Company registration number 01095726 (England and Wales)
URBIS SCHREDER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
URBIS SCHREDER LIMITED
COMPANY INFORMATION
Directors
Prefahay
Lemanos SRL
Mr J Van De Velde
Secretary
Mr D Durrant
Company number
01095726
Registered office
Sapphire House, Lime Tree Way
Hampshire Int Business Park
Chineham
Basingstoke
Hampshire
RG24 8GG
Auditor
Forvis Mazars LLP
8th Floor, Assembly Building C
Cheese Lane
Bristol
BS20JJ
Bankers
Barclays Bank Plc
8 Market Place
Basingstoke
Hampshire
RG21 7YL
Solicitors
Penningtons Manches LLP
Da Vinci House
Basing View
Basingstoke
Hampshire
RG21 4EQ
URBIS SCHREDER LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Income statement
8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
URBIS SCHREDER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
The company's key financial and other performance indicators during the year were as follows:
2024 2023 Change
(Restated)
£000 £000 %
Turnover 22,939 30,598 (25)
Operating loss (2,787) (1,486) 87
Loss after tax (1,827) (729) 150
Shareholders' funds 11,288 13,114 (14)
Current assets % current liabilities 603% 487% 24
Average employees 72 73 (1)
Turnover in our UK & Ireland market showed a 25% decline vs FY23, as Local Authority funding challenges continued. Austerity measures and inflationary pressures resulted in the delay, cancellation and reduction in funding streams available to Local Authority’s. Whilst there are positive signs emerging for FY25, the economic slow-down combined with our Group Fees structure sees the UK business generate a loss of £1.8m after tax.
The current ratio (current assets as a percentage of current liabilities) remains strong at 603% as the business focuses on Cash, AR collections and paying suppliers on time. The company is focused on reducing the environmental effect of its products by promoting the use of controllable LED lighting.
Principal risks and uncertainties
The principal risks and uncertainties that face the company are broadly competitive, technical, financial and liquidity.
Competitive risks
Competitive landscape in its principal markets remains in line with expectations. With global and local reach, the business is well positioned to mitigate supply chain and other pressures by maintaining a clear focus and management of design, quality, innovation, a high level of customer support and strong customer relations.
Technical risks
Energy costs began to fall during FY24, however, they remain high comparatively to prior years. The Company focuses on a more circular economy, aligning product and service to Market demand for controllable LED products. We see higher demand for connected devices which enhance the longevity of the products.
Financial risks
The company is exposed to the euro fluctuations. Exchange rates are monitored constantly throughout the year and measures put in place to mitigate foreign exchange exposure. Exposure to bad debts is substantially reduced by use of credit insurance.
Liquidity risks
Liquidity risk is limited as a robust cash flow regime is operated with adherence to strict cash collection policies for receivables with all customers. The company has no long-term debts.
Other information and explanations
These accounts include a prior period adjustment. Full details are disclosed in note 23 of these financial statements.
URBIS SCHREDER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Mr J Van De Velde
Director
29 July 2025
URBIS SCHREDER 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 the development, manufacture, importation and sale of lighting equipment and street furniture.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Prefahay
Lemanos SRL
Mr J Van De Velde
Qualifying third party indemnity provisions
The company carries indemnity insurance for one or more of its directors against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third-party indemnity provision remains in force as at the date of approving the directors' report.
Research and development
Research and development effort is provided by the Schreder Group through a pooling of resources to maximise productivity. Urbis Schreder contributes considerable skills and expertise to this function together with Group H/Q. Innovation is encouraged with a view to product and service differentiation and increasing or maintaining margins in a competitive environment.
Future developments
The business will continue to improve product manufacturing and capacity for producing high quality and price competitive LED luminaires.
In FY24 the Company signed an agreement with Schreder S.A. to move to an LRD (Limited Risk Distribution) model from FY25 onwards. As a Distributor for Schreder S.A. the company will receive a guaranteed return on sales.
Auditor
In accordance with the company's articles, a resolution proposing that Forvis Mazars LLP be reappointed as auditor of the company will be put at a General Meeting.
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 company and of the profit or loss of the company for that period.
URBIS SCHREDER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
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; and
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.
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.
Going concern
The financial position of the company and its exposures to competitive, technical, financial and liquidity, are summarised in the Strategic Report. The Directors have prepared future forecasts, and have stress tested these forecasts. In making these forecast the Directors have made enquiries with senior management and reviewed the order book and pipeline.
The Directors have a high degree of confidence that the company has sufficient liquidity to safeguard the company against future difficulties for the foreseeable future. The directors believe that the company is in a strong position, both financially with net assets and a large cash balance and also operationally given the order book and performance to the date of approval of these accounts.
As a Distributor for Schreder S.A. under the LRD (Limited Risk Distribution) agreement, the company will receive a guaranteed return on future sales.
In addition, in the unlikely event that it is needed, Urbis Schreder Limited would have wider support of the Schreder Group, although this is not considered necessary when arriving at their conclusion in this respect. Based on this and the Company's forecast, the directors have an expectation that the company will be able to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the annual report and financial statements.
Disabled employees
It is the company's policy to give full consideration to suitable applications for employment from disabled persons.
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 J Van De Velde
Director
29 July 2025
URBIS SCHREDER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF URBIS SCHREDER LIMITED
- 5 -
Opinion
We have audited the financial statements of Urbis Schreder Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the 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 company's affairs as at 31 December 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of 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.
URBIS SCHREDER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF URBIS SCHREDER LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
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.
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 set out on page 3 to 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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.
Based on our understanding of the company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
URBIS SCHREDER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF URBIS SCHREDER LIMITED (CONTINUED)
- 7 -
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006.
In addition, we evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to: posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
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.
Jonathan Barnard (Senior Statutory Auditor)
For and on behalf of Forvis Mazars LLP, Statutory Auditor
Chartered Accountants
8th Floor, Assembly Building C
Cheese Lane
Bristol
BS20JJ
29 July 2025
URBIS SCHREDER LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
as restated
Notes
£
£
Turnover
3
22,939,359
30,597,999
Cost of sales
(15,546,827)
(21,557,276)
Gross profit
7,392,532
9,040,723
Administrative expenses
(10,179,134)
(10,526,488)
Operating loss
4
(2,786,602)
(1,485,765)
Interest receivable and similar income
7
512,422
480,605
Loss before taxation
(2,274,180)
(1,005,160)
Tax on loss
8
447,538
276,569
Loss for the financial year
(1,826,642)
(728,591)
The income statement has been prepared on the basis that all operations are continuing operations.
Comparative information has been restated. See note 23 for further information.
URBIS SCHREDER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
as restated
£
£
Loss for the year
(1,826,642)
(728,591)
Other comprehensive income
-
-
Total comprehensive income for the year
(1,826,642)
(728,591)
The notes on pages 13 to 27 form part of these financial statements.
Comparative information has been restated. See note 23 for further information.
URBIS SCHREDER LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
9
864,223
976,189
Current assets
Stocks
10
1,993,623
3,542,138
Debtors
11
4,565,456
4,234,688
Cash at bank and in hand
13,164,420
15,480,441
19,723,499
23,257,267
Creditors: amounts falling due within one year
12
(3,269,559)
(4,775,507)
Net current assets
16,453,940
18,481,760
Total assets less current liabilities
17,318,163
19,457,949
Provisions for liabilities
Provisions
13
6,030,443
6,343,587
(6,030,443)
(6,343,587)
Net assets
11,287,720
13,114,362
Capital and reserves
Called up share capital
16
500,000
500,000
Profit and loss reserves
10,787,720
12,614,362
Total equity
11,287,720
13,114,362
The notes on pages 13 to 27 form part of these financial statements.
Comparative information has been restated. See note 23 for further information.
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 29 July 2025 and are signed on its behalf by:
Mr J Van De Velde
Director
Company registration number 01095726 (England and Wales)
URBIS SCHREDER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
500,000
13,342,953
13,842,953
Year ended 31 December 2023:
Loss and total comprehensive income
-
(728,591)
(728,591)
Balance at 31 December 2023
500,000
12,614,362
13,114,362
Year ended 31 December 2024:
Loss and total comprehensive income
-
(1,826,642)
(1,826,642)
Balance at 31 December 2024
500,000
10,787,720
11,287,720
The notes on pages 13 to 27 form part of these financial statements.
Comparative information has been restated. See note 23 for further information.
URBIS SCHREDER LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
21
(2,832,715)
(336,355)
Income taxes refunded
4,894
974,091
Net cash (outflow)/inflow from operating activities
(2,827,821)
637,736
Investing activities
Purchase of tangible fixed assets
(7,622)
(13,887)
Proceeds from disposal of tangible fixed assets
7,000
Interest received
512,422
480,605
Net cash generated from investing activities
511,800
466,718
Net (decrease)/increase in cash and cash equivalents
(2,316,021)
1,104,454
Cash and cash equivalents at beginning of year
15,480,441
14,375,987
Cash and cash equivalents at end of year
13,164,420
15,480,441
The notes on pages 13 to 27 form part of these financial statements.
Comparative information has been restated. See note 23 for further information.
URBIS SCHREDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information
Urbis Schreder Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sapphire House, Lime Tree Way, Hampshire Int Business Park, Chineham, Basingstoke, Hampshire, RG24 8GG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial position of the company and its exposures to competitive, technical, financial and liquidity, are summarised in the Strategic Report. The Directors have prepared future forecasts, and have stress tested these forecasts. In making these forecast the Directors have made enquiries with senior management and reviewed the order book and pipeline. true
The Directors have a high degree of confidence that the company has sufficient liquidity to safeguard the company against future difficulties for the foreseeable future. The directors believe that the company is in a strong position, both financially with net assets and a large cash balance and also operationally given the order book and performance to the date of approval of these accounts.
As a Distributor for Schreder S.A. under the LRD (Limited Risk Distribution) agreement, the company will receive a guaranteed return on future sales.
In addition, in the unlikely event that it is needed, Urbis Schreder Limited would have wider support of the Schreder Group, although this is not considered necessary when arriving at their conclusion in this respect. Based on this and the Company's forecast, the directors have an expectation that the company will be able to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from construction of bespoke equipment providing lighting solutions is recognised by reference to stage of completion, Stage of completion is measured by reference to costs incurred to date as a percentage of total estimated costs for each contract. Where the contact outcome cannot be measured reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. An expected loss on the construction contract is recognised immediately as an expense.
URBIS SCHREDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
Straight line over 20 years
Improvements to property
Over the lease term or straight line over 5-10 years
Plant and machinery
Straight line over 5-10 years
Fixtures and fittings
Straight line over 6-10 years
Computer equipment
Straight line over 3-5 years
Motor vehicles
Straight line over 4-5 years
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
URBIS SCHREDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. An element of profit is included where the outcome of the project may reasonably be determined.
Finished goods include items which have been customised and are ready for despatch. Net realisable value represents estimated selling prices less any further costs expected to be incurred to completion and disposal.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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 statement of financial position 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
URBIS SCHREDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
URBIS SCHREDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 income statement, 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.
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
As lessee
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.
URBIS SCHREDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.15
Foreign exchange
Transactions in foreign currencies are recorded at the rate ruling at the prior month end.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date.
All differences are taken to the income statement.
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Warranty provision
The company is subject to claims in the ordinary course of its business for goods sold with a warranty. The warranty provision is calculated based on the failure rate studies carried out by the Schreder Group and is aligned with Schreder’s Global Warranty policy.
Taxation
Management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future planning strategies
3
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.
No analysis of turnover or profit before taxation by geographical region has been disclosed as, in the opinion of the directors, it would be seriously prejudicial to the interest of the company.
Total turnover for the year was £22,939,359 (2023: £30,597,999)
URBIS SCHREDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
4
Operating loss
2024
2023
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange gains
(70,129)
(110,862)
Fees payable to the company's auditor for the audit of the company's financial statements
56,260
53,690
Depreciation of owned tangible fixed assets
119,588
139,682
Profit on disposal of tangible fixed assets
(7,000)
-
Operating lease charges
448,229
419,089
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Management
1
1
Administration
8
7
Production and sales
63
65
Total
72
73
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,258,739
3,233,650
Social security costs
408,921
416,560
Pension costs
167,454
159,810
3,835,114
3,810,020
6
Directors' remuneration
Directors' remuneration for the year ended 31 December 2024 have been borne by the ultimate parent. The directors of the Company are also directors or officers of other companies within the Schreder group. The directors' services to the company do not occupy a significant amount of their time. As such, the directors do not consider that they have received any remuneration for their incidental services to the Company for the year ended 31 December 2024.
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
512,422
480,605
URBIS SCHREDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Interest receivable and similar income
(Continued)
- 20 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
512,422
480,605
8
Taxation
2023
2024
Restated
£
£
Current tax
Adjustments in respect of prior years
100,551
Deferred tax
Origination and reversal of timing differences
(548,089)
(276,569)
Total tax credit
(447,538)
(276,569)
The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2023
2024
Restated
£
£
Loss before taxation
(2,274,180)
(1,005,160)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
(568,545)
(251,290)
Tax effect of expenses that are not deductible in determining taxable profit
20,456
22,198
Adjustments in respect of prior years
100,551
(47,477)
Taxation credit for the year
(447,538)
(276,569)
See note 23 for information in respect of the 2023 restatement.
URBIS SCHREDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
9
Tangible fixed assets
Freehold property
Improvements to property
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
1,591,257
773,153
1,814,710
86,258
1,327,045
116,443
5,708,866
Additions
7,622
7,622
Disposals
(27,440)
(27,440)
At 31 December 2024
1,591,257
773,153
1,814,710
86,258
1,334,667
89,003
5,689,048
Depreciation and impairment
At 1 January 2024
797,476
728,053
1,715,162
50,289
1,325,254
116,443
4,732,677
Depreciation charged in the year
71,960
28,876
9,360
6,090
3,302
119,588
Eliminated in respect of disposals
(27,440)
(27,440)
At 31 December 2024
869,436
756,929
1,724,522
56,379
1,328,556
89,003
4,824,825
Carrying amount
At 31 December 2024
721,821
16,224
90,188
29,879
6,111
864,223
At 31 December 2023
793,781
45,100
99,548
35,969
1,791
976,189
URBIS SCHREDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
10
Stocks
2024
2023
£
£
Raw materials and consumables
822,289
1,683,395
Work in progress
3,057
4,019
Finished goods and goods for resale
1,168,277
1,854,724
1,993,623
3,542,138
The difference between purchase price or production cost of stocks and their replacement cost is not material.
The cost of inventories recognised as an expense during the year in respect of continuing operations was £14,665,539 (2023: £20,575,226).
11
Debtors
2023
2024
Restated
Amounts falling due within one year:
£
£
Trade debtors
3,161,600
2,859,517
Corporation tax recoverable
105,445
Amounts owed by group undertakings
35,045
49,025
Other debtors
301,927
590,075
Prepayments and accrued income
187,175
299,006
3,685,747
3,903,068
Deferred tax asset (note 14)
160,000
331,620
3,845,747
4,234,688
2023
2024
Restated
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 14)
719,709
Total debtors
4,565,456
4,234,688
See note 23 for information in respect of the 2023 restatement.
URBIS SCHREDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
12
Creditors: amounts falling due within one year
2024
2023
£
£
Payments received on account
94,489
79,275
Trade creditors
227,840
277,763
Amounts owed to group undertakings
1,730,527
2,754,873
Taxation and social security
260,590
714,299
Other creditors
159,973
309,454
Accruals and deferred income
796,140
639,843
3,269,559
4,775,507
Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
13
Provisions for liabilities
2023
2024
Restated
£
£
Warranty provision
5,679,609
6,025,093
Dilapidation provision
350,834
318,494
6,030,443
6,343,587
Movements on provisions:
Warranty provision
Dilapidation provision
Total
£
£
£
At 1 January 2024
(restated)
6,025,093
318,494
6,343,587
Reversal of provision
(345,484)
32,340
(313,144)
At 31 December 2024
5,679,609
350,834
6,030,443
Warranty provision
The provision for warranty is based on the management's estimate of future warranty claims on product sold. A decrease in the provision was deemed necessary and prudent following extensive modelling of potential warranty claims in future periods
The warranty provision has been restated in 2023. Further information is detailed in note 23
Dilapidation provision
The dilapidation provision relates to estimated dilapidation on one property under the terms of the leases.
URBIS SCHREDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2023
2024
Restated
Balances:
£
£
Decelerated capital allowances
39,956
46,800
Tax losses
804,665
256,111
Other provisions
35,088
28,709
879,709
331,620
2024
Movements in the year:
£
Asset at 1 January 2024
(restated)
(331,620)
Credit to profit or loss
(548,089)
Asset at 31 December 2024
(879,709)
See note 23 for information in respect of the 2023 restatement.
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
167,454
159,810
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.
16
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
500,000
500,000
500,000
500,000
17
Financial commitments, guarantees and contingent liabilities
The company has an outstanding duty deferment guarantee of £200,000 (2023 - £200,000).
The company also has bonds, guarantees and indemnities in favour of a customer totalling £nil (2023 - £191,710).
URBIS SCHREDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
18
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within 1 year
445,033
435,429
Years 2-5
851,698
1,160,217
1,296,731
1,595,646
The total lease payments recognised as expenses in the year was £448,229 (2023: £419,089).
19
Related party transactions
There is a payable balance in the accounts of £636,576 (2023 - £1,237,514) to Socelec SA for supply of Socelec SA manufactured goods. Socelec SA are a related party of Urbis Schreder Limited. The net inventory purchases made from Socelec SA amount to £8,713,152 (2023 - £15,916,132). There is a receivable balance in the accounts of £nil (2023 - £nil) from Socelec SA. The total sales made to Socelec SA amount to £nil (2023 - £nil).
There is a payable balance of £811,745 (2023 - £1,255,586) to Schreder SA for supply of management and IT services. Urbis Schreder Limited received management and IT services during 2024 to the value of £3,431,851 (2023 - £3,648,860) from Schreder SA, a majority shareholder of Urbis Schreder Limited. The total sales made to Schreder SA amount to £471,006 (2023 - £499,851). There is a receivable balance in the accounts of £109,172 (2023 - £49,025) from Schreder SA.
There is a payable balance of £242,743 (2023 - £261,773) to other group companies for supply of other group companies manufactured goods. Other group companies are a related party of Urbis Schreder Limited. The net inventory purchases made from other group companies amount to £1,868,149 (2023 - £1,744,823). There is a receivable balance in the accounts of £72 (2023 - £nil) from other group companies. The total sales made to other group companies amounts to £11,946 (2023 - £17,662).
20
Ultimate controlling party
The company is owned by Schreder SA (72%), a company incorporated in Belgium, and private shareholders resident in England and Wales. The directors consider Schreder SA to the the ultimate parent undertaking and controlling party and both the largest and smallest group of undertakings. Copies of the group financial statements of Schreder SA are available to the public from:
Schreder SA
Rue de Lusambo 67
1190 Brussels
Belgium
URBIS SCHREDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
21
Cash absorbed by operations
2024
2023
£
£
Loss after taxation
(1,826,642)
(728,591)
Adjustments for:
Taxation credited
(447,538)
(276,569)
Investment income
(512,422)
(480,605)
Gain on disposal of tangible fixed assets
(7,000)
-
Depreciation and impairment of tangible fixed assets
119,588
139,682
(Decrease)/increase in provisions
(313,144)
998,015
Movements in working capital:
Decrease/(increase) in stocks
1,548,515
(415,854)
Decrease in debtors
111,876
1,109,488
Decrease in creditors
(1,505,948)
(681,921)
Cash absorbed by operations
(2,832,715)
(336,355)
22
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
15,480,441
(2,316,021)
13,164,420
23
Prior period adjustment
The company has recognised a provision in relation to defects on products supplied between FY21 and FY23. The underlying issue came to light in 2023 and a provision was recognised in the group consolidated financial statements in 2023. However, in error, this was not recognised in the individual financial statements of this company in 2023, despite the company holding the obligation for the warranty claim. A prior year adjustment has been recognised to reflect this provision, along with the associated tax impact, within the income statement for the year ended 31 December 2023 and in the balance sheet as at 31 December 2023.
Changes to the statement of financial position
(extract)
As previously reported
Adjustment
As restated at 31 Dec 2023
£
£
£
Current assets
Debtors due within one year
4,058,760
175,928
4,234,688
Provisions for liabilities
Other provisions
(5,639,883)
(703,704)
(6,343,587)
Net assets
13,642,138
(527,776)
13,114,362
Capital and reserves
Profit and loss reserves
13,142,138
(527,776)
12,614,362
URBIS SCHREDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
23
Prior period adjustment
(Continued)
- 27 -
Changes to the income statement
(extract)
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Administrative expenses
(9,822,784)
(703,704)
(10,526,488)
Taxation
100,641
175,928
276,569
Loss for the financial period
(200,815)
(527,776)
(728,591)
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