Company registration number 02040161 (England and Wales)
WASHTEC (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
WASHTEC (UK) LIMITED
COMPANY INFORMATION
Directors
L Norton
(Appointed 15 July 2024)
S Struwe
(Appointed 15 July 2024)
Secretary
A Dyer
Company number
02040161
Registered office
14a Oak Industrial Park
Chelmsford Road
Great Dunmow
Essex
CM6 1XN
Auditor
Rickard Luckin Limited
1st Floor
19 Clifftown Road
Southend-On-Sea
Essex
SS1 1AB
Solicitors
Tees Law
Tees House
95 London Road
Bishop's Stortford
Hertfordshire
CM23 3GW
WASHTEC (UK) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 28
WASHTEC (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present their strategic report and audited financial statements for the year ended 31 December 2024.

Review of the business

The principal activities of the company during the year were the supply, installation and maintenance of vehicle wash equipment, the provision of chemicals to support these activities and also the sale of associated products that enhance the services offered by the company to its core customer base. These activities are targeted towards fuel retailers, car dealers, vehicle rental agencies, public transportation operators (including bus and train) and commercial operators.

Sales revenue was recorded at £13.8m for the year (2023: £16.9m). The company has been able to maintain satisfactory performance across all its key divisions of the business resulting in a profit before taxation for the year ended 31 December 2024 of £802,669 (2023: £445,884).

It is felt that the influence of hand car wash has continued to decline with automated washing and self-service washing once again becoming more popular as a method of washing. The company has launched a range of digital services, such as subscription, to support the customers with increasing both the number of consumers and the number of wash counts.

As at 31 December 2024, the company held net assets of £5,049,631 (2023: £4,314,587).

Principal risks and uncertainties

 

Competitive risks

The hand car wash competition has affected the company’s customer base, but this is becoming less significant. The company has benefited from the WashTec Group’s (WashTec AG and its subsidiaries) success in winning long-term contracts to supply equipment to major European oil companies.

 

With increased interest in automatic car wash, there is also an increase in competitor activity and hence we start to see new entrants in the market. Our range of Smart products is perfectly positioned to provide a distinct difference to the rest of the market.

 

Exposure to credit, liquidity, cash flow and price risk

The company’s operations expose it to a variety of financial risks that include the effects of credit risk, currency risk and liquidity risk:

 

Credit risk

Company policies aimed at minimising credit risk require that deferred terms are only granted to customers who demonstrate an appropriate credit worthiness.

 

Currency risk

There is exposure to the variability of foreign exchange rates but this is managed in accordance with WashTec Group policy.

 

Liquidity risk

The company has access to funding from group companies, as part of group’s treasury management, to minimise liquidity risks.

WASHTEC (UK) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators

The company’s performance is measured against agreed minimum ‘respond and fix’ contractual criteria for established customers as well as criteria and standards set within the WashTec Group. Other performance indicators are shown below:

 

 

 

 

 

 

2024

 

2023

 

 

 

 

 

£

 

£

 

 

 

 

 

 

 

 

 

Turnover

 

 

 

 

 

13,798,212

 

16,900,622

 

 

 

 

 

 

 

 

 

 

EBIT

 

 

 

776,990

 

465,490

 

We strive to maintain high levels of performance against customer’s Service Level Agreements, and ongoing improvement plans, including technology advancements and digitalisation, will further improve performance and efficiency.

Changes in Management

On the 15th July 2024 Matthias Bertoldi resigned and was replaced as Managing Director and Company Director by Lee Norton. Sebastian Struwe was also appointed Company Director on the 15th July 2024.

On behalf of the board

L Norton
Director
5 August 2025
WASHTEC (UK) 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.

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:

BR Hogan
(Resigned 8 February 2024)
M Bertoldi
(Resigned 15 July 2024)
L Norton
(Appointed 15 July 2024)
S Struwe
(Appointed 15 July 2024)
Auditor

The auditor, Rickard Luckin Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk disclosures, future developments and subsequent events.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
L Norton
Director
5 August 2025
WASHTEC (UK) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

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.

WASHTEC (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WASHTEC (UK) LIMITED
- 5 -
Opinion

We have audited the financial statements of WashTec (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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.

Other information

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:

WASHTEC (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WASHTEC (UK) 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Capability of the audit in detecting irregularity, including fraud

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company’s regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team [and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: legislation relevant to the disposal of hazardous substances; employment legislation; health and safety legislation; General Data Protection Regulations; anti-bribery and anti-corruption legislation.

WASHTEC (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF WASHTEC (UK) LIMITED (CONTINUED)
- 7 -

ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s member 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 member, those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Neil Brewer (Senior Statutory Auditor)
For and on behalf of Rickard Luckin Limited, Statutory Auditor
Chartered Accountants
1st Floor
19 Clifftown Road
Southend-On-Sea
Essex
SS1 1AB
15 August 2025
WASHTEC (UK) LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Revenue
3
13,798,212
16,900,622
Cost of sales
(11,867,345)
(14,529,185)
Gross profit
1,930,867
2,371,437
Administrative expenses
(1,547,004)
(2,051,232)
Other operating income
393,127
145,285
Operating profit
4
776,990
465,490
Investment income
7
47,666
8,517
Finance costs
8
(21,987)
(28,123)
Profit before taxation
802,669
445,884
Tax on profit
9
(67,625)
(127,295)
Profit and total comprehensive income for the financial year
735,044
318,589
WASHTEC (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
11
608,929
776,661
Deferred tax asset
18
59,477
-
0
668,406
776,661
Current assets
Inventories
12
1,323,691
1,723,188
Trade and other receivables
13
3,722,716
3,396,130
Cash and cash equivalents
2,489,912
2,027,280
7,536,319
7,146,598
Current liabilities
15
(2,866,956)
(3,021,457)
Net current assets
4,669,363
4,125,141
Total assets less current liabilities
5,337,769
4,901,802
Non-current liabilities
15
(139,766)
(395,699)
Provisions for liabilities
Other provisions
19
(148,372)
(191,516)
Net assets
5,049,631
4,314,587
Equity
Called up share capital
22
250,000
250,000
Retained earnings
4,799,631
4,064,587
Total equity
5,049,631
4,314,587

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 5 August 2025 and are signed on its behalf by:
L Norton
Director
Company registration number 02040161 (England and Wales)
WASHTEC (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Retained earnings
Total
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
250,000
3,884,604
4,134,604
Transition adjustments
-
(138,606)
(138,606)
As restated
250,000
3,745,998
3,995,998
Year ended 31 December 2023:
Profit and total comprehensive income
-
318,589
318,589
Balance at 31 December 2023
250,000
4,064,587
4,314,587
Year ended 31 December 2024:
Profit and total comprehensive income
-
735,044
735,044
Balance at 31 December 2024
250,000
4,799,631
5,049,631
WASHTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

WashTec (UK) Limited is a private company limited by shares incorporated in England and Wales with company registration no. 02040161. The registered office is 14a Oak Industrial Park, Chelmsford Road, Great Dunmow, Essex, CM6 1XN.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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 meets the definition of a qualifying entity under FRS 101 Reduced Disclosure Framework. These financial statements for the year ended 31 December 2024 are the first financial statements of WashTec (UK) Limited prepared in accordance with FRS 101. The company transitioned from UK GAAP to FRS 101 for all periods presented and the date of transition to FRS 101 was 1 January 2023.

 

An explanation of how transition to FRS 101 has affected the reported financial position and financial performance is given in note 26.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS

Where required, equivalent disclosures are given in the group accounts of WashTec AG. The group accounts of WashTec AG are available to the public and can be obtained as set out in note 25.

1.2
Going concern

The financial statements are prepared on the going concern basis. trueAt the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least the next 12 months from the approval of the financial statements.

 

On this basis the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

WASHTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.3
Revenue

Revenue 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.

 

Other income comprises contributions from third parties for the storage of their chemicals and a recharge of utility costs which is recharged back to the landlord as WashTec (UK) Ltd now only occupy part of the warehouse. Other income also includes employee recharges in respect of one employees salary who is currently working in the USA based subsidiary and income from the sale and leaseback of machines.

 

This income is recognised when it is probable that the economic benefit will flow to the company and the amount of revenue can be measured reliably.

1.4
Property, plant and equipment

Property, plant and equipment 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 (other than freehold land) less their residual values over their useful lives on the following bases:

Freehold buildings
5-25 years
Fixtures, fittings and equipment
5 years
Plant and machinery
2-5 years
Motor vehicles
4 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 recognised in the income statement.

1.5
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

WASHTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

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.

 

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
Inventories

Inventories and work in progress 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 inventories to their present location and condition.

 

In general, cost is determined on a weighted average basis and includes transport and handling costs. Work in progress comprises direct expenditure and the relevant production overheads attributable to the state of production.

 

Provision is made, where necessary, for obsolete slow moving and defective stock.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.7
Cash and cash equivalents

Cash and cash equivalents 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 assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

WASHTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.9
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
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 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.

WASHTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event and 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 a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

 

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

WASHTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

 

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Critical accounting estimates and judgements

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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

WASHTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Critical accounting estimates and judgements
(Continued)
- 17 -
Key sources of estimation uncertainty
Depreciation

The deprecation expense is the recognition of the decline in the value of the asset and allocation of the cost of the asset over the periods in which the asset will be used. Judgements are made on the estimated useful life of the assets which are regularly reviewed to reflect the changing environment.

Stock provision

Provisions are made on the write down of parts for obsolescence based on the age and last movement dates of items.

3
Revenue
2024
2023
£
£
Revenue analysed by class of business
Machine sales
4,477,000
6,586,000
Servicing
5,799,000
5,124,000
Chemical sales
3,033,000
4,651,000
Rental income
489,212
539,622
13,798,212
16,900,622
2024
2023
£
£
Revenue analysed by geographical market
UK
13,798,212
16,602,563
USA & Canada
-
298,059
13,798,212
16,900,622
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(29,889)
(42,979)
Fees payable to the company's auditor for the audit of the company's financial statements
39,645
38,601
Depreciation of property, plant and equipment
413,720
517,413
Cost of inventories recognised as an expense
7,178,861
9,417,720
WASHTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Sales, administration and assembly
18
15
Service
35
40
Total
53
55

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,617,639
2,643,422
Social security costs
316,811
285,393
Pension costs
114,568
125,216
3,049,018
3,054,031
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
118,519
122,687
Company pension contributions to defined contribution schemes
12,291
9,900
130,810
132,587
7
Investment income
2024
2023
£
£
Interest income
Interest receivable from group companies
47,666
8,517
8
Finance costs
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on lease liabilities
21,987
28,123
WASHTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
127,102
138,181
Deferred tax
Origination and reversal of temporary differences
(59,477)
(10,886)
Total tax charge
67,625
127,295

The charge for the year can be reconciled to the profit per the income statement as follows:

2024
2023
£
£
Profit before taxation
802,669
445,884
Expected tax charge based on a corporation tax rate of 25.00% (2023: 23.50%)
200,667
104,783
Effect of expenses not deductible in determining taxable profit
13
-
Income not taxable
-
0
(102)
Change in unrecognised deferred tax assets
-
0
3,280
Effect of change in UK corporation tax rate
-
0
(8,692)
Depreciation on assets not qualifying for tax allowances
-
0
5,811
Capital allowances in excess of depreciation
(88,912)
-
Allowable expenditure not in the accounts
(44,143)
-
Transition adjustments
-
22,215
Taxation charge for the year
67,625
127,295
WASHTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
10
Intangible fixed assets
Software
Patents & licences
Total
£
£
£
At 1 January 2024
39,184
25,750
64,934
Disposals
(39,184)
(25,750)
(64,934)
At 31 December 2024
-
0
-
0
-
0
At 1 January 2024
39,184
25,750
64,934
Eliminated on disposals
(39,184)
(25,750)
(64,934)
At 31 December 2024
-
0
-
0
-
0
Carrying amount
At 31 December 2024
-
0
-
0
-
0
At 31 December 2023
-
0
-
0
-
0
11
Property, plant and equipment
Freehold buildings
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
233,315
1,804,476
61,077
713,315
2,812,183
Additions
55,863
97,707
-
0
92,418
245,988
Disposals
-
0
(123,821)
-
0
-
0
(123,821)
At 31 December 2024
289,178
1,778,362
61,077
805,733
2,934,350
Accumulated depreciation and impairment
At 1 January 2024
157,205
1,366,797
50,925
460,595
2,035,522
Charge for the year
8,951
226,117
3,272
175,380
413,720
Eliminated on disposal
-
0
(123,821)
-
0
-
0
(123,821)
At 31 December 2024
166,156
1,469,093
54,197
635,975
2,325,421
Carrying amount
At 31 December 2024
123,022
309,269
6,880
169,758
608,929
At 31 December 2023
76,110
437,679
10,152
252,720
776,661
WASHTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Property, plant and equipment
(Continued)
- 21 -

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2024
2023
£
£
Net values at the year end
Motor vehicles
169,758
252,720
Plant and machinery
196,368
384,543
366,126
637,263
Total additions in the year
92,418
80,684
Depreciation charge for the year
Motor vehicles
175,380
197,961
Plant and machinery
188,175
242,308
363,555
440,269
12
Inventories
2024
2023
£
£
Work in progress
17,690
65,210
Finished goods
1,306,001
1,657,978
1,323,691
1,723,188
13
Trade and other receivables
2024
2023
£
£
Trade receivables
3,058,620
3,482,404
Provision for bad and doubtful debts
(61,022)
(330,290)
2,997,598
3,152,114
Corporation tax recoverable
12,983
-
Amounts owed by fellow group undertakings
519,413
20,808
Other receivables
5,800
6,100
Prepayments and accrued income
186,922
217,108
3,722,716
3,396,130
WASHTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
14
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

Impaired trade receivables

The directors initially consider the aging of receivables and apply scaling loss allowances based on combined actual historic credit loss rates and general expected credit loss allowances.

 

Further specific allowances are provided where there is sufficient doubt over the recoverability of individual receivables.

Movement in the allowances for impairment of trade receivables
2024
2023
£
£
Balance at 1 January 2024
330,290
176,059
Additional allowance recognised
-
154,231
Allowance reversed
(269,268)
-
Balance at 31 December 2024
61,022
330,290
15
Liabilities
Current
Non-current
2024
2023
2024
2023
Notes
£
£
£
£
Trade and other payables
16
1,994,941
2,069,876
-
0
-
0
Corporation tax
-
0
39,469
-
-
Other taxation and social security
613,880
601,610
-
-
Lease liabilities
17
258,135
310,502
139,766
368,085
Deferred income
20
-
0
-
0
-
0
27,614
2,866,956
3,021,457
139,766
395,699
16
Trade and other payables
2024
2023
£
£
Trade payables
799,194
807,720
Amounts owed to fellow group undertakings
120,047
241,060
Accruals and deferred income
850,283
832,329
Deferred consideration
225,417
188,767
1,994,941
2,069,876
WASHTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
17
Lease liabilities
2024
2023
Maturity analysis
£
£
Within one year
258,135
310,502
In two to five years
155,710
390,072
Total undiscounted liabilities
413,845
700,574
Future finance charges and other adjustments
(15,944)
(21,987)
Lease liabilities in the financial statements
397,901
678,587

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2024
2023
£
£
Current liabilities
258,135
310,502
Non-current liabilities
139,766
368,085
397,901
678,587
2024
2023
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
21,987
28,123
Other leasing information is included in note 23.
18
Deferred taxation
Assets
2024
2023
£
£
Deferred tax balances
59,477
-
0
Deferred tax assets are expected to be recovered after more than one year.
WASHTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Deferred taxation
(Continued)
- 24 -

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Accelerated capital allowances
Retirement benefit obligations
Provisions
Total
£
£
£
£
Liability at 1 January 2023
(10,886)
-
0
-
(10,886)
Deferred tax movements in prior year
Credit/(charge) to profit or loss
10,886
-
-
10,886
Liability at 1 January 2024
-
-
-
-
0
Deferred tax movements in current year
Credit/(charge) to profit or loss
47,899
1,715
9,863
59,477
Asset at 31 December 2024
47,899
1,715
9,863
59,477
19
Provisions for liabilities
2024
2023
£
£
Warranties
148,372
191,516
Movements on provisions:
Warranties
£
At 1 January 2024
191,516
Additional provisions in the year
148,372
Utilisation of provision
(191,516)
At 31 December 2024
148,372
20
Deferred revenue
2024
2023
£
£
Arising from income on sale and leaseback machines
-
27,614
WASHTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
114,568
125,216

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. Contributions outstanding at the year end amounted to £18,027 (2023 - £20,919).

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
250,000
250,000
250,000
250,000
23
Other leasing information
Lessee

Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:

2024
2023
£
£
Expense relating to short-term leases
-
21,919
Expense relating to leases of low-value assets
18,892
18,899
Information relating to lease liabilities is included in note 17.
24
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Parent company
-
0
218,800
Other related parties
120,047
22,260
120,047
241,060

Other related parties relate to fellow group companies.

WASHTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Related party transactions
(Continued)
- 26 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Parent company
513,931
-
Other related parties
5,482
20,808
519,413
20,808

Other related parties relate to fellow group companies.

25
Controlling party

The immediate parent company is WashTec Cleaning Technology GmbH and its registered office is Argonstrasse 7, 86153 Augsburg, Germany.

The results of the company are included within the consolidated results of Washtec AG. This is both the largest and smallest group into which the companies results are consolidated. Copies of the consolidated financial statements of WashTec AG can be obtained from the company secretary at Argonstrasse 7, 86153 Augsburg, Germany.

WASHTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
26
Transition adjustments
Reconciliation of equity
At 1 January 2023
At 31 December 2023
Previously reported
Effect of transition
As restated
Previously reported
Effect of transition
As restated
Notes
£
£
£
£
£
£
Non-current assets
Property, plant and equipment
1
819,834
457,056
1,276,890
523,941
252,720
776,661
Current assets
Inventories
1,211,071
-
1,211,071
1,723,188
-
1,723,188
Trade and other receivables
2
3,191,145
(145,256)
3,045,889
3,582,067
(185,937)
3,396,130
Bank and cash
1,339,215
-
1,339,215
2,027,280
-
2,027,280
5,741,431
(145,256)
5,596,175
7,332,535
(185,937)
7,146,598
Creditors due within one year
Finance leases
1
(227,442)
(217,904)
(445,346)
(196,801)
(113,701)
(310,502)
Taxation
(80,327)
-
(80,327)
(39,469)
-
(39,469)
Other payables
1
(1,472,065)
12,955
(1,459,110)
(2,684,441)
12,955
(2,671,486)
(1,779,834)
(204,949)
(1,984,783)
(2,920,711)
(100,746)
(3,021,457)
Net current assets
3,961,597
(350,205)
3,611,392
4,411,824
(286,683)
4,125,141
Total assets less current liabilities
4,781,431
106,851
4,888,282
4,935,765
(33,963)
4,901,802
Creditors due after one year
Finance leases
1
(422,277)
(245,457)
(667,734)
(225,477)
(142,608)
(368,085)
Deferred income
(64,735)
-
(64,735)
(27,614)
-
(27,614)
(487,012)
(245,457)
(732,469)
(253,091)
(142,608)
(395,699)
Provisions for liabilities
Deferred tax
(10,886)
-
(10,886)
-
-
-
Other provisions
(148,929)
-
(148,929)
(191,516)
-
(191,516)
(159,815)
-
(159,815)
(191,516)
-
(191,516)
Net assets
4,134,604
(138,606)
3,995,998
4,491,158
(176,571)
4,314,587
WASHTEC (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
26
Transition adjustments
At 1 January 2023
At 31 December 2023
Previously reported
Effect of transition
As restated
Previously reported
Effect of transition
As restated
Notes
£
£
£
£
£
£
(Continued)
- 28 -
Equity
Share capital
250,000
-
250,000
250,000
-
250,000
Profit and loss
1, 2
3,884,604
(138,606)
3,745,998
4,241,158
(176,571)
4,064,587
Total equity
4,134,604
(138,606)
3,995,998
4,491,158
(176,571)
4,314,587
Reconciliation of profit for the financial period
Year ended 31 December 2023
Previously reported
Effect of transition
As restated
Notes
£
£
£
Revenue
16,900,622
-
16,900,622
Cost of sales
1
(14,325,840)
(203,345)
(14,529,185)
Gross profit
2,574,782
(203,345)
2,371,437
Administrative expenses
2
(2,224,659)
173,427
(2,051,232)
Other operating income
1
153,802
(8,517)
145,285
Operating profit
503,925
(38,435)
465,490
Interest receivable and similar income
1
-
8,517
8,517
Finance costs
(28,123)
-
(28,123)
Profit before taxation
475,802
(29,918)
445,884
Taxation
(119,248)
(8,047)
(127,295)
Profit for the financial period
356,554
(37,965)
318,589
Notes to reconciliations
1. IFRS16 - Leases
Impact of restating operating leases as finance leases.
2. IFRS9 - Credit loss provision
Impact of reassessing provisions for estimated credit losses.
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