Company registration number 10812646 (England and Wales)
LAR GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
LAR GROUP LIMITED
COMPANY INFORMATION
Directors
Mr S E G Hannah
Mr A S Whitfield
Company number
10812646
Registered office
Unit 5, Crossley Park Industrial Estate
Crossley Road
Heaton Chapel
Stockport
Cheshire
SK4 5BF
Auditor
Azets Audit Services
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
LAR GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
LAR GROUP 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
LAR Group Limited is the ultimate controlling party of the LAR Group. AMB Holdings Limited is a direct subsidiary of LAR Group Limited and acts as the intermediary holding company for the main trading entity which is LAR Limited.
LAR Limited is an award-winning provider of asbestos abatement services and a member of the Asbestos Removal Contractors Association. LAR Limited continues to demonstrate the high level of competence and commitment to the stringent Health and Safety requirements of the industry by investing heavily in a range of memberships and accreditations.
Principal risks and uncertainties
The directors consider the principal risks and uncertainties of the business to relate to:
Continuing to ensure that enough work is secured in open market conditions at suitable margins in the context of increasing price competition in the industry due to a general shortness of work;
Ensuring that work is executed in a safe, timely and profitable manner;
The continued push to reduce emissions resulting in the requirement to continue to update the vehicle and plant fleet;
The renewal of licenses to continue to operate with Asbestos.
Key performance indicators
The key performance indicators are as follows:
Turnover £10,806,217 (2023 - £12,872,253)
Operating profit £741,309 (2023 - £1,230,695)
Shareholders funds £5,483,237 (2023 - £4,998,367)
Sales per employee £130,195 (2023 - £139,916)
The performance against KPI's is considered satisfactory given the entity has traded during the pandemic.
Other performance indicators
The management of the group and the execution of the Group strategy are subject to a number of risks, which have been considered by the directors.
The directors have credit insurance in place to protect against trading with parties who might be unable to meet their financial commitments.
Going concern
In carrying out their duties in respect of going concern, the directors have carried out a review of the Group's financial position and cash flow forecast for a period of twelve months from the date of approval of these financial statements. The forecasts have been based on a comprehensive review of revenue, expenditure and cash flows, taking into account specific business risks and the uncertainties brought about by the current economic environment.
To ensure the continuation of the Group the directors regularly review the cash flows of the Group both in the short and medium term, have a thorough approach to managing the working capital and hold regular reviews includes an assessment of income levels and bad debt risk; this is supported by regular monitoring of key performance indicators.
The Group continues to meet its financial obligations as they fall due; accordingly, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
LAR GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Mr A S Whitfield
Director
18 August 2025
LAR GROUP 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 was that of a holding company; the principal activity of the Group was the removal of asbestos and other hazardous materials.
Results and dividends
The results for the period are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr S E G Hannah
Mr A S Whitfield
Research and development
The directors continue to pursue a policy of continual development of methods used for their services.
Future developments
The directors are confident that there continues to be scope for the continuation of business and consider that the group is still well placed to take advantage of opportunities in trading in the short to medium term. The business maintains the necessary accreditations to continue to operate and is still securing new business.
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
LAR GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
Mr A S Whitfield
Director
18 August 2025
LAR GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LAR GROUP LIMITED
- 5 -
Opinion
We have audited the financial statements of LAR Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
LAR GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAR GROUP LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
LAR GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAR GROUP LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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 Ward (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
18 August 2025
Chartered Accountants
Statutory Auditor
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
LAR GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
10,806,217
12,872,253
Cost of sales
(7,648,896)
(9,307,558)
Gross profit
3,157,321
3,564,695
Administrative expenses
(2,416,012)
(2,334,000)
Operating profit
4
741,309
1,230,695
Interest receivable and similar income
8
8,172
Interest payable and similar expenses
9
(7,503)
(25,296)
Profit before taxation
741,978
1,205,399
Tax on profit
10
(257,108)
(340,327)
Profit for the financial year
484,870
865,072
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
LAR GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
2,978,972
3,194,979
Tangible assets
13
195,984
308,529
3,174,956
3,503,508
Current assets
Stocks
16
63,867
58,721
Debtors - deferred tax
21
-
7,847
Debtors - other
17
1,889,325
2,259,179
Cash at bank and in hand
1,356,408
1,224,758
3,309,600
3,550,505
Creditors: amounts falling due within one year
18
(976,670)
(1,995,789)
Net current assets
2,332,930
1,554,716
Total assets less current liabilities
5,507,886
5,058,224
Creditors: amounts falling due after more than one year
19
(24,030)
(59,857)
Provisions for liabilities
Deferred tax liability
21
619
(619)
-
Net assets
5,483,237
4,998,367
Capital and reserves
Called up share capital
23
42,106
42,106
Share premium account
13,667
13,667
Other reserves
2,560,000
2,560,000
Profit and loss reserves
2,867,464
2,382,594
Total equity
5,483,237
4,998,367
The financial statements were approved by the board of directors and authorised for issue on 18 August 2025 and are signed on its behalf by:
18 August 2025
Mr A S Whitfield
Director
Company registration number 10812646 (England and Wales)
LAR GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
5,266,797
5,266,797
Current assets
Debtors
17
300,000
163,750
Cash at bank and in hand
33,168
5,700
333,168
169,450
Net current assets
333,168
169,450
Net assets
5,599,965
5,436,247
Capital and reserves
Called up share capital
23
42,106
42,106
Share premium account
13,667
13,667
Other reserves
2,560,000
2,560,000
Profit and loss reserves
2,984,192
2,820,474
Total equity
5,599,965
5,436,247
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £163,718 (2023 - £779,945 profit).
The financial statements were approved by the board of directors and authorised for issue on 18 August 2025 and are signed on its behalf by:
18 August 2025
Mr A S Whitfield
Director
Company registration number 10812646 (England and Wales)
LAR GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
42,106
13,667
2,560,000
1,617,522
4,233,295
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
865,072
865,072
Dividends
11
-
-
-
(100,000)
(100,000)
Balance at 31 December 2023
42,106
13,667
2,560,000
2,382,594
4,998,367
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
484,870
484,870
Balance at 31 December 2024
42,106
13,667
2,560,000
2,867,464
5,483,237
LAR GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
42,106
13,667
2,560,000
2,140,529
4,756,302
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
-
779,945
779,945
Dividends
11
-
-
-
(100,000)
(100,000)
Balance at 31 December 2023
42,106
13,667
2,560,000
2,820,474
5,436,247
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
163,718
163,718
Balance at 31 December 2024
42,106
13,667
2,560,000
2,984,192
5,599,965
LAR GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,030,432
1,735,616
Interest paid
(7,503)
(25,296)
Income taxes paid
(458,127)
(328,646)
Net cash inflow from operating activities
564,802
1,381,674
Investing activities
Purchase of tangible fixed assets
(30,633)
(137,122)
Proceeds from disposal of tangible fixed assets
18,766
-
Loans to directors
(379,991)
-
Repayment of loans
-
13,160
Interest received
8,172
Net cash used in investing activities
(383,686)
(123,962)
Financing activities
Repayment of borrowings
-
(700,000)
Payment of finance leases obligations
(49,466)
51,990
Dividends paid to equity shareholders
(100,000)
Net cash used in financing activities
(49,466)
(748,010)
Net increase in cash and cash equivalents
131,650
509,702
Cash and cash equivalents at beginning of year
1,224,758
715,056
Cash and cash equivalents at end of year
1,356,408
1,224,758
LAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
1
Accounting policies
Company information
LAR Group Limited (“the company”) is a private company limited limited by shares domiciled and incorporated in England and Wales. The registered office is Alpha House, 4 Greek street, Stockport, Cheshire, SK3 8AB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
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.
1.2
Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
LAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
The consolidated group financial statements consist of the financial statements of the parent company LAR Group Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
AMB Holdings Limited and LAR Limited have been included in the group financial statements using the purchase method of accounting.
1.3
Going concern
In carrying out their duties in respect of going concern, the directors have carried out a review of the Group's financial position and cash flow forecast for a period of twelve months from the date of approval of these financial statements. The forecasts have been based on a comprehensive review of revenue, expenditure and cash flows, taking into account specific business risks and the uncertainties brought about by the current economic environment.
The Group continues to meet its financial obligations as they fall due; accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for the professional
removal services of asbestos and other hazardous materials provided.
When the outcome of contracts can be estimated reliably, contract revenue and costs are recognised and
revenue and expenses respectively by reference to the stage of completion at the end of the reporting
period. Reliable estimation of the outcome of asbestos removal contracts requires estimates of the stage of
completion, future costs and collectability of billings. The stage of completion is measured by surveys of
work performed.
When the outcome of a contract cannot be estimated reliably, revenue is only recognised to the extent of
contract costs incurred that it is probable will be recoverable. When it is probable that the total contract
costs will exceed contract revenue, the expected loss shall be recognised as an expense immediately, with
a corresponding provision for an onerous contract.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
LAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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 land and buildings
Over the term of the lease
Plant and equipment
20% straight line
Fixtures and fittings
20% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.7
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost being the fair value of the consideration paid and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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 is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset 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 in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
LAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
LAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
LAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
Amounts recoverable on contracts
Provision is made in the accounts for the unrecoverable amounts on contracts. The level of provision is reviewed annually based on the experience of the directors.
LAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of services
10,806,217
12,872,253
2024
2023
£
£
Other revenue
Interest income
8,172
-
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
65,180
93,841
Depreciation of tangible fixed assets held under finance leases
52,642
36,623
Loss on disposal of tangible fixed assets
6,590
-
Amortisation of intangible assets
216,007
216,007
Operating lease charges
159,638
157,424
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
5,000
4,500
Audit of the financial statements of the company's subsidiaries
18,750
16,000
23,750
20,500
LAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
414,280
390,382
Company pension contributions to defined contribution schemes
102,152
24,754
516,432
415,136
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
169,342
169,895
Company pension contributions to defined contribution schemes
25,200
2,833
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
7
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Weekly operatives
61
70
-
2
Salaried staff
22
22
-
-
Total
83
92
2
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,004,225
4,241,498
Social security costs
453,754
479,691
-
-
Pension costs
310,001
109,289
4,767,980
4,830,478
LAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
8,172
9
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
7,503
5,713
Other interest
-
19,583
Total finance costs
7,503
25,296
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
250,006
375,907
Adjustments in respect of prior periods
(1,364)
Total current tax
248,642
375,907
Deferred tax
Origination and reversal of timing differences
8,466
(35,580)
Total tax charge
257,108
340,327
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
741,978
1,205,399
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
185,495
283,510
Tax effect of expenses that are not deductible in determining taxable profit
18,739
5,370
Adjustments in respect of prior years
(1,364)
Effect of change in corporation tax rate
-
(734)
Permanent capital allowances in excess of depreciation
237
1,376
Amortisation on assets not qualifying for tax allowances
54,001
50,805
Taxation charge
257,108
340,327
LAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
-
100,000
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
4,320,135
Amortisation and impairment
At 1 January 2024
1,125,156
Amortisation charged for the year
216,007
At 31 December 2024
1,341,163
Carrying amount
At 31 December 2024
2,978,972
At 31 December 2023
3,194,979
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
LAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
13
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
58,943
481,527
51,157
378,653
970,280
Additions
30,633
30,633
Disposals
(39,500)
(39,500)
At 31 December 2024
58,943
512,160
51,157
339,153
961,413
Depreciation and impairment
At 1 January 2024
58,943
352,454
43,223
207,131
661,751
Depreciation charged in the year
52,367
2,855
62,600
117,822
Eliminated in respect of disposals
(14,144)
(14,144)
At 31 December 2024
58,943
404,821
46,078
255,587
765,429
Carrying amount
At 31 December 2024
107,339
5,079
83,566
195,984
At 31 December 2023
129,073
7,934
171,522
308,529
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2024
2023
2024
2023
£
£
£
£
Motor vehicles
114,738
109,046
LAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
5,266,797
5,266,797
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
5,266,797
Carrying amount
At 31 December 2024
5,266,797
At 31 December 2023
5,266,797
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
AMB Holdings Limited
Unit 5 Crossley Park, Crossley Road, Stockport, Cheshire, SK4 5BF
Ordinary
100.00
-
LAR Limited
Unit 5 Crossley Park Industrial Estate, Crossley Road, Stockport, Cheshire, SK4 5BF
Ordinary
0
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
63,867
58,721
-
-
LAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
918,687
968,814
Gross amounts owed by contract customers
404,729
1,117,295
Amounts owed by group undertakings
-
-
-
163,750
Other debtors
385,362
256
300,000
Prepayments and accrued income
180,547
172,814
1,889,325
2,259,179
300,000
163,750
Amounts falling due after more than one year:
Deferred tax asset (note 21)
7,847
Total debtors
1,889,325
2,267,026
300,000
163,750
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
28,805
42,444
Trade creditors
391,868
944,533
Corporation tax payable
44,591
254,076
Other taxation and social security
271,577
455,795
-
-
Other creditors
90,242
44,173
Accruals and deferred income
149,587
254,768
976,670
1,995,789
Finance lease borrowings are secured on the assets to which they relate.
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
24,030
59,857
Finance lease borrowings are secured on the assets to which they relate.
LAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
28,805
42,444
In two to five years
24,030
59,857
52,835
102,301
-
-
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, No restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for the contingent rental payments.
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
619
-
-
7,847
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 January 2024
(7,847)
-
Charge to profit or loss
8,466
-
Liability at 31 December 2024
619
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
310,001
109,289
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
LAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
40,000
40,000
40,000
40,000
A Ordinary of £1 each
2,106
2,106
2,106
2,106
42,106
42,106
42,106
42,106
24
Other reserves
2024
2023
Group and company
£
£
At the beginning and end of the year
2,560,000
2,560,000
The above "merger reserve" is created on consolidation following the acquisition of AMB Holdings Limited by LAR Group Limited.
25
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
123,233
73,518
-
-
Between two and five years
264,494
233,457
-
-
387,727
306,975
-
-
26
Related party transactions
Included within other debtors is an amount of £349,991 (2023: £nil) owed by Mr A Whitfield, director.
Included within other debtors is an amount of £30,000 (2023: £nil) owed by Mr S Hannah, director.
27
Ultimate controlling party
The ultimate controlling party of LAR Group Limited is Mr A Whitfield.
LAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
28
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
484,870
865,072
Adjustments for:
Taxation charged
257,108
340,327
Finance costs
7,503
25,296
Investment income
(8,172)
Loss on disposal of tangible fixed assets
6,590
-
Amortisation and impairment of intangible assets
216,007
216,007
Depreciation and impairment of tangible fixed assets
117,822
130,464
Movements in working capital:
(Increase)/decrease in stocks
(5,146)
5,286
Decrease in debtors
749,845
137,381
(Decrease)/increase in creditors
(795,995)
15,783
Cash generated from operations
1,030,432
1,735,616
29
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,224,758
131,650
1,356,408
Obligations under finance leases
(102,301)
49,466
(52,835)
1,122,457
181,116
1,303,573
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr S E G HannahMr A S WhitfieldMr A S 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