Company registration number 11016786 (England and Wales)
PREMIUM TURF-CARE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PREMIUM TURF-CARE LIMITED
COMPANY INFORMATION
Directors
Mr D Withers
Mr T Fukuta
Mr K Seri
(Appointed 25 March 2024)
Company number
11016786
Registered office
Unit 3-5 Foxtail Road
Ransomes Europark
Ipswich
IP3 9RT
Accountants
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
PREMIUM TURF-CARE LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
PREMIUM TURF-CARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
Review of the business
2024 was another good year for the business with a 4.2% increase in revenue and an 8.7% increase in Pre-tax profit. This, despite that market that we serve being depressed with some indicators showing a 10-15% decline in total market sales. Our ambition to be our Channel Partners easiest business to trade with continues to deliver results with dealers focussing their energies on selling our amazing products. As a result of our continuing success both financial and in terms of market position ISEKI & Co Ltd in Japan chose to exercise an option they had to increase their shareholding in the company from 44% to 100%. This transaction took place in October of 2024 and positions the company for future growth with a highly respected global manufacturer (listed on Tokyo Stock Exchange) as the ultimate parent.
Principal risks and uncertainties
We are at risk of exchange rate movements and demand cycle changes as well as possible regulatory complications caused by BREXIT, however the business is well positioned to withstand these with a deep understanding of the industry and active risk management.
Development and performance
The future for the business is positive, we have been gaining Market Share in recent years but feel that we have more opportunity in the future as we continue to grow our dealer base and brand recognition.
Key performance indicators
Management main focus has been on revenue growth and share gain, we do however track margins and cash usage to ensure that the company has sufficient working capital to fund its growth.
Mr D Withers
Director
7 February 2025
PREMIUM TURF-CARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of the sale of tractors, mowers and ancillary parts.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £711,661. 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 D Withers
Mrs K A Withers
(Retired 29 October 2024)
Mr T Fukuta
Ms Misako Kuroiwa
(Resigned 25 March 2024)
Mr K Seri
(Appointed 25 March 2024)
Financial instruments
The company has a close relationship with NOVUNA Business Finance and the majority of product is invoiced through NOVUNA as a floor-plan offering to our dealers, this reduces the company’s exposure to risk. The company does take out Hedges mainly against movement of the JPY, these are taken out when rates look favourable, to cover up to 50% of our exposure.
The company prices its products based on margin required and market rates
The company has reduced its credit risk by using the NOVUNA floor-plan
Liquidity of the company has been assured by strict inventory and debtor management
Cash flow risk is managed as indicated above
Research and development
As a distributor of finished products the company only does very limited R&D.
Post reporting date events
There are no post-reporting date events to note.
Future developments
The company will continue its growth trajectory, focussing on retaining and expanding its position in the legacy Internal Combustion Engine era and positioning itself to win in the new low carbon future.
Auditor
Ensors Accountants LLP were appointed as auditor to the company 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.
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.
PREMIUM TURF-CARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr D Withers
Director
7 February 2025
PREMIUM TURF-CARE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
•provide additional disclosures when compliance with the specific requirements in FRS 102 is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the company financial position and financial performance;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Under applicable law and regulations, the directors are also responsible for preparing a directors’ report that complies with that law and those regulations. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PREMIUM TURF-CARE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PREMIUM TURF-CARE LIMITED
- 5 -
Opinion
We have audited the financial statements of Premium Turf-Care Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and the related notes 1 to 11, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
PREMIUM TURF-CARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PREMIUM TURF-CARE LIMITED
- 6 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor'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.
Irregularities, including fraud are, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The engagement partner has ensured that the audit team collectively had the required experience, knowledge and competence to perform the planned work and identify any relevant irregularities.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In planning our audit, we identify and assess the risk of material misstatement within the financial statements, whether due to fraud or error. In assessing the risks, consideration is given to the control environment (including Trustees' and management's own processes for identification and risk assessment) as well as the nature of the entity, the industry in which it operates and the underlying performance. Consideration is also given to the attitudes and incentives of management to commit fraud, with specific procedures planned and performed to respond to the risk of inappropriate management override of controls.
We also obtained an understanding of the applicable laws and regulations to which the charity must adhere, through discussions with management and those charged with governance, as well as commercial knowledge of the sector and statutory legislation, in order to determine the key laws and regulations applicable to the Company.
PREMIUM TURF-CARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PREMIUM TURF-CARE LIMITED
- 7 -
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the rationale behind significant transactions outside the normal course of business.
- Assessment of key accounting estimates within the financial statements in order to assess their reasonableness to determine whether there is any bias in the estimates.
- Review of meeting minutes.
- Enquiring of management and Directors as to whether they are aware of any alleged, suspected or actual fraud during the year.
We also performed procedures to satisfy ourselves regarding the company’s compliance with applicable laws and regulations, including:
- Enquiry of Directors, management and the entity’s solicitors around actual and potential litigation and claims
- Reviewing correspondence with relevant legal authorities
All audit team members were made aware of the applicable laws and regulations, as well as potential fraud risks during the planning stage of the audit and this was discussed at the audit team planning meeting. It was therefore determined that team members all had the relevant awareness and competence to identify any instances of non-compliance or fraud.
There are, however, inherent limitations to our above audit procedures. Auditing standards only require us to enquire of the Directors and management regarding non-compliance with laws and regulations, as well as review regulatory and legal correspondence (if there is any). It is therefore possible that instances of non-compliance could be missed, particularly where the law in itself is far removed from any financial transactions.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report
Conclusion
In conclusion, we have designed suitable audit procedures to identify material irregularities, including fraud, and have not identified any individual matters significant enough for inclusion in the audit report.
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.
PREMIUM TURF-CARE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PREMIUM TURF-CARE LIMITED
- 8 -
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.
Malcolm McGready
Senior Statutory Auditor
For and on behalf of Ensors Accountants LLP
7 February 2025
Chartered Accountants
Statutory Auditor
Connexions
159 Princes Street
Ipswich
IP1 1QJ
PREMIUM TURF-CARE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
17,613,308
16,904,027
Cost of sales
(11,469,187)
(11,249,254)
Gross profit
6,144,121
5,654,773
Administrative expenses
(2,636,041)
(2,336,075)
Operating profit
4
3,508,080
3,318,698
Interest receivable and similar income
8
15,528
48,504
Interest payable and similar expenses
9
(438,690)
(481,784)
Fair value gains and losses on foreign exchange contracts
(4,344)
(50,269)
Profit before taxation
3,080,574
2,835,149
Tax on profit
10
(793,968)
(678,600)
Profit for the financial year
2,286,606
2,156,549
The profit and loss account has been prepared on the basis that all operations are continuing operations.
PREMIUM TURF-CARE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
£
£
Profit for the year
2,286,606
2,156,549
Other comprehensive income
-
-
Total comprehensive income for the year
2,286,606
2,156,549
PREMIUM TURF-CARE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
398,526
344,151
Current assets
Stocks
14
6,140,053
5,109,924
Debtors
15
1,000,780
873,730
Cash at bank and in hand
2,838,636
1,207,859
9,979,469
7,191,513
Creditors: amounts falling due within one year
16
(4,395,083)
(3,125,120)
Net current assets
5,584,386
4,066,393
Total assets less current liabilities
5,982,912
4,410,544
Creditors: amounts falling due after more than one year
17
(7,964)
(32,731)
Provisions for liabilities
Provisions
19
68,919
59,452
Deferred tax liability
20
87,686
74,963
(156,605)
(134,415)
Net assets
5,818,343
4,243,398
Capital and reserves
Called up share capital
23
180,000
180,000
Profit and loss reserves
5,638,343
4,063,398
Total equity
5,818,343
4,243,398
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 7 February 2025 and are signed on its behalf by:
Mr D Withers
Director
Company registration number 11016786 (England and Wales)
PREMIUM TURF-CARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
180,000
2,742,219
2,922,219
Year ended 31 December 2023:
Profit and total comprehensive income
-
2,156,549
2,156,549
Dividends
11
-
(835,370)
(835,370)
Balance at 31 December 2023
180,000
4,063,398
4,243,398
Year ended 31 December 2024:
Profit and total comprehensive income
-
2,286,606
2,286,606
Dividends
11
-
(711,661)
(711,661)
Balance at 31 December 2024
180,000
5,638,343
5,818,343
PREMIUM TURF-CARE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
29
3,635,360
(482,681)
Interest paid
(438,690)
(481,784)
Income taxes paid
(718,408)
(721,170)
Net cash inflow/(outflow) from operating activities
2,478,262
(1,685,635)
Investing activities
Purchase of tangible fixed assets
(147,689)
(81,171)
Proceeds from disposal of tangible fixed assets
22,500
40,361
Interest received
15,528
48,504
Net cash (used in)/generated from investing activities
(109,661)
7,694
Financing activities
Payment of finance leases obligations
(26,163)
(60,190)
Dividends paid
(711,661)
(835,370)
Net cash used in financing activities
(737,824)
(895,560)
Net increase/(decrease) in cash and cash equivalents
1,630,777
(2,573,501)
Cash and cash equivalents at beginning of year
1,207,859
3,781,360
Cash and cash equivalents at end of year
2,838,636
1,207,859
PREMIUM TURF-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information
Premium Turf-Care Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3-5 Foxtail Road, Ransomes Europark, Ipswich, IP3 9RT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
Following a share acquisition on 29 October 2024, the company became a wholly owned subsidiary of Iseki & Co., Ltd (a Japanese listed company). The registered office is 3-14, Nishi-Nippori, Arakawa-ku, Tokyo, 116-8541, Japan. Iseki & Co., Ltd is now the immediate parent.The financial statements of the company are consolidated in the financial statements of Iseki & Co., Ltd. These financial statements are consolidated into the overseas parent Iseki & Co., Ltd and these financial statements can be found at 3-14, Nishi-Nippori, Arakawa-ku, Tokyo, 116-8541, Japan. No individual holds more than 25% of the share capital.
These financial statements are consolidated into the overseas parent Iseki & Co., Ltd and these financial statements can be found at 3-14, Nishi-Nippori, Arakawa-ku, Tokyo, 116-8541, Japan.
FRS102 allows a qualifying entity certain disclosure exemptions, subject to certain conditions, which have been complied with. The company has taken advantage of the following exemptions in its financial statements:
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
PREMIUM TURF-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% Straight Line
Fixtures and fittings
10% Straight Line
Computers
33% Straight Line
Motor vehicles
10% 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.
1.5
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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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.
PREMIUM TURF-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include 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 company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
PREMIUM TURF-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans 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
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
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.
1.10
Derivatives
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments.
The company enters into forward exchange contracts to manage its cash flow exposure over certain transactions undertaken in currencies other than the functional currency. These contracts are put in placed to manage it's exposure to foreign exchange risk.
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 and loss as appropriate.
The company does not currently apply hedge accounting for foreign exchange derivatives.
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 profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PREMIUM TURF-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Provision is made for the company's estimated liability on all machines still under warranty, including claims already received. The provision is charged against trading profits and included within provisions for liabilities. 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.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
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 leases asset are consumed.
PREMIUM TURF-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
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 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.
Stock
Inventories are valued at the lower cost and net realisable value. New realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.
During the year a slow moving parts write down was made of £74,886 (2023: £71,663).
Warranties
Management makes estimates of expected warranty claims for products sold based on historic data of claims made during the year, specific claims made during the year yet to be processed and expected sales volume increase within the next 12 months
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of tractors, mowers and ancillary parts
17,613,308
16,904,027
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
14,751,661
14,742,446
Europe
1,955,026
1,434,285
Rest of World
906,621
727,296
17,613,308
16,904,027
PREMIUM TURF-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 20 -
2024
2023
£
£
Other revenue
Interest income
15,528
48,504
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
17,626
80,727
Depreciation of owned tangible fixed assets
58,505
44,562
Loss/(profit) on disposal of tangible fixed assets
12,309
(8,638)
Operating lease charges
201,415
157,197
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
29,717
19,175
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
20
20
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,042,254
945,215
Social security costs
124,661
111,449
Pension costs
41,320
35,520
1,208,235
1,092,184
PREMIUM TURF-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
214,167
203,750
Company pension contributions to defined contribution schemes
12,850
14,008
227,017
217,758
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
214,167
203,750
Company pension contributions to defined contribution schemes
12,850
14,008
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
15,528
48,504
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
15,528
48,504
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
435,991
477,094
Other finance costs:
Interest on finance leases and hire purchase contracts
2,699
4,690
438,690
481,784
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
781,245
688,891
PREMIUM TURF-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
2024
2023
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
12,723
(10,291)
Total tax charge
793,968
678,600
In March 2021, the UK government announced a change in the main rate of Corporation Tax increasing from 19% to 25% with effect from 1 April 2023. As a result, the effective tax rate for the prior period is 23.52%. The effective tax rate for the current period is 25%.
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:
2024
2023
£
£
Profit before taxation
3,080,574
2,835,149
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
770,144
666,827
Tax effect of expenses that are not deductible in determining taxable profit
23,824
12,477
Effect of change in corporation tax rate
15
Deferred tax adjustments in respect of prior years
1
Fixed asset differences
(237)
Other tax adjustments, reliefs and transfers
(1,784)
Chargeable gains/ (losses)
1,909
Remeasurement of deferred tax for changes in tax rates
(608)
Taxation charge for the year
793,968
678,600
11
Dividends
2024
2023
£
£
Final paid
711,661
835,370
PREMIUM TURF-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
230,250
53,608
89,488
134,075
507,421
Additions
7,849
395
6,421
133,024
147,689
Disposals
(634)
(41,771)
(42,405)
At 31 December 2024
238,099
54,003
95,275
225,328
612,705
Depreciation and impairment
At 1 January 2024
70,016
15,811
58,805
18,638
163,270
Depreciation charged in the year
23,216
5,364
12,708
17,217
58,505
Eliminated in respect of disposals
(634)
(6,962)
(7,596)
At 31 December 2024
93,232
21,175
70,879
28,893
214,179
Carrying amount
At 31 December 2024
144,867
32,828
24,396
196,435
398,526
At 31 December 2023
160,234
37,797
30,683
115,437
344,151
13
Financial instruments
2024
2023
£
£
Carrying amount of financial liabilities include:
Measured at fair value through profit or loss
- Other financial liabilities
21,194
16,850
The company uses forward foreign currency contracts to reduce exposure to foreign exchange rates, primarily Euros and Japanese Yen.
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 and loss as appropriate.
The company does not currently apply hedge accounting for foreign exchange derivatives.
At 31 December 2024, the outstanding contracts matures within 3 months (2023: 2 months) of the year-end. The company is committed to buy JPY 190,000,000 and receive a fixed sterling amount (2023: JPY 100,000,000).
PREMIUM TURF-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
14
Stocks
2024
2023
£
£
Raw materials and consumables
638,354
642,169
Finished goods and goods for resale
5,501,699
4,467,755
6,140,053
5,109,924
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
804,236
688,806
Prepayments and accrued income
196,544
184,924
1,000,780
873,730
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
18
24,043
25,439
Trade creditors
3,233,188
2,143,023
Corporation tax
414,254
351,417
Other taxation and social security
501,732
396,030
Derivative financial instruments
21,194
16,850
Deferred income
21
589
589
Accruals and deferred income
200,083
191,772
4,395,083
3,125,120
Hire-purchase creditors are secured on the asset to which they relate.
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
18
7,964
32,731
Hire-purchase creditors are secured on the asset to which they relate.
PREMIUM TURF-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
24,043
25,439
In two to five years
7,964
32,731
32,007
58,170
Finance lease payments represent rentals payable by the company 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 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
19
Provisions for liabilities
2024
2023
£
£
Warranty
68,919
59,452
Movements on provisions:
Warranty
£
At 1 January 2024
59,452
Additional provisions in the year
168,395
Utilisation of provision
(158,928)
At 31 December 2024
68,919
A warranty provision is recognised for expected warranty claims on products sold to customers in the last 2 years, but may honour older claims if these are deemed justified, on an ad-hoc basis. .
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
93,231
79,427
Short term timing differences
(5,545)
(4,464)
87,686
74,963
PREMIUM TURF-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
20
Deferred taxation
(Continued)
- 26 -
2024
Movements in the year:
£
Liability at 1 January 2024
74,963
Charge to profit or loss
12,723
Liability at 31 December 2024
87,686
The deferred tax liability set out above is expected to reverse over the remaining life of the assets and relates to accelerated capital allowances that are expected to mature within the same period.
21
Deferred income
2024
2023
£
£
Other deferred income
589
589
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
41,320
35,520
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
180,000
180,000
180,000
180,000
The Ordinary shares are voting shares carrying one vote per share, with rights to participate in dividends and capital distributions. The shares are not redeemable.
PREMIUM TURF-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
24
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
141,488
136,954
Between two and five years
234,552
361,032
376,040
497,986
25
Related party transactions
Transactions with related parties
On 29 October 2024, Iseki & Co., Ltd acquired 56% of the share capital of the company and became the wholly owned parent. The company is taking advantage of the exemption permitted by Section 33 Related Party Disclosures not to provide details of transactions entered into with other wholly-owned members of the group.
Disclosed below are the transactions the company entered into with related parties prior to the share acquisition on 29 October 2024.
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with control over the company
71,045
215,409
9,471,744
10,797,178
26
Directors' transactions
Dividends totalling £395,367 (2023 - £464,094) were paid in the year in respect of shares held by the company's directors.
27
Ultimate controlling party
The parent company and ultimate controlling party is Iseki & Co., Ltd, incorporated in Japan. The registered office is 3-14, Nishi-Nippori, Arakawa-ku, Tokyo, 116-8541, Japan. No individual holds more than 25% of the share capital.
These financial statements are consolidated into the overseas parent Iseki & Co., Ltd and these financial statements can be found at 3-14, Nishi-Nippori, Arakawa-ku, Tokyo, 116-8541, Japan.
PREMIUM TURF-CARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
28
Other Director's benefits
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023: 1).
There were no amounts paid to Directors for loss of of office in the year (2023: £Nil).
29
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit after taxation
2,286,606
2,156,549
Adjustments for:
Taxation charged
793,968
678,600
Finance costs
438,690
481,784
Investment income
(15,528)
(48,504)
Loss/(gain) on disposal of tangible fixed assets
12,309
(8,638)
Fair value loss on foreign exchange contracts
4,344
50,269
Depreciation and impairment of tangible fixed assets
58,505
44,562
Increase/(decrease) in provisions
9,467
(14,828)
Movements in working capital:
Increase in stocks
(1,030,129)
(2,322,257)
(Increase)/decrease in debtors
(127,050)
228,924
Increase/(decrease) in creditors
1,204,178
(1,729,142)
Cash generated from/(absorbed by) operations
3,635,360
(482,681)
30
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,207,859
1,630,777
2,838,636
Obligations under finance leases
(58,170)
26,163
(32,007)
1,149,689
1,656,940
2,806,629
2024-12-312024-01-01falsefalsefalseCCH SoftwareCCH Accounts Production 2024.310Mr D WithersMrs K A WithersMr T FukutaMs Misako KuroiwaMr K Seri110167862024-01-012024-12-3111016786bus:Director12024-01-012024-12-3111016786bus:Director32024-01-012024-12-3111016786bus:Director52024-01-012024-12-3111016786bus:Director22024-01-012024-12-3111016786bus:Director42024-01-012024-12-3111016786bus:RegisteredOffice2024-01-012024-12-31110167862024-12-31110167862023-01-012023-12-311101678612024-01-012024-12-311101678612023-01-012023-12-311101678622024-01-012024-12-311101678622023-01-012023-12-3111016786core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3111016786core:RetainedEarningsAccumulatedLosses2024-01-012024-12-31110167862023-12-3111016786core:PlantMachinery2024-12-3111016786core:FurnitureFittings2024-12-3111016786core:ComputerEquipment2024-12-3111016786core:MotorVehicles2024-12-3111016786core:PlantMachinery2023-12-3111016786core:FurnitureFittings2023-12-3111016786core:ComputerEquipment2023-12-3111016786core:MotorVehicles2023-12-3111016786core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3111016786core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3111016786core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3111016786core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3111016786core:CurrentFinancialInstruments2024-12-3111016786core:CurrentFinancialInstruments2023-12-3111016786core:ShareCapital2024-12-3111016786core:ShareCapital2023-12-3111016786core:RetainedEarningsAccumulatedLosses2024-12-3111016786core:RetainedEarningsAccumulatedLosses2023-12-3111016786core:ShareCapital2022-12-3111016786core:RetainedEarningsAccumulatedLosses2022-12-31110167862023-12-31110167862022-12-3111016786core:PlantMachinery2024-01-012024-12-3111016786core:FurnitureFittings2024-01-012024-12-3111016786core:ComputerEquipment2024-01-012024-12-3111016786core:MotorVehicles2024-01-012024-12-3111016786core:UKTax2024-01-012024-12-3111016786core:UKTax2023-01-012023-12-311101678632024-01-012024-12-311101678632023-01-012023-12-311101678642024-01-012024-12-311101678642023-01-012023-12-3111016786core:PlantMachinery2023-12-3111016786core:FurnitureFittings2023-12-3111016786core:ComputerEquipment2023-12-3111016786core:MotorVehicles2023-12-3111016786core:Non-currentFinancialInstruments2024-12-3111016786core:Non-currentFinancialInstruments2023-12-3111016786core:WithinOneYear2024-12-3111016786core:WithinOneYear2023-12-3111016786core:BetweenTwoFiveYears2024-12-3111016786core:BetweenTwoFiveYears2023-12-3111016786bus:PrivateLimitedCompanyLtd2024-01-012024-12-3111016786bus:FRS1022024-01-012024-12-3111016786bus:Audited2024-01-012024-12-3111016786bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP