Company registration number 00626933 (England and Wales)
CHELSOM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CHELSOM LIMITED
COMPANY INFORMATION
Directors
Mr R R Chelsom
Mr W R J Chelsom
Ms G S Thompson
Mr J Hadley
Mr D M Moorhouse
Mr S Payne
Ms J Brogan
Secretary
Ms G S Thompson
Company number
00626933
Registered office
Heritage House
Clifton Road
Blackpool
FY4 4QA
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
CHELSOM LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of income and retained earnings
9
Balance sheet
10
Notes to the financial statements
11 - 26
CHELSOM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Introduction
During the year 2024, Chelsom remained focused on its core activities of designing, manufacturing and supplying decorative contract lighting to the hospitality and marine markets globally. As for most companies around the world in many different market sectors, trading conditions remained challenging but Chelsom continued to win a large number of high profile projects among hotels and cruise ships worldwide. Those markets nevertheless continued to be restrained by the long-term effects of the Covid pandemic, the ongoing war in Europe and the Middle East, anxieties surrounding elections in the UK and the USA and a general nervousness about world trade. Against a backdrop of those conditions, the directors were satisfied to make a trading profit whilst continuing to push forward for future growth in the years to come.
Review of the business
Sales turnover for the year reached £11.4m which was a slight reduction as against the previous year’s trading. A number of significant projects which were supposed to come to fruition in the 2024 year were delayed with deliveries moving into 2025. The company showed an operating profit of £80,988. The board of directors continued to meet on a monthly basis to review monthly management accounts and discuss overall strategy in order to steer the company forward successfully. This has always enabled a good degree of agility and flexibility in current and forward planning to ensure robust and long-term thinking when considering the ups and downs of the hospitality contract market. Stock levels, cash flow, debtors, creditors, all overheads and the company sales strategy are reviewed at a granular level to ensure all employees are supported in driving the business forward. A number of cost cutting initiatives including staff redundancies were implemented during the year and these show substantial savings in expenditure within budget forecasts for 2025.
There is a continuing strategy to push for long-term growth whilst moving forward prudently in the world’s difficult trading conditions. The new ERP and CRM computer systems introduced at the beginning of the year have allowed a much greater in-depth review of all sections of the business enabling more depth of management information on which to build future policies. The company continues to create market leading designs for the hospitality sector and the decision was taken to cease producing a paper catalogue but to go forward with an extremely strong and market leading website making products and all other company information readily available to worldwide specifiers.
Principal risks and uncertainties
There are probably more uncertainties in world trade today than at any time in the last 20 or 30 years. Conflicts continue in Europe and the Middle East and global trading policies are changing faster and more dramatically than at any time in recent memory. However, Chelsom has a wide market base with exports accounting for approximately half the total turnover, those exports being spread between Europe the USA and other global markets. Chelsom sells to a full cross-section of hotels from three star to six star as well as many different levels of cruise ships. The ability to offer unique custom product to ever more discerning designers has opened doors to many clients which may be closed to our competitors. A principal risk and uncertainty for the company continues to be that of foreign exchange markets, given the high-level of importing and exporting of goods. However, by operating multiple currency accounts, this risk is mitigated. The directors continue to watch closely fluctuations in international freight rates, global inflation, risks of recession and other macro issues.
Development and performance
Although sales turnover was not as high as anticipated, the company contained overheads extremely well. These included a number of one off expenses which will not repeat in 2025. All expenditure was carefully planned and budgeted for as will be the case going forward. The company continues to have a good pipeline of work particularly for the second half of 2025. Additional members of the international sales team were recruited during the year giving good potential for ongoing increased sales.
CHELSOM LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators
In a challenging year, the directors were satisfied to report a profit and good containment of expenditure. Turnover was down 3.3% to £11.4m but that had been expected and was reflected in the budget. We identified the drop earlier in the year and made several cuts which allowed us to break even. The sales turnover was made up from orders generated across numerous sectors and geographical markets with many standout projects worldwide. The redundancies made in the year will reduce costs going forward without impacting the company’s performance. Stock levels are very closely monitored so that they balance client demand and the cash flow, the year end figure was lower than the previous year but that has since reduced further to below £2.1m at the end of May 2025.
Other information and explanations
The directors are happy with the split of turnover between UK and export sales. With almost no history of long term sales into eastern Europe or the war torn part of the Middle East, the company turnover has not been affected. The implementation of a totally new computer system did impact the whole business with certain directors and middle management having to devote much time to its successful start-up. That is now running smoothly allowing directors to refocus on a sales drive for future growth. Much effort has gone into designing market leading new product ranges to be launched in Spring and Autumn 2025 and the directors are confident they will be greatly appreciated in the market. The investment into a brand-new website will undoubtedly also pay dividends. All the sales team have begun a major drive to enhance customer relationships and work closely with the decision makers throughout all sectors of the market. The directors feel confident that with a return to more normal trading conditions, Chelsom is well placed to move forward very successfully.
Mr W R J Chelsom
Director
5 August 2025
CHELSOM 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 company continued to be that of designing, manufacturing and supplying decorative contract lighting.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £196,802. 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 R R Chelsom
Mr W R J Chelsom
Ms G S Thompson
Mr J Hadley
Mr D M Moorhouse
Mr S Payne
Ms J Brogan
Financial instruments
Liquidity risk
The company manages its cash 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.
Interest rate risk
Although the company does not currently have any borrowings, the company is exposed to fair value interest rate risk on its overseas operations due to the purchasing power parity. The company manages this risk by monitoring the markets and exchange rates and hedging where necessary.
Foreign currency risk
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.
Research and development
The company performs Research & Development on lighting solutions for customers, as well as developing new unique products to enhance its product range. The Research & Development involves making improvements to various characteristics including energy usage, brightness, light diffraction as well as developments in manufacturing techniques and use of new materials, driven by new designs and concepts.
Auditor
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
CHELSOM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of Development and performance and Principal Risks and Uncertainties.
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.
On behalf of the board
Mr W R J Chelsom
Director
5 August 2025
CHELSOM LIMITED
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.
CHELSOM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHELSOM LIMITED
- 6 -
Opinion
We have audited the financial statements of Chelsom Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the balance sheet 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 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 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.
CHELSOM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHELSOM LIMITED (CONTINUED)
- 7 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of 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 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 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:
CHELSOM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHELSOM LIMITED (CONTINUED)
- 8 -
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Auditing the risk of fraud in revenue by performing testing on a sample of revenue transactions, tracing to invoices and bank receipts; and testing the cut off of revenue at the year end; and
Performing audit work over the risk of management 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 bias;
Review of legal and professional expenditure to identify any evidence of ongoing litigation or enquiries; and
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
Lindsey Shepherd FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
6 August 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
CHELSOM LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
as restated
Notes
£
£
Turnover
3
11,430,976
11,825,550
Cost of sales
(6,319,495)
(6,345,910)
Gross profit
5,111,481
5,479,640
Distribution costs
(553,397)
(552,120)
Administrative expenses
(4,477,096)
(4,414,464)
Operating profit
4
80,988
513,056
Interest receivable and similar income
7
25,122
32,342
Interest payable and similar expenses
8
(49,536)
(42,263)
Profit before taxation
56,574
503,135
Tax on profit
9
(15,906)
(146,251)
Profit for the financial year
40,668
356,884
Retained earnings brought forward
2,837,342
2,688,515
Dividends
10
(196,802)
(208,057)
Retained earnings carried forward
2,681,208
2,837,342
The profit and loss account has been prepared on the basis that all operations are continuing operations.
CHELSOM LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
163,857
146,028
Tangible assets
12
263,702
216,902
Investments
13
786
786
428,345
363,716
Current assets
Stocks
15
2,413,436
2,577,267
Debtors
16
2,511,635
2,424,154
Cash at bank and in hand
344,141
222,035
5,269,212
5,223,456
Creditors: amounts falling due within one year
17
(2,927,969)
(2,670,712)
Net current assets
2,341,243
2,552,744
Total assets less current liabilities
2,769,588
2,916,460
Provisions for liabilities
Deferred tax liability
19
87,880
78,618
(87,880)
(78,618)
Net assets
2,681,708
2,837,842
Capital and reserves
Called up share capital
21
394
394
Capital redemption reserve
22
106
106
Profit and loss reserves
23
2,681,208
2,837,342
Total equity
2,681,708
2,837,842
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 5 August 2025 and are signed on its behalf by:
Mr R R Chelsom
Mr W R J Chelsom
Director
Director
Company registration number 00626933 (England and Wales)
CHELSOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information
Chelsom Limited is a company limited by shares incorporated in England and Wales. The registered office is Heritage House, Clifton Road, Blackpool, FY4 4QA.
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 on the historical cost convention. 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 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares;
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’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; 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 33 ‘Related Party Disclosures’ – Compensation for key management personnel.
The company has taken advantage of the exemption under section 402 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Chelsom Limited is a wholly owned subsidiary of Golden Age Holdings Limited and the results of Chelsom Limited are included in the consolidated financial statements of Golden Age Holdings Limited which are available from Heritage House, Clifton Road, Blackpool, FY4 4QA.
1.2
Going concern
The first four months of 2025 have been very profitable to the company which is a direct result of having cut costs last October , implementing a bold price rise in January 2025 and constantly dealing with the fallout from Duty issues caused by The USA. Although the year started with a much lower order book, monthly order intake has matched the monthly turnover so after almost 5 months of trading we still have an order book of just over £3m and a trading profit in excess of £500k for the year to date. Cash flow has not been an issue and with continued support from HSBC, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
CHELSOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
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 despatch of the goods or upon receipt of non-refundable consideration), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets 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:
Website and Software
10% straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
5% straight line
Fixtures, fittings & equipment
10% reducing balance
Computer equipment
33% straight line
Motor vehicles
25% reducing balance
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.
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
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.
CHELSOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
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.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
CHELSOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
1.11
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CHELSOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
CHELSOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.16
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.
Sales and trade receivables are translated using the foreign currency spot rate for the week in which the transaction occurred and purchases and trade payables are recorded at an average weekly rate based on spot and expiring forward contract rates.
Transactions in foreign currencies are to be recorded at the rate ruling at the date of the transaction to be in line with FRS102. Adjustments have been included within the accounts to follow this treatment. All differences are taken to profit and loss account.
1.17
Research and development costs are written off to the profit and loss account in the year in which they are incurred.
The company performs Research & Development on lighting solutions for customers, as well as developing new unique products to enhance its product range. The Research & Development involves making improvements to various characteristics including energy usage, brightness, light diffraction as well as developments in manufacturing techniques and use of new materials, driven by new designs and concepts.
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.
CHELSOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 17 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Discontinued stock provision
Within the accounts, a provision is required for stock held that has been discontinued. Stock is deemed as discontinued when there has been no movement on the stock for a period of time, and it is not deemed saleable for a value in excess of cost. Management review the full stock listing on an annual basis for items of stock which are to be deemed discontinued and as such require a provision against.
The actual level of stock write off may differ from the estimated provision.
Recoverability of trade debtors
At each date of the signing of the accounts, management undertake an assessment of the recoverability of trade debtors based upon their knowledge of the customers, ageing of the balances outstanding and previous write off history. Where necessary, an impairment is recorded as a doubtful debt.
The actual level of debt collected may differ from the estimated level of recovery.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
as restated
£
£
Turnover analysed by class of business
Lighting Sales
11,430,976
11,825,550
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
5,034,646
4,666,967
Rest of the World
6,396,330
7,158,583
11,430,976
11,825,550
2024
2023
£
£
Other revenue
Interest income
25,122
32,342
CHELSOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(56,442)
Fees payable to the company's auditor for the audit of the company's financial statements
17,100
15,950
Depreciation of owned tangible fixed assets
52,567
62,124
Amortisation of intangible assets
15,437
5,475
Operating lease charges
223,566
220,235
5
Employees
The average monthly number of persons employed by the company during the year was:
2024
2023
Number
Number
Directors
6
6
Administrative and Factory staff
56
61
Total
62
67
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,344,156
2,356,801
Social security costs
238,674
248,819
Pension costs
279,659
295,635
2,862,489
2,901,255
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
504,481
498,632
Company pension contributions to defined contribution schemes
93,063
91,109
597,544
589,741
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2023 - 6).
CHELSOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Directors' remuneration
(Continued)
- 19 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
96,867
82,516
Company pension contributions to defined contribution schemes
13,125
24,609
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
25,122
32,342
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
49,536
42,263
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
6,644
38,129
Deferred tax
Origination and reversal of timing differences
9,298
82,520
Changes in tax rates
5,191
Adjustment in respect of prior periods
(36)
20,411
Total deferred tax
9,262
108,122
Total tax charge
15,906
146,251
CHELSOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 20 -
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
56,574
503,135
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
14,144
118,337
Tax effect of expenses that are not deductible in determining taxable profit
3,823
4,862
Tax effect of income not taxable in determining taxable profit
(320)
Adjustments in respect of prior years
(36)
20,411
Group relief
(2,096)
(2,960)
Depreciation on assets not qualifying for tax allowances
1,464
726
Effect of change in local corporation tax rate
5,195
Marginal relief
(1,393)
Taxation charge for the year
15,906
146,251
10
Dividends
2024
2023
£
£
Final paid
196,802
208,057
CHELSOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
11
Intangible fixed assets
Website and Software
£
Cost
At 1 January 2024
151,503
Additions
33,266
At 31 December 2024
184,769
Amortisation and impairment
At 1 January 2024
5,475
Amortisation charged for the year
15,437
At 31 December 2024
20,912
Carrying amount
At 31 December 2024
163,857
At 31 December 2023
146,028
12
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
36,419
261,271
406,566
46,243
750,499
Additions
91,712
7,655
99,367
Disposals
(361,558)
(361,558)
At 31 December 2024
36,419
352,983
45,008
53,898
488,308
Depreciation and impairment
At 1 January 2024
5,399
122,850
391,490
13,858
533,597
Depreciation charged in the year
1,821
32,600
10,142
8,004
52,567
Eliminated in respect of disposals
(361,558)
(361,558)
At 31 December 2024
7,220
155,450
40,074
21,862
224,606
Carrying amount
At 31 December 2024
29,199
197,533
4,934
32,036
263,702
At 31 December 2023
31,020
138,421
15,076
32,385
216,902
CHELSOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
786
786
The company has not designated any financial assets that are not classified as financial assets at fair value through profit or loss.
14
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Chelsom Hong Kong Limited
6th Floor, Wyndham Place, 40-44 Wyndham Street, Central, Hong Kong
Dormant
Ordinary shares
100.00
15
Stocks
2024
2023
£
£
Finished goods and goods for resale
2,413,436
2,577,267
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,303,429
553,429
Corporation tax recoverable
70,739
Amounts owed by group undertakings
922,226
1,301,206
Other debtors
16,502
18,460
Prepayments and accrued income
269,478
480,320
2,511,635
2,424,154
CHELSOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
61,817
Payments received on account
1,680,369
1,779,494
Trade creditors
984,869
419,431
Corporation tax
12,555
37,989
Other taxation and social security
142,080
84,622
Other creditors
4,849
47,580
Accruals and deferred income
41,430
301,596
2,927,969
2,670,712
The overdraft is secured by way of a fixed charge over book and other debts, goodwill, uncalled capital and intellectual property and a floating charge over all other assets.
18
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
61,817
Payable within one year
61,817
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
ACAs
87,880
78,618
2024
Movements in the year:
£
Liability at 1 January 2024
78,618
Charge to profit or loss
9,262
Liability at 31 December 2024
87,880
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The above is the analysis of the deferred tax balances (after offset) for financial reporting purposes.
CHELSOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
279,659
295,635
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.
21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
354
354
354
354
Ordinary B shares of £1 each
20
20
20
20
Ordinary C shares of £1 each
20
20
20
20
394
394
394
394
All Ordinary shares rank pari passu in all respects, except for dividend entitlements. Each alphabetic denomination of Ordinary share has its own dividend entitlement.
Members have the right to receive notice of, attend and vote at general meetings of the company. Members have the right to participate in all legally declared dividends and in the event of a winding up are entitled to participate in any distributions. The shares are not redeemable.
22
Capital redemption reserve
The capital redemption reserve represents amounts arising on the buy back of company own shares.
23
Profit and loss reserves
The profit and loss account represents cumulative profits or losses, net of dividends paid.
24
Financial commitments, guarantees and contingent liabilities
On 8 September 2022, Chelsom Limited were issued with a copyright infringement claim from a lighting company in Spain over some of their lighting designs. No provision has been made in the accounts relating to this claim and there is no possibility of reimbursement by insurers. Significant progress has been made throughout 2024 and The Directors now expect the claim to be settled before the end of the current financial year with no further costs and no compensation payable on either side.
During the year the company entered into forward contracts to buy US Dollar ($) at a certain rate. The amount of contracts not drawn down at the year end equates to £1,852,808 in sterling (2023: £1,010,892).
CHELSOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
25
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for the rental of the business premises, vehicle leases for the cars used by the company's directors and other equipment leases used within the company.
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
315,567
347,740
Between two and five years
888,985
952,103
In over five years
189,000
401,500
1,393,552
1,701,343
26
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Category
Description of
Income
Expenditure
transaction
2024
2023
2024
2023
£
£
£
£
Key management personnel
Rent
122,000
122,000
Other related parties
Commission
20,000
20,000
The company has taken advantage of the exemption permitted under FRS 102 Section 33 'Related Party Disclosures' paragraph 33.1A from disclosing transactions with the parent company.
27
Ultimate controlling party
The ultimate parent company of Chelsom Limited is Golden Age Holdings Limited.
Copies of the consolidated financial statements for Golden Age Holdings Limited, which is both the smallest and largest group for which consolidated financial statements are prepared, may be obtained from Companies House. Golden Age Holdings Limited has the same registered office address as Chelsom Limited.
The ultimate controlling party is the Golden Age Holdings Limited director, Mr W R J Chelsom, and his close family.
CHELSOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
28
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Total adjustments
-
Profit as previously reported
356,884
Profit as adjusted
356,884
Notes to reconciliation
Prior year reclassification
A prior period adjustment has been recorded to reallocate carriage recharges (£367,314) as turnover. These were incorrectly credited to distribution costs in the previous year.
2024-12-312024-01-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100Mr R R ChelsomMr W R J ChelsomMr J HadleyMr D M MoorhouseMr S PayneMs J BroganMs J BroganMs G S Thompson006269332024-01-012024-12-3100626933bus:Director12024-01-012024-12-3100626933bus:Director22024-01-012024-12-3100626933bus:CompanySecretaryDirector12024-01-012024-12-3100626933bus:Director32024-01-012024-12-3100626933bus:Director42024-01-012024-12-3100626933bus:Director52024-01-012024-12-3100626933bus:Director62024-01-012024-12-3100626933bus:CompanySecretary12024-01-012024-12-3100626933bus:Director72024-01-012024-12-3100626933bus:RegisteredOffice2024-01-012024-12-31006269332024-12-31006269332023-01-012023-12-3100626933core:RetainedEarningsAccumulatedLosses2023-12-3100626933core:RetainedEarningsAccumulatedLosses2022-12-3100626933core:ShareCapital2024-12-3100626933core:ShareCapital2023-12-3100626933core:CapitalRedemptionReserve2024-12-3100626933core:CapitalRedemptionReserve2023-12-3100626933core:RetainedEarningsAccumulatedLosses2024-12-3100626933core:RetainedEarningsAccumulatedLosses2023-12-31006269332023-12-3100626933core:ShareCapitalOrdinaryShareClass12024-12-3100626933core:ShareCapitalOrdinaryShareClass12023-12-3100626933core:ShareCapitalOrdinaryShareClass22024-12-3100626933core:ShareCapitalOrdinaryShareClass22023-12-3100626933core:ShareCapitalOrdinaryShareClass32024-12-3100626933core:ShareCapitalOrdinaryShareClass32023-12-3100626933core:ShareCapitalOrdinaryShares2024-12-3100626933core:ShareCapitalOrdinaryShares2023-12-3100626933core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3100626933core:OtherResidualIntangibleAssets2024-12-3100626933core:OtherResidualIntangibleAssets2023-12-3100626933core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-12-3100626933core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3100626933core:LeaseholdImprovements2024-12-3100626933core:FurnitureFittings2024-12-3100626933core:ComputerEquipment2024-12-3100626933core:MotorVehicles2024-12-3100626933core:LeaseholdImprovements2023-12-3100626933core:FurnitureFittings2023-12-3100626933core:ComputerEquipment2023-12-3100626933core:MotorVehicles2023-12-3100626933core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3100626933core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3100626933core:CurrentFinancialInstruments2024-12-3100626933core:CurrentFinancialInstruments2023-12-3100626933core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3100626933core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-01-012024-12-3100626933core:LeaseholdImprovements2024-01-012024-12-3100626933core:FurnitureFittings2024-01-012024-12-3100626933core:ComputerEquipment2024-01-012024-12-3100626933core:MotorVehicles2024-01-012024-12-3100626933core:UKTax2024-01-012024-12-3100626933core:UKTax2023-01-012023-12-310062693312024-01-012024-12-310062693312023-01-012023-12-310062693322024-01-012024-12-310062693322023-01-012023-12-310062693332024-01-012024-12-310062693332023-01-012023-12-3100626933core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3100626933core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssets2024-01-012024-12-3100626933core:LeaseholdImprovements2023-12-3100626933core:FurnitureFittings2023-12-3100626933core:ComputerEquipment2023-12-3100626933core:MotorVehicles2023-12-31006269332023-12-3100626933core:Non-currentFinancialInstruments2024-12-3100626933core:Non-currentFinancialInstruments2023-12-3100626933core:Subsidiary12024-01-012024-12-3100626933core:Subsidiary112024-01-012024-12-3100626933bus:OrdinaryShareClass12024-01-012024-12-3100626933bus:OrdinaryShareClass22024-01-012024-12-3100626933bus:OrdinaryShareClass32024-01-012024-12-3100626933bus:OrdinaryShareClass12024-12-3100626933bus:OrdinaryShareClass12023-12-3100626933bus:OrdinaryShareClass22024-12-3100626933bus:OrdinaryShareClass22023-12-3100626933bus:OrdinaryShareClass32024-12-3100626933bus:OrdinaryShareClass32023-12-3100626933bus:AllOrdinaryShares2024-12-3100626933bus:AllOrdinaryShares2023-12-3100626933core:WithinOneYear2024-12-3100626933core:WithinOneYear2023-12-3100626933core:BetweenTwoFiveYears2024-12-3100626933core:BetweenTwoFiveYears2023-12-3100626933core:MoreThanFiveYears2024-12-3100626933core:MoreThanFiveYears2023-12-3100626933core:KeyManagementIndividualGroup12024-01-012024-12-3100626933core:CloseFamilyMember1core:OtherTransactionType12024-01-012024-12-3100626933core:KeyManagementIndividualGroup12023-01-012023-12-3100626933core:CloseFamilyMember1core:OtherTransactionType12023-01-012023-12-3100626933bus:PrivateLimitedCompanyLtd2024-01-012024-12-3100626933bus:FRS1022024-01-012024-12-3100626933bus:Audited2024-01-012024-12-3100626933bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP