Company registration number 07704088 (England and Wales)
BUSE GASES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BUSE GASES LIMITED
COMPANY INFORMATION
Director
D Sfikas
Company number
07704088
Registered office
Johnsons Bridge Road
West Bromwich
West Midlands
B71 1DG
Auditor
Kendall Wadley LLP
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2JS
BUSE GASES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Statement of cash flows
10
Notes to the financial statements
11 - 25
BUSE GASES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The director presents the strategic report for the year ended 31 December 2024.
Review of the business of the year
Overview: Buse Gases Limited has experienced a transformative year characterised by strategic growth, innovation, and resilience in the face of market challenges. This report outlines the company’s performance during the fiscal year 2024, emphasizing key developments and operational highlights.
Business Performance:
Revenue Growth: The company achieved a revenue increase of 2.86% year-on-year, driven by higher demand for industrial gases, particularly in the food gases and manufacturing sectors.
Market Expansion: Successfully expanded operations into new geographical areas of the UK growing our Agents network, contributing to a diversified customer base.
Innovation: Launched several new products, including eco-friendly gas solutions that align with sustainability goals, reflecting our commitment to reducing carbon footprints.
Customer Satisfaction: Improved customer satisfaction metrics, with a 90% positive feedback rate from client surveys, showcasing enhanced service delivery and product quality.
Principal risks and uncertainties
Buse Gases Limited operates in a dynamic environment, and several principal risks and uncertainties have been identified:
Market Volatility: Fluctuations in demand for gases due to economic conditions can impact revenue. Strategies are in place to mitigate these risks through diversified product offerings and a big portfolio of customer segments expanding from manufacturing, food gases, industrial segment, fire suppression gases, hospitality.
Regulatory Changes: Compliance with environmental and customs regulations is critical. Changes in legislation can impose additional compliance costs and operational changes.
Supply Chain Disruptions: Global supply chain issues, exacerbated by geopolitical tensions and pandemics, can affect the availability of raw materials. We are actively working to secure alternative suppliers and build inventory buffers. We have invested in extra bulk storage tanks for this reason.
Environmental Concerns: Growing scrutiny regarding carbon emissions and environmental impact may affect operational practices. Emphasizing sustainable practices is essential to mitigate reputational risks. Investment of Hydrogen technology and Carbon Capture methods as means to recycle and reuse CO2.
Analysis of development and performance
Financial Performance:
Revenue: £11,991,812, up from £11,658,936 in 2023.
Operating Profit: Increased to 28.85% from 9.78% in the previous year, reflecting better cost management and pricing strategies, but also includes profit on sale of tangible fixed assets of £2,419,979 reaching in 2024 £3,460,767.
Operational Developments:
Facility Upgrades: Invested in state-of-the-art Air Separation Plant that is expected to start producing in 2027. Also invested in CO2 project in the Rhodesia Power Plant, where the CO2 emissions from the production of electricity will be captured, cleaned and liquified to be reused as Food and Beverage Grade CO2 to Buse Gases Limited customers.
Employee Development: Launched an employee retention program, resulting in a 25% increase in employee retention.
BUSE GASES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Strategic Partnerships:
Formed strategic alliances with Landmark Power Holdings to partner in all the electricity production plants in the UK and capture the CO2 emitted. Also, formed Agent Partnerships with 8 more Agents across the UK increasing the number to 37.
Key Performance indicators
To monitor and evaluate performance, the following KPIs have been established:
Revenue Growth Rate: Target of 10% annual growth. Current performance: 4.34%, due to delay in the Rhodesia Power Carbon Capture Project.
Customer Satisfaction Score: Target: 85%. Current performance: 90%.
Gross Profit Margin: Target: 54%. Current performance: 54%.
Safety Incident Rate: Target: Less than 2 incidents per 100 employees. Current performance: 0.5 incidents.
Other information and explanations
Growth Plans
Buse Gases Limited has started in 2024 the investment in an Air Separation Plant that is planed to be concluded in 2027. This will allow us to have available approximately 60,000tonnes of Liquid Nitrogen, 20,000tonnes of Liquid Oxygen and 1,200tonnes of Liquid Argon per year. This will guarantee Buse Gases Limited growth for the next 10 years.
Rhodesia CO2 Project, although delayed, will go live within 2025 and will allow Buse Gases access to 32,000tonnes of recycled food and beverage grade CO2 to supply local market. Already has signed agreement for the next bigger project (Mill Hill Project).
Helium plant will allow Buse Gases to sell Liquid Helium to semiconductor industries and MRI scanners (Healthcare). At the same time it will also produce gaseous helium for balloon inflation and also higher grade helium for research centres and universities. Plant is expected to be producing Q2 2025.
Conclusion
Buse Gases Limited has demonstrated resilience and adaptability in a challenging market environment. The company’s growth initiatives, coupled with strong safety performance and commitment to sustainability, position it well for continued growth. Ongoing risk management will be essential to navigate future uncertainties and capitalise on emerging opportunities.
D Sfikas
Director
14 April 2025
BUSE GASES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The director presents his annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of the supply of specialist gases.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
D Sfikas
Auditor
The auditor, Kendall Wadley LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
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 director has taken all the necessary steps that he ought to have taken as director in order to make himself aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
D Sfikas
Director
14 April 2025
BUSE GASES LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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. He is 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.
BUSE GASES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BUSE GASES LIMITED
- 5 -
Opinion
We have audited the financial statements of Buse Gases Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the balance sheet, 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 director's 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 director 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 director is 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
BUSE GASES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BUSE GASES LIMITED (CONTINUED)
- 6 -
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 director's 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
- an understanding of the risk assessment process (including the assessment of the risk of fraud) adopted by the Board is obtained and their attitude to risk ascertained
- an assessment of the susceptibility to material mis-statement of the financial statements as a result of management over-ride or fraud is made
- it is ensured that the engagement team have, collectively, the appropriate competence, capabilities and skills to be involved in the assignment, are fully briefed and understand the risks specific to the company
Audit response to risks identified
- processes to test the outcomes of our assessment include, a review of Board minutes, analytical review, the relevance and accuracy of significant accounting estimates, substantive testing of significant transactions, work to identify unusual or unexpected accounting entries including the testing of journal entries, information disclosed in the financial statements is traced to supporting documentation. In all instances it is acknowledged that material mis-statements that arise from fraud may involve deliberate concealment or collusion and are, therefore, by their very nature harder to detect than those arising from error.
- an understanding of the legal and regulatory framework as applicable to the company is obtained together with knowledge of the procedures put in place by the company in order to comply with the same
- it is established if there have been any instances of non-compliance with applicable laws and regulations, where there are such breaches, a full understanding, including gathering of relevant documentation appertaining to the event is obtained and assessed
BUSE GASES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BUSE GASES LIMITED (CONTINUED)
- 7 -
It should be noted that Auditing standards limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Elizabeth Needham ACA CTA (VAT) (Senior Statutory Auditor)
For and on behalf of Kendall Wadley LLP, Statutory Auditor
Chartered Accountants
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR14 2JS
14 April 2025
BUSE GASES LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
11,991,812
11,658,936
Cost of sales
(5,611,097)
(4,691,715)
Gross profit
6,380,715
6,967,221
Administrative expenses
(3,030,707)
(6,006,057)
Other operating income
110,759
178,832
Operating profit
4
3,460,767
1,139,996
Interest receivable and similar income
7
2,617
1,604
Interest payable and similar expenses
8
(1,782,298)
(1,092,462)
Profit before taxation
1,681,086
49,138
Tax on profit
9
(525,135)
2,560,186
Profit for the financial year
1,155,951
2,609,324
Retained earnings brought forward
170,851
(2,438,473)
Retained earnings carried forward
1,326,802
170,851
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BUSE GASES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
256,442
379,534
Other intangible assets
10
24,776
17,064
Total intangible assets
281,218
396,598
Tangible assets
11
21,857,488
22,574,818
Right of use assets
12
8,061,478
Investments
13
6,277,289
6,277,289
36,477,473
29,248,705
Current assets
Stocks
15
3,392,182
3,542,200
Debtors
16
2,413,770
2,957,108
Cash at bank and in hand
9,552,312
672,578
15,358,264
7,171,886
Creditors: amounts falling due within one year
17
(36,314,362)
(29,877,061)
Net current liabilities
(20,956,098)
(22,705,175)
Total assets less current liabilities
15,521,375
6,543,530
Creditors: amounts falling due after more than one year
18
(7,338,456)
Provisions for liabilities
Deferred tax liability
21
719,813
236,375
(719,813)
(236,375)
Net assets
7,463,106
6,307,155
Capital and reserves
Called up share capital
23
6,136,304
6,136,304
Profit and loss reserves
1,326,802
170,851
Total equity
7,463,106
6,307,155
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved and signed by the director and authorised for issue on 14 April 2025
D Sfikas
Director
Company registration number 07704088 (England and Wales)
BUSE GASES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Profit for the year after tax
1,155,951
2,609,324
Adjustments for:
Taxation charged
525,135
(2,560,186)
Finance costs
1,782,298
1,092,462
Investment income
(2,617)
(1,604)
Profit on disposal of tangible fixed assets
(2,419,979)
-
Amortisation and impairment of intangible assets
128,850
116,720
Depreciation and impairment of tangible fixed assets
1,544,464
1,140,085
Movements in working capital:
Decrease/(increase) in stocks
150,018
(1,484,642)
Decrease in debtors
543,338
(152)
Increase in creditors
5,648,913
4,478,650
Cash generated from operations
26
9,056,371
5,390,657
Interest paid
(1,791,111)
(1,083,649)
Net cash inflow from operating activities
7,265,260
4,307,008
Investing activities
Purchase of intangible assets
(13,470)
(2,330)
Purchase of tangible fixed assets
(7,066,214)
(4,646,911)
Proceeds on disposal of tangible fixed assets
8,751,421
-
Interest received
2,617
1,604
Net cash generated from/(used in) investing activities
1,674,354
(4,647,637)
Net decrease in cash and cash equivalents
8,939,614
340,629
Cash and cash equivalents at beginning of year
(8,071,566)
(7,730,937)
Cash and cash equivalents at end of year
868,048
(8,071,566)
Relating to:
Cash at bank and in hand
9,552,312
672,578
Bank overdrafts included in creditors payable within one year
(8,684,264)
(8,744,144)
BUSE GASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information
Buse Gases Limited is a private company limited by shares incorporated in England and Wales. The registered office is Johnsons Bridge Road, West Bromwich, West Midlands, B71 1DG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Buse Gases Limited is a wholly owned subsidiary of Dr. BUSE Holding GmbH & Co. KG and the results of Buse Gases Limited are included in the consolidated financial statements of BUSE KSW GmbH & Co. KG which are available from BUSE KSW GmbH & Co. KG, Sprudelstrasse 3, D-53557 Bad Honningen, Germany.
1.2
Going concern
These financial statements have been prepared on a going concern basis, the validity of the assumption depends on the continued support from the company's parent, Buse KSW GMBH & Co KG. In addition the director has assessed the likely performance of the company for the twelve months following the date of approval to these accounts and is of the opinion that the gong concern basis is the appropriate basis of preparation.
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.
1.4
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 years.
BUSE GASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
20% straight line
1.6
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:
Freehold land and buildings
1% straight line basis
Improvements to leasehold land and buildings
20% straight line basis
Plant and equipment
2.5-20% straight line basis
Fixtures and fittings
20% straight line basis
Motor vehicles
20% straight line basis
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
Right of use asset
The company has applied IFRS 16 Leases to the sale and leaseback of cylinders.
A right of use asset and lease liability is recognised on the balance sheet, initially measured at the present value of future lease payments;
Depreciation of right-of-use assets and interest on lease liabilities are recognised in the statement of comprehensive income;
The total amount of cash paid is recognised in the statement of cash flows, split between payments of principal (within financing activities) and interest (also within financing activities).
1.8
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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 company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
BUSE GASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.9
Impairment of fixed assets
At each reporting period end date, the company 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.11
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.
1.12
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.
BUSE GASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, and loans from fellow group companies, 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.13
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.
BUSE GASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.14
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
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.
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
BUSE GASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
9,438,770
10,042,019
Rent received from cylinders
2,553,042
1,616,917
11,991,812
11,658,936
2024
2023
£
£
Turnover analysed by geographical market
Domestic
11,919,782
11,593,927
EU
67,735
65,009
Other - Americas
4,295
-
11,991,812
11,658,936
2024
2023
£
£
Other revenue
Interest income
2,617
1,604
BUSE GASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(1,200,241)
(165,667)
Fees payable to the company's auditor for the audit of the company's financial statements
Depreciation of owned tangible fixed assets
1,399,740
1,117,713
Impairment of owned tangible fixed assets
52,362
20,338
Impairment of tangible fixed assets held under finance leases
92,362
Profit on disposal of tangible fixed assets
(2,419,979)
-
Amortisation of intangible assets
128,850
116,720
Operating lease charges
245,002
322,623
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Administration, sales and distribution
73
62
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,533,360
2,083,766
Social security costs
269,924
228,025
Pension costs
46,764
90,895
2,473,135
2,402,686
6
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
96,000
112,000
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
2,617
1,604
BUSE GASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Interest receivable and similar income
(Continued)
- 18 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
2,617
1,604
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
666,374
614,506
Interest payable to group undertakings
1,115,924
477,956
1,782,298
1,092,462
9
Taxation
2024
2023
£
£
Current tax
Group tax relief
41,697
(66,277)
Deferred tax
Origination and reversal of timing differences
490,169
126,383
Previously unrecognised tax loss, tax credit or timing difference
(2,620,292)
Adjustment in respect of prior periods
(6,731)
Total deferred tax
483,438
(2,493,909)
Total tax charge/(credit)
525,135
(2,560,186)
BUSE GASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 19 -
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,681,086
49,138
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
420,272
12,285
Tax effect of expenses that are not deductible in determining taxable profit
2,822
2,335
Tax effect of utilisation of tax losses not previously recognised
(2,620,292)
Group relief
41,697
Depreciation on assets not qualifying for tax allowances
67,075
46,696
Deferred tax adjustments in respect of prior years
(6,731)
Enhanced allowances
(5,680)
Tax value compared to net book value on group assets transferred
301
Variance in rate on group relief
4,169
Taxation charge/(credit) for the year
525,135
(2,560,186)
10
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2024
2,286,018
21,266
2,307,284
Additions
13,470
13,470
At 31 December 2024
2,286,018
34,736
2,320,754
Amortisation and impairment
At 1 January 2024
1,906,484
4,202
1,910,686
Amortisation charged for the year
123,092
5,758
128,850
At 31 December 2024
2,029,576
9,960
2,039,536
Carrying amount
At 31 December 2024
256,442
24,776
281,218
At 31 December 2023
379,534
17,064
396,598
BUSE GASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
11
Tangible fixed assets
Freehold land and buildings
Improvements to leasehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
3,277,443
45,923
2,727,944
21,056,691
363,123
1,244,840
28,715,964
Additions
35,965
3,900
4,881,293
2,088,043
34,933
22,080
7,066,214
Disposals
(7,576,764)
(7,576,764)
At 31 December 2024
3,313,408
49,823
7,609,237
15,567,970
398,056
1,266,920
28,205,414
Depreciation and impairment
At 1 January 2024
427,270
39,478
27,803
4,844,529
273,473
528,593
6,141,146
Depreciation charged in the year
47,088
3,837
1,144,932
23,059
180,824
1,399,740
On plant under construction
52,362
52,362
Disposal
(1,245,322)
(1,245,322)
At 31 December 2024
474,358
43,315
80,165
4,744,139
296,532
709,417
6,347,926
Carrying amount
At 31 December 2024
2,839,050
6,508
7,529,072
10,823,831
101,524
557,503
21,857,488
At 31 December 2023
2,850,173
6,445
2,700,141
16,212,162
89,650
716,247
22,574,818
BUSE GASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
12
Right of use assets
2024
£
Fair value
At 1 January 2024
Additions - cylinders
8,153,840
Depreciation
(92,362)
At 31 December 2024
8,061,478
The parties, Buse Gases Ltd, lessee, and Buse KSW GmbH & Co. KG., lessor, have transferred steel cylinders by way of purchase and transfer agreement, these assets are now made available to Buse Gases Limited for use under a lease contract.
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
6,277,289
6,277,289
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
Buse Scientific Ltd
England
Manufacturing and marketing of specialist gases
Ordinary
100.00
S.I.P. Analytical Limited
England
Dormant
Ordinary
100.00
Speciality Gases Limited
England
Dormant
Ordinary
100.00
Buse Hydrogen Technologies Limited
England
Dormant
Ordinary
50.00
Instec Solutions Limited
England
Dormant
Ordinary
100.00
Goss Scientific Limited
England
Supply of specialist gases
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Buse Scientific Ltd
2,440,962
S.I.P. Analytical Limited
100
Speciality Gases Limited
556
Buse Hydrogen Technologies Limited
Instec Solutions Limited
746,397
Goss Scientific Limited
696,947
37,200
BUSE GASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
15
Stocks
2024
2023
£
£
Finished goods and goods for resale
3,392,182
3,542,200
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,903,135
2,344,284
Amounts owed by group undertakings
400,316
455,755
Other debtors
5,831
5,661
Prepayments and accrued income
104,488
151,408
2,413,770
2,957,108
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
8,684,264
8,744,144
Obligations under right of use leases
20
815,384
Trade creditors
910,645
739,820
Amounts owed to group undertakings
24,000,272
19,903,787
Taxation and social security
1,560,280
191,821
Other creditors
9,763
18,601
Accruals and deferred income
333,754
278,888
36,314,362
29,877,061
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under right of use leases
20
7,338,456
19
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
8,684,264
8,744,144
Payable within one year
8,684,264
8,744,144
BUSE GASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Loans and overdrafts
(Continued)
- 23 -
The bank loan is underwritten by the parent group.
Borrowings with HSBC Bank plc are covered by a standard debenture over the assets of the company. At the balance sheet date the indebtedness to HSBC Bank plc was £nil (2023 - £nil).
20
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
815,384
In two to five years
4,076,920
In over five years
3,261,536
8,153,840
Finance lease payments represent rentals payable by the company for certain items of plant and machinery - cylinders. The average lease term is 10 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
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
3,284,580
3,041,898
Tax losses
(2,560,770)
(2,801,506)
Other provisions
(2,500)
(2,500)
Pension payments
(1,497)
(1,517)
719,813
236,375
2024
Movements in the year:
£
Liability at 1 January 2024
236,375
Charge to profit or loss
483,438
Liability at 31 December 2024
719,813
Given the programme of capital investment the deferred tax asset liability set out above is expected to increase and will gradually unwind after 5 years.
BUSE GASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
46,764
90,895
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
6,136,304
6,136,304
6,136,304
6,136,304
24
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
147,571
114,994
Between two and five years
199,092
215,051
346,663
330,045
25
Ultimate controlling party
The ultimate parent company is Dr.Buse.Holding GmbH & co. KG, a company registered in Germany.
Dr.Buse.Holding GmbH & co. KG holds 52.93% of the share capital of Buse KSW GMBH & Co KG. Buse KSW GMBH & Co KG holds 100% of the share capital of Buse Gases Limited. Dr.Buse.Holding GmbH & co. KG is the parent undertaking of both the smallest and largest group of undertakings.
The results of the group have been consolidated and are publicly available at the address stated. Consequently, no disclosure has been made of transactions with other group entities, as all are wholly owned subsidiary undertakings. Group accounts can be obtained from:
Buse KSW GMBH & Co. KG, Sprudelstrasse 3, D-53557 Bad Honningen, Germany.
BUSE GASES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
26
Cash generated from operations
2024
2023
£
£
Profit after taxation
1,155,951
2,609,324
Adjustments for:
Taxation charged/(credited)
525,135
(2,560,186)
Finance costs
1,782,298
1,092,462
Investment income
(2,617)
(1,604)
Gain on disposal of tangible fixed assets
(2,419,979)
-
Amortisation and impairment of intangible assets
128,850
116,720
Depreciation and impairment of tangible fixed assets
1,544,464
1,140,085
Movements in working capital:
Decrease/(increase) in stocks
150,018
(1,484,642)
Decrease/(increase) in debtors
543,338
(152)
Increase in creditors
5,648,913
4,478,650
Cash generated from operations
9,056,371
5,390,657
27
Analysis of changes in net debt
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
672,578
8,879,734
9,552,312
Bank overdrafts
(8,744,144)
59,880
(8,684,264)
(8,071,566)
8,939,614
868,048
Obligations under finance leases
-
(8,153,840)
(8,153,840)
(8,071,566)
785,774
(7,285,792)
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