(315,745)
(494)
(576,949)
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