Company registration number 08813037 (England and Wales)
DATIM LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
DATIM LTD
COMPANY INFORMATION
Directors
Mr M J Hughes
Mr C Hughes
Mr G Hughes
Mr D Hughes
Company number
08813037
Registered office
Foxwood Industrial Park
Foxwood Road
Chesterfield
Derbyshire
S41 9RN
Auditor
Benee Consulting Limited
48 Durrell Drive
Rugby
Warwickshire
CV22 7GW
Accountant
Oldfield Advisory LLP
1120 Elliott Court
Herald Avenue
Coventry
CV5 6UB
DATIM LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 28
DATIM LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be the specialisation in the manufacturing of other builders' carpentry and joinery. DATIM manufactures and supplies doorsets and ironmongery to the residential, student living, hotel, and retirement living sectors across the UK and Ireland.
Review of the business
Business environment
Contractors in the Residential, Student Living, Hotels and Retirement Living sectors across UK & Ireland require quality products that can be fitted efficiently, delivered to project timescales to ensure the success of their overall project. This relies on a strong supply chain and an efficient manufacturing and assembly process. Datim are continuously reviewing and sourcing alternative suppliers, and continue to invest in machinery, staff and training for production to ensure the manufacturing and assembly process continues to lead the industry.
Strategy
As a family owned company now in its third generation of ownership, Datim have strong values and hold themselves to the highest standards. The business was established nearly 30 years ago, and its success is built on consistent quality every time. Datim's approach is on a partnership basis with clients, from initial enquiry through the project handover. Datim are audited annually for ISO9001, ISO14001 & ISO45001 together with 3rd party Q Mark Fire and Enhance Security as well as Certifier along with FSC & PEFC chain of Custody demonstrate our commitment to lead the field in compliance in an industry where only quality, proven, tested and assured products will do. This all ensures the culture of high standards of quality are embedded in the team and are constantly maintained.
Principal risks and uncertainties
Risk acceptance and risk management is continually monitored by means of a framework of policies, procedures and internal controls. All such policies and procedures are overseen by the board of directors and senior management and are constantly under review to comply with statutory regulations and best practice.
The principal risks to the business are the general economic situation in the United Kingdom, where most sectors of the economy, including the construction industry, are being affected by inflationary pressures and low confidence, which is impacting investment. The directors manage this risk through careful management of the sales pipeline and through rigorous cost control procedures are each step in the process of a job.
The company continues to offer credit terms to customers, and credit risk is managed through rigorous review of creditworthiness of all customers prior to accepting an order, and strong credit control processes following deliveries. The current debtor days KPI is testament to the effectiveness of these procedures.
Development and performance
The company has continued to make solid progress during the year, with operational performance underpinned by effective management practices, disciplined cost control, and steady demand across key customer segments.
Continued investment in systems, people and process improvements has supported margin growth and enabled the group to maintain healthy profitability. The company's financial position has strengthened further, supported by positive cash flows and a solid balance sheet. The directors consider the overall performance to be in line with expectations and reflective of the group’s long-term strategic objectives.
Key performance indicators
The directors were pleased to report an operating profit of 14.15% for the year (2023 - 10.7%), which continues a track record of strong performance. However, there was an improvement due to the controlled expenses aimed at increasing the productivity and capacity of the company.
At the year end the company had shareholders funds of £5,367,419 (2023 - £4,812,331). The directors believe the company's position to be satisfactory, especially as the company's net current assets for 2024 £3,477,975 (2023 - £3,711,759), resulting in a strong current ratio, at the end of the year, of 2.27 (2023 - 2.47).
DATIM LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Other performance indicators
Client satisfaction and repeat work are key non-financial indicators. NPI (net promotor indicator) feedback is formally requested from clients either upon delivery of goods or at the end of each project.
The directors and its senior management team consider health and safety performance to be a primary non-financial indicator.
Future Developments
The company continues to perform well and is continuing to focus on continually improving quality and lead times to meet the requirements of sector. The company continues to invest in highly trained staff and systems to ensure high levels of service to our customers.
Mr M J Hughes
Director
2 July 2025
DATIM LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £1,328,018. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M J Hughes
Mr C Hughes
Mr G Hughes
Mr D Hughes
Financial instruments
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Future developments
Details of future developments are given in the Strategic Report.
Auditor
The auditor, Benee Consulting Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
DATIM LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
Mr M J Hughes
Director
2 July 2025
DATIM LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
DATIM LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DATIM LTD
- 6 -
Opinion
We have audited the financial statements of Datim Ltd (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
DATIM LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DATIM LTD (CONTINUED)
- 7 -
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and 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:
returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made.
we have not received all the information and explanations we require for our audit
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
DATIM LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DATIM LTD (CONTINUED)
- 8 -
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of
journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Sarah Flint BSc FCA (Senior Statutory Auditor)
For and on behalf of Benee Consulting Limited
2 July 2025
Chartered Accountant and Statutory Auditor
48 Durrell Drive
Rugby
Warwickshire
CV22 7GW
DATIM LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
18,051,695
18,963,874
Cost of sales
(11,580,806)
(13,111,396)
Gross profit
6,470,889
5,852,478
Administrative expenses
(3,935,913)
(3,835,131)
Other operating income
19,600
19,600
Operating profit
4
2,554,576
2,036,947
Interest receivable and similar income
8
2,401
3,665
Interest payable and similar expenses
9
(21,135)
(25,070)
Amounts written off investments
10
-
43,184
Profit before taxation
2,535,842
2,058,726
Tax on profit
11
(652,736)
(486,539)
Profit for the financial year
1,883,106
1,572,187
The profit and loss account has been prepared on the basis that all operations are continuing operations.
DATIM LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
£
£
Profit for the year
1,883,106
1,572,187
Other comprehensive income
-
-
Total comprehensive income for the year
1,883,106
1,572,187
DATIM LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
32,500
38,500
Other intangible assets
13
393,264
Total intangible assets
425,764
38,500
Tangible assets
14
1,786,514
1,508,059
2,212,278
1,546,559
Current assets
Stocks
15
2,189,468
1,881,280
Debtors
16
3,327,001
3,470,091
Cash at bank and in hand
688,971
876,318
6,205,440
6,227,689
Creditors: amounts falling due within one year
17
(2,613,998)
(2,515,930)
Net current assets
3,591,442
3,711,759
Total assets less current liabilities
5,803,720
5,258,318
Creditors: amounts falling due after more than one year
18
(214,218)
(292,749)
Provisions for liabilities
Deferred tax liability
21
222,083
153,238
(222,083)
(153,238)
Net assets
5,367,419
4,812,331
Capital and reserves
Called up share capital
25
102
102
Profit and loss reserves
5,367,317
4,812,229
Total equity
5,367,419
4,812,331
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 2 July 2025 and are signed on its behalf by:
Mr M J Hughes
Director
Company registration number 08813037 (England and Wales)
DATIM LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
102
3,328,516
3,328,618
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,572,187
1,572,187
Dividends
12
-
(88,474)
(88,474)
Balance at 31 December 2023
102
4,812,229
4,812,331
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,883,106
1,883,106
Dividends
12
-
(1,328,018)
(1,328,018)
Balance at 31 December 2024
102
5,367,317
5,367,419
DATIM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information
Datim Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Foxwood Industrial Park, Foxwood Road, Chesterfield, Derbyshire, S41 9RN.
The principal activity of the company continued to be the specialisation in the manufacturing of other builders' carpentry and joinery. DATIM manufactures and supplies doorsets and ironmongery to the residential, student living, hotel, and retirement living sectors across the UK and Ireland.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Datim Holdings Ltd. These consolidated financial statements are available from its registered office, Datim Supplies, Foxwood Industrial Park, Chesterfield, Derbyshire, S41 9RN.
Datim Ltd is a majority-owned subsidiary of Datim Holdings Ltd and the results of Datim Ltd Ltd are included in the consolidated financial statements of Datim Holdings Ltd which are available from: Foxwood Industrial Park, Chesterfield, Derbyshire, S41 9RN.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
DATIM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Trademarks
20% straight line
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
DATIM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% on cost
Plant and equipment
20% / 25% on cost
Fixtures and fittings
25% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
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.
Stock is measured on a first in, first-out 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.
DATIM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
DATIM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
DATIM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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 leases asset are consumed.
1.17
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
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.
The company does not enter into formal forward foreign exchange contracts. Foreign currency requirements are fulfilled through spot purchases as needed, and balances are maintained in a euro bank account to support ongoing euro-denominated expenditure. Quoted rates are aligned to the average rate achieved on currency purchases during the period.
DATIM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Doorset
12,853,932
14,394,088
Ironmongery
5,197,763
4,569,786
18,051,695
18,963,874
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
18,051,695
18,963,874
2024
2023
£
£
Other revenue
Interest income
2,401
2,607
Grants received
7,600
7,600
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Research and development costs
20,184
38,668
Government grants
(7,600)
(7,600)
Fees payable to the company's auditor for the audit of the company's financial statements
12,400
11,000
Depreciation of owned tangible fixed assets
217,778
371,199
Depreciation of tangible fixed assets held under finance leases
182,025
-
Profit on disposal of tangible fixed assets
(43,532)
(27,282)
Amortisation of intangible assets
37,886
6,000
Operating lease charges
392,312
328,865
DATIM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,400
11,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
82
83
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,910,999
3,115,697
Social security costs
309,381
299,487
Pension costs
71,497
61,596
3,291,877
3,476,780
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
50,280
49,602
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
2,202
2,607
Other interest income
199
Total interest revenue
2,401
2,607
Income from fixed asset investments
Income from participating interests - associates
1,058
Total income
2,401
3,665
DATIM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
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
2,202
2,607
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
76
839
Other finance costs:
Interest on finance leases and hire purchase contracts
21,059
24,231
21,135
25,070
10
Amounts written off investments
2024
2023
£
£
Amounts written back to current loans
-
43,184
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
583,891
443,324
Adjustments in respect of prior periods
(5,746)
Total current tax
583,891
437,578
Deferred tax
Origination and reversal of timing differences
68,845
48,961
Total tax charge
652,736
486,539
DATIM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
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
2,535,842
2,058,726
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.51%)
633,961
484,006
Tax effect of expenses that are not deductible in determining taxable profit
1,833
2,479
Gains not taxable
(10,883)
(23,856)
Adjustments in respect of prior years
(5,746)
Permanent capital allowances in excess of depreciation
(41,020)
(19,305)
Deferred Tax adjustment
68,845
48,961
Taxation charge for the year
652,736
486,539
Factors that may affect future tax charges
Future tax charges may be affected by changes in corporation tax rates, the utilisation of capital allowances on qualifying plant and property investments, and the treatment of expenditure incurred in the year relating to repairs and refurbishments. No material unrecognised deferred tax assets or liabilities exist at the reporting date, and the group does not anticipate significant movements outside normal trading activity.
12
Dividends
2024
2023
£
£
Interim paid
1,328,018
88,474
DATIM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
13
Intangible fixed assets
Goodwill
Trademarks
Total
£
£
£
Cost
At 1 January 2024
60,000
60,000
Additions
425,150
425,150
At 31 December 2024
60,000
425,150
485,150
Amortisation and impairment
At 1 January 2024
21,500
21,500
Amortisation charged for the year
6,000
31,886
37,886
At 31 December 2024
27,500
31,886
59,386
Carrying amount
At 31 December 2024
32,500
393,264
425,764
At 31 December 2023
38,500
38,500
14
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
636,342
952,159
357,950
469,527
2,415,978
Additions
394,074
105,000
195,190
694,264
Disposals
(3,015)
(104,843)
(107,858)
At 31 December 2024
636,342
1,346,233
459,935
559,874
3,002,384
Depreciation and impairment
At 1 January 2024
34,195
479,305
169,006
225,413
907,919
Depreciation charged in the year
12,726
182,762
77,077
127,238
399,803
Eliminated in respect of disposals
(1,696)
(90,156)
(91,852)
At 31 December 2024
46,921
662,067
244,387
262,495
1,215,870
Carrying amount
At 31 December 2024
589,421
684,166
215,548
297,379
1,786,514
At 31 December 2023
602,147
472,854
188,944
244,114
1,508,059
DATIM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Tangible fixed assets
(Continued)
- 24 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and equipment
182,144
271,707
Motor vehicles
242,533
150,267
424,677
421,974
Depreciation charged during the year amounted to £92,462 (2023: £78,136) in respect of motor vehicles and £89,563 (2023: £82,969) in respect of plant and machinery. The assets are depreciated on a straight-line basis over useful lives of 4 years for motor vehicles and 5 years for plant and machinery. The assets are secured under hire purchase agreements, and legal title passes to the company upon settlement of the final instalment.
15
Stocks
2024
2023
£
£
Raw materials and consumables
744,258
830,727
Work in progress
1,445,210
1,050,553
2,189,468
1,881,280
The cost of inventories recognised as an expense during the year in respect of goods sold and other direct costs amounted to £11,580,806 (2023: £13,111,396). This is included within cost of sales in the profit and loss account.
The differences between purchase and replacement cost are not material.
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,434,098
1,939,831
Amounts owed by group undertakings
288,474
751,529
Other debtors
307,455
651,525
Prepayments and accrued income
296,974
127,206
3,327,001
3,470,091
DATIM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Debtors
(Continued)
- 25 -
Included within amounts owed by group undertakings is a balance of £288,474 due from Datim Holdings Ltd, the parent company. Other debtors includes balances of £41,115 due from a connected company, and £266,340 in respect of directors’ current accounts. These amounts are unsecured, interest-free, and repayable on demand. Further details of transactions with related parties are disclosed in Note 28 – Related Party Transactions.
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
19
185,596
185,503
Trade creditors
1,365,491
1,026,859
Corporation tax
305,924
437,597
Other taxation and social security
448,291
353,513
Government grants
22
7,600
7,600
Other creditors
14,551
Accruals and deferred income
301,096
490,307
2,613,998
2,515,930
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
19
100,751
171,682
Government grants
22
113,467
121,067
214,218
292,749
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
185,596
185,503
In two to five years
100,751
171,682
286,347
357,185
Finance lease payments represent rentals payable by the company 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. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
DATIM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
20
Capital Commitments
At 31 December 2024, the company had contracted capital commitments not provided for in the financial statements amounting to £613,362 in respect of the supply and installation of a biomass boiler and extraction system. This commitment arises from a signed purchase order with Talbott’s Biomass Energy Systems Ltd dated October 2024. The outstanding obligation is expected to be settled during 2025.
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
222,083
153,238
2024
Movements in the year:
£
Liability at 1 January 2024
153,238
Charge to profit or loss
68,845
Liability at 31 December 2024
222,083
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
22
Government grants
2024
2023
£
£
Arising from government grants
121,067
128,667
Included in the financial statements as follows:
Current liabilities
7,600
7,600
Non-current liabilities
113,467
121,067
121,067
128,667
23
Reserves
The company’s only reserve, other than share capital, is the profit and loss account, which represents accumulated retained earnings available for distribution.
DATIM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
71,497
61,596
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
25
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
102
102
102
102
26
Financial commitments, guarantees and contingent liabilities
The company has provided a unilateral guarantee in respect of a bank loan facility held by its parent undertaking, Datim Holdings Ltd, with HSBC Bank Ltd. The borrowing is secured by a fixed charge over property held within the group. No liability is expected to arise under this guarantee.
27
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
375,226
347,312
Between two and five years
482,053
381,087
857,279
728,399
DATIM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
28
Related party transactions
During the year, included in debtors due within one year is an intercompany account balance with the parent undertaking. At the 31 December 2024 the amount due from the parent undertaking £288,474 (2023 - £751,529).No interest is charged on the intercompany account and the balance is repayable on demand.
During the year ended 2024, the company paid rent totalling £195,000 to the parent undertaking (2023 - £195,000).
Also included in debtors due within one year is a balance due from a related company for the year amounting £41,115 (2023 - £136,456).
During the financial year, transactions were conducted between Datim Ltd and Concealed Integrated Systems Ltd, a related party. CISCO Ltd is considered a related party due to common directorship.Purchases made on behalf of CISCO Ltd totaled £307,542 (2023 - £784,665), while sales to CISCO Ltd amounted to £307,542 (2023 - £938,562) during the same period. These transactions are disclosed in accordance with FRS102.
Other debtors due within one year includes interest free advances to directors and their close family members totalling £241,541(2023 - £444,577). The advances were repaid in full after the balance sheet date and prior to the approval of these financial statements.
Included within wages and salaries is an amount of £47,850 paid to family members of the directors during the year.
29
Directors' transactions
During the year, the company had outstanding balances with certain directors arising from current account transactions. At the balance sheet date, amounts totalling £266,340 (2023: £479,399) were due from directors.
These balances are unsecured, interest-free, and repayable on demand. No guarantees have been given or received in respect of these amounts, and no provisions have been made.
Further details of transactions with related parties are provided in Note 28.
30
Ultimate controlling party
The parent company is Datim Holdings Ltd. Consolidated group accounts are available upon request from the registered office of the parent company at Foxwood Ind Pk, Foxwood Rd, Chesterfield S41 9RN.
The company is under the control of the directors of Datim Holdings by virtue of their shareholding in Datim Holdings.
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