W.G. Davies Group Limited
Annual report and financial statements
For the year ended 31 December 2024
W.G. Davies Group Limited
Company information
Directors
Mrs D M Davies
Mr M R Jones
Mrs A J White
Mr M R Davies
Company number
15208778
Registered office
11 Saint Davids Road
Swansea Enterprise Park
Morriston Swansea City And
Swansea
United Kingdom
SA6 8QL
Auditor
DJH Audit Limited
The Glades
Festival Way
Festival Park
Stoke on Trent
Staffordshire
ST1 5SQ
W.G. Davies Group Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
Notes to the financial statements
17 - 34
W.G. Davies Group Limited
Strategic report
For the year ended 31 December 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
The Group continues to operate as a Franchised Main Dealer for MAN Truck & Bus Limited, providing expert vehicle maintenance, servicing, and spare parts supply. The company operates from three key locations in South Wales—Cardiff, Swansea, and Sageston—and employs approximately eighty-six skilled professionals.
During 2024, the group achieved strong revenue growth, with turnover increasing by 6.5% to £10.8 million. This reflects the continued demand for high-quality vehicle servicing and spare parts, as operators extended the life cycles of their fleets.
The company remains financially stable, with strategic investments in infrastructure, technology, and personnel ensuring a strong foundation for long-term growth and customer satisfaction.
Principal risks and uncertainties
W.G. Davies continues to set the benchmark for customer service excellence and operational standards.
• Since 2009, the company has conducted over 1,900 customer interviews, continuously refining service offerings based on direct feedback.
• In 2024, customer satisfaction scores remained exceptionally high, with an outstanding rating of 9.0/10.
• The Swansea depot was awarded MAN UK Dealer of the Year in 2023 and 2021, underscoring the company’s industry leadership in quality and service delivery.
This unwavering commitment to service ensures strong customer retention, long-term partnerships, and continued business growth.
Investment in People & Infrastructure
Workforce Development & Retention
• The company takes pride in its skilled and experienced workforce, with 42% of employees serving over 15 years and 14% for over 20 years.
• Ongoing investment in staff training, career development, and employee well-being ensures a motivated and highly skilled team.
Technological & Digital Transformation
• In 2024, the company successfully implemented X Power, a new dealer management system, significantly improving efficiency, workflow, and customer experience.
• Further investment in digital transformation will enhance data analytics, inventory management, and predictive maintenance services.
Infrastructure Investment & Growth
• W.G. Davies completed an investment program across its depots in Cardiff, Swansea, and Tenby, achieving top-tier dealer standards with MAN Truck & Bus Ltd.
• The company continues to modernise facilities to support expansion, efficiency, and service excellence.
W.G. Davies Group Limited
Strategic report (continued)
For the year ended 31 December 2024
- 2 -
Sustainability & Environmental Responsibility
W.G. Davies remains committed to sustainability and reducing its environmental impact, with a clear vision for a greener future:
• A long-term goal of achieving carbon neutrality by 2030 has been established.
• Significant investments have been made in solar energy, biomass heating, and LED lighting, improving energy efficiency.
• The company continues to promote sustainable sourcing, recycling initiatives, and environmentally responsible business practices.
These efforts reinforce corporate social responsibility, ensuring a positive impact on both the industry and the wider community.
Future Outlook & Growth Strategy for 2025
Looking ahead, W.G. Davies is well-positioned for continued growth and success, with a clear strategic focus on the following priorities:
1. Expanding Service Offerings & Customer Base
• Strengthening long-term service contracts with fleet operators to ensure stable revenue streams.
• Enhancing customer loyalty programs to increase retention and drive repeat business.
2. Enhancing Operational Efficiency & Cost Control
• Streamlining resource allocation and process efficiency to improve profitability.
• Implementing further cost-saving measures without compromising service quality.
3. Continued Investment in Technology & Innovation
• Leveraging data analytics for predictive maintenance services and inventory management.
• Improving digital customer engagement to enhance service convenience and responsiveness.
4. Sustainable Growth & Environmental Responsibility
• Expanding green initiatives and energy-efficient technologies across all locations.
• Enhancing sustainability strategies to align with the company’s carbon-neutral goal.
W.G. Davies Group Limited
Strategic report (continued)
For the year ended 31 December 2024
- 3 -
Key performance indicators
Turnover
2024 £10,804,440
2023 £10,145,303
Mvmt +£659,136
Mvmt % +6.50%
Gross Profit
2024 £2,855,267
2023 £2,686,769
Mvmt +£168,498
Mvmt % +6.27%
Gross Profit Margin (%)
2024 26.43%
2023 26.48%
Mvmt -0.05%
Operating Profit
2024 £561,444
2023 £859,231
Mvmt -£297,787
Mvmt % -34.66%
Turnover grew by 6.5%, driven by sustained demand for aftermarket services and spare parts. Despite increased operating costs, the company successfully maintained strong margins, demonstrating resilience and financial stability.
Conclusion
2024 was a year of strong revenue growth, operational improvements, and strategic investments, reinforcing W.G. Davies’ position as a leader in the MAN Truck & Bus service network.
With a continued focus on customer service, innovation, and sustainability, the company is poised for further success in 2025 and beyond. The directors remain confident in the company’s financial stability and long-term growth strategy, ensuring that W.G. Davies remains a trusted industry leader and valued partner for customers.
Mr M R Davies
Director
29 May 2025
W.G. Davies Group Limited
Directors' report
For the year ended 31 December 2024
- 4 -
The directors present their report and audited financial statements of the Group and Company for the period from incorporation on 13 October 2023 to 31 December 2024. See accounting policies regarding the basis of preparation.
Principal activities
The principal activity of the group continued to be that of a truck dealership and maintenance provider.
Results and dividends
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £129,000. 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:
Mrs D M Davies
Mr M R Jones
Mrs A J White
Mr M R Davies
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 auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
W.G. Davies Group Limited
Directors' report (continued)
For the year ended 31 December 2024
- 5 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr M R Davies
Director
29 May 2025
W.G. Davies Group Limited
Independent auditor's report
To the members of W.G. Davies Group Limited
- 6 -
Opinion
We have audited the financial statements of W.G. Davies Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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.
W.G. Davies Group Limited
Independent auditor's report (continued)
To the members of W.G. Davies Group Limited
- 7 -
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.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
W.G. Davies Group Limited
Independent auditor's report (continued)
To the members of W.G. Davies Group Limited
- 8 -
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions; and
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also 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.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
W.G. Davies Group Limited
Independent auditor's report (continued)
To the members of W.G. Davies Group Limited
- 9 -
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.
Stacey Parr FCCA (Senior Statutory Auditor)
For and on behalf of
19 June 2025
DJH Audit Limited
Accountants
Statutory Auditor
The Glades
Festival Way
Festival Park
Stoke on Trent
Staffordshire
ST1 5SQ
W.G. Davies Group Limited
Group profit and loss account
For the year ended 31 December 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
10,804,440
10,145,303
Cost of sales
(7,949,173)
(7,458,534)
Gross profit
2,855,267
2,686,769
Administrative expenses
(3,109,873)
(2,732,382)
Other operating income
816,050
904,844
Operating profit
4
561,444
859,231
Interest receivable and similar income
7
6,773
Interest payable and similar expenses
8
(327,588)
(343,769)
Profit before taxation
240,629
515,462
Tax on profit
9
(196,833)
228
Profit for the financial year
25
43,796
515,690
W.G. Davies Group Limited
Group statement of comprehensive income
For the year ended 31 December 2024
- 11 -
2024
2023
£
£
Profit for the year
43,796
515,690
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
Total comprehensive income for the year
43,796
515,690
Total comprehensive income for the year is all attributable to the owners of the parent company.
W.G. Davies Group Limited
Group balance sheet
As at 31 December 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
5,197,826
5,204,923
Current assets
Stocks
14
525,794
771,425
Debtors
15
1,245,783
1,684,551
Cash at bank and in hand
42,225
394
1,813,802
2,456,370
Creditors: amounts falling due within one year
16
(3,044,659)
(3,235,285)
Net current liabilities
(1,230,857)
(778,915)
Total assets less current liabilities
3,966,969
4,426,008
Creditors: amounts falling due after more than one year
17
(2,033,661)
(2,456,124)
Provisions for liabilities
Deferred tax liability
20
438,100
333,263
(438,100)
(333,263)
Net assets
1,495,208
1,636,621
Capital and reserves
Called up share capital
23
50,000
50,000
Revaluation reserve
24
628,075
628,075
Profit and loss reserves
25
817,133
958,546
Total equity
1,495,208
1,636,621
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
29 May 2025
Mrs A J White
Mr M R Davies
Director
Director
Company registration number 15208778 (England and Wales)
W.G. Davies Group Limited
Company balance sheet
As at 31 December 2024
31 December 2024
- 13 -
2024
Notes
£
£
Fixed assets
Investments
12
50,000
Net assets
50,000
Capital and reserves
Called up share capital
23
50,000
Total equity
50,000
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £129,000.
The financial statements were approved by the board of directors and authorised for issue on 29 May 2025 and are signed on its behalf by:
29 May 2025
Mrs A J White
Mr M R Davies
Director
Director
Company registration number 15208778 (England and Wales)
W.G. Davies Group Limited
Group statement of changes in equity
For the year ended 31 December 2024
- 14 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
628,075
610,356
1,238,431
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
515,690
515,690
Issue of share capital
23
20
-
-
20
Dividends
10
-
-
(167,500)
(167,500)
Balance at 31 December 2023
20
628,075
958,546
1,586,641
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
43,796
43,796
Issue of share capital
23
49,980
-
-
49,980
Dividends
10
-
-
(185,209)
(185,209)
Balance at 31 December 2024
50,000
628,075
817,133
1,495,208
W.G. Davies Group Limited
Company statement of changes in equity
For the year ended 31 December 2024
- 15 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 13 October 2023
50,000
50,000
Period ended 31 December 2024:
Profit and total comprehensive income
-
129,000
129,000
Issue of share capital
23
50,000
-
50,000
Dividends
10
-
(129,000)
(129,000)
Balance at 31 December 2024
50,000
50,000
W.G. Davies Group Limited
Group statement of cash flows
For the year ended 31 December 2024
- 16 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,732,016
1,006,383
Interest paid
(327,588)
(343,769)
Income taxes paid
(75,347)
(18,545)
Net cash inflow from operating activities
1,329,081
644,069
Investing activities
Purchase of tangible fixed assets
(60,143)
(577,120)
Proceeds from disposal of tangible fixed assets
168,334
57,945
Interest received
6,773
Net cash generated from/(used in) investing activities
114,964
(519,175)
Financing activities
Proceeds from new bank loans
300,000
-
Repayment of bank loans
(972,054)
(51,694)
Payment of finance leases obligations
(492,853)
(49,875)
Dividends paid to equity shareholders
(185,209)
(167,500)
Net cash used in financing activities
(1,350,116)
(269,069)
Net increase/(decrease) in cash and cash equivalents
93,929
(144,175)
Cash and cash equivalents at beginning of year
(51,704)
92,471
Cash and cash equivalents at end of year
42,225
(51,704)
Relating to:
Cash at bank and in hand
42,225
394
Bank overdrafts included in creditors payable within one year
-
(52,098)
W.G. Davies Group Limited
Notes to the group financial statements
For the year ended 31 December 2024
- 17 -
1
Accounting policies
Company information
W.G. Davies Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 11 Saint Davids Road, Swansea Enterprise Park, Morriston Swansea City And, Swansea, United Kingdom, SA6 8QL.
The group consists of W.G. Davies Group 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 under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The Company was incorporated on 13 October 2023 and took control of its subsidiary at the same date who were both owned by the same ultimate shareholder.
Because the ultimate shareholder was the same before and after the transaction, the acquisition of the investment by W.G. Davies Group Limited is not accounted for as a business combination under FRS102. Instead, it is accounted for using the merger accounting method.
The carrying amount of the assets and liabilities of the subsidiary were not adjusted to fair value. In the current period, their results and cash flows have been brought into the combined entity from the beginning of the period. The comparative information is prepared on a proforma basis as if the Group had always existed in its current form, in order to give the most meaningful information to users of the new Group's financial statements.
The share capital in the consolidated financial statements is that of W.G. Davies Group Limited and the other reserves represent the combined reserves of this company and the acquired subsidiary.
1.2
Business combinations
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.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
W.G. Davies Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company W.G. Davies Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.4
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.
1.5
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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:
Leasehold land and buildings
Over 125 year lease
Leasehold improvements
5%, 10% and 20% straight line on cost
Plant and equipment
20%, 25% and 33% straight line on cost
Fixtures and fittings
25%, 33% and 50% straight line on cost
Motor vehicles
10% and 25% reducing balance on net book value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
W.G. Davies Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 19 -
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
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.
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
Cost is calculated using an average basis.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and at bank. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
W.G. Davies Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 20 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
W.G. Davies Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 21 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.12
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.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The 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 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 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.
W.G. Davies Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 22 -
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 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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased 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.
1.17
Government grants
Biomass income is recognised at the fair value of the consideration received or receivable when there is reasonable assurance that the conditions will be met and the income will be received. Payments are made for 7 years and are based on the amount of renewable heat made by the heating system. This is paid through the Non-Domestic RHI scheme.
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.
W.G. Davies Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 23 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Property valuation
As described in note 11, leasehold properties are measured using the revaluation method and as such this requires significant estimation. The valuation of the leasehold properties has been based on formal revaluations competed by property experts on 15th April 2025. The directors have considered changes in the valuation of freehold land and buildings since the year end, they do not consider there to be any material changes.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Parts
5,673,442
5,311,599
Maintenance
4,864,553
4,538,535
Vehicle rentals
266,445
264,753
Used vehicle sales
-
30,416
10,804,440
10,145,303
2024
2023
£
£
Other revenue
Interest income
6,773
-
Sundry income
770,058
868,881
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
25,200
24,000
Depreciation of owned tangible fixed assets
201,896
195,258
Depreciation of tangible fixed assets held under finance leases
239,245
158,025
Profit on disposal of tangible fixed assets
(65,263)
(22,169)
Operating lease charges
28,218
63,379
W.G. Davies Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
- 24 -
5
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
Number
Number
Number
Management
4
3
4
Administrators
30
34
-
Workshop
55
46
-
Total
89
83
4
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
£
£
£
Wages and salaries
2,824,799
2,623,529
-
Social security costs
319,730
273,649
-
Pension costs
171,856
144,754
3,316,385
3,041,932
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
202,471
199,366
Company pension contributions to defined contribution schemes
31,582
48,782
234,053
248,148
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
83,072
-
W.G. Davies Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
- 25 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
6,773
-
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
163,840
193,474
Other finance costs:
Interest on finance leases and hire purchase contracts
161,299
150,295
Other interest
2,449
-
Total finance costs
327,588
343,769
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
87,916
116,089
Adjustments in respect of prior periods
(36,376)
Total current tax
87,916
79,713
Deferred tax
Origination and reversal of timing differences
108,917
(79,941)
Total tax charge/(credit)
196,833
(228)
W.G. Davies Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
9
Taxation
(Continued)
- 26 -
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
240,629
515,462
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
60,157
128,866
Tax effect of expenses that are not deductible in determining taxable profit
13,834
3,847
Effect of change in corporation tax rate
-
(7,740)
Depreciation on assets not qualifying for tax allowances
20,803
20,296
Under/(over) provided in prior years
(36,376)
Pension creditor movement
(660)
(3,250)
SBA - WDA claimed
(3,518)
Enhanced allowances
-
(637)
Deferred tax under/(over) provided in current year
-
(106,185)
Deferred tax under/(over) provided in prior year
106,217
-
Rounding
-
951
Taxation charge/(credit)
196,833
(228)
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
129,000
-
W.G. Davies Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
- 27 -
11
Tangible fixed assets
Group
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 January 2024
3,671,906
1,741,283
719,276
333,176
809,205
7,274,846
Additions
27,433
8,426
77,845
423,411
537,115
Disposals
(3,750)
(225,188)
(228,938)
At 31 December 2024
3,699,339
1,741,283
723,952
411,021
1,007,428
7,583,023
Depreciation and impairment
At 1 January 2024
405,238
680,813
416,412
267,776
299,684
2,069,923
Depreciation charged in the year
88,461
89,762
56,052
43,612
163,254
441,141
Eliminated in respect of disposals
(750)
(125,117)
(125,867)
At 31 December 2024
493,699
770,575
471,714
311,388
337,821
2,385,197
Carrying amount
At 31 December 2024
3,205,640
970,708
252,238
99,633
669,607
5,197,826
At 31 December 2023
3,266,668
1,060,470
302,864
65,400
509,521
5,204,923
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
£
£
£
Plant and equipment
907,097
999,069
Motor vehicles
616,287
448,012
1,523,384
1,447,081
-
Included within leasehold land and buildings is two leasehold properties which was revalued to £1,450,000 and £1,750,000 at 15/04/2025 by Certus Property Consultants, independent valuers not connected with the company on the basis of market value. The valuation conforms to RICS standards and was based on recent market transactions on arm's length terms for similar properties.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
W.G. Davies Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
11
Tangible fixed assets
(Continued)
- 28 -
2024
2023
£
£
Group
Cost
3,187,092
137,755
Accumulated depreciation
(517,975)
(59,601)
Carrying value
2,669,117
78,154
12
Fixed asset investments
Group
Company
2024
2023
2024
Notes
£
£
£
Investments in subsidiaries
13
50,000
50,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
Additions
50,000
Carrying amount
At 31 December 2024
50,000
13
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
W.G. Davies (Landore) Limited
11 St Davids Road, Swansea Enterprise Park, Morriston, Swansea City, County of Swansea, SA6 8QL
Ordinary shares
100.00
W.G. Davies Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
- 29 -
14
Stocks
Group
Company
2024
2023
2024
£
£
£
Raw materials and consumables
385,785
575,174
-
Work in progress
140,009
196,251
-
525,794
771,425
-
15
Debtors
Group
Company
2024
2023
2024
Amounts falling due within one year:
£
£
£
Trade debtors
467,015
813,970
Other debtors
645,643
719,480
Prepayments and accrued income
131,125
145,021
1,243,783
1,678,471
-
Amounts falling due after more than one year:
-
-
-
Deferred tax asset (note 20)
2,000
6,080
Total debtors
1,245,783
1,684,551
-
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
Notes
£
£
£
Bank loans and overdrafts
18
772,609
1,132,519
Obligations under finance leases
19
385,457
344,917
Trade creditors
775,263
890,110
Corporation tax payable
165,207
152,638
Other taxation and social security
664,718
411,895
-
Deferred income
21
1,800
1,800
Other creditors
199,621
164,519
Accruals and deferred income
79,984
136,887
3,044,659
3,235,285
W.G. Davies Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
16
Creditors: amounts falling due within one year
(Continued)
- 30 -
Bank loans and overdrafts of £445,811 (2023 - £437,577) are secured by fixed and floating charges over the group's assets.
Also included within bank loans and overdrafts are amounts of £326,798 (2023 - £642,844) in respect of invoice discounting facilities. These amounts are secured by a fixed charge on all purchased debts.
Amounts due under hire purchase contracts are secured against the assets to which they relate.
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
Notes
£
£
£
Bank loans and overdrafts
18
1,367,330
1,731,572
Obligations under finance leases
19
587,281
643,702
Deferred income
21
79,050
80,850
2,033,661
2,456,124
-
Bank loans are secured by fixed and floating charges over the company's assets.
Amounts due under hire purchase contracts are secured against the assets to which they relate.
18
Loans and overdrafts
Group
Company
2024
2023
2024
£
£
£
Bank loans
2,139,939
2,811,993
Bank overdrafts
52,098
2,139,939
2,864,091
-
Payable within one year
772,609
1,132,519
Payable after one year
1,367,330
1,731,572
The bank loans are secured by a fixed and floating charge over the assets of the company.
There is a personal guarantee of £50,000 dated 21/11/2023 between the company and Michael Roger Davies and Deborah Davies against one of the loans.
Long term bank debt is in the form of nine secured loans which are monthly repayment (capital and interest) instruments with various banks. The loan is set to mature between October 2024 and July 2027 at an interest rate varying between 2.05% and 14.15% per annum.
W.G. Davies Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
- 31 -
19
Finance lease obligations
Group
Company
2024
2023
2024
£
£
£
Future minimum lease payments due under finance leases:
Within one year
385,457
344,917
In two to five years
587,281
643,702
972,738
988,619
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
438,100
333,263
2,000
6,080
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024/13 October 2023
327,183
-
Charge to profit or loss
108,917
-
Liability at 31 December 2024
436,100
-
W.G. Davies Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
- 32 -
21
Deferred income
Group
Company
2024
2023
2024
£
£
£
Other deferred income
80,850
82,650
-
80,850
82,650
-
Deferred income is included in the financial statements as follows:
Current liabilities
1,800
1,800
Non-current liabilities
79,050
80,850
80,850
82,650
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
171,856
144,754
The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
23
Share capital
Group
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
50,000
50,000
50,000
50,000
24
Revaluation reserve
Revaluation reserve is a non-distributable reserve that includes the increase on revaluation of leasehold property performed in 2024.
25
Profit and loss reserves
The retained earnings reserve holds the retained earnings of the company, after the deduction of any dividends paid in the period.
W.G. Davies Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
- 33 -
26
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
£
£
£
Within one year
28,945
41,350
-
Between two and five years
20,485
31,641
-
49,430
72,991
-
27
Events after the reporting date
After the reporting date, the company received financing of £1.95m to consolidation their existing loans.
28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
43,796
515,690
Adjustments for:
Taxation charged/(credited)
196,833
(228)
Finance costs
327,588
343,769
Investment income
(6,773)
Gain on disposal of tangible fixed assets
(65,263)
(22,169)
Depreciation and impairment of tangible fixed assets
441,141
353,283
Movements in working capital:
Decrease/(increase) in stocks
245,631
(106,052)
Decrease/(increase) in debtors
434,688
(264,656)
Increase in creditors
116,175
188,546
Decrease in deferred income
(1,800)
(1,800)
Cash generated from operations
1,732,016
1,006,383
W.G. Davies Group Limited
Notes to the group financial statements (continued)
For the year ended 31 December 2024
- 34 -
29
Analysis of changes in net debt - group
1 January 2024
Cash flows
New finance leases
31 December 2024
£
£
£
£
Cash at bank and in hand
394
41,831
-
42,225
Bank overdrafts
(52,098)
52,098
-
(51,704)
93,929
-
42,225
Borrowings excluding overdrafts
(2,811,993)
672,054
-
(2,139,939)
Obligations under finance leases
(988,619)
492,853
(476,972)
(972,738)
(3,852,316)
1,258,836
(476,972)
(3,070,452)
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