EASTERTON HOLDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Company registration number SC614765 (Scotland)
EASTERTON HOLDINGS LTD
COMPANY INFORMATION
Director
Mr Hugh McNally
Company number
SC614765
Registered office
Wallace House
17-21 Maxwell Place
Stirling
Scotland
FK8 1JU
Auditor
William Duncan + Co (Audit) Ltd
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY
Business address
Wallace House
17-21 Maxwell Place
Stirling
Scotland
FK8 1JU
Bankers
Coutts & Co
110 Queen Street
Glasgow
G1 3BX
Royal Bank of Scotland PLC
2 Newmarket Street
Falkirk
FK1 1JX
Solicitors
Lockharts Law LLP
12 Beresford Terrace
Ayr
Ayrshire
KA7 2EG
Harper MacLeod LLP
The Ca'd'oro
45 Gordon Street
Glasgow
G1 3PE
EASTERTON HOLDINGS LTD
CONTENTS
Page
Strategic report
1 - 2
Director's report
3
Director's responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 29
EASTERTON HOLDINGS LTD
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

Easterton Holdings Limited was formed in March 2019 and is the group holding company for Forsyth of Denny Limited, Ulster Energy Limited, Towercrane Services Limited and Dan McNally Limited.

 

In the year under review the group operated as a provider of mobile crane, haulage services and installation/ decommissioning contractors to a variety of clients in the construction, marine, renewables and industrial sectors. The group is also involved in the production and sale of energy derived from wind energy as well as UK commercial property rental.

During the year Forsyth of Denny Limited delivered a series of successful major component exchange operations operations for its renewables clients on a full scope basis. Also undertook some complex compromised turbine dismantling projects. Forsyth are now are a major UK provider in this market. A high focus on safety, performance and indeed circularity, has led to a successful conclusions. The Scottish commercial properties are fully let and income producing.

The director is pleased to report an increased turnover at group level of £22.5 million and improved profitability driven by continued specialisation, scale and efficiency improvements.

Principal risks and uncertainties

It is group policy that an ongoing and active interest is taken in evaluating and managing the risks in using large plant and operating on third party sites. These risks are mitigated by the careful planning of such works, using appropriate plant, operator experience and training, and adequate insurance cover.

The group also recognises the risks associated with granting credit to its customers. That risk is mitigated by trading, in large part, with long standing customers whose credit history is good.

Management remains concerned about the long-term effects of Brexit and other geopolitical events. Since the group is not a material exporter to the EU, any effects of Brexit should be manageable. The conflict in Ukraine and possible wider Middle Eastern geopolitical issues or adverse contagion is concerning however no immediate effect has been noted to date apart from occasional fuel cost spikes. To counter such risks the group will continue to focus on utilities, renewables and power which are traditionally not so affected by such conditions.

Other material risks include labour and material costs and shortages.

The director continues to demonstrate a clear willingness to support the group financially.

Key performance indicators

The group's key performance indicators are turnover, profit and cash flow.

Turnover, profit and cash flow are continuously improving. A keen focus is on improved debtor management.

The accounting system has been upgraded to take advantage of the modern cloud accounting software to facilitate better overall monitoring.

Safety, quality, and performance are additional KPI parameters and to this end Forsyth of Denny Limited and Dan McNally Limited have been certified to ISO9001/14001/45001.

Future developments

The director remains confident in the future, particularly given the results noted through the financial year to 31st December 2024. Already in 2025 the Dan McNally entity has secured and executed sizable renewables related contracts in Ireland. For Forsyth of Denny Limited, growth will be maintained by extending the range of MCE services and number of crews. The group will look to develop and specialise in niche offerings – more specialised than heavy lifting and the operations over a larger geographical region to maintain the required level of workflow.

In 2024 Ulster Energy Limited completed the tenant acquisition for a city centre commercial office building. This building has hence become fully revenue generating. This is in addition to the company's ongoing solid returns from its renewable energy operations.

EASTERTON HOLDINGS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

Mr Hugh McNally
Director
30 June 2025
EASTERTON HOLDINGS LTD
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

In the year under review the group operated as a provider of mobile crane, haulage services and installation/ decommissioning contractors to a variety of clients in the construction, marine, renewables and industrial sectors. The group was also involved in the production and sale of wind energy.

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 further dividend.

Director

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

Mr Hugh McNally
Auditor

The auditor, William Duncan + Co (Audit) Ltd, 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 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.

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 Hugh McNally
Director
30 June 2025
EASTERTON HOLDINGS LTD
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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is 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. He is 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.

EASTERTON HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EASTERTON HOLDINGS LTD
- 5 -
Opinion

We have audited the financial statements of Easterton Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group 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, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The 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:

EASTERTON HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EASTERTON HOLDINGS LTD
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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:

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 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 director either intends to liquidate the parent 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.

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

EASTERTON HOLDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EASTERTON HOLDINGS LTD
- 7 -

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.

Mr Graeme Bryson CTA, ACA (Senior Statutory Auditor)
For and on behalf of William Duncan + Co (Audit) Ltd
30 June 2025
Statutory Auditor
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY
EASTERTON HOLDINGS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
22,502,243
20,424,733
Cost of sales
(17,367,461)
(16,040,075)
Gross profit
5,134,782
4,384,658
Administrative expenses
(2,720,945)
(2,269,074)
Other operating income
419,030
591,600
Operating profit
4
2,832,867
2,707,184
Interest receivable and similar income
6
134
-
0
Interest payable and similar expenses
7
(409,822)
(348,777)
Profit before taxation
2,423,179
2,358,407
Tax on profit
8
(692,946)
(851,933)
Profit for the financial year
1,730,233
1,506,474
Profit for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.
EASTERTON HOLDINGS LTD
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
9
140,000
160,000
Total intangible assets
140,000
160,000
Tangible assets
10
23,336,415
21,256,038
Investment property
11
2,359,559
2,359,559
25,835,974
23,775,597
Current assets
Stocks
14
64,840
32,900
Debtors
15
3,835,963
4,448,388
Cash at bank and in hand
1,181,524
1,351,276
5,082,327
5,832,564
Creditors: amounts falling due within one year
16
(5,472,874)
(5,038,460)
Net current (liabilities)/assets
(390,547)
794,104
Total assets less current liabilities
25,445,427
24,569,701
Creditors: amounts falling due after more than one year
17
(8,327,059)
(9,868,866)
Provisions for liabilities
Deferred tax liability
19
2,543,903
1,856,603
(2,543,903)
(1,856,603)
Net assets
14,574,465
12,844,232
Capital and reserves
Called up share capital
21
7,990,097
7,990,097
Share premium account
(4,600,000)
(4,600,000)
Profit and loss reserves
11,184,368
9,454,135
Total equity
14,574,465
12,844,232

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 30 June 2025
30 June 2025
Mr Hugh McNally
Director
Company registration number SC614765 (Scotland)
EASTERTON HOLDINGS LTD
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
7,100,100
7,100,100
7,100,100
7,100,100
Current assets
Debtors
15
890,097
890,097
Creditors: amounts falling due within one year
16
(100)
(100)
Net current assets
889,997
889,997
Net assets
7,990,097
7,990,097
Capital and reserves
Called up share capital
21
7,990,097
7,990,097

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 £0 (2023 - £0 profit).

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 30 June 2025
30 June 2025
Mr Hugh McNally
Director
Company registration number SC614765 (Scotland)
EASTERTON HOLDINGS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
7,990,097
(4,600,000)
7,947,661
11,337,758
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,506,474
1,506,474
Balance at 31 December 2023
7,990,097
(4,600,000)
9,454,135
12,844,232
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
1,730,233
1,730,233
Balance at 31 December 2024
7,990,097
(4,600,000)
11,184,368
14,574,465
EASTERTON HOLDINGS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
£
Balance at 1 January 2023
7,990,097
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
Balance at 31 December 2023
7,990,097
Year ended 31 December 2024:
Profit and total comprehensive income
-
Balance at 31 December 2024
7,990,097
EASTERTON HOLDINGS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
6,724,288
5,515,747
Interest paid
(409,822)
(348,777)
Income taxes (paid)/refunded
(11,397)
3,301
Net cash inflow from operating activities
6,303,069
5,170,271
Investing activities
Purchase of tangible fixed assets
(6,453,859)
(8,052,585)
Proceeds from disposal of tangible fixed assets
1,621,254
765,241
Purchase of investment property
-
(84,175)
Interest received
134
-
0
Net cash used in investing activities
(4,832,471)
(7,371,519)
Financing activities
Repayment of borrowings
(1,288,477)
857,338
Repayment of bank loans
(9,727)
(1,398)
Payment of finance leases obligations
(342,146)
1,385,629
Net cash (used in)/generated from financing activities
(1,640,350)
2,241,569
Net (decrease)/increase in cash and cash equivalents
(169,752)
40,321
Cash and cash equivalents at beginning of year
1,351,276
1,310,955
Cash and cash equivalents at end of year
1,181,524
1,351,276
EASTERTON HOLDINGS LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
EASTERTON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information

Easterton Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Wallace House, 17-21 Maxwell Place, Stirling, Scotland, FK8 1JU.

 

The group consists of Easterton Holdings Ltd 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. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Easterton Holdings Ltd and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.4
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.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

EASTERTON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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 property
2% straight line
Leasehold improvements
10% straight line
Plant and equipment
12-25% reducing balance, 10% straight line, straight line over 17 years
Motor vehicles
20% reducing balance

Freehold land is not depreciated.

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.8
Fixed asset investments

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.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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.

EASTERTON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.10
Stocks

Stock relates to consumable items that are not intended for resale. These are held at lower of cost and net realisable value.

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 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.

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.

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.

Basic financial liabilities

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
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.

EASTERTON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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 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.

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.

 

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.

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.

EASTERTON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
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 group’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
Crane hire
17,082,121
16,092,405
Transport of plant etc.
1,817,309
1,993,929
Rental and storage
77,100
33,995
Energy sales
385,413
344,835
Wind turbine labour income
3,140,300
1,959,569
22,502,243
20,424,733
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
22,258,072
20,310,427
Europe
244,171
114,306
22,502,243
20,424,733
2024
2023
£
£
Other revenue
Interest income
134
-
EASTERTON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(1,507)
3,491
Fees payable to the group's auditor for the audit of the group's financial statements
2,000
2,000
Depreciation of owned tangible fixed assets
1,993,057
1,729,600
Depreciation of tangible fixed assets held under finance leases
1,279,737
993,249
Profit on disposal of tangible fixed assets
(520,566)
(165,095)
Amortisation of intangible assets
20,000
20,000
Operating lease charges
46,130
40,513
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
2023
Number
Number
Number
Number
Operational staff
96
89
-
-
Administration staff
13
13
-
-
Directors
2
3
-
-
Total
111
105
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
6,992,967
5,924,345
-
0
-
0
Social security costs
797,621
673,759
-
-
Pension costs
195,624
163,627
-
0
-
0
7,986,212
6,761,731
-
0
-
0
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
134
-
0
EASTERTON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Interest receivable and similar income
(Continued)
- 21 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
134
-
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
182,142
212,741
Other finance costs:
Interest on finance leases and hire purchase contracts
227,680
136,036
Total finance costs
114,769
348,777
8
Taxation
2024
2023
£
£
Current tax
Foreign current tax on profits for the current period
5,646
6,227
Deferred tax
Origination and reversal of timing differences
687,300
845,706
Total tax charge
692,946
851,933
EASTERTON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 22 -

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

2024
2023
£
£
Profit before taxation
2,423,179
2,358,407
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
605,795
589,602
Tax effect of expenses that are not deductible in determining taxable profit
17,677
9,022
Gains not taxable
130,142
-
0
Effect of change in corporation tax rate
-
312,924
Depreciation on assets not qualifying for tax allowances
4,992
5,327
Amortisation on assets not qualifying for tax allowances
5,000
5,000
Other permanent differences
(70,660)
(10,101)
Enhanced Capital Allowances
-
0
(59,841)
Taxation charge
692,946
851,933
9
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
200,000
Amortisation and impairment
At 1 January 2024
40,000
Amortisation charged for the year
20,000
At 31 December 2024
60,000
Carrying amount
At 31 December 2024
140,000
At 31 December 2023
160,000
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.

More information on impairment movements in the year is given in note .

EASTERTON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
10
Tangible fixed assets
Group
Freehold property
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
728,162
199,677
29,025,420
1,031,050
30,984,309
Additions
-
0
-
0
5,779,850
674,009
6,453,859
Disposals
-
0
-
0
(1,779,857)
(258,028)
(2,037,885)
At 31 December 2024
728,162
199,677
33,025,413
1,447,031
35,400,283
Depreciation and impairment
At 1 January 2024
31,784
19,968
9,233,748
442,771
9,728,271
Depreciation charged in the year
2,700
19,968
3,077,682
172,444
3,272,794
Eliminated in respect of disposals
-
0
-
0
(765,321)
(171,876)
(937,197)
At 31 December 2024
34,484
39,936
11,546,109
443,339
12,063,868
Carrying amount
At 31 December 2024
693,678
159,741
21,479,304
1,003,692
23,336,415
At 31 December 2023
696,378
179,709
19,791,672
588,279
21,256,038
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
2023
£
£
£
£
Plant and equipment
8,372,654
7,959,050
-
0
-
0
Motor vehicles
136,596
79,138
-
0
-
0
8,509,250
8,038,188
-
-
11
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024 and 31 December 2024
2,359,559
-

The property has been included in the financial statements at cost. The directors are of the opinion that the value at 31 December 2024 is a fair reflection of the market value.

EASTERTON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
7,100,100
7,100,100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
7,100,100
Carrying amount
At 31 December 2024
7,100,100
At 31 December 2023
7,100,100
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
Indirect
Forsyth of Denny Limited
Scotland
Ordinary
100.00
-
Ulster Energy Limited
Scotland
Ordinary
100.00
-
Towercrane Services Limited
Scotland
Ordinary
0
100.00
Dan McNally Limited
Republic of Ireland
Ordinary
100.00
-
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Consumables
64,840
32,900
-
0
-
0
EASTERTON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,332,222
3,825,229
-
0
-
0
Corporation tax recoverable
5,751
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
890,097
890,097
Other debtors
68,904
243,160
-
0
-
0
Prepayments and accrued income
429,086
379,999
-
0
-
0
3,835,963
4,448,388
890,097
890,097
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
-
0
1,398
-
0
-
0
Obligations under finance leases
18
1,924,587
2,021,732
-
0
-
0
Trade creditors
1,192,439
1,605,207
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
100
100
Other taxation and social security
604,944
247,963
-
-
Other creditors
1,562,859
904,741
-
0
-
0
Accruals and deferred income
188,045
257,419
-
0
-
0
5,472,874
5,038,460
100
100

Amounts included within obligations under finance leases are secured over the assets to which they relate.

 

"Other creditors" includes the amount of £1,314,868 (2023 - £868,248) due by the Group to a Director.

EASTERTON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
-
0
8,329
-
0
-
0
Obligations under finance leases
18
3,310,448
3,555,449
-
0
-
0
Other creditors
5,016,611
6,305,088
-
0
-
0
8,327,059
9,868,866
-
-

Amounts included within obligations under finance leases are secured over the assets to which they relate.

 

"Other creditors" includes the amount of £5,016,611 (2023 - £6,305,088) due by the Group to a Director.

18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
1,924,578
2,021,732
-
0
-
0
In two to five years
3,310,457
3,555,449
-
0
-
0
5,235,035
5,577,181
-
-

Finance lease payments represent rentals payable by the group for certain items of plant, machinery and motor vehicles. 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 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Obligations under finance leases are secured over the assets to which they relate.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
5,492,682
4,493,747
Tax losses
(2,944,431)
(2,633,249)
Retirement benefit obligations
(4,348)
(3,895)
2,543,903
1,856,603
The company has no deferred tax assets or liabilities.
EASTERTON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
19
Deferred taxation
(Continued)
- 27 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
1,856,603
-
Charge to profit or loss
687,300
-
Liability at 31 December 2024
2,543,903
-
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
195,624
163,627

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
7,990,097
7,990,097
7,990,097
7,990,097
22
Own shares

The "share premium" records the difference between the nominal value of the shares purchased for Forsyth of Denny Limited and the consideration given for these shares via the share-for-share exchange transaction which took place previously to facilitate the group reorganisation.

EASTERTON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
23
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
2023
£
£
£
£
Within one year
39,946
39,946
-
-
Between two and five years
159,784
159,784
-
-
In over five years
9,986
49,932
-
-
209,716
249,662
-
-
24
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
8,708,445
2,275,810
-
-
25
Related party transactions
Transactions with related parties

During the year under review, the company has paid £268,436 (2023 - £140,103) to related parties for consultancy services received.

 

During the year under review, the company has paid £30,871 (2023 - £219,552) to related parties for the hire of equipment used in the conduct of its trades.

 

During the year under review, the company has also paid rent of £172,535 (2023 - £75,400) to Mr H McNally, director and shareholder, for use of commercial land and premises used.

26
Directors' transactions

The director's loan account consists of ten different loans provided to the company by a director, Eight of these loans are charged interest and are done so in line with the market rate of interest at the time when said director provided each loan to the company. Interest of £166,085 (2023 - £212,741) was charged on these loans of which £18,000 remains accrued at the year end. The remaining loan is interest free loan and is payable on demand.

 

 

 

EASTERTON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
27
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,730,233
1,506,474
Adjustments for:
Taxation charged
692,946
851,933
Finance costs
409,822
348,777
Investment income
(134)
-
0
Gain on disposal of tangible fixed assets
(520,566)
(165,095)
Amortisation and impairment of intangible assets
20,000
20,000
Depreciation and impairment of tangible fixed assets
3,272,794
2,722,849
Movements in working capital:
(Increase)/decrease in stocks
(31,940)
11,945
Decrease/(increase) in debtors
618,176
(577,028)
Increase in creditors
532,957
795,892
Cash generated from operations
6,724,288
5,515,747
28
Analysis of changes in net debt - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,351,276
(169,752)
1,181,524
Borrowings excluding overdrafts
(6,314,815)
1,298,204
(5,016,611)
Obligations under finance leases
(5,577,181)
342,146
(5,235,035)
(10,540,720)
1,470,598
(9,070,122)
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