Company registration number 08784330 (England and Wales)
DCM (CORNWALL) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
DCM (CORNWALL) LIMITED
COMPANY INFORMATION
Directors
Mr T Dale
Mrs M Dale
Mrs S L Cadge
Mrs C J Peters
Mr D E Cadge
Mr S S Peters
Mr J S Rouse
Secretary
Mrs M Dale
Company number
08784330
Registered office
Wheal Rose
Scorrier
Redruth
Cornwall
TR16 5BX
Auditor
Phillips Frith LLP
9 Tregarne Terrace
St Austell
Cornwall
PL25 4DD
DCM (CORNWALL) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of income and retained earnings
8
Group balance sheet
9
Company balance sheet
10
Group statement of cash flows
11
Notes to the financial statements
12 - 26
DCM (CORNWALL) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Fair review of the business
2024 was simply a very successful year for the group. Despite the turmoil of increasing interest rates, inflation and an election, it has been clear that our focus on customer service and standards is the correct strategy. We continued our investment in premises with the start of 2 new projects. The first a complete refurbishment of the Seat Scorrier site to add Cupra starting in December 2024 and opening in April 2025. The second the building of a brand-new workshop at Scorrier to house additional mechanical ramps and a comprehensive Smart repair facility offering a full range of services.
The BEV (Battery Electric Vehicle) continues to be at the top of the list of challenges and the Government mandate of 20% of all new sales has certainly focused the mind. We adapted our practices early on and I am pleased to say that we met the challenge, and it has gone someway to underlining the group success in 2024.
The financial picture saw further growth in turnover and profit. Turnover saw an increase of 8.8%, with new car numbers increasing by 9.8%, used car numbers increasing by 5%, workshop hours increasing by 5.9% and parts turnover increasing by 14.6%. Gross profit rose from 11.9% in 2023 to 12.2% in 2024, and administrative expenses grew from 8.8% vs turnover to 9.3%, with an absolute increase of 13%. This growth in expenses can be attributed to inflation and an increase in staff numbers and salaries. This is something that we will continue to monitor, partly because of the future increased costs to the business from the first Labour budget in October 2024. With that said, I would consider our PBT (profit before tax) as a percentage of turnover at 2.98% an outstanding result and a wonderful reflection of the hard work put in by all the team.
Principal risks and uncertainties
The principle risks and uncertainties to the business are monitored by the directors and are considered to be:
The group depends on the vehicle manufacturers’ financial condition, marketing, vehicle design, production and distribution capabilities, reputation, management and industrial relations. A failure by the manufacturer in the areas noted could lead to losses. The manufacturers (Renault, Vauxhall, SEAT, Cupra, Suzuki and Dacia) provide a wide variety of sales incentives, warranties and other programmes that are intended to promote and support new vehicle sales at our dealerships. If the manufacturers reduce or discontinue incentive programmes, this could have an adverse impact on our business.
Used vehicle prices can vary significantly and as a significant proportion of our business comprises of used vehicle sales these variations can have a material impact on our business. Whilst currently experiencing a buoyant market as a result of the suppressed new car production the impact of any future declines in used vehicle prices could result in reduced profits on sales and also write-downs in the value of used vehicle stock.
The group has invested heavily in its people and its reputation over a number of years. It is therefore reliant on these individuals to a degree in delivering the company result and reinforcing the underlying Dales brand. The group undertakes a regular review of remuneration and packages to ensure that it attracts and retains the best people.
The group competes with other franchised vehicle dealerships, independent used vehicle sellers, private buyers and sellers, internet based dealers, independent service and repair shops and vehicle manufacturers who have entered the retail market. We compete for the sale of new and used vehicles, the performance of warranty repairs, non-warranty repairs, routine maintenance business and for the provision of spare parts. The principle competitive factors in service and parts sales are price, familiarity with a manufacturer’s brands and models and the quality of customer service.
The success of the business is reliant on consumer spending. An economic downturn, resulting in reduction of consumer spending power will have a direct impact on the income achieved by the group and is a very real risk in the current uncertain market.
In response to this risk, senior management aim to keep abreast of economic conditions. In cases of severe economic downturn, marketing and pricing strategies are modified to reflect the new market conditions.
DCM (CORNWALL) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Development and performance
The groups electrification continues with further demands from the franchises for more charging points across our properties, as in previous years. We also have further invested in premises with the building of a new workshop starting in Q4 and the complete refurbishment of Scorrier Seat and introduction of Cupra there. We will continue to monitor the electric car situation, and the Chinese offerings there, but are confident that we have a strong offering across all our franchises and sites.
Key performance indicators
The directors have monitored the overall group strategy and the individual strategic elements by reference to gross margin and operating profit. Monthly management accounts produced by the trading companies are analysed in order to ensure the group continues to trade profitably.
Mr D E Cadge
Director
21 July 2025
DCM (CORNWALL) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the group continued to be the operation of a motor dealership along with commercial property investment.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £1,002,379. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr T Dale
Mrs M Dale
Mrs S L Cadge
Mrs C J Peters
Mr D E Cadge
Mr S S Peters
Mr J S Rouse
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
DCM (CORNWALL) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
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.
On behalf of the board
Mr D E Cadge
Director
21 July 2025
DCM (CORNWALL) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DCM (CORNWALL) LIMITED
- 5 -
Opinion
We have audited the financial statements of DCM (Cornwall) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
DCM (CORNWALL) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DCM (CORNWALL) LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We consider that the group's financial statements have a low susceptibility of material misstatement as a result of fraud. The main trading subsidiary is a motor dealership and the opportunity for fraud to occur would be limited due to the strict regulations in place for registering new vehicles with the manufacturer and the DVLA and the internal controls over used vehicle stock. There is minimal cash handling by nature of the type of transactions and therefore any fraud from misappropriation of cash would be trivial.
The main laws and regulations of significance to the group would be those of the main subsidiary trading company. These are: FCA compliance, health and safety regulations, employment law, tax and accounting law, etc.
Our audit work in response to the risks identified included but was not limited to:
- Enquiry of management and those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing legal fee invoices for any evidence of non-compliance.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
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.
DCM (CORNWALL) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DCM (CORNWALL) LIMITED
- 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.
Amy Sole (Senior Statutory Auditor)
21 July 2025
For and on behalf of Phillips Frith LLP
Chartered Accountants
Statutory Auditor
9 Tregarne Terrace
St Austell
Cornwall
PL25 4DD
DCM (CORNWALL) LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
90,851,214
83,533,268
Cost of sales
(79,748,737)
(73,542,923)
Gross profit
11,102,477
9,990,345
Administrative expenses
(8,309,250)
(7,424,209)
Other operating expenses
-
(91,250)
Operating profit
4
2,793,227
2,474,886
Interest receivable and similar income
7
104,272
85,687
Interest payable and similar expenses
8
(278,052)
(249,232)
Profit before taxation
2,619,447
2,311,341
Tax on profit
9
(664,775)
(559,946)
Profit for the financial year
25
1,954,672
1,751,395
Retained earnings brought forward
9,300,521
8,375,126
Dividends
(1,165,379)
(826,000)
Retained earnings carried forward
10,089,814
9,300,521
Profit for the financial year is attributable to:
- Owners of the parent company
1,861,487
1,663,761
- Non-controlling interests
93,185
87,634
1,954,672
1,751,395
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,861,487
1,663,761
- Non-controlling interests
93,185
87,634
1,954,672
1,751,395
DCM (CORNWALL) LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
5,465
5,465
Tangible assets
12
5,622,307
5,380,080
5,627,772
5,385,545
Current assets
Stocks
16
7,219,596
7,361,750
Debtors
17
1,745,596
1,936,906
Cash at bank and in hand
2,704,566
1,836,756
11,669,758
11,135,412
Creditors: amounts falling due within one year
18
(6,624,614)
(6,587,001)
Net current assets
5,045,144
4,548,411
Total assets less current liabilities
10,672,916
9,933,956
Creditors: amounts falling due after more than one year
19
(577,630)
(638,618)
Provisions for liabilities
Deferred tax liability
21
98,100
87,445
(98,100)
(87,445)
Net assets
9,997,186
9,207,893
Capital and reserves
Called up share capital
23
10,000
10,000
Profit and loss reserves
25
10,355,335
9,496,227
Equity attributable to owners of the parent company
10,365,335
9,506,227
Non-controlling interests
(368,149)
(298,334)
9,997,186
9,207,893
The financial statements were approved by the board of directors and authorised for issue on 21 July 2025 and are signed on its behalf by:
21 July 2025
Mr D E Cadge
Director
DCM (CORNWALL) LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
13
5,116,612
4,875,206
Investments
14
10,950
10,950
5,127,562
4,886,156
Current assets
Debtors
17
3,347
3,347
Cash at bank and in hand
1,561,590
964,464
1,564,937
967,811
Creditors: amounts falling due within one year
18
(4,212,974)
(2,452,779)
Net current liabilities
(2,648,037)
(1,484,968)
Total assets less current liabilities
2,479,525
3,401,188
Creditors: amounts falling due after more than one year
19
(549,487)
(638,618)
Net assets
1,930,038
2,762,570
Capital and reserves
Called up share capital
23
10,000
10,000
Profit and loss reserves
25
1,920,038
2,752,570
Total equity
1,930,038
2,762,570
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 £169,846 (2023: £80,656 profit).
The financial statements were approved by the board of directors and authorised for issue on 21 July 2025 and are signed on its behalf by:
21 July 2025
Mr D E Cadge
Director
Company Registration No. 08784330
DCM (CORNWALL) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
3,343,982
1,582,921
Interest paid
(278,052)
(249,232)
Income taxes paid
(595,234)
(547,677)
Net cash inflow from operating activities
2,470,696
786,012
Investing activities
Purchase of tangible fixed assets
(480,791)
(465,618)
Proceeds on disposal of tangible fixed assets
-
33,090
Interest received
104,272
85,687
Net cash used in investing activities
(376,519)
(346,841)
Financing activities
Repayment of bank loans
(60,988)
(150,676)
Dividends paid to equity shareholders
(1,002,379)
(693,000)
Dividends paid to non-controlling interests
(163,000)
(133,000)
Net cash used in financing activities
(1,226,367)
(976,676)
Net increase/(decrease) in cash and cash equivalents
867,810
(537,505)
Cash and cash equivalents at beginning of year
1,836,756
2,374,261
Cash and cash equivalents at end of year
2,704,566
1,836,756
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information
DCM (Cornwall) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Wheal Rose, Scorrier, Redruth, Cornwall, TR16 5BX.
The group consists of DCM (Cornwall) Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The 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 certain disclosure requirements for parent company information presented within the consolidated financial statements.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company DCM (Cornwall) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.3
Going concern
Based on current bank balances, facilities and the level of trade at the time of approving the financial statements the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised in the consolidated Statement of Income and Retained Earnings at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on handover of the vehicle or in the case of workshop services, when the work is complete).It 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.
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Cherished registrations are not amortised as the directors believe their residual value to equate to at least cost.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Land -nil, buildings 2% on cost
Leasehold land and buildings
Over the period of the lease
Plant and equipment
20% - 33% on the straight line method
Fixtures and fittings
20% - 33% on the straight line method
Computers
25% - 33% on the straight line method
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 recognised in the profit and loss account.
1.7
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.
1.8
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).
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset 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. 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.
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.9
Stocks
Stock and work in progress are stated at the lower of cost and estimated selling price, after making due allowances for obsolete and slow-moving stock.
Estimated selling price less costs to complete and sell is based on the estimated selling price of the goods less any estimated completion or selling costs likely to be incurred on the sale.
The group has applied the accounting treatment required by FRS 102 Section 13 to its vehicle consignment stock. Where the interest free consignment period has expired, vehicles are included in the statement of financial position as stock with a matching liability for the purchase price included in trade creditors.
Stock valuation is regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including Glass' and CAP valuation guides. The directors maintain oversight of ageing stock profiles and a monthly review of the relevant provision is performed.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include only cash in hand.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets are all receivable within one year and are therefore not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors,bank and other loans are initially recognised at transaction price. Financial liabilities are all potentially payable within one year and are therefore not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts are all classified as current liabilities as payment is due within one year or less.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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.
1.14
Retirement benefits
The group operates a defined contribution plan for its employees. The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
1.15
Leases
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.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The judgements which have the most significant impact on the financial statements are those related to stock valuations, which is regularly monitored against age profile and market demand using CAP valuation guides. Any provision is reviewed on a monthly basis.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
79,031,574
74,065,108
Provision of services
6,398,503
5,648,975
Bonuses received
5,421,137
3,819,185
90,851,214
83,533,268
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 16 -
2024
2023
£
£
Other revenue
Interest income
104,272
85,687
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
238,564
228,644
(Profit)/loss on disposal of tangible fixed assets
-
50,641
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,661
4,525
Audit of the financial statements of the company's subsidiaries
39,200
32,232
43,861
36,757
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Sales and distribution
69
62
-
-
Administration
16
15
-
-
Workshop
49
45
-
-
Total
134
122
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 17 -
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,275,717
4,656,137
Social security costs
336,962
303,063
-
-
Pension costs
437,038
427,080
6,049,717
5,386,280
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
104,272
85,687
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
56,235
60,781
Other interest on financial liabilities
221,817
188,451
Total finance costs
278,052
249,232
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
654,120
531,991
Deferred tax
Origination and reversal of timing differences
10,655
27,955
Total tax charge
664,775
559,946
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 18 -
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
2,619,447
2,311,341
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
654,862
543,165
Tax effect of expenses that are not deductible in determining taxable profit
4,544
1,855
Permanent capital allowances in excess of depreciation
(18,723)
(30,429)
Depreciation in excess of capital allowances on consolidation of freehold property
10,623
17,400
Deferred tax adjustment
10,655
27,955
Taxation charge
661,961
559,946
Taxation charge in the financial statements
664,775
559,946
Reconciliation - the current year tax charge does not reconcile to the above analysis. Please review figures in the database.
(2,814)
-
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
1,002,379
693,000
11
Intangible fixed assets
Group
Cherished registrations
£
Cost
At 1 January 2024 and 31 December 2024
5,465
Amortisation and impairment
At 1 January 2024 and 31 December 2024
Carrying amount
At 31 December 2024
5,465
At 31 December 2023
5,465
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Intangible fixed assets
(Continued)
- 19 -
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
5,614,896
16,117
555,004
651,259
216,721
9,887
7,063,884
Additions
298,715
136,654
33,546
11,876
480,791
Disposals
(4,300)
(4,300)
At 31 December 2024
5,913,611
16,117
691,658
684,805
228,597
5,587
7,540,375
Depreciation and impairment
At 1 January 2024
669,333
16,117
415,144
400,158
178,642
4,410
1,683,804
Depreciation charged in the year
89,212
48,418
81,565
18,000
1,369
238,564
Eliminated in respect of disposals
(4,300)
(4,300)
At 31 December 2024
758,545
16,117
463,562
481,723
196,642
1,479
1,918,068
Carrying amount
At 31 December 2024
5,155,066
228,096
203,082
31,955
4,108
5,622,307
At 31 December 2023
4,945,563
139,860
251,101
38,079
5,477
5,380,080
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 21 -
Included in the cost of freehold property is freehold land amounting to £1,286,531 which is not depreciated.
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 January 2024
-
4,875,206
Additions through external acquisition
-
241,406
At 31 December 2024
-
5,116,612
Investment property comprises of commercial buildings used for trading purposes by group companies. The year end market value of the investment properties equated to cost in the opinion of the directors and was considered by reference to market evidence.
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
10,950
10,950
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
10,950
Carrying amount
At 31 December 2024
10,950
At 31 December 2023
10,950
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Dale's Central Motors Limited
Wheal Rose, Scorrier, Redruth, Cornwall TR16 5BX
Motor vehicle dealership
Ordinary
95
5
Dales Cornwall Limited
Wheal Rose, Scorrier, Redruth, Cornwall TR16 5BX
Motor vehicle dealership
Ordinary
95
5
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Parts and accessories
384,193
304,398
-
-
Work in progress
-
78,829
-
-
Vehicle stock
6,835,403
6,978,523
7,219,596
7,361,750
-
-
Excluded from stocks at the year end are vehicles received on consignment costing £4,692,682 (2023: £4,191,441 ) which are not accruing interest and are therefore not considered to be in substance assets of the group as at the balance sheet date.
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,606,324
1,800,154
Prepayments and accrued income
135,925
133,405
1,742,249
1,933,559
-
-
Amounts falling due after more than one year:
Deferred tax asset (note 21)
3,347
3,347
3,347
3,347
Total debtors
1,745,596
1,936,906
3,347
3,347
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
132,000
132,000
132,000
132,000
Other borrowings
20
250,000
250,000
Trade creditors
5,351,139
5,421,190
Amounts owed to group undertakings
4,009,600
2,185,427
Corporation tax payable
291,038
232,152
51,269
18,997
Other taxation and social security
50,389
36,582
-
-
Other creditors
214,038
183,122
20,105
10,105
Accruals and deferred income
336,010
331,955
106,250
6,624,614
6,587,001
4,212,974
2,452,779
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
577,630
638,618
549,487
638,618
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
709,630
770,618
681,487
770,618
Other loans
250,000
250,000
959,630
1,020,618
681,487
770,618
Payable within one year
382,000
382,000
132,000
132,000
Payable after one year
577,630
638,618
549,487
638,618
The bank loans are secured by way of a first legal charge over all of the freehold properties owned by the company and a cross guarantee with Dale's Central Motors Limited and Dales Cornwall Limited.
The other loan is secured by a floating charge over all the assets of Dale's Central Motors Limited.
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
97,111
87,445
-
-
Other timing difference
989
-
3,347
3,347
98,100
87,445
3,347
3,347
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Other timing difference
-
-
3,347
3,347
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
21
Deferred taxation
(Continued)
- 24 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 January 2024
84,098
(3,347)
Charge to profit or loss
10,655
-
Liability/(Asset) at 31 December 2024
94,753
(3,347)
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
437,038
427,080
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. There were no amounts outstanding at the year end.
On 8th December 2005, the Dale's Central Motors Limited Discretionary Pension Scheme was established. This is a Small Self Administered Scheme (SSAS), the trustees and members of which are the directors of the group. The group's contributions are charged against profit in the year in which they accrue. The group made payments to the SSAS of £240,000 (2022: £160,000) during the year. There were no amounts outstanding at the year end.
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
2700 A Ordinary shares of £1 each
2,700
2,700
10,000
10,000
All shares have equal voting and distribution rights on winding up, but dividends are calculated separately.
24
Contingent Liabilities
Barclays Bank PLC holds an unlimited multi lateral guarantee over the assets of DCM (Cornwall) Limited, Dales Cornwall Limited and Dale's Central Motors Limited for security over the overdraft facility and bank loan. At 31 December 2024 and 2023 the bank borrowings of Dales Cornwall Limited and Dale's Central Motors Limited were nil.
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
25
Reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
9,496,227
8,525,466
2,752,570
3,364,914
Profit for the year
1,861,487
1,663,761
169,847
80,656
Dividends
(1,002,379)
(693,000)
(1,002,379)
(693,000)
At the end of the year
10,355,335
9,496,227
1,920,038
2,752,570
26
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2024
2023
£
£
Aggregate compensation
345,694
338,089
Other information
The company has taken advantage of the exemption under FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 33, not to disclose related party transactions with the subsidiary companies, which meet the definition of "wholly owned" by way of the fact that all shareholders act only behalf of the entities within the group.
Mr T Dale and Mrs M Dale have personally guaranteed the other loan of £250,000 (2023: £250,000).
27
Controlling party
The ultimate controlling party is Mr T Dale and his wife Mrs M Dale who are both directors and shareholders of the company.
28
Directors' transactions
Group
Included within creditors due within one year are amounts due to the directors amounting to £42,076 (2023: £31,942). The loans are interest free with no set terms for repayment. The balances remained in credit throughout the period.
Company
Included within creditors due within one year are amounts due to the directors amounting to £20,105 (2023: £10,105). The loans are interest free with no set terms for repayment. The balances remained in credit throughout the period.
Dividends
Dividends totalling £1,002,379 (2023: £693,000) were paid in the year in respect of shares held by the company's directors.
DCM (CORNWALL) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
29
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,954,672
1,751,395
Adjustments for:
Taxation charged
664,775
559,946
Finance costs
278,052
249,232
Investment income
(104,272)
(85,687)
(Gain)/loss on disposal of tangible fixed assets
-
50,641
Depreciation and impairment of tangible fixed assets
238,564
228,644
Movements in working capital:
Decrease/(increase) in stocks
142,154
(678,746)
Decrease/(increase) in debtors
191,310
(195,132)
Decrease in creditors
(21,273)
(297,371)
Cash generated from operations
3,343,982
1,582,922
30
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,836,756
867,810
2,704,566
Borrowings excluding overdrafts
(1,020,618)
60,988
(959,630)
816,138
928,798
1,744,936
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