Company registration number 06359628 (England and Wales)
SHRED STATION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
SHRED STATION LIMITED
COMPANY INFORMATION
Directors
Mr S Franklin
Mr K Carter
Company number
06359628
Registered office
Osborne House
Wendover Road
Rackheath
Norwich
NR13 6LH
Auditor
Ensors Accountants LLP
3 St James Court
Whitefriars
Norwich
NR3 1RJ
SHRED STATION LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10 - 11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 30
SHRED STATION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
Established in 2008, Shred Station has been committed to protecting the reputations and identities of companies and individuals across the UK for over a decade. We have done this by developing a bespoke confidential data destruction service, and are trusted by thousands of businesses across the UK as a result.
Principal activities
The principal activity of the company continued to be that of shredding and recycling confidential waste. This year we have also diversified into plastic recycling and special projects encompassing urgent, unusual, specialist or seemingly impossible requests. Both areas represent significant areas for growth.
Review of the business
The company's key financial performance indicators continue to be turnover, gross profit and operating profit.
2024 has seen an increase in turnover to £25.2m (2023: £22.5m), and an increase in gross profit to £7.45m (2023: £6.3m). Operating profit for the year was £1.02m (2023: £0.2m). The directors are pleased with the improvements to both GP and OP, helped by a strengthening paper market and focus on route density and improvement in route revenue.
EBITDA performance also improved significantly to £2.4m (2023: £1.6m).
While concentrating efforts on improving operational efficiency and visit revenue have delivered improved margins, the business has also increased its customer base, increasing service visits by 10,000, with over 180,000 visits completed (2023: 170,000).
The expected strengthening of the paper market, coupled with the strategic actions taken by the business have delivered the expected improvements to the financial KPI’s. The business remains in a strong position to grow further in 2025, with a concentration on increased annual recurring revenue.
It remains a core ethos of Shred Station is to cause minimal environmental impact. We have been a Carbon Neutral company since 2019 and in 2023 we undertook a historical assessment to capture all our emissions since formation in 2008, up to when we began our annual carbon neutral certifications in 2019 (and every year since). We’re pleased to confirm that we acted on that data during 2024 and officially became a certified lifetime carbon neutral company. The only business in our market to have achieved this.
During 2024 the business took on more warehouse space on the same industrial estate as its Norwich Headquarters. This additional space became operational in Q4 2024 and has allowed the business to process more efficiently, which will have a further positive impact on margins
Finally, 2024 saw the completion of our third acquisition, with the asset purchase of Paper Waste Confidential as business based in the NW that was absorbed into our Manchester operation. The acquisition was a success with 100% of the revenue remaining and the base growing throughout the year.
Overall, the directors are satisfied with the annual results and the year-end position.
Principal risks and uncertainties
Non-compliance with laws and regulations is a significant business risk due to the nature of the company's operations. To mitigate this, we maintain a wide range of appropriate and necessary licenses, exemptions, accreditations, and certifications awarded to us as an acknowledgement of our compliance within legal, environmental, and best practice guidance, as well as ensuring we handle our clients' sensitive information in line with General Data Protection Regulations.
SHRED STATION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Future outlook
The business is looking to continue to grow, and the future outlook is positive.
The focus for 2025 is to grow our market position both within our core and diversified markets, with a strong focus on growth within new areas. The business will also be looking to increase market share both organically but also by acquisition and are hoping to close deals with target businesses within 2025.
Goals and objectives
Our mission is to offer a high-quality secure shredding service to protect our customers' confidential information, whilst safeguarding the environment at the same time.
The company aims to continue to fulfil this mission, whilst increasing turnover and gross margin through increased levels of activity and active management.
Mr S Franklin
Director
1 May 2025
SHRED STATION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
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 8.
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:
Mr S Franklin
Mr K Carter
Financial instruments
Price Risk
The company is susceptible to changes in the market price of paper, as outlined in the review of the business. This risk is carefully managed and mitigated through diversification of income streams and services that the company can provide.
Liquidity Risk
The company secured new long term loans in the year. This, coupled with the existing invoice discounting facility and cash reserves ensures the company has sufficient funds for the foreseeable future.
Interest Rate Risk
The company finances its operations through cash flow generation and a mixture of short term and long term borrowings. The new and refinanced bank borrowings have been secured at competitive rates of interest and on terms which reflect the cash flow profile of the business. As a result, interest rate risk is carefully managed.
Credit Risk
All customers agree payment terms for services provided and are carefully checked before onboarding. Provision for bad and doubtful debts are recognised where necessary, although the loss from bad debts is typically minimal.
Disclosure of information in the strategic report
The company has taken advantage of the exemptions available in section 414C(11) of the Companies Act 2006 with regards to the disclosure of certain information in the directors report. Such information is now included in the Strategic Report starting on page 1 which contains appropriate detailed information of the review of the business during the year and the principal risks and uncertainties affecting the company and its business.
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.
SHRED STATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
Mr S Franklin
Director
1 May 2025
SHRED STATION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
SHRED STATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHRED STATION LIMITED
- 6 -
Opinion
We have audited the financial statements of Shred Station Limited (the 'company') for the year ended 31 December 2024 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:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
SHRED STATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHRED STATION LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our audit was designed to include tests of detail together with an assessment of the control environment to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including transactions with related parties, revenue recognition, management override of systems and control and accounting estimates.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
Obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework;
Inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known, actual, suspected or alleged instances of fraud;
Discussed matters about non-compliance with laws or regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
Responded to the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
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.
SHRED STATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHRED STATION LIMITED (CONTINUED)
- 8 -
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.
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
3 St James Court
Whitefriars
Norwich
NR3 1RJ
6 May 2025
SHRED STATION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
25,213,101
22,466,838
Cost of sales
(17,762,947)
(16,170,387)
Gross profit
7,450,154
6,296,451
Administrative expenses
(6,425,790)
(6,084,540)
Operating profit
4
1,024,364
211,911
Interest payable and similar expenses
8
(474,726)
(430,339)
Profit/(loss) before taxation
549,638
(218,428)
Tax on profit/(loss)
9
(165,899)
35,017
Profit/(loss) for the financial year
383,739
(183,411)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 14 to 30 form part of these financial statements.
SHRED STATION LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
406,942
7,425
Other intangible assets
11
46,488
Total intangible assets
453,430
7,425
Tangible assets
12
12,413,036
11,995,245
Investments
13
20
20
12,866,486
12,002,690
Current assets
Stocks
14
387,214
187,781
Debtors
15
4,269,162
3,667,466
Cash at bank and in hand
22,100
48,873
4,678,476
3,904,120
Creditors: amounts falling due within one year
16
(7,987,821)
(6,806,595)
Net current liabilities
(3,309,345)
(2,902,475)
Total assets less current liabilities
9,557,141
9,100,215
Creditors: amounts falling due after more than one year
17
(4,037,612)
(4,130,324)
Provisions for liabilities
Provisions
20
30,000
30,000
Deferred tax liability
21
1,398,320
1,232,421
(1,428,320)
(1,262,421)
Net assets
4,091,209
3,707,470
Capital and reserves
Called up share capital
23
46
46
Share premium account
24
30,000
30,000
Capital redemption reserve
24
50
50
Profit and loss reserves
24
4,061,113
3,677,374
Total equity
4,091,209
3,707,470
SHRED STATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
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 1 May 2025 and are signed on its behalf by:
Mr S Franklin
Director
Company registration number 06359628 (England and Wales)
SHRED STATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
46
30,000
50
3,940,750
3,970,846
Year ended 31 December 2023:
Loss and total comprehensive income
-
-
-
(183,411)
(183,411)
Dividends
10
-
-
-
(79,965)
(79,965)
Balance at 31 December 2023
46
30,000
50
3,677,374
3,707,470
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
383,739
383,739
Balance at 31 December 2024
46
30,000
50
4,061,113
4,091,209
SHRED STATION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
2,178,578
1,609,163
Interest paid
(474,726)
(430,339)
Income taxes refunded
16,585
Net cash inflow from operating activities
1,703,852
1,195,409
Investing activities
Purchase of business
25
(459,018)
Purchase of intangible assets
(46,488)
Purchase of tangible fixed assets
(628,505)
(675,077)
Proceeds from disposal of tangible fixed assets
50,804
300,760
Net cash used in investing activities
(1,083,207)
(374,317)
Financing activities
Increase in invoice discounting creditor
422,292
422,905
Proceeds from loans
450,000
-
Proceeds from bank loans
-
406,000
Repayment of bank loans
(86,061)
(321,073)
Proceeds from finance leases
-
448,557
Payment of finance leases obligations
(1,433,649)
(1,909,288)
Dividends paid
(79,965)
Net cash used in financing activities
(647,418)
(1,032,864)
Net decrease in cash and cash equivalents
(26,773)
(211,772)
Cash and cash equivalents at beginning of year
48,873
260,645
Cash and cash equivalents at end of year
22,100
48,873
SHRED STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information
Shred Station Limited is a private company limited by shares incorporated in England and Wales. The registered office is Osborne House, Wendover Road, Rackheath, Norwich, NR13 6LH.
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.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
At the year end the company has Net current liabilities of £3,309,345 (2023 - Net current liabilities of £2,902,475). Included within current liabilities is the invoice discounting creditor of £2,079,749 (2023 - £1,657,457). The directors are confident this facility will remain available and have the ability to draw down on, for the foreseeable future. Furthermore, the directors consider that the company will generate sufficient cash from operations post year end, to meet its liabilities as they fall due.
Having assessed the principal risks and having regard for the above, the directors have concluded that the company is able to continue as a going concern for a period of at least 12 months from the date these financial statements have been approved for issue.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
SHRED STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 and 5 years.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill 10% and 20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect new estimates.
1.6
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:
Computer software
20% straight line
1.7
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:
Long leasehold property
10% straight line
Motor vehicles
20% and 10% straight line
Collection bins
10% straight line
Computer and other equipment
33%, 25% and 10% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.8
Fixed asset investments
Investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
SHRED STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises all costs of purchase, costs of conversion and other costs that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
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, 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.
SHRED STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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.
Basic financial liabilities
Basic financial liabilities, 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.
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.
1.12
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.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
SHRED STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.14
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
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.
1.17
The company has an invoice discounting agreement in place. It is considered that the risks and rewards of ownership are substantially retained by the company as the company is still exposed to the risk of bad debts. Therefore, the amounts owed from customers are included as trade debtors, and amounts received from the invoice discounting company are separately accounted for as a liability.
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.
SHRED STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
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.
Depreciation
The depreciation rate for fixed assets is based on the directors' estimate of the useful life. The director also considers whether there is any indications of impairment at the end of each period.
Residual value
The directors' estimate the residual value of the asset based off previous purchase history and market conditions at the time of acquisition. If this value is not appropriate once the asset has been depreciated over its useful life, the net book value will be written down accordingly.
3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Services revenue
13,751,014
11,862,087
Sale of recyclable materials
11,462,087
10,604,751
25,213,101
22,466,838
It is the Directors' opinion that the whole of the turnover is attributable to one class of business being the principal activity of the company wholly undertaken in the United Kingdom.
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(13)
Research and development costs
70,763
71,635
Depreciation of owned tangible fixed assets
1,339,526
1,300,074
Loss on disposal of tangible fixed assets
20,295
74,326
Amortisation of intangible assets
24,501
3,300
Operating lease charges
356,007
340,017
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
14,000
14,000
SHRED STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production staff
146
141
Administrative staff
34
31
Directors
2
2
Total
182
174
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
6,654,555
6,217,146
Social security costs
673,049
632,138
Pension costs
151,129
146,017
7,478,733
6,995,301
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
183,770
161,435
Company pension contributions to defined contribution schemes
5,111
5,086
188,881
166,521
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
222,428
182,267
Other finance costs:
Interest on finance leases and hire purchase contracts
252,298
248,072
474,726
430,339
SHRED STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(15,529)
Deferred tax
Origination and reversal of timing differences
165,899
(31,566)
Adjustment in respect of prior periods
12,078
Total deferred tax
165,899
(19,488)
Total tax charge/(credit)
165,899
(35,017)
The main rate of corporation tax in the UK increased from 19% to 25% from April 2023. In reconciling the actual tax charge to the expected charge for the period, an average rate of 23.52% has been used for the period.
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit/(loss) before taxation
549,638
(218,428)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
137,410
(51,375)
Tax effect of expenses that are not deductible in determining taxable profit
20,406
27,687
Tax effect of income not taxable in determining taxable profit
(2,997)
Effect of change in corporation tax rate
(1,869)
Permanent capital allowances in excess of depreciation
8,083
(8,388)
Other permanent differences
5,376
Deferred tax adjustments in respect of prior years
12,078
Effect of R&D claims and other tax adjusting items
(15,529)
Taxation charge/(credit) for the year
165,899
(35,017)
10
Dividends
2024
2023
£
£
Interim paid
79,965
SHRED STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
11
Intangible fixed assets
Goodwill
Computer software
Total
£
£
£
Cost
At 1 January 2024
85,500
85,500
Additions
424,018
46,488
470,506
At 31 December 2024
509,518
46,488
556,006
Amortisation and impairment
At 1 January 2024
78,075
78,075
Amortisation charged for the year
24,501
24,501
At 31 December 2024
102,576
102,576
Carrying amount
At 31 December 2024
406,942
46,488
453,430
At 31 December 2023
7,425
7,425
The goodwill recognised in the year relates to a purchase of trade and assets. Further information is provided in note 25.
SHRED STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
12
Tangible fixed assets
Long leasehold property
Assets under construction
Collection bins
Computer and other equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
410,773
1,093,189
2,985,436
3,836,257
9,299,097
17,624,752
Additions
140,725
14,636
374,929
584,979
713,147
1,828,416
Disposals
(92,530)
(171,026)
(263,556)
At 31 December 2024
551,498
1,107,825
3,267,835
4,250,210
10,012,244
19,189,612
Depreciation and impairment
At 1 January 2024
144,597
932,041
1,327,743
3,225,126
5,629,507
Depreciation charged in the year
42,343
272,180
403,846
621,157
1,339,526
Eliminated in respect of disposals
(86,174)
(106,283)
(192,457)
At 31 December 2024
186,940
1,118,047
1,625,306
3,846,283
6,776,576
Carrying amount
At 31 December 2024
364,558
1,107,825
2,149,788
2,624,904
6,165,961
12,413,036
At 31 December 2023
266,176
1,093,189
2,053,395
2,508,514
6,073,971
11,995,245
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Collection bins
381,009
414,870
Computer and other equipment
1,618,330
1,801,050
Motor vehicles
4,195,126
4,777,296
6,194,465
6,993,216
13
Fixed asset investments
2024
2023
£
£
Unlisted investments
20
20
The investment shown above represents the shareholding held by the company in The AF Group Limited. There were no movements in the shareholding in the year.
SHRED STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
14
Stocks
2024
2023
£
£
Finished goods and goods for resale
387,214
187,781
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,782,868
3,201,176
Corporation tax recoverable
15,529
15,529
Other debtors
202,075
271,471
Prepayments and accrued income
268,690
179,290
4,269,162
3,667,466
Trade debtors represents amounts due from customers and are part of an invoice discounting arrangement.
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
18
91,988
83,130
Obligations under finance leases
19
1,183,407
1,341,124
Other borrowings
18
90,000
Trade creditors
2,971,812
2,072,652
Invoice discounting creditor
2,079,749
1,657,457
Taxation and social security
676,777
1,053,914
Other creditors
382,054
108,588
Accruals and deferred income
512,033
489,730
7,987,820
6,806,595
The invoice discounting creditor represents net amounts drawn against sales invoices. This amount is secured by a fixed floating charge over the company's trade debtors and a personal guarantee of a director.
Included within other creditors for 2024 is an amount of £352,346 owed to a director of the company. In 2023, there was an amount of £48,276 owed by a director of the company and included within other debtors.
SHRED STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
541,720
636,639
Obligations under finance leases
19
3,135,892
3,493,685
Other borrowings
18
360,000
4,037,612
4,130,324
Amounts falling due for payment after more than five years from the reporting date relate to obligations under finance and hire purchase contracts (2024 - £133,147, 2023 - £277,484) and bank loans (2024 - £89,328, 2023 - £221,594).
Amounts included above which fall due after five years are as follows:
Payable by instalments
222,475
499,078
18
Loans and overdrafts
2024
2023
£
£
Bank loans
633,708
719,769
Other loans
450,000
1,083,708
719,769
Payable within one year
181,988
83,130
Payable after one year
901,720
636,639
During the prior year the CBILS loan was refinanced under the Recovery loan scheme 3. This facility is secured by way of a personal guarantee provided by the director. Interest is charged at a rate of 3.86% over the base rate and is repayable by instalments up to the termination date in June 2029.
A new business loan was received in the prior year. The new facility is secured by way of fixed and floating charges over all assets of the company. Interest is charged at a rate of 2.63% over the base rate and is repayable by instalments up to the termination date in November 2032.
During the year the company received a loan from a minority shareholder. Interest is charged at a rate of 2.5% per quarter on the loan sum throughout the loan period of 5 years. Amounts are repayable by instalments up to the termination date in June 2029.
SHRED STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
1,391,656
1,562,310
In the second to fifth year inclusive
3,291,129
3,556,450
In over five years
145,935
306,840
4,828,720
5,425,600
Less: future finance charges
(509,421)
(590,791)
4,319,299
4,834,809
Obligations under finance leases and hire purchase contracts are secured on the assets concerned.
SHRED STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
20
Provisions for liabilities
2024
2023
£
£
Other provisions
30,000
30,000
Included within other provisions are dilapidation costs, relating to expenditure which will arise upon the termination of leases held by the company for several of its premises.
Movements on provisions:
Other provisions
£
At 1 January 2024 and 31 December 2024
30,000
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
2,477,026
2,313,551
Tax losses
(1,075,367)
(1,078,110)
Retirement benefit obligations
(3,339)
(3,020)
1,398,320
1,232,421
2024
Movements in the year:
£
Liability at 1 January 2024
1,232,421
Charge to profit or loss
165,899
Liability at 31 December 2024
1,398,320
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
151,129
146,017
SHRED STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Class A shares of 1p each
4,500
4,500
45
45
Ordinary Class B shares of 1p each
80
80
1
1
4,580
4,580
46
46
The ordinary shares carry full voting, dividend and capital distribution rights. The shares are not redeemable.
24
Reserves
Share premium
This reserve records the amount above the nominal value received for shares sold, less transaction costs.
Capital redemption reserve
This reserve records the nominal value of shares repurchased by the company.
Profit and loss reserves
This reserve records retained earnings and accumulated losses.
25
Acquisitions
On 28 June 2024 the company acquired the trade and assets of J Duffy Limited t/a P W Confidential. Total purchase consideration was £450,000 with associated transaction costs of £9,018.
Fair Value
£
Property, plant and equipment
35,000
Goodwill
424,018
Total consideration
459,018
Satisfied by:
£
Cash
450,000
Transaction costs
9,018
459,018
The useful economic life of goodwill has been estimated to be 10 years. Included within Goodwill are intangible assets that do not require separate recognition. These intangible assets relate to customer relationships, intellectual property rights and domain names.
SHRED STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
26
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
340,361
341,429
Between two and five years
1,151,168
1,223,069
In over five years
243,189
1,491,529
1,807,687
27
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Companies in which a director has an interest
88,809
96,911
139,232
77,245
Rent and insurance paid to related parties
2024
2023
£
£
Other related parties
109,585
103,612
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Companies in which a director has an interest
179,916
216,513
SHRED STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
28
Directors' transactions
Dividends totalling £Nil (2023 - £79,965) were paid in the year in respect of shares held by the company's directors.
The maximum overdrawn balance in the year was £74,511 (2023 - £156,207).
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
S Franklin
-
48,276
96,365
(496,987)
(352,346)
48,276
96,365
(496,987)
(352,346)
29
Ultimate controlling party
The ultimate controlling party is S Franklin by way of a majority shareholding.
30
Cash generated from operations
2024
2023
£
£
Profit/(loss) after taxation
383,739
(183,411)
Adjustments for:
Taxation charged/(credited)
165,899
(35,017)
Finance costs
474,726
430,339
Loss on disposal of tangible fixed assets
20,295
74,326
Amortisation and impairment of intangible assets
24,501
3,300
Depreciation and impairment of tangible fixed assets
1,339,526
1,300,074
Movements in working capital:
(Increase)/decrease in stocks
(199,433)
26,779
Increase in debtors
(601,696)
(569,201)
Increase in creditors
571,021
561,974
Cash generated from operations
2,178,578
1,609,163
31
Analysis of changes in net debt
1 January 2024
Cash flows
New finance leases
31 December 2024
£
£
£
£
Cash at bank and in hand
48,873
(26,773)
-
22,100
Borrowings excluding overdrafts
(719,769)
(363,939)
-
(1,083,708)
Obligations under finance leases
(4,834,809)
1,433,649
(918,139)
(4,319,299)
(5,505,705)
1,042,937
(918,139)
(5,380,907)
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