Company Registration No. 02719574 (England and Wales)
Expertband Limited
Annual Report and Consolidated Financial Statements
For the Year Ended 31 December 2024
EXPERTBAND LIMITED
COMPANY INFORMATION
Directors
Mr R W Allen
Mrs R A Hebden
Secretary
Mrs R A Hebden
Company number
02719574
Registered office
Floor 1, Capital House
8 Pittman Court, Pittman Way
Fulwood
Preston
Lancashire
United Kingdom
PR2 9ZG
Auditors
Azets Audit Services
Chartered Accountants
Floor 1, Capital House
8 Pittman Court, Pittman Way
Fulwood
Preston
PR2 9ZG
United Kingdom
PR2 9ZG
Bankers
Handelsbanken
1st Floor East
Bridge Mills
Kendal
LA9 4BD
Solicitors
Oglethorpe, Sturton and Gillibrand
16 Castle Park
Lancaster
LA1 1YG
EXPERTBAND LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
EXPERTBAND LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present their strategic report and financial statements for the year ended 31 December 2024.
Principal activities
The Company is a group holding company and was dormant throughout the year. It is expected to remain dormant for the foreseeable future.
The company's wholly owed subsidiary, Hadwins (Lindale) Limited, sells and maintains new cars under the Volkswagen and Audi marques, and also sells and maintains used vehicles under the 'Hadwins Approved' banner at the Kendal site (Helsington). After sales business has been consistently good throughout the year. Hadwins remains one of the only independently owned Volkswagen and Audi dealerships in the UK.
The wholly owned subsidiary of Hadwins (Lindale) Limited, Lake District Audi Limited, remained dormant throughout the year.
Business review
In 2024 we focussed on Customer Satisfaction and retention which resulted in our VW dealership finishing Second overall in the UK for the One Business Scorecard.
The demand for New and Used vehicles has remained strong and this has driven increased turnover, however due to the limited supply of New Audi product and the availability of used vehicles margins have been squeezed.
The financial statements show an increase in turnover from £60,032,100 to £62,885,491. The company achieved a gross profit margin of 3.51%.
Economic conditions remain tough and pressure remain to be competitive. Our employees have worked hard through the year to continue to deliver high standards of sales and after care, and our thanks go to them for their continued hard work.
Position at the end of the year
The group current assets ratio is 1.56 compared to 1.55 in the previous year.
Key performance indicators
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Operating profit Profit after tax Net current assets | | |
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EXPERTBAND LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties
As in all businesses, the group is subject to a number of risks, which it seeks to mitigate. The principal risks and areas of uncertainty are as follows:
Franchise agreement
The group relies on the continuation of its franchise agreement with Volkswagen Group and is dependent on them for the manufacture and supply of quality new vehicle products. However, Hadwins has a strong working relationship with VW Group and the directors are confident that VW will continue to produce competitively priced and high quality cars which meet customer expectations. Therefore, the directors consider that this "manufacturers risk" is minimal.
Competition risk
The new and used vehicle market is a competitive one and there is always a risk that customers will look to other suppliers or the internet. This risk is mitigated by building our strong reputation and ensuring that we remain competitive and meet customer expectations.
Customer satisfaction is a top priority of the Hadwins Group. Both Hadwins Volkswagen and Lake District Audi continued to perform consistently well.
Having the right team
Any business is only as good as its team, and we are proud of the fact that we have low staff turnover. We strive to attract and retain the best people, to ensure continuity for our customers. We invest heavily in training and communicate openly with staff. As a result, we have loyalty and longevity in our team with many knowledgeable and experienced staff who collaborate closely and have real empathy with our customers.
Economic downturn
The car market is affected by changes in general economic conditions, such as interest rate increases and fuel price rises which all affect consumer confidence and spending. However, any cyclical reduction in spending on new cars is generally offset with an increase in spending in the used car and after sales markets. Whilst we have experienced a few years of economic uncertainty, careful management and modification of pricing strategies has ensured that the group has stayed profitable.
Stock value risk
Like all motor dealers, the group faces the risk that stock may fall in value due to specific industry/marque factors or a general downturn. To mitigate this risk the group aims to ensure that it carries an appropriate mix of vehicles both in terms of quantity and price, and that any fall in value is recognised immediately as required by the group's write down policy.
Supply risk
The group faces the risk that supply of vehicles from VW Group may not be available. To mitigate this risk the group has a close working relationship with VW Group and so is able to monitor any supply issues.
Mr R W Allen
Director
14 May 2025
EXPERTBAND 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.
Ordinary dividends were paid amounting to £251,017. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr R W Allen
Mrs R A Hebden
Financial instruments
The group's financial assets and liabilities consist of trade debtors, trade creditors, stocking loans, and consignment stock. Their existence exposes the group to a number of financial risks, which the group seeks to manage and limit the potential adverse effect. These policies remain unchanged from previous years. The main risks are:
Interest rate risk
The group has access to a bank overdraft. Due to the limited use of the overdraft facility and low interest risk the group is well placed to absorb any risks in interest rates.
Liquidity risk
The liquidity risk of the group is considered to be low because the group has a healthy net assets position at the year end and strong cash flow generated from operations.
Credit risk
The group has very low trade debtors. The vast majority of transactions are not on credit terms. Customers pay for the goods or services at the point of sale. Trade on credit is with reputable, long standing customers and there is a strict credit control system in place. Hence credit risk is considered low.
Auditor
The auditor, Azets Audit Services, are deemed to be reappointed under section 487(2) of the Companies Act 2006.
EXPERTBAND LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the group’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 group's auditor is aware of that information.
On behalf of the board
Mr R W Allen
Director
14 May 2025
EXPERTBAND LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EXPERTBAND LIMITED
- 5 -
Opinion
We have audited the financial statements of Expertband Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's 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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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.
EXPERTBAND LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EXPERTBAND LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
EXPERTBAND LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EXPERTBAND LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
Julie Flintoff BA(Hons) FCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
29 May 2025
Chartered Accountants
Statutory Auditor
Floor 1, Capital House
8 Pittman Court, Pittman Way
Fulwood
Preston
Lancashire
United Kingdom
PR2 9ZG
EXPERTBAND LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Revenue
3
62,885,491
60,032,100
Cost of sales
(60,677,313)
(57,188,067)
Gross profit
2,208,178
2,844,033
Administrative expenses
(1,755,150)
(2,057,270)
Other operating income
20,833
13,570
Operating profit
4
473,861
800,333
Investment income
8
70,178
60,737
Finance costs
9
(3,412)
(2,707)
Profit before taxation
540,627
858,363
Tax on profit
10
(180,529)
(230,674)
Profit for the financial year
360,098
627,689
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
The income statement has been prepared on the basis that all operations are continuing operations.
EXPERTBAND LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
13
4,702,737
4,893,772
Current assets
Inventories
16
10,346,954
9,352,188
Trade and other receivables
17
864,443
501,481
Cash and cash equivalents
1,187,975
1,845,217
12,399,372
11,698,886
Current liabilities
18
(7,977,545)
(7,559,196)
Net current assets
4,421,827
4,139,690
Total assets less current liabilities
9,124,564
9,033,462
Non-current liabilities
19
-
(4,520)
Provisions for liabilities
Deferred tax liability
22
205,683
219,142
(205,683)
(219,142)
Net assets
8,918,881
8,809,800
Equity
Called up share capital
24
50,000
50,000
Share premium account
25
701,100
701,100
Revaluation reserve
270,657
277,177
Retained earnings
7,897,124
7,781,523
Total equity
8,918,881
8,809,800
The financial statements were approved by the board of directors and authorised for issue on 14 May 2025 and are signed on its behalf by:
Mr R W Allen
Director
Company registration number 02719574 (England and Wales)
EXPERTBAND LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
15
751,519
751,519
Equity
Called up share capital
24
50,000
50,000
Share premium account
25
701,100
701,100
Retained earnings
419
419
Total equity
751,519
751,519
As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £251,017 (2023 - £245,032 profit).
The financial statements were approved by the board of directors and authorised for issue on 14 May 2025 and are signed on its behalf by:
Mr R W Allen
Director
Company registration number 02719574 (England and Wales)
EXPERTBAND LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Share premium account
Revaluation reserve
Retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
50,000
701,100
283,008
7,393,035
8,427,143
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
627,689
627,689
Dividends
11
-
-
-
(245,032)
(245,032)
Transfers
-
-
(5,831)
5,831
-
Balance at 31 December 2023
50,000
701,100
277,177
7,781,523
8,809,800
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
360,098
360,098
Dividends
11
-
-
-
(251,017)
(251,017)
Transfers
-
-
(6,520)
6,520
-
Balance at 31 December 2024
50,000
701,100
270,657
7,897,124
8,918,881
EXPERTBAND LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Share premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 January 2023
50,000
701,100
419
751,519
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
245,032
245,032
Dividends
11
-
-
(245,032)
(245,032)
Balance at 31 December 2023
50,000
701,100
419
751,519
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
251,017
251,017
Dividends
11
-
-
(251,017)
(251,017)
Balance at 31 December 2024
50,000
701,100
419
751,519
EXPERTBAND LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
32
(172,616)
997,936
Interest paid
(3,412)
(2,707)
Income taxes paid
(176,786)
(264,647)
Net cash (outflow)/inflow from operating activities
(352,814)
730,582
Investing activities
Purchase of property, plant and equipment
(126,542)
(399,826)
Proceeds on disposal of property, plant and equipment
-
3,000
Interest received
70,178
60,737
Net cash used in investing activities
(56,364)
(336,089)
Financing activities
Dividends paid to equity shareholders
(251,017)
(245,032)
Net cash used in financing activities
(251,017)
(245,032)
Net (decrease)/increase in cash and cash equivalents
(660,195)
149,461
Cash and cash equivalents at beginning of year
1,845,217
1,695,756
Cash and cash equivalents at end of year
1,185,022
1,845,217
Relating to:
Cash at bank and in hand
1,187,975
1,845,217
Bank overdrafts included in creditors payable within one year
(2,953)
-
EXPERTBAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information
Expertband Limited (“the Company”) is a company limited by shares, domiciled and incorporated in England and Wales. The registered office is Floor 1 Capital House, 8 Pittman Court, Pittman Way, Fulwood, Preston, PR2 9ZG.
The principal place of business is Lindale, Grange Over Sands, LA11 6LP.
The company's principal activities and nature of operations are detailed in the Strategic Report. The company is tax resident in the United Kingdom.
The Group consists of Expertband Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements 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 on the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
1.2
Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
The consolidated financial statements incorporate those of Expertband Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.
EXPERTBAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Revenue
Revenue is measured at the fair value of the consideration received or receivable in respect of the invoice value of vehicle sales, parts, servicing and bodyshop sales provided during the year, excluding value added tax and trade discounts.
Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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.
Vehicle and parts sales are recognised when substantially all risks and rewards have been transferred to the customer. This is generally the time of delivery to the customer.
Service and bodyshop revenue is recognised on the day that the work is carried out. The sale of warranties is recognised as revenue on the day the warranty commences. Warranties are sold onto an outside company and therefore none of the risks are borne by Hadwins (Lindale) Limited.
Rental and other income is recognised in the period to which it relates so long as the receipt of the income is more certain that not.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business 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.
1.6
Property, plant and equipment
Property, plant and equipment 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:
Freehold property
2% Straight Line
Plant and machinery
10% Straight Line
Fixtures, fittings and equipment
10-50% Straight Line
Motor vehicles
4-25% Straight Line
Included within freehold property is freehold land which is not depreciated.
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.
1.7
Non-current investments
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
Interests in subsidiaries 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.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
EXPERTBAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.8
Impairment of non-current assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
1.9
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell after making due allowance for obsolete and slow moving stock.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.
Consignment inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Consignment inventories are recognised as being under the control of the company as the company bears the risks of obsolescence and slow moving inventory. The corresponding liability is included in trade creditors and is secured directly on these vehicles.
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 and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The group only has financial assets (debtors, cash and bank balances) and liabilities (creditors and accruals) of a kind that qualify as basic financial instruments. They are initially recognised at transaction value and subsequently measured at their settlement value.
1.12
Equity instruments
Equity instruments issued by the group 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 group.
EXPERTBAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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 income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
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 non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. The company's holiday and financial year end are coterminous and no holiday entitlement is allowed to be carried forward.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.
EXPERTBAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Stock
As stocks are valued at the lower of cost and net realisable value this requires the estimation of the eventual sales price of goods in the future. Stock net realisable value includes, where necessary, provisions against vehicles and parts. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, competitive and economic environment and stock loss trends. The quantity, age and condition of stocks are measured monthly and assessed as to whether any provision is required.
Depreciation and residual values
The Directors have reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that asset lives and residual values remain appropriate. Detail of the useful lives is included in the accounting policies.
3
Revenue
An analysis of the group's revenue is as follows:
2024
2023
£
£
Revenue analysed by class of business
Sale of goods
59,287,023
57,132,561
Rendering of services
3,598,468
2,899,539
62,885,491
60,032,100
2024
2023
£
£
Other revenue
Interest income
70,178
60,737
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned property, plant and equipment
317,577
290,076
Profit on disposal of property, plant and equipment
-
(3,000)
EXPERTBAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
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 group and company
3,300
3,300
Audit of the financial statements of the company's subsidiaries
17,950
16,700
21,250
20,000
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Service staff
56
52
-
-
Administrative staff
34
31
-
-
Management staff
6
6
2
2
Sales staff
21
21
-
-
Total
117
110
2
2
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,398,212
4,064,477
Social security costs
417,909
398,640
-
-
Pension costs
200,913
139,929
5,017,034
4,603,046
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
99,907
94,346
Company pension contributions to defined contribution schemes
10,000
10,000
109,907
104,346
EXPERTBAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
8
Investment income
2024
2023
£
£
Interest income
Interest on bank deposits
70,082
60,664
Other interest income
96
73
Total income
70,178
60,737
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
70,082
60,664
9
Finance costs
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
3,412
-
Other finance costs:
Other interest
-
2,707
Total finance costs
3,412
2,707
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
193,424
176,198
Adjustments in respect of prior periods
564
3
Total current tax
193,988
176,201
Deferred tax
Origination and reversal of timing differences
(13,459)
54,473
Total tax charge
180,529
230,674
EXPERTBAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 21 -
The charge for the year can be reconciled to the profit per the income statement as follows:
2024
2023
£
£
Profit before taxation
540,627
858,363
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
135,157
214,591
Tax effect of expenses that are not deductible in determining taxable profit
21,542
4,584
Effect of change in corporation tax rate
-
(11,083)
Depreciation on assets not qualifying for tax allowances
23,230
23,230
Deferred tax adjustments in respect of prior years
600
Deferred tax
(648)
Taxation charge
180,529
230,674
11
Dividends
2024
2023
£
£
Final paid
251,017
245,032
251,017
245,032
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
46,230
Amortisation and impairment
At 1 January 2024 and 31 December 2024
46,230
Carrying amount
At 31 December 2024
At 31 December 2023
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
EXPERTBAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
13
Property, plant and equipment
Group
Freehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
5,464,245
1,685,220
755,856
98,531
8,003,852
Additions
1,150
66,823
58,569
126,542
At 31 December 2024
5,465,395
1,752,043
814,425
98,531
8,130,394
Depreciation
At 1 January 2024
1,541,607
977,316
554,517
36,640
3,110,080
Depreciation charged in the year
101,348
109,870
91,425
14,934
317,577
At 31 December 2024
1,642,955
1,087,186
645,942
51,574
3,427,657
Carrying amount
At 31 December 2024
3,822,440
664,857
168,483
46,957
4,702,737
At 31 December 2023
3,922,638
707,904
201,339
61,891
4,893,772
The company had no property, plant and equipment assets at 31 December 2024 or 31 December 2023.
The group has elected to take the valuation of the Lindale site of £840,000, being the open market value for existing use basis on 17 December 1997 by A D Taylor, BSc ARICS, as its deemed cost.
Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts for the group would have been £3,536,056 (2023 - £3,630,436), being cost £5,065,594 (2023 - £5,064,444) and depreciation £1,529,538 (2023 - £1,434,008).
Tangible fixed assets with a carrying amount of £4,702,737 (2023 - £4,893,772) have been pledged as security for the group's bank facilities. The group is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Hadwins (Lindale) Limited
UK
Trades in motor vehicles under Volkswagen and Audi franchise
Ordinary
100.00
-
Lake District Audi Limited
UK
Dormant
Ordinary
0
100.00
EXPERTBAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
751,519
751,519
Movements in non-current investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 January 2024 and 31 December 2024
751,519
Carrying amount
At 31 December 2024
751,519
At 31 December 2023
751,519
16
Inventories
Group
Company
2024
2023
2024
2023
£
£
£
£
New and used vehicles
3,841,376
4,257,261
-
-
Demonstrator vehicles
2,490,977
2,184,676
-
-
Consignment vehicles
3,873,264
2,732,579
Parts and other
141,337
177,672
10,346,954
9,352,188
-
-
All inventory is pledged as security.
17
Trade and other receivables
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade receivables
433,065
239,108
Prepayments and accrued income
431,378
262,373
864,443
501,481
-
-
EXPERTBAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
18
Current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank overdrafts
20
2,953
Consignment stock
3,873,264
2,732,579
Trade payables
2,725,227
3,642,636
Corporation tax payable
193,327
176,125
Other taxation and social security
425,000
444,716
-
-
Other payables
347,872
289,855
Accruals and deferred income
409,902
273,285
7,977,545
7,559,196
The stocking loans included in trade payables of £2,262,638 (2023: £2,920,356) and consignment stock of £3,873,264 (2023: £2,732,579) are secured against the assets to which they relate.
19
Non-current liabilities
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Government grants
4,520
20
Borrowings
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
2,953
Payable within one year
2,953
21
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Equity instruments measured at cost less impairment
-
-
751,519
751,519
EXPERTBAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
22
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Group
£
£
ACAs
208,183
226,307
Retirement benefit obligations
(2,500)
(6,565)
Pension
-
(600)
205,683
219,142
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
219,142
-
Credit to profit or loss
(13,459)
-
Liability at 31 December 2024
205,683
-
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
200,913
139,929
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
EXPERTBAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
24
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
22,500 Ordinary 'A' shares of £1 each
22,500
22,500
22,500 Ordinary 'B' shares of £1 each
22,500
22,500
2,500 Ordinary 'C' shares of £1 each
2,500
2,500
2,500 Ordinary 'D' shares of £1 each
2,500
2,500
50,000
50,000
All shares rank pari passu except in respect of dividends where the amounts paid can be differentiated between the different classes of share.
25
Reserves
Share premium
This reserve records the amount above the nominal value received for shares sold, less transaction costs.
Share capital account
This reserve represents the nominal value of share that have been issued.
Revaluation reserve
This reserve is used to record the increase in fair value of land and buildings and decreases to the extent that such decrease relates to an increase on the same asset.
Retained earnings
This reserve includes all current and prior period retained profits and losses.
26
Financial commitments, guarantees and contingent liabilities
Handelsbanken hold an unlimited multilateral guarantee between the following group companies:
Expertband Limited
Hadwins (Lindale) Limited
Lake District Audi Limited
There are currently no amounts due to the bank in respect of loans.
EXPERTBAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
27
Operating lease commitments
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
56,743
56,743
-
-
Between two and five years
7,509
20,287
-
-
64,252
77,030
-
-
28
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
429,152
376,564
Other information
The company has taken advantage of the exemptions provided by FRS 102 paragraph 33.1A from disclosing transactions and balances with other group companies.
29
Controlling party
The company was under the control of Mrs R A Hebden, director and majority shareholder, throughout the current and previous year.
30
Directors' transactions
Dividends totalling £251,017 (2023 - £245,032) were paid in the year in respect of shares held by the company's directors.
During the year a director provided a loan to the group. The amount outstanding at the balance sheet date is £122,064 (2023: £127,541). The unsecured loan is interest free and repayable on demand.
The group has use of a property owned by a related company. The amount paid in respect of rent was £Nil (2023: £Nil).
EXPERTBAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
31
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
251,017
245,032
Adjustments for:
Investment income
(251,017)
(245,032)
Cash absorbed by operations
-
-
32
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit for the year after tax
360,098
627,689
Adjustments for:
Taxation charged
180,529
230,674
Finance costs
3,412
2,707
Investment income
(70,178)
(60,737)
Gain on disposal of property, plant and equipment
-
(3,000)
Depreciation and impairment of property, plant and equipment
317,577
290,076
Movements in working capital:
Increase in inventories
(994,766)
(3,142,987)
(Increase)/decrease in trade and other receivables
(362,962)
175,747
Increase in trade and other payables
398,194
2,877,767
Decrease in deferred income
(4,520)
-
Cash (absorbed by)/generated from operations
(172,616)
997,936
33
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,845,217
(657,242)
1,187,975
Bank overdrafts
(2,953)
(2,953)
1,845,217
(660,195)
1,185,022
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