Company registration number 12305161 (England and Wales)
WARRENDALE PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WARRENDALE PROPERTIES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
3 - 13
WARRENDALE PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,424,849
1,426,112
Investment property
6
1,921,364
1,938,739
3,346,213
3,364,851
Current assets
Debtors
7
1,340,387
372,469
Cash at bank and in hand
2,673
959
1,343,060
373,428
Creditors: amounts falling due within one year
8
(1,712,845)
(2,627,355)
Net current liabilities
(369,785)
(2,253,927)
Total assets less current liabilities
2,976,428
1,110,924
Creditors: amounts falling due after more than one year
9
(3,970,285)
Provisions for liabilities
(225,424)
(213,114)
Net (liabilities)/assets
(1,219,281)
897,810
Capital and reserves
Called up share capital
1
1
Other reserves
666,323
679,355
Profit and loss reserves
(1,885,605)
218,454
Total equity
(1,219,281)
897,810
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 28 February 2025 and are signed on its behalf by:
J R Thornton
Director
Company registration number 12305161 (England and Wales)
WARRENDALE PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Investment property non-distributable reserve
Profit and loss reserves
Total
£
£
£
£
As restated for the period ended 31 December 2022:
Balance at 1 October 2021
1
-
(20,207)
(20,206)
15 month period ended 31 December 2022:
Profit and total comprehensive income
-
-
918,016
918,016
Transfers
-
679,355
(679,355)
-
Balance at 31 December 2022
1
679,355
218,454
897,810
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
(2,117,091)
(2,117,091)
Transfers
-
(13,032)
13,032
-
Balance at 31 December 2023
1
666,323
(1,885,605)
(1,219,281)
WARRENDALE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Warrendale Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is High Warrendale Farm, Warter, York, United Kingdom, YO42 1XG.
1.1
Reporting period
The Company extended its comparative accounting reference date from 30 September to 31 December 2022, reporting a 15 month accounting period. The current period presented is that of a year only. As such, the comparative amounts presented in the financial statements (including the related notes) may not be entirely comparable.
1.2
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties held at fair value. The principal accounting policies adopted are set out below.
WARRENDALE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.3
Going concern
The Company has net liabilities of £1,219,281 and net current liabilities of £369,785 as at 31 December 2023, which includes cash balances of £2,673.
The Directors have carried out an evaluation of the Company’s ability to continue as a going concern for the foreseeable future, defined as a period of at least 12 months from the date of approval of these financial statements (the going concern period) and note that the company is reliant on the group to support its cash flows, and that post down conditions attached to its long-term loans have not been met.
Warrendale Group Limited (Ultimate Parent Company) has indicated its intention to support by making available such funds as are needed by the Company for the going concern period.
The Directors of the Ultimate Parent Company have conducted a comprehensive assessment of the Group’s ability to continue for the going concern period.
In making this assessment, the Directors have considered two significant uncertainties:
Hire purchase liabilities and long-term loan post drawdown conditions:
The Group has substantial hire purchase liabilities due for refinancing and long-term loans which have not met post drawdown conditions. Consequently, the hire purchase liability and long-term borrowings remain immediately repayable at the discretion of the financier. They have accepted an offer of debt funding from the financier, and both the financier and the Directors continue, on a completely consensual basis to reorganise the group and refinance all existing debt into the new structure. Once completed this will satisfy both hire purchase liabilities and post drawdown conditions. There is currently no committed timeline from the financier regarding this, however the Directors are confident that this will be resolved during the going concern period.
Severe but plausible stress-tested cash flow:
The Directors have performed a severe but plausible stress test on the Group’s cash flow projections to account for potential adverse scenarios. This stress test indicates that, under a severe but plausible scenario whereby several of the groups business risks crystallise simultaneously, the Group would require additional funding to maintain liquidity. Whilst the Directors consider this scenario highly unlikely, they acknowledge the potential need, as a separate investment case project they have recently explored various funding options and have accepted an offer of debt funding from a financier. While the Directors are confident that this funding will be completed within the necessary timeframe, there is no commitment from the financier regarding the timing of the funding receipt, and the funding is conditional on an ongoing group restructure. Furthermore, the group could liquidate certain assets to raise near term funding to enable it to continue to meet its liabilities.
Should multiple of the groups business risks crystallise simultaneously and the Group is unable to secure the necessary refinancing or additional funding, this would cast significant doubt on the Group’s ability to continue as a going concern, potentially leading to an inability to realise its assets and discharge its liabilities in the normal course of business.
Given these uncertainties, the Directors of the Ultimate Parent Company acknowledge a material uncertainty regarding the Group’s ability to continue as a going concern. However, after considering all available information about the future, including the increase in trade through long-term contracts and the accepted offer of additional funding through refinancing, the Directors have a reasonable expectation that the Group has adequate resources to continue its operations for the foreseeable future.
The Directors of the Company have assessed the conclusions reached by the Directors of the Ultimate Parent Company and agree with their conclusion.
The Directors of the Company are satisfied that the Parent Company has the ability, intention and economic rationale to continue to support the Company.
WARRENDALE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
As with any company placing reliance on other group entities for financial support, the Directors acknowledge that there can be no certainty that this support will continue and are aware that if multiple of the groups business risks crystallise simultaneously and the Group is unable to secure the necessary refinancing or additional funding, this would cast significant doubt on the Group’s ability to continue as a going concern, potentially leading to an inability to provide the required support to the Company.
The Directors acknowledge the existence of a material uncertainty regarding the Company’s ability to continue as a going concern but have a reasonable expectation that the Company has access to sufficient resources to continue its operations for the foreseeable future.
Therefore, the financial statements have been prepared on a going concern basis.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for sustainable energy goods 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 sustainable energy goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on point of transfer of energy to the grid), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
4% straight line
Plant and equipment
8% straight line and 15% straight line
Fixtures and fittings
8% straight line and 15% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Freehold land is not depreciated.
Within land and buildings are properties held to generate rental income for the Company. Such properties are let to fellow group undertakings, and as such the Company has elected not to recognise the properties as Investment Property.
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
WARRENDALE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, amounts due from fellow group companies 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
WARRENDALE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities
Basic financial liabilities, including creditors, loans and amounts due to fellow group companies 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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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 income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Leases
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.
WARRENDALE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Going concern
The directors consider that the going concern basis of accounting remains appropriate but recognise that a material uncertainty exists. Details of this judgement can be found in note 1.3.
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.
Investment Property at Fair Value
Investment property is measured at fair value based on valuations performed by managements expert with experience of valuing such properties. Due to the specialised nature of these properties, measurement of fair value contains a higher degree of judgement and estimation in arriving at a suitable value at which to state the investment property in the statement of financial position. Key areas within the valuation where judgement and estimation have been applied are the vacant property value, the rental yield and the discount rate used in the valuation method applied. The carrying value of investment properties at the period end is £1,921,364 (2022 as restated: £1,938,739).
3
Operating (loss)/profit
15 month
Year ended 31 December
period ended 31 December
2023
2022
Operating (loss)/profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
5,500
9,500
Depreciation of owned tangible fixed assets
1,263
78,025
Impairment of loans with group undertakings
2,182,957
-
WARRENDALE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
15 month
Year ended 31 December
period ended 31 December
2023
2022
Number
Number
Total
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023 (as restated) and 31 December 2023
1,096,037
1,407,207
2,503,244
Depreciation and impairment
At 1 January 2023 (as restated)
91,668
985,464
1,077,132
Depreciation charged in the year
1,019
244
1,263
At 31 December 2023
92,687
985,708
1,078,395
Carrying amount
At 31 December 2023
1,003,350
421,499
1,424,849
At 31 December 2022 (as restated)
1,004,369
421,743
1,426,112
Included in the cost of land and buildings is freehold land of £941,148 (2022: £941,148) which is not depreciated.
6
Investment property
2023
£
Fair value
At 1 January 2023 (as restated)
1,938,739
Revaluations
(17,375)
At 31 December 2023
1,921,364
The fair value of the investment properties have been valued by management's expert who has experience in valuing such properties. The valuation method used was a term and reversion method. Significant assumptions within this valuation are the vacant property value, rental yield and vacant property discount rate used in the valuation method applied.
2023
£
Investment property non-distributable reserve
WARRENDALE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Investment property
(Continued)
- 10 -
At 1 January 2023 and 31 December 2023
679,355
Transfers to profit and loss reserves
(13,032)
At 31 December 2023
666,323
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
300,838
Amounts owed by group undertakings
1,222,186
Other debtors
1,594
Prepayments and accrued income
116,607
71,631
1,340,387
372,469
Amounts owed by group undertakings are unsecured, interest free and repayable on demand. These are stated net of an impairment of £2,182,957 (2022: £nil).
8
Creditors: amounts falling due within one year
2023
2022
£
£
Other borrowings
10
93,586
Trade creditors
4,538
Amounts owed to group undertakings
1,592,639
2,608,047
Taxation and social security
270
Accruals and deferred income
26,620
14,500
1,712,845
2,627,355
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Other borrowings
10
3,970,285
Amounts included above which fall due after five years are as follows:
Payable by instalments
3,497,178
-
WARRENDALE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
10
Loans and overdrafts
2023
2022
£
£
Other borrowings
4,063,871
Payable within one year
93,586
Payable after one year
3,970,285
Other borrowings are comprised of secured borrowings carrying interest at 8.33%, repayable in instalments and due to be repaid in full in December 2033. Security was provided for this loan by way of a fixed and floating charge dated 16 August 2023 which covers all the property or undertaking of the company. The charge contains a negative pledge.
In the previous period, National Westminster Bank Plc held security over land and building assets of the Company, by way of fixed and floating charges, including negative pledges. The secured liabilities to which the security relates were held by another group undertaking. The charges held by National Westminster Bank Plc were satisfied on 16 August 2023.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Daniel Wesolowski
Statutory Auditor:
FLB Audit LLP
Date of audit report:
28 February 2025
12
Events after the reporting date
Subsequent to the year end, the company has not met post drawdown conditions attached to its long-term loans. Consequently, the affected long-term borrowings totalling £4,366,881 have become immediately repayable at the discretion of the financier. The Group has accepted an offer of debt funding from the financier, and both the financier and the Directors continue, on a completely consensual basis to reorganise the group and refinance all existing debt into the new structure. Once completed this will satisfy both hire purchase liabilities and post drawdown conditions.
WARRENDALE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
13
Parent company
At the reporting date, the immediate parent company was WF Legacy Holdings Limited, a company incorporated in the United Kingdom.
The ultimate parent company is Warrendale Group Limited, which is smallest and largest group in which these financial statements are consolidated. The ultimate parent's registered office is High Warrendale Farm, Warter, York, YO42 1XG.
14
Prior period adjustment
During the preparation of the financial statements, a prior period error was identified whereby fixed assets owned by the Company for the purpose of capital appreciation and/or to generate rental income, had been misclassified as tangible fixed assets, and accordingly depreciated.
A prior period adjustment has been recorded to the comparative financials to restate the relevant tangible fixed assets as investment property and recognise the fair value of the property at 31 December 2022. The value of associated deferred tax liabilities and non-distributable reserves have also been restated as appropriate.
The impact of the adjustments are illustrated below.
Changes to the statement of financial position
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
Fixed assets
Tangible assets
2,492,366
(1,066,254)
1,426,112
Investment properties
-
1,938,739
1,938,739
Provisions for liabilities
Deferred tax
(15,207)
(197,907)
(213,114)
Net assets
223,232
674,578
897,810
Capital and reserves
Other reserves
-
679,355
679,355
Profit and loss reserves
223,231
(4,777)
218,454
Total equity
223,232
674,578
897,810
Changes to the income statement
As previously reported
Adjustment
As restated
15 month period ended 31 December 2022
£
£
£
Investment property fair value gains
-
872,485
872,485
Taxation
-
(197,907)
(197,907)
Profit for the financial period
243,438
674,578
918,016
WARRENDALE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Prior period adjustment
(Continued)
- 13 -
Reconciliation of changes in equity
1 October
31 December
2021
2022
£
£
Adjustments to prior year
Reclassification of investment property
-
674,578
Equity as previously reported
(20,206)
223,232
Equity as adjusted
(20,206)
897,810
Analysis of the effect upon equity
Other reserves
-
679,355
Profit and loss reserves
-
(4,777)
-
674,578
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior period
Reclassification of investment property
674,578
Profit as previously reported
243,438
Profit as adjusted
918,016
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