Company registration number 07398923 (England and Wales)
RAPID ELECTRONICS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
RAPID ELECTRONICS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr E Parry
Mr A Keenan
(Appointed 12 February 2024)
Company number
07398923
Registered office
Severalls Hall
Severalls Lane
Colchester
CO4 5JS
Auditor
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
RAPID ELECTRONICS HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Income statement
9
Group statement of comprehensive income
10
Group statement of financial position
11
Company statement of financial position
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 29
RAPID ELECTRONICS HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

 

With over 45 years of distribution experience, Rapid has built a strong reputation within the industrial and education sectors for it's customer centric value proposition, focusing on range choice, customer convenience and overall commercial value provision. Rapid has had significant market headwinds to navigate throughout 2024 and we have continued to deliver an operating performance that has provided consistent customer value in all areas, whilst continuing progress in developing future business capabilities, that will enable the business to build on the excellent platform we have established. Our employees and suppliers continue to provide the foundation for our growth whilst we operate in demanding economic and regulatory climates, to keep serving our customers.

 

Rapid focuses on being an innovative and agile business that provides bespoke quantities and solutions to customers in our targeted industry sectors. We will continue to operate with a model that provides both a digital platform interface and a complimentary human interface to ensure all our customer needs are fulfilled.

Going forward we will target increased customer penetration and breadth through effective business model deployment that will always have the customer at the heart of our business focus.

Our range and choice will expand through carefully targeted additions and investment and we will support this through our objective of being the employer of choice for our employees.

Review of the business

The income statement and statement of comprehensive income discloses the full results.

 

The results reflect the continuation of challenging market conditions with revenue and profitability impacted, but our flexible operating model, strong cash conversion and a robust statement of financial position are reflective of a healthy business taking steps to maintain performance whilst market conditions have been suboptimal. Our resilience and market knowledge expertise were pivotal in guiding our suppliers and customers through these market conditions. Market confidence continues to be challenging as we focus on our customers, ensuring our value proposition meets or exceeds expectation.

The team at Rapid in 2024 continued to follow the core tenets of delighting our customers and supply partners, working hard to be a great place to work for our employees and delivering operational excellence through our services and digital platforms.

In 2024 turnover decreased by 20.6% compared to the prior year, a reduction of £5m. A proportion of turnover contraction can be attributed to decisions made to migrate away from low margin products both within the EV and Consumer markets. Overall, the business gross margin improved by 3.2% to 31.2% and operational costs reduced by 9.6% highlighting the benefits from strategic decisions taken.

Rapid’s future success is through our employees. The management team maintains a focus on employee engagement through our Great Place to Work and Growth, Performance, Success initiatives as evidenced by an excellent engagement score in the annual employee survey.

There were significant operational investments throughout 2024 increasing leadership level resources to drive towards the group’s strategic goals. These included additional headcount within the leadership and management team, sales and digital marketing resources. System infrastructure was a key part of the transformation with a robust review and simplification of core business processes.

Moving into 2025 Rapid will leverage group product and service solutions for the UK market and this will enhance Rapid as an attractive proposition for our suppliers who hold the Rapid brand and go to market model as a key component of their own brand development and commercial success. Rapid have a growing number of supplier engagements that enable us to provide an expanding choice to our targeted customers in the Industrial and Educational sectors. Our continued pursuit of a significant proportion of the UK customer base will result in profitable growth and expanded brand recognition for our suppliers and provide the platform for additional supplier and brand additions in 2025 and beyond.

Rapid continues to have a strong statement of financial position coupled with good short-term liquidity.

RAPID ELECTRONICS HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

Risk

 

Potential Impact

 

Mitigations

 

 

 

 

 

General Economic instability

 

 

 

 

General Economic instability or a downturn in a particular market or region can affect customers and their demand for products.

 

Fall in sales due to reduced consumer confidence. Increase in bad debt as customers are unable to trade and meet previous obligations. Inability to meet stock requirements due to supply chain restrictions.

 

Macro economic environment is discussed as part of our Steering Group meetings making it a continuous management focus. Reduction in sales can be mitigated due to balanced customer portfolio across multiple sectors. Mix of cash and credit sales coupled with strong cash position and Group backing for short term loans.

 

 

 

 

 

Reliance on Key Suppliers

 

 

 

 

We work with key strategic partners to support our business and help deliver our products. A failure in key counterparty relationships or services could affect the delivery of certain business activities and trading.

 

Impacting customer satisfaction. Fall in supplies due to supplier difficulties.

 

Key suppliers are subject to additional due diligence and partner engagement and our diverse product range reduces the reliance on a few suppliers.

 

 

 

 

 

Business Disruption

 

 

 

 

Rapid could be exposed to disruption caused by fire or failure of essential IT equipment.

 

Temporary cessation of operations could adversely impact the results.

 

Robust disaster recovery procedures are in place. Insurance level covers business interruption and stock damage whilst alternative premises were sought.

 

 

 

 

 

Fraud

 

 

 

 

The risk that an employee or group of employees could obtain funds or products through deception either directly or with external assistance.

 

Significant financial fraud could deplete the company's assets and affect the financial results.

 

Rapid has robust control procedures in place that are designed to minimise the risk. Segregation of duties are a key component within these controls.

 

 

 

 

 

Foreign Exchange

 

 

 

 

The risk that the fair value of financial instruments or future cash flows will fluctuate because of changes in foreign exchange rates. Our trading in Europe and Asia, and thus exposure to USO and Euro are the key risk areas.

 

Significant fluctuation in USD or Euro exchange rates could adversely impact the results.

 

An element of natural hedging for Euro transactions is undertaken. Significant purchases are hedged in advanced. Transaction values tend to be relatively low and therefore significant exchange rate exposure is normally less than 30 days.

 

RAPID ELECTRONICS HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Principal risks and uncertainties (continued)

 

Credit risk

 

 

 

 

The inability of trade receivables to pay exposes Rapid to credit risk.

 

Insufficient funds could result in the company not being able to fund its operations.

 

Third party agents are used to assess credit risk and credit limits are set in accordance to these risk assessments and customer historic payment profile. Orders are held if payment terms are exceeded.

Liquidity risk

 

 

 

 

The risk that Rapid will not have sufficient funds to meet its obligations as they fall due.

 

Insufficient funds could result in the company not being able to fund its operations.

 

Rapid has a strong working capital ratio in conjunction with good Group and Bank relationships that could be used to support any short-term liquidity issues.

Inadequate response to major incidents

 

 

 

 

Major incidents such as those caused by extreme weather, military action, terrorism or disease outbreaks have the potential to impact our operations.

 

Cause business interruption. Inadequate response could cause reputational damage.

 

Our customer and supplier base are mixed, and we are not exposed in any one industry sector or location. The Steering Group continually monitors the macro-economic conditions and a specific crisis council will be convened to respond to any specific incidents.

Key performance indicators

The key performance indicators are discussed in the review of the business section of this report.

On behalf of the board

Mr A Keenan
Director
27 February 2025
RAPID ELECTRONICS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 9.

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

Directors

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

Mr E Parry
Mr A Keenan
(Appointed 12 February 2024)
Statement of directors' responsibilities

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

 

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

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

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

Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future, a period of at least 12 months from the approval of the financial statements. As part of the assessment, the Directors have prepared detailed profit and loss and cash flow forecasts for the group which take into account their best estimate of the macro-economic environment, and these demonstrate that the company has sufficient cash for the foreseeable future. It is expected that the company and group will continue to operate as a going concern and as such the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Matters of strategic importance

Information is not shown within the Director's Report as it is instead included within the Strategic Report under S414c(11).

RAPID ELECTRONICS HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
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 A Keenan
Director
27 February 2025
RAPID ELECTRONICS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RAPID ELECTRONICS HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Rapid Electronics Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

 

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

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.

RAPID ELECTRONICS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RAPID ELECTRONICS HOLDINGS LIMITED
- 8 -

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.

Barry Gostling (Senior Statutory Auditor)
For and on behalf of Ensors Accountants LLP, Statutory Auditor
Chartered Accountants
Connexions
159 Princes Street
Ipswich
IP1 1QJ
28 February 2025
RAPID ELECTRONICS HOLDINGS LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
19,432,674
24,482,712
Cost of sales
(13,358,590)
(17,628,418)
Gross profit
6,074,084
6,854,294
Administrative expenses
(6,135,225)
(6,785,029)
Operating (loss)/profit
4
(61,141)
69,265
Interest receivable and similar income
6
85,646
92,062
Profit before taxation
24,505
161,327
Tax on profit
7
(44,834)
(63,785)
(Loss)/profit for the financial year
(20,329)
97,542
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
RAPID ELECTRONICS HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
£
£
(Loss)/profit for the year
(20,329)
97,542
Other comprehensive income
Revaluation of tangible fixed assets
230,769
(150,875)
Total comprehensive income for the year
210,440
(53,333)
Total comprehensive income for the year is all attributable to the owners of the parent company.
RAPID ELECTRONICS HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
8
293,754
379,309
Tangible assets
9
7,023,799
6,990,857
7,317,553
7,370,166
Current assets
Stocks
12
5,441,726
6,412,725
Debtors
13
2,328,616
3,504,133
Cash at bank and in hand
2,642,205
1,516,540
10,412,547
11,433,398
Creditors: amounts falling due within one year
14
(2,681,001)
(3,922,020)
Net current assets
7,731,546
7,511,378
Total assets less current liabilities
15,049,099
14,881,544
Provisions for liabilities
Deferred tax liability
15
335,348
378,233
(335,348)
(378,233)
Net assets
14,713,751
14,503,311
Capital and reserves
Called up share capital
17
2,000
2,000
Share premium account
1,599,002
1,599,002
Revaluation reserve
4,259,293
4,028,524
Other reserves
(790,000)
(790,000)
Profit and loss reserves
9,643,456
9,663,785
Total equity
14,713,751
14,503,311

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
27 February 2025
Mr E Parry
Mr A Keenan
Director
Director
Company registration number 07398923 (England and Wales)
RAPID ELECTRONICS HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
10
1,601,002
1,601,002
Capital and reserves
Called up share capital
17
2,000
2,000
Share premium account
1,599,002
1,599,002
Total equity
1,601,002
1,601,002

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £0 profit).

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 27 February 2025 and are signed on its behalf by:
27 February 2025
Mr E Parry
Mr A Keenan
Director
Director
Company registration number 07398923 (England and Wales)
RAPID ELECTRONICS HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Share premium account
Revaluation reserve
Merger reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 1 January 2023
2,000
1,599,002
4,179,399
(790,000)
9,566,243
14,556,644
Year ended 31 December 2023:
Profit for the year
-
-
-
-
97,542
97,542
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
(150,875)
-
-
(150,875)
Total comprehensive income
-
-
(150,875)
-
97,542
(53,333)
Balance at 31 December 2023
2,000
1,599,002
4,028,524
(790,000)
9,663,785
14,503,311
Year ended 31 December 2024:
Loss for the year
-
-
-
-
(20,329)
(20,329)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
230,769
-
-
230,769
Total comprehensive income
-
-
230,769
-
(20,329)
210,440
Balance at 31 December 2024
2,000
1,599,002
4,259,293
(790,000)
9,643,456
14,713,751
RAPID ELECTRONICS HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
Share capital
Share premium account
Total
£
£
£
Balance at 1 January 2023
2,000
1,599,002
1,601,002
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
0
Balance at 31 December 2023
2,000
1,599,002
1,601,002
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
0
Balance at 31 December 2024
2,000
1,599,002
1,601,002
RAPID ELECTRONICS HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,347,666
25,411
Income taxes paid
(121,301)
(282,657)
Net cash inflow/(outflow) from operating activities
1,226,365
(257,246)
Investing activities
Purchase of intangible assets
(121,773)
(236,563)
Proceeds from disposal of intangibles
-
37,386
Purchase of tangible fixed assets
(64,573)
(70,431)
Proceeds from disposal of tangible fixed assets
-
(1,082)
Interest received
85,646
92,062
Net cash used in investing activities
(100,700)
(178,628)
Net increase/(decrease) in cash and cash equivalents
1,125,665
(435,874)
Cash and cash equivalents at beginning of year
1,516,540
1,952,414
Cash and cash equivalents at end of year
2,642,205
1,516,540
RAPID ELECTRONICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
1
Accounting policies
Company information

Rapid Electronics Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Severalls Hall, Severalls Lane, Colchester, CO4 5JS.

 

The group consists of Rapid Electronics Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Rapid Electronics Holdings Limited together with all material 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 2024. 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, unless such subsidiaries are considered immaterial to the group results.

RAPID ELECTRONICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.3
Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future, a period of at least 12 months from the approval of the financial statements. As part of the assessment, the Directors have prepared detailed profit and loss and cash flow forecasts for the group which take into account their best estimate of the macro-economic environment, and these demonstrate that the company has sufficient cash for the foreseeable future. It is expected that the company and group will continue to operate as a going concern and as such the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

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

 

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

1.5
Intangible fixed assets other than goodwill

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

 

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

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

Software
3 - 5 years
1.6
Tangible fixed assets

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

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

Freehold land and buildings
2% straight line
Leasehold improvements
Over the remaining useful life of the lease (10 years)
Plant and equipment
Over the useful life of the asset (12-240 months)
Fixtures and fittings
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 recognised in the income statement.

RAPID ELECTRONICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.7
Impairment of fixed assets

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

 

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

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

 

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

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

1.8
Stocks

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

 

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.

1.9
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 statement of financial position 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.

RAPID ELECTRONICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Derecognition of financial liabilities

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

1.10
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

RAPID ELECTRONICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
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 if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
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.

1.12
Retirement benefits

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

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

RAPID ELECTRONICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of freehold property

Freehold property is revalued to the fair value at each reporting date. There is a degree of subjectivity involved in estimating the fair value of the property. In order to mitigate the impact of this subjectivity the investment property has been valued by Fenn Wright Chartered Surveyors, who are not connected to the company.

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.

Provisions

The Group has recognised provisions for impairment of stocks, impairment of trade debtors, employee bonuses and corporation tax in its financial statements which requires management to make judgements. The judgements, estimates and associated assumptions necessary to calculate these provisions are based on historical experience and other reasonable factors.

Useful lives of property, plant and equipment

The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives of the Group's assets are determined by management at the time the asset is acquired and reviewed at least annually for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events which may impact their life, such as changes in technology.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
18,751,887
23,649,804
Europe
518,357
471,459
Rest of the World
162,430
361,449
19,432,674
24,482,712
RAPID ELECTRONICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 22 -
2024
2023
£
£
Other revenue
Interest income
85,646
92,062
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange losses
47,172
84,328
Depreciation of owned tangible fixed assets
242,843
261,565
(Profit)/loss on disposal of tangible fixed assets
(368)
42,162
Amortisation of intangible assets
207,328
134,417
5
Employees

The average monthly number of persons employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Office
77
79
-
-
Warehouse
35
36
-
-
Directors
2
1
-
-
Total
114
116
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,486,853
3,442,114
-
0
-
0
Social security costs
316,321
321,916
-
-
Pension costs
217,891
211,309
-
0
-
0
4,021,065
3,975,339
-
0
-
0
RAPID ELECTRONICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
85,646
48,252
Interest receivable from group companies
-
0
43,810
Total income
85,646
92,062
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
51,722
119,475
Adjustments in respect of prior periods
35,997
10,155
Total current tax
87,719
129,630
Deferred tax
Origination and reversal of timing differences
(42,885)
(65,845)
Total tax charge
44,834
63,785

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
24,505
161,327
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
6,126
37,944
Tax effect of expenses that are not deductible in determining taxable profit
32,890
38,218
Under/(over) provided in prior years
35,996
-
0
Deferred tax adjustments
(60,133)
(12,377)
Other adjustments
29,955
-
0
Taxation charge
44,834
63,785
RAPID ELECTRONICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
8
Intangible fixed assets
Group
Software
£
Cost
At 1 January 2024
1,070,246
Additions
121,773
Disposals
(475,844)
At 31 December 2024
716,175
Amortisation and impairment
At 1 January 2024
690,937
Amortisation charged for the year
207,328
Disposals
(475,844)
At 31 December 2024
422,421
Carrying amount
At 31 December 2024
293,754
At 31 December 2023
379,309
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
RAPID ELECTRONICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
9
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
6,534,125
55,171
2,066,452
57,451
8,713,199
Additions
-
0
-
0
57,571
7,002
64,573
Disposals
-
0
-
0
(268,001)
-
0
(268,001)
Revaluation
(34,125)
-
0
-
0
-
0
(34,125)
At 31 December 2024
6,500,000
55,171
1,856,022
64,453
8,475,646
Depreciation and impairment
At 1 January 2024
134,125
30,099
1,547,443
10,675
1,722,342
Depreciation charged in the year
130,769
3,634
99,435
9,005
242,843
Eliminated in respect of disposals
-
0
-
0
(248,444)
-
0
(248,444)
Revaluation
(264,894)
-
0
-
0
-
0
(264,894)
At 31 December 2024
-
0
33,733
1,398,434
19,680
1,451,847
Carrying amount
At 31 December 2024
6,500,000
21,438
457,588
44,773
7,023,799
At 31 December 2023
6,400,000
25,072
519,009
46,776
6,990,857
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.

Included in cost or valuation of land and buildings is freehold land of £1,300,000 (2023: £1,300,000) which is not depreciated.

Freehold land and buildings were valued on an open market basis at 31 December 2024 by Fenn Wright Chartered Surveyors, who are not connected to the group. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Group
Cost
3,725,079
3,725,079
Accumulated depreciation
(625,911)
(567,399)
Carrying value
3,099,168
3,157,680
RAPID ELECTRONICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
10
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
1,601,002
1,601,002
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
1,601,002
Carrying amount
At 31 December 2024
1,601,002
At 31 December 2023
1,601,002
11
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Rapid Properties Limited
1
Ordinary
100.00
Rapid Electronics Limited
1
Ordinary
100.00
Replenishh Ltd
1
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Severall Hall, Severalls Lane, Colchester, Essex, CO4 5JS

Rapid Electronics Limited and Rapid Properties Limited are fully included in the consolidation. Replenishh Ltd has been excluded from the consolidation on the grounds that the results are immaterial to the group.

12
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
5,441,726
6,412,725
-
0
-
0
RAPID ELECTRONICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
13
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,933,076
2,137,926
-
0
-
0
Amounts owed by group undertakings
-
0
904,516
-
-
Other debtors
103,061
232,824
-
0
-
0
Prepayments and accrued income
292,479
228,867
-
0
-
0
2,328,616
3,504,133
-
-
14
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,611,524
1,796,927
-
0
-
0
Amounts owed to group undertakings
43,404
3,900
-
0
-
0
Corporation tax payable
51,722
85,304
-
0
-
0
Other taxation and social security
266,685
647,828
-
-
Other creditors
123,251
377,641
-
0
-
0
Accruals and deferred income
584,415
1,010,420
-
0
-
0
2,681,001
3,922,020
-
0
-
0
15
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
371,780
378,233
Short term timing differences
(36,432)
-
335,348
378,233
The company has no deferred tax assets or liabilities.
RAPID ELECTRONICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Deferred taxation
(Continued)
- 28 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
378,233
-
Credit to profit or loss
(42,885)
-
Liability at 31 December 2024
335,348
-
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
217,891
211,309

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.

17
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2,000
2,000
2,000
2,000
18
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
28,462
48,894
-
-
Between two and five years
50,346
92,864
-
-
78,808
141,758
-
-
19
Other financial commitments

The group is contingently liable for £20,000 (2022: £20,000) in respect of HM Revenue & Customs duty deferment guarantee given to enable release of imports prior to payment of duty.

RAPID ELECTRONICS HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
20
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
397,653
512,515
21
Controlling party

The ultimate parent company is Conrad Holding SE, a company registered in Germany, which is the parent company of the largest group which will include the company in their consolidated accounts. The registered office of Conrad Holding SE is Klaus Conrad Strasse 1, 92242 Hirschau, Germany.

 

The smallest group to include the company in its consolidated financial statements is Rapid Electronics Holdings Limited, being this set of financial statements.

 

There is deemed to be no ultimate controlling party due to the spread of shareholdings in the ultimate parent company.

22
Cash generated from group operations
2024
2023
£
£
(Loss)/profit after taxation
(20,329)
97,542
Adjustments for:
Taxation charged
44,834
63,785
Investment income
(85,646)
(92,062)
Loss on disposal of tangible fixed assets
19,557
42,162
Amortisation and impairment of intangible assets
207,328
134,417
Depreciation and impairment of tangible fixed assets
242,843
261,565
Movements in working capital:
Decrease in stocks
970,999
419,709
Decrease in debtors
1,175,517
1,159,028
Decrease in creditors
(1,207,437)
(2,060,735)
Cash generated from operations
1,347,666
25,411
23
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,516,540
1,125,665
2,642,205
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr E ParryMr A 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