Company registration number 03257704 (England and Wales)
THE ENGINEERING TECHNOLOGY GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE ENGINEERING TECHNOLOGY GROUP LIMITED
COMPANY INFORMATION
Directors
J A Temple
M J Doyle
A Maher
S M Brown
G Thomas
Company number
03257704
Registered office
Wellesbourne Distribution Park
Unit 16
Loxley Road
Wellesbourne
Warwickshire
CV35 9JY
Auditor
Burgis & Bullock
23-25 Waterloo Place
Leamington Spa
Warwickshire
CV32 5LA
Bankers
Santander Corporate Banking
West Midlands Regional Business Centre
1 Cornwall Street
Birmingham
B3 2DX
Solicitors
BHW Solicitors
1 Smith Way
Grove Park
Enderby
Leicestershire
LE19 1SX
THE ENGINEERING TECHNOLOGY GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 31
THE ENGINEERING TECHNOLOGY GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

2022 saw an exciting and significant change to the structure of the company. As a conclusion to a review of the whole groups trading activities all of the Groups distribution agreements for Machine Tools were transferred into this legal entity which was formally known as Chiron Werke UK Limited, now called The Engineering Technology Group Limited. The change took affect on the 30th June 2022. Therefore the 2022 comparative period includes only 6 months trading activity on a like for like basis.

 

2023 concluded as a year of mixed fortunes with periods of promise and mild disappointment in equal measure.

 

Following a largely positive 2022, and with that feeling of positivity continuing through into the early stages of 2023, and with the business holding a robust orderbook, growth plans were implemented to capitalise on the upward trajectory. The business committed its working capital resources to increased machine stock to ensure that inventory was available to react on the promise of growth. The business also looked to expand its product portfolio dipping its toe into the Metal Fabrication market having been approached by a high quality Swiss manufacture requesting representation.

 

Robust economic indicators throughout the year did not translate fully into investment decisions for Capital Equipment resulting in machines sales being fairly flat in 2023 compared to 2022. The Board remain satisfied that a reasonable result was achieved against a backdrop of hesitancy in decision making for Capital Equipment investment.

 

A significant success during the year was the securing of one of the largest long-term machine supply and support orders seen in the industry. ETG brokered, on a commission basis, an order with a major player in the defence sector. The agreement to supply multiple multi-million-pound machines over a three year period with a subsequent 10 year support program. The revenues from this order will underpin growth and profitability for the business for the next 13 years.

 

The Gross profit of 17.6% is a fair reflection of the performance with margins reduced from 19.8% in 2022 as a result of the need to incentivise sales. Turnover was £12,102,134, an increase of £3,432,415 over 2022 (£8,669,719). The increase in revenue led to an increase in Gross Margin of £409,521.

 

The increase in overheads of 44.3% was due to consolidation of trading entities in the group. On a percentage of sales basis overheads grew by 1%, which was largely inflationary. The challenging trading conditions and focus on revenues at the expense of Gross Margin, while retaining the skills and expertise in the business, led to a reduction in EBITDA in 2023 to £222,827 (2022: £424,952). The result in 2022 also saw a large element of its EBITDA from the trading entities it acquired recorded in the latter part of the year so does not offer a complete comparative picture.

 

The KPI’s for the Company are Gross Margin, EBITDA, and PBT, all of which are at an acceptable level for this period.

THE ENGINEERING TECHNOLOGY GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

Looking ahead, the machine orderbook at the end of 2023 was further enhanced compared to the end of 2022 offering a positive start to 2024. The impact of increasing interest rates continues offer concern for investment in the short term from smaller business reliant on HP funding. The Company continues to secure Turnkey Projects with an increasing focus on automation with average order values increasing year over year as more companies seek to focus on productivity.

While 2024 is expected to be a challenging year for the Company the board’s confidence in the strength and depth of the product portfolio and its ability to adapt its Turnkey Solutions resource on to areas of demand across the group mean that it is satisfied that 2024 will offer a reasonable performance.

 

The Company continues to invest in its Sales and Support functions across its Machine and Workholding divisions, as well enhancing its core brands, further strengthening and developing its Turnkey solution capability.

Principal risks and uncertainties

The principal short term risk and uncertainty continues to relate to the general economic environment. The ongoing war in the Ukraine, energy costs, and raw material prices are all having an impact on product costs and pricing. Whilst the issues are still valid current pricing has been adjusted and will take affect for new orders although due to the gestation period and lead-time of products the impact may not been seen until the middle of 2024 and into 2025. The longer term principal risks to the company remain the general fluctuations in the UK manufacturing economy as well as continued higher interest rates. These risks are mitigated by the parent group's ability to assign fewer or greater resources as necessary to the company to balance both the needs of the company and the group as a whole taking into consideration the market requirements.

Future Developments

The Directors are not expecting to make any significant changes in the nature of the business in the near future. Due to the dynamic structure of the group resources are allocated to the companies with demand. Going forward the trade of the company will continue to focus on the long term customer relationships across a number of industry sectors which suit the high technology, high productivity, multi axis machining centres offered.

On behalf of the board

M J Doyle
Director
18 April 2025
THE ENGINEERING TECHNOLOGY GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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

Principal activities

The principal activity of the company continued to be that of the sale and servicing of high speed, high technology multi-axis vertical machining centres.

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 final dividend.

Directors

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

J A Temple
M J Doyle
A Maher
S M Brown
G Thomas
Auditor

The auditor, Burgis & Bullock, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

THE ENGINEERING TECHNOLOGY GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

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.

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.

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
M J Doyle
Director
18 April 2025
THE ENGINEERING TECHNOLOGY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE ENGINEERING TECHNOLOGY GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of The Engineering Technology Group Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 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 conclusions are based on the audit evidence obtained up to the date of our report. Any unpredicted future events or conditions could impact the group/company’s ability to continue as a going concern.

 

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

THE ENGINEERING TECHNOLOGY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE ENGINEERING TECHNOLOGY GROUP LIMITED (CONTINUED)
- 6 -

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:

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:

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.

THE ENGINEERING TECHNOLOGY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE ENGINEERING TECHNOLOGY GROUP LIMITED (CONTINUED)
- 7 -
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.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Based on our understanding of the company and industry we identified that the principal risk of non-compliance with laws and regulations related to breaches of Companies Act 2006, UK Tax Legislation and UK Employment Law. We also evaluated management incentive and opportunities for fraudulent manipulations of the financial statements.

Audit procedures performed included:

 

THE ENGINEERING TECHNOLOGY GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE ENGINEERING TECHNOLOGY GROUP LIMITED (CONTINUED)
- 8 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

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.

Wende Hubbard FCCA (Senior Statutory Auditor)
For and on behalf of Burgis & Bullock, Statutory Auditor
Chartered Accountants
23-25 Waterloo Place
Leamington Spa
Warwickshire
CV32 5LA
18 April 2025
THE ENGINEERING TECHNOLOGY GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
12,102,134
8,669,719
Cost of sales
(9,974,523)
(6,951,629)
Gross profit
2,127,611
1,718,090
Administrative expenses
(2,021,795)
(1,401,236)
Other operating income
-
0
417
Operating profit
4
105,816
317,271
Interest receivable and similar income
7
-
0
47
Interest payable and similar expenses
8
(86,882)
(39,794)
Profit before taxation
18,934
277,524
Tax on profit
9
-
0
-
0
Profit for the financial year
18,934
277,524

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

THE ENGINEERING TECHNOLOGY GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
231,685
318,300
Current assets
Stocks
11
4,777,815
4,120,128
Debtors
12
9,232,311
9,441,041
Cash at bank and in hand
-
0
11,283
14,010,126
13,572,452
Creditors: amounts falling due within one year
13
(12,374,773)
(12,004,798)
Net current assets
1,635,353
1,567,654
Total assets less current liabilities
1,867,038
1,885,954
Creditors: amounts falling due after more than one year
14
(43,883)
(81,733)
Net assets
1,823,155
1,804,221
Capital and reserves
Called up share capital
19
10,000
10,000
Capital redemption reserve
250
250
Profit and loss reserves
1,812,905
1,793,971
Total equity
1,823,155
1,804,221

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 18 April 2025 and are signed on its behalf by:
M J Doyle
A Maher
Director
Director
Company registration number 03257704 (England and Wales)
THE ENGINEERING TECHNOLOGY GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
10,000
250
1,516,447
1,526,697
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
277,524
277,524
Balance at 31 December 2022
10,000
250
1,793,971
1,804,221
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
18,934
18,934
Balance at 31 December 2023
10,000
250
1,812,905
1,823,155
THE ENGINEERING TECHNOLOGY GROUP LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
464,371
94,243
Interest paid
(86,882)
(39,794)
Net cash inflow from operating activities
377,489
54,449
Investing activities
Purchase of tangible fixed assets
(3,700)
(95,758)
Interest received
-
0
47
Net cash used in investing activities
(3,700)
(95,711)
Financing activities
Payment of finance leases obligations
(54,162)
(37,211)
Net cash used in financing activities
(54,162)
(37,211)
Net increase/(decrease) in cash and cash equivalents
319,627
(78,473)
Cash and cash equivalents at beginning of year
(413,499)
(335,026)
Cash and cash equivalents at end of year
(93,872)
(413,499)
Relating to:
Cash at bank and in hand
-
0
11,283
Bank overdrafts included in creditors payable within one year
(93,872)
(424,782)
THE ENGINEERING TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

The Engineering Technology Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wellesbourne Distribution Park, Unit 16, Loxley Road, Wellesbourne, Warwickshire, CV35 9JY.

1.1
Accounting convention

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

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

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

The financial statements of the company are consolidated in the financial statements of The Engineering Technology Group Holdings Limited. These consolidated financial statements are available from its registered office, Wellesbourne Distribution Park, Unit 16, Loxley Road, Wellesbourne, Warwickshire, CV35 9JY.

THE ENGINEERING TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.2
Going concern

Although, as anticipated at the end of 2022, activity levels increased during 2023, due to general UK and Worldwide economic pressures, margins were inevitably squeezed. Also, because of the decision to acquire additional machine stock on the back of the success of 2022 and then customers delaying making capital goods investment, cashflow management once again became the focus for the management team. Unfortunately, by the end of 2023, the Group had breached one of the financial covenants required by its bankers and as a consequence its bank loan has been shown in the Balance Sheet as at 31 December 2023 as falling due on demand due to this technical default. However, the bank has subsequently issued a waiver in relation to this breach. true

 

The company and Group entered the start of 2024 with a positive position however subsequent growth in sales has not been at the level anticipated, due to a combination of customers delaying purchasing decisions and the Group facing the challenges of an under-resourced sales force. Consequently, at the time of approving these financial statements, further breaches of the bank’s financial covenants have been noted and there have been additional pressures on the Group’s cash flows which continue to be managed with the support of creditors, including HMRC, and the shareholders.

 

The Directors have prepared short term cashflow forecasts and profit forecasts covering the year to 31 December 2026 and consider that these are based on attainable activity levels, despite the current uncertainty levels in the UK manufacturing sectors and the forthcoming increases in employment costs. These forecasts have been subject to sensitivity analysis to understand the possible impact should there be a slowdown in machine sales. This analysis indicates that should the Group see a very significant downturn in sales orders compared to that forecast or compared to that achieved in 2024 it would need to consider sourcing additional headroom, either through changing their working capital finance model; extension of creditor and HMRC payment terms and/or financial support from the shareholders. The Board are already positively exploring alternative working capital models which may be more appropriate to deal with the volatility in the day to day working capital requirements which capital goods distributors typically experience. This volatility usually arises due to the quantum values associated with purchases of machinery as well as the need to hold some stock levels ready to meet customer demand. However, the value of machine order sales in the first quarter of 2025 reveals an increase over that achieved in the same period for 2024 and, based on current economic forecasts, the Directors believe that there is likely to be opportunity to see a further increase towards the end of 2025. At the time of concluding this assessment, the USA have announced the potential implementation of tariffs on goods imported to the USA. The announcements have created worldwide economic uncertainty and it is not yet possible to conclude what the future impact might be on the UK economy, particularly as changes are continuing to be announced. The Directors have reviewed the Group’s customer base to understand how many could be impacted by the imposition of significant import tariffs, primarily those connected to the UK car manufacturing sector. Whilst it is acknowledged that some are likely to be negatively impacted, the Directors also recognise that some other customers may nevertheless gain a competitive advantage over their competitors who manufacture in countries who may face the imposition of higher tariff rates than the UK.

THE ENGINEERING TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -

Going concern (continued)

Having, to date, demonstrated their ability to manage working capital whilst experiencing fluctuating sales patterns and together with their belief and confidence that appropriate funding resources will be made available for the foreseeable future and there being a return to suitable activity levels throughout 2025 and beyond, the Directors have continued to adopt the going concern basis of accounting for the preparation of these 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.

 

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

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

Major turnkey contracts crossing the year end are recognised on a percentage completion basis as pre agreed milestones are met.

1.4
Tangible fixed assets

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

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

Short leasehold improvements
Over the life of the lease
Plant and machinery
25% straight line
Fixtures, fittings & equipment
25% straight line
Computer equipment
33.33% 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.

THE ENGINEERING TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
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.

 

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

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

1.7
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.

THE ENGINEERING TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
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.

THE ENGINEERING TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
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.

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

THE ENGINEERING TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
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 are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

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

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.

THE ENGINEERING TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 20 -
1.14
Government grants

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

 

Government grants relating to turnover or expenditure are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.15
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.

1.16
Warranties
Provisions made for warranty costs are released to the profit and loss account over the period of the warranty.
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.

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.

Management charges

The company incurs a material amount of administrative overhead for shared resource which is relevant to other companies within the parents group. These expenses are allocated to other group companies on a fair and consistent basis as judged by the management of the company.

THE ENGINEERING TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Machines and accessories
12,102,134
8,669,719
2023
2022
£
£
Turnover analysed by geographical market
UK
10,776,610
8,050,884
Europe
1,325,524
586,007
Rest of World
-
32,828
12,102,134
8,669,719
2023
2022
£
£
Other revenue
Interest income
-
47
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
68
(14,746)
Fees payable to the company's auditor for the audit of the company's financial statements
10,500
10,000
Depreciation of owned tangible fixed assets
65,397
77,294
Depreciation of tangible fixed assets held under finance leases
51,614
23,243
(Profit)/loss on disposal of tangible fixed assets
-
7,144
Operating lease charges
456,567
381,307

The majority of the overheads arising during the year for The Engineering Technology Group Limited and its subsidiaries have been paid by The Engineering Technology Group Limited.

 

The proportion of these overheads which relate to fellow group companies were then recharged to the respective companies at the end of the year.

THE ENGINEERING TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Employees
55
54

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,701,545
2,640,727
Social security costs
346,240
331,572
Pension costs
254,733
214,478
3,302,518
3,186,777

The above employment costs reflect all employment contracts for The Engineering Technology Group Limited and it's subsidiaries (excluding Hyfore Workholding Ltd). The proportion of employment costs which relate to fellow subsidiaries have been recharged to the relevant companies by way of a year end management charge which has been netted out in other administration expenses.

6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
691,711
700,136
Company pension contributions to defined contribution schemes
72,445
28,045
764,156
728,181

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2022 - 4).

THE ENGINEERING TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Directors' remuneration
(Continued)
- 23 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
251,853
253,300

The above directors remuneration reflects all the directors' employment contracts with the company. The proportion of directors employment costs which relate to fellow subsidiaries has been recharged to the relevant companies by way of a year end management charge which has been netted out in other administration expenses.

7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
-
0
47
8
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
83,689
34,969
Other finance costs:
Interest on finance leases and hire purchase contracts
3,193
4,825
86,882
39,794
THE ENGINEERING TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
9
Taxation

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

2023
2022
£
£
Profit before taxation
18,934
277,524
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
4,453
52,730
Tax effect of expenses that are not deductible in determining taxable profit
26,289
6,141
Change in unrecognised deferred tax assets
(1,902)
14,373
Effect of change in corporation tax rate
113
(3,449)
Group relief
(32,927)
-
0
Fixed asset differences
3,974
3,571
Other tax adjustments, reliefs and transfers
-
0
(73,366)
Taxation charge for the year
-
-
THE ENGINEERING TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
10
Tangible fixed assets
Short leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
133,237
573,337
256,025
348,687
1,311,286
Additions
-
0
-
0
2,868
27,528
30,396
At 31 December 2023
133,237
573,337
258,893
376,215
1,341,682
Depreciation and impairment
At 1 January 2023
68,011
440,295
192,792
291,888
992,986
Depreciation charged in the year
13,604
45,548
28,680
29,179
117,011
At 31 December 2023
81,615
485,843
221,472
321,067
1,109,997
Carrying amount
At 31 December 2023
51,622
87,494
37,421
55,148
231,685
At 31 December 2022
65,226
133,042
63,233
56,799
318,300

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Plant and machinery
75,116
104,053
Computer equipment
49,608
44,847
124,724
148,900
11
Stocks
2023
2022
£
£
Finished goods and goods for resale
4,777,815
4,120,128
THE ENGINEERING TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 26 -
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
920,360
2,395,860
Amounts owed by group undertakings
7,320,653
6,659,907
Other debtors
61,014
61,014
Prepayments and accrued income
930,284
324,260
9,232,311
9,441,041
13
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
15
93,872
424,782
Obligations under finance leases
16
59,178
53,778
Trade creditors
3,399,109
3,723,657
Amounts owed to group undertakings
4,976,813
5,038,061
Taxation and social security
1,602,543
1,238,471
Government grants
17
5,004
5,004
Other creditors
115,902
88,680
Accruals and deferred income
2,122,352
1,432,365
12,374,773
12,004,798
14
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
16
29,288
62,154
Government grants
17
14,595
19,579
43,883
81,733
THE ENGINEERING TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
15
Loans and overdrafts
2023
2022
£
£
Bank overdrafts
93,872
424,782
Payable within one year
93,872
424,782

The bank loans and overdrafts are secured by a debenture over all the assets and undertakings of the company, together with cross corporate guarantees with group companies The Engineering Technology Group Limited and all it's subsidiaries.

16
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
59,178
53,778
In two to five years
29,288
62,154
88,466
115,932

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 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. The finance lease liability is secured on the relevant assets.

17
Government grants
2023
2022
£
£
Arising from government grants
19,599
24,583
Included in the financial statements as follows:
Current liabilities
5,004
5,004
Non-current liabilities
14,595
19,579
19,599
24,583
THE ENGINEERING TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
254,733
214,478

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.

At the year end, contributions amounting to £38,574 (2022 - £25,908) were payable and are included within other creditors.

19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10,000
10,000
10,000
10,000
20
Financial commitments, guarantees and contingent liabilities

An unlimited debenture has been given by the company in favour of the group’s bankers in respect of loans and overdrafts due by group undertakings. The balance on other group companies' bank loans and overdrafts at the year end was £1,545,769 (2022 - £2,155,527)

 

A further debenture has been given by the company in respect of securing loan notes issued by the ultimate parent company to J Temple, a company director. The balance on these loan notes, including accrued interest, amounted to £500,000 (2022 - £500,000) at the year end

 

At 31 December 2023 the company had entered into short-term forward exchange contracts amounting to £1,031,335 (2022 - £309,925).

THE ENGINEERING TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
21
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company for properties and motor vehicles.

 

The property lease has a term of ten years from 2020. The vehicle rentals are predominantly fixed for three years.

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:

2023
2022
£
£
Within one year
224,205
271,958
Between two and five years
773,420
820,915
In over five years
342,206
528,864
1,339,831
1,621,737
22
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
726,902
728,181
Other information

Intercompany balances are repayable on demand.


The company has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

THE ENGINEERING TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 30 -
23
Directors' transactions

There is no fixed date for repayment on directors' loans.

Description
% Rate
Opening balance
Closing balance
£
£
Directors Loan
2.50
46,048
46,048
46,048
46,048
24
Ultimate controlling party

The largest and smallest group within which the company are consolidated is the company's ultimate holding company, The Engineering Technology Group Holdings Limited whose registered office is Wellesbourne Distribution Park, Unit 16, Loxley Road, Wellesbourne, Warwickshire, CV35 9JY.

25
Cash generated from operations
2023
2022
£
£
Profit after taxation
18,934
277,524
Adjustments for:
Finance costs
86,882
39,794
Investment income
-
0
(47)
(Gain)/loss on disposal of tangible fixed assets
-
7,144
Depreciation and impairment of tangible fixed assets
117,011
100,537
Movements in working capital:
Increase in stocks
(657,687)
(2,138,006)
Decrease/(increase) in debtors
208,730
(2,246,239)
Increase in creditors
695,485
4,028,953
(Decrease)/increase in deferred income
(4,984)
24,583
Cash generated from operations
464,371
94,243
THE ENGINEERING TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
26
Analysis of changes in net debt
1 January 2023
Cash flows
New finance leases
31 December 2023
£
£
£
£
Cash at bank and in hand
11,283
(11,283)
-
-
Bank overdrafts
(424,782)
330,910
-
(93,872)
(413,499)
319,627
-
0
(93,872)
Obligations under finance leases
(115,932)
54,162
(26,696)
(88,466)
(529,431)
373,789
(26,696)
(182,338)
2023-12-312023-01-01falsefalsefalseCCH SoftwareCCH Accounts Production 2024.310J A TempleM J DoyleA MaherS M BrownG Thomas032577042023-01-012023-12-3103257704bus:Director12023-01-012023-12-3103257704bus:Director22023-01-012023-12-3103257704bus:Director32023-01-012023-12-3103257704bus:Director42023-01-012023-12-3103257704bus:Director52023-01-012023-12-3103257704bus:RegisteredOffice2023-01-012023-12-3103257704bus:Agent12023-01-012023-12-31032577042023-12-31032577042022-01-012022-12-3103257704core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3103257704core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31032577042022-12-3103257704core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3103257704core:PlantMachinery2023-12-3103257704core:FurnitureFittings2023-12-3103257704core:ComputerEquipment2023-12-3103257704core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3103257704core:PlantMachinery2022-12-3103257704core:FurnitureFittings2022-12-3103257704core:ComputerEquipment2022-12-3103257704core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103257704core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103257704core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3103257704core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3103257704core:CurrentFinancialInstruments2023-12-3103257704core:CurrentFinancialInstruments2022-12-3103257704core:Non-currentFinancialInstruments2023-12-3103257704core:Non-currentFinancialInstruments2022-12-3103257704core:ShareCapital2023-12-3103257704core:ShareCapital2022-12-3103257704core:CapitalRedemptionReserve2023-12-3103257704core:CapitalRedemptionReserve2022-12-3103257704core:RetainedEarningsAccumulatedLosses2023-12-3103257704core:RetainedEarningsAccumulatedLosses2022-12-3103257704core:ShareCapital2021-12-3103257704core:CapitalRedemptionReserve2021-12-3103257704core:RetainedEarningsAccumulatedLosses2021-12-31032577042022-12-31032577042021-12-3103257704core:WithinOneYear2023-12-3103257704core:WithinOneYear2022-12-3103257704core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3103257704core:PlantMachinery2023-01-012023-12-3103257704core:FurnitureFittings2023-01-012023-12-3103257704core:ComputerEquipment2023-01-012023-12-3103257704dpl:Item12023-01-012023-12-3103257704dpl:Item12022-01-012022-12-3103257704dpl:Item22023-01-012023-12-3103257704dpl:Item22022-01-012022-12-3103257704core:UKTax2023-01-012023-12-3103257704core:UKTax2022-01-012022-12-310325770412023-01-012023-12-310325770412022-01-012022-12-310325770422023-01-012023-12-310325770422022-01-012022-12-3103257704core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3103257704core:PlantMachinery2022-12-3103257704core:FurnitureFittings2022-12-3103257704core:ComputerEquipment2022-12-3103257704core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3103257704core:BetweenTwoFiveYears2023-12-3103257704core:BetweenTwoFiveYears2022-12-3103257704core:MoreThanFiveYears2023-12-3103257704core:MoreThanFiveYears2022-12-3103257704bus:OrdinaryShareClass12022-01-012022-12-3103257704bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103257704bus:FRS1022023-01-012023-12-3103257704bus:Audited2023-01-012023-12-3103257704bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP