Company registration number 14315407 (England and Wales)
DR BALING WIRE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
DR BALING WIRE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr Peter Robinson
Mr M D Robinson
Company number
14315407
Registered office
Oxspring Wire Mills
Oxspring
Sheffield
South Yorkshire
S36 8YW
Auditor
Henton & Co LLP
Northgate
118 North Street
Leeds
England
LS2 7PN
DR BALING WIRE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9 - 10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
DR BALING WIRE HOLDINGS 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

In the period, the directors formed DR Baling Wire Holdings Limited,which holds the shares of both D R Baling Wire (Manufacturers Limited and Nexus Wire and Consumables Limited. The prior year figures have been restated to remove the Stanley Wire Limited figures, as the investment in this was removed from the group.

 

For the year ended 31 December 2024 the group made a pre tax profit of £922,291 (2023: £4,262,126).

Principal risks and uncertainties

The principal risk is competition from subsidised overseas competitors. However, due to the current difficult trading conditions in the UK industry and the buying power that the group has, the directors have managed to bulk buy steel.

 

The recent increases in energy costs shall have an impact on future performance but the group currently has a fixed contract. However, despite this the directors are confident that the additional costs arising after the contract ends will be offset by increases in turnover and the margin being achieved.

Key performance indicators

The directors concentrate on the tonnage of finished products produced each month as a key indicator. As the process is very automated, and the directors have invested heavily in production capacity, the production staff numbers do not increase in line with tonnage production and hence they do not use tonnage per employee as an indicator.

On behalf of the board

Mr M D Robinson
Director
7 August 2025
DR BALING WIRE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

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

Principal activities

The principal activity of the company and group continued to be that of the sale of baling wire, both steel and plastic, chains and springs.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Peter Robinson
Mr M D Robinson
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:

 

 

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.

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.

Medium-sized companies exemption

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

DR BALING WIRE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
On behalf of the board
Mr M D Robinson
Director
7 August 2025
DR BALING WIRE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DR BALING WIRE HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of DR Baling Wire Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, 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:

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 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.

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:

DR BALING WIRE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DR BALING WIRE HOLDINGS LIMITED
- 5 -
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:

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

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 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.

DR BALING WIRE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DR BALING WIRE HOLDINGS LIMITED
- 6 -
Christopher Howitt (Senior Statutory Auditor)
For and on behalf of Henton & Co LLP, Statutory Auditor
Chartered Accountants
Northgate
118 North Street
Leeds
England
LS2 7PN
7 August 2025
DR BALING WIRE HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
as restated
Notes
£
£
Turnover
2
16,359,405
16,826,272
Cost of sales
(10,926,192)
(10,328,105)
Gross profit
5,433,213
6,498,167
Administrative expenses
(3,902,680)
(2,816,034)
Other operating income
108,341
99,808
Insurance claim
3
-
0
236,736
Project development consultancy
3
(1,000,000)
-
0
Operating profit
4
638,874
4,018,677
Interest receivable and similar income
7
283,417
243,632
Interest payable and similar expenses
8
-
0
(183)
Profit before taxation
922,291
4,262,126
Tax on profit
9
(275,112)
(801,622)
Profit for the financial year
647,179
3,460,504
Profit for the financial year is all attributable to the owners of the parent company.

The notes on pages 15 to 31 form part of these financial statements.

DR BALING WIRE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
as restated
£
£
Profit for the year
647,179
3,460,504
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
647,179
3,460,504
Total comprehensive income for the year is all attributable to the owners of the parent company.

The notes on pages 15 to 31 form part of these financial statements.

DR BALING WIRE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
66,491
8,527
Tangible assets
12
2,171,783
3,041,492
2,238,274
3,050,019
Current assets
Stocks
15
1,569,368
1,157,793
Debtors
16
6,022,042
4,026,020
Cash at bank and in hand
6,158,877
6,710,440
13,750,287
11,894,253
Creditors: amounts falling due within one year
17
(2,077,773)
(1,363,549)
Net current assets
11,672,514
10,530,704
Total assets less current liabilities
13,910,788
13,580,723
Provisions for liabilities
Deferred tax liability
18
536,464
396,836
(536,464)
(396,836)
Net assets
13,374,324
13,183,887
Capital and reserves
Called up share capital
20
10,210,000
10,210,000
Profit and loss reserves
2,985,311
2,842,805
Balance sheet suspense
-
31,322
Equity attributable to owners of the parent company
13,195,311
13,084,127
Non-controlling interests
179,013
99,760
Total equity
13,374,324
13,183,887

The notes on pages 15 to 31 form part of these financial statements.

DR BALING WIRE HOLDINGS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -

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

The financial statements were approved by the board of directors and authorised for issue on 7 August 2025 and are signed on its behalf by:
07 August 2025
Mr M D Robinson
Director
Company registration number 14315407 (England and Wales)
DR BALING WIRE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
13
10,210,134
10,210,134
10,210,134
10,210,134
Current assets
Debtors
16
12,686
15,186
Creditors: amounts falling due within one year
17
(134)
(134)
Net current assets
12,552
15,052
Net assets
10,222,686
10,225,186
Capital and reserves
Called up share capital
20
10,210,000
10,210,000
Profit and loss reserves
12,686
15,186
Total equity
10,222,686
10,225,186

The notes on pages 15 to 31 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £2,500 (2023 - £2,000,000 profit).

The financial statements were approved by the board of directors and authorised for issue on 7 August 2025 and are signed on its behalf by:
07 August 2025
Mr M D Robinson
Director
Company registration number 14315407 (England and Wales)
DR BALING WIRE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
10,210,000
1,464,715
11,674,715
232,577
11,907,292
Year ended 31 December 2023:
Profit and total comprehensive income
-
3,460,504
3,460,504
-
3,460,504
Dividends
10
-
(2,082,414)
(2,082,414)
(132,817)
(2,215,231)
Balance at 31 December 2023
10,210,000
2,842,805
13,084,127
99,760
13,183,887
Year ended 31 December 2024:
Profit and total comprehensive income
-
647,179
647,179
-
647,179
Balance at 31 December 2024
10,210,000
2,985,311
13,195,311
179,013
13,374,324

The notes on pages 15 to 31 form part of these financial statements.

DR BALING WIRE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
10,210,000
-
0
10,210,000
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
2,000,000
2,000,000
Dividends
10
-
(1,984,814)
(1,984,814)
Balance at 31 December 2023
10,210,000
15,186
10,225,186
Year ended 31 December 2024:
Profit and total comprehensive income
-
(2,500)
(2,500)
Balance at 31 December 2024
10,210,000
12,686
10,222,686

The notes on pages 15 to 31 form part of these financial statements.

DR BALING WIRE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,490,096
6,390,870
Interest paid
-
0
(183)
Income taxes paid
(600,000)
(788,834)
Net cash inflow from operating activities
890,096
5,601,853
Investing activities
Purchase of intangible assets
(66,903)
(6,916)
Purchase of tangible fixed assets
(185,354)
(1,809,344)
Proceeds from disposal of tangible fixed assets
10,844
10,382
Proceeds from disposal of subsidiaries, net of cash disposed
133
31,322
Repayment of loans
(1,103,845)
-
Interest received
283,417
243,632
Net cash used in investing activities
(1,061,708)
(1,530,924)
Financing activities
Dividends paid to equity shareholders
-
0
(2,082,414)
Dividends paid to non-controlling interests
-
0
(132,817)
Net cash used in financing activities
-
(2,215,231)
Net (decrease)/increase in cash and cash equivalents
(171,612)
1,855,698
Cash and cash equivalents at beginning of year
6,330,489
4,474,791
Cash and cash equivalents at end of year
6,158,877
6,330,489
Relating to:
Cash at bank and in hand
6,158,877
6,710,440
Bank overdrafts included in creditors payable within one year
-
(379,951)

The notes on pages 15 to 31 form part of these financial statements.

DR BALING WIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information

DR Baling Wire Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Oxspring Wire Mills, Oxspring, Sheffield, South Yorkshire, S36 8YW.

 

The group consists of DR Baling Wire Holdings Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

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, joint ventures and associates 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.

DR BALING WIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company DR Baling Wire Holdings Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

DR BALING WIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Trademarks, patents and licenses
20% on cost
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
4% on cost & nil on land
Property improvements
20% reducing balance
Other tangible assets
25% on cost
Fixtures, fittings and equipment
15% on reducing balance
Motor vehicles
25% on reducing balance
Spare Asset 1
Enter depreciation rate via StatDB - cd199

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.

1.9
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, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

DR BALING WIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
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). 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.

 

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 (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

DR BALING WIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
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.

1.13
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

DR BALING WIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

DR BALING WIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
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.

1.15
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.

1.16
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.

1.17
Retirement benefits

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

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

DR BALING WIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
16,359,405
16,826,272
2024
2023
£
£
Turnover analysed by geographical market
UK
16,359,405
16,826,272
2024
2023
£
£
Other revenue
Interest income
283,417
243,632
3
Exceptional item
2024
2023
£
£
Expenditure
Insurance claim
-
(236,736)
Project development consultancy
1,000,000
-
1,000,000
(236,736)
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
45,291
20,327
Research and development costs
376,388
208,875
Fees payable to the group's auditor for the audit of the group's financial statements
-
-
Depreciation of owned tangible fixed assets
587,344
522,195
Amortisation of intangible assets
8,939
2,754
Operating lease charges
140,307
289,360
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
-
-
Audit of the financial statements of the company's subsidiaries
17,500
19,000
DR BALING WIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production
28
35
-
-
Administration and support
5
5
-
-
Total
33
40
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,359,621
1,300,339
-
0
-
0
Social security costs
138,994
121,843
-
-
Pension costs
102,575
118,462
-
0
-
0
1,601,190
1,540,644
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
271,012
229,397
Other interest income
12,405
14,235
Total income
283,417
243,632
8
Interest payable and similar expenses
2024
2023
£
£
Other interest
-
183
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
160,885
634,218
Adjustments in respect of prior periods
(25,401)
100,033
Total current tax
135,484
734,251
DR BALING WIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
2024
2023
£
£
(Continued)
- 24 -
Deferred tax
Origination and reversal of timing differences
139,628
67,371
Total tax charge
275,112
801,622

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
922,291
4,262,126
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
230,573
1,065,532
Tax effect of expenses that are not deductible in determining taxable profit
20,222
13,291
Unutilised tax losses carried forward
-
0
909
Group relief
-
0
(3,959)
Permanent capital allowances in excess of depreciation
102,916
(7,209)
Research and development tax credit
(192,826)
(291,581)
Under/(over) provided in prior years
(25,401)
-
0
Tax at marginal rate
-
0
(53,659)
Movement in deferred tax
139,628
67,371
Transition adjustments
-
10,927
Taxation charge
275,112
801,622
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
-
1,984,814
DR BALING WIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
11
Intangible fixed assets
Group
Trademarks, patents and licenses
£
Cost
At 1 January 2024
12,139
Additions
66,903
At 31 December 2024
79,042
Amortisation and impairment
At 1 January 2024
3,612
Amortisation charged for the year
8,939
At 31 December 2024
12,551
Carrying amount
At 31 December 2024
66,491
At 31 December 2023
8,527
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.

More information on impairment movements in the year is given in note .

DR BALING WIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
12
Tangible fixed assets
Group
Property improvements
Other tangible assets
Fixtures, fittings and equipment
Motor vehicles
Spare Asset 1
Total
£
£
£
£
£
£
Cost
At 1 January 2024
970,175
1,353,849
570,613
39,508
-
0
2,934,145
Additions
-
0
501
171,102
13,751
-
0
185,354
Disposals
-
0
-
0
-
0
(13,791)
(668)
(14,459)
At 31 December 2024
970,175
1,354,350
741,715
39,468
(668)
3,105,040
Depreciation and impairment
At 1 January 2024
-
0
12,763
345,926
(9,161)
-
0
349,528
Depreciation charged in the year
242,544
14,802
316,811
13,020
167
587,344
Eliminated in respect of disposals
-
0
-
0
-
0
(3,448)
(167)
(3,615)
At 31 December 2024
242,544
27,565
662,737
411
-
0
933,257
Carrying amount
At 31 December 2024
727,631
1,326,785
78,978
39,057
(668)
2,171,783
At 31 December 2023
970,175
1,795,322
227,326
48,669
-
0
3,041,492
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
10,210,134
10,210,134
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
10,210,134
Carrying amount
At 31 December 2024
10,210,134
At 31 December 2023
10,210,134
DR BALING WIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
14
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
D R Baling Wire Manufacturers Limited
England and Wales
Ordinary
100.00
Nexus Wire and Consumables Limited
England and Wales
Ordinary
67.00
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,569,368
1,157,793
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,358,697
2,662,905
-
0
-
0
Corporation tax recoverable
368,361
-
0
-
0
-
0
Amounts owed by group undertakings
-
-
12,686
15,186
Other debtors
3,232,284
1,363,115
-
0
-
0
Prepayments and accrued income
62,700
-
0
-
0
-
0
6,022,042
4,026,020
12,686
15,186
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,765,236
326,658
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
134
134
Corporation tax payable
155,350
251,505
-
0
-
0
Other taxation and social security
42,097
216,806
-
-
Other creditors
32,674
35,895
-
0
-
0
Accruals and deferred income
82,416
152,734
-
0
-
0
2,077,773
983,598
134
134
DR BALING WIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
536,464
396,836
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
396,836
-
Charge to profit or loss
139,628
-
Liability at 31 December 2024
536,464
-
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
102,575
118,462

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.

20
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,210,000
10,210,000
10,210,000
10,210,000
21
Events after the reporting date

Post year end the shares in Nexus Wire and Consumables Limited were transferred out of the group to DR Baling Wire Investments Ltd.

DR BALING WIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
22
Cash generated from group operations
2024
2023
£
£
Profit after taxation
647,179
3,460,504
Adjustments for:
Taxation charged
275,112
801,622
Finance costs
-
0
183
Investment income
(283,417)
(243,632)
Amortisation and impairment of intangible assets
8,939
2,754
Depreciation and impairment of tangible fixed assets
587,344
522,195
Movements in working capital:
(Increase)/decrease in stocks
(411,575)
2,722,336
(Increase)/decrease in debtors
(523,816)
291,428
Increase/(decrease) in creditors
1,190,330
(1,166,519)
Cash generated from operations
1,490,096
6,390,871
Difference
-
(1)
Per cash flow statement page
1,490,096
6,390,870
23
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
6,710,440
(551,563)
6,158,877
Bank overdrafts
(379,951)
379,951
-
0
6,330,489
(171,612)
6,158,877
24
Prior period adjustment
DR BALING WIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Prior period adjustment
(Continued)
- 30 -
Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 31 Dec 2023
£
£
£
Current assets
Stocks
1,819,468
(661,675)
1,157,793
Debtors due within one year
4,114,698
(88,678)
4,026,020
Creditors due within one year
Loans and overdrafts
-
(379,951)
(379,951)
Taxation
(513,588)
45,277
(468,311)
Other creditors
(1,179,591)
664,304
(515,287)
Provisions for liabilities
Deferred tax
(511,055)
114,219
(396,836)
Net assets
13,490,391
(306,504)
13,183,887
Capital and reserves
Profit and loss reserves
2,950,214
(240,226)
2,709,988
Balance sheet suspense
330,177
(66,278)
263,899
Total equity
13,490,391
(306,504)
13,183,887
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Turnover
19,549,630
(2,723,358)
16,826,272
Cost of sales
(11,859,949)
1,531,844
(10,328,105)
Administrative expenses
(3,652,789)
836,755
(2,816,034)
Income from shares in group undertakings
97,600
(97,600)
-
0
Interest receivable and similar income
146,031
97,601
243,632
Interest payable and similar expenses
(49,210)
49,027
(183)
Taxation
(867,127)
65,505
(801,622)
Profit after taxation
3,700,730
(240,226)
3,460,504
Reconciliation of changes in equity - group
1 January
31 December
2023
2023
£
£
Adjustments to prior year
Removal of Stanley Wire figures
-
(306,504)
Equity as previously reported
11,907,292
13,490,391
Equity as adjusted
11,907,292
13,183,887
Analysis of the effect upon equity
Profit and loss reserves
-
(240,226)
DR BALING WIRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Prior period adjustment
(Continued)
- 31 -
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Removal of Stanley Wire figures
(240,226)
Profit as previously reported
3,700,730
Profit as adjusted
3,460,504
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
2,000,000
Profit as adjusted
2,000,000
2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mr Peter RobinsonMr M D 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