Company registration number 00784246 (England and Wales)
DESIGNPLAN LIGHTING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
DESIGNPLAN LIGHTING LIMITED
COMPANY INFORMATION
Directors
D Barnes (Managing Director)
L Marchant
P Muir
B Sonesson
S Tilling
M Wood
S Praloran
Company number
00784246
Registered office
16 Kimpton Park Way
Sutton
Surrey
SM3 9QS
Auditor
KPMG LLP
15 Canada Square
London
E14 5GL
DESIGNPLAN LIGHTING LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report to the members of Designplan Lighting Ltd
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27
DESIGNPLAN LIGHTING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

The business achieved its second highest sales performance in the company’s 61 year history with sales of £17,829,483 (11.7% lower than 2023, £20,191,709, which was the highest sales performance) which followed two years of 17.8% and 25.5% growth.

Our performance reflected the softer construction industry conditions being experienced across Europe in 2024; where investment decisions have been postponed or deferred rather than projects lost. This was felt most noticeably in our biggest single sector, UK Custodial. However, we continue to see high activity in our home markets of UK and Germany, including specific success in Rail; with strong growth in German Rail and the delivery of key UK Rail strategic project of Beulieu following our successful delivery of Birmingham New Street and Bristol Temple Meads station upgrades in 2023.

Outside of commercial activity, focus in 2024 has been on driving operational efficiencies in pursuit of enhancing our customer’s journey, most noticeably through the launch of our new website and a pricing configurator tool. This has enabled us to tightly manage our cost base flat to 2023. In addition, following a period of strong growth, we have taken the step to formalise our German business into a GmbH on 31 December 2024, with that new entity commencing to trade from 1 January 2025, and further details are provided within the financial statements.

The cumulative result of these actions is that we have successfully delivered a profit before tax of £1,861,576 (10.4% on sales) in 2024 compared to £2,646,023 (13.1% on sales) in 2023.

The company looks ahead to 2025 with renewed optimism that our strategy continues to build momentum. We are carrying a healthy order book into 2025 and forecast a return to growth. Focus is on delivering our current order book for customers, including the completion of Beaulieu before delivering its sister project, Cambridge Station, and driving continued growth.

Going concern

Softer construction industry conditions were prevalent in 2024, especially felt by Designplan in UK Custodial. However, despite the (11.7)% sale reduction, order intake was only (1.0)% down on 2023, reflecting the strong tailwind we carry into 2025.

Whilst the directors are unable to predict the future impact on the company’s operation, externally we operate in well-funded sectors and the directors believe the company is well placed to manage its business risks.

This confidence is evidenced by the company outperforming the economic growth of its home markets in both revenue and profit between 2021-23 and carrying a strong order book, large opportunity bank and sustaining cash reserves. This provides further assurance that the company will continue in operational existence for the foreseeable future, and at a minimum for at least 12 months from the date of approval of these financial statements. Consequently, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Research and development

During 2024 the company continued to develop new and second-generation light fittings meeting the recognition criteria of Section 18 of FRS102.

Existence of overseas branches

The company has a German branch, as defined in s.1046(3) of the Companies Act 2006. The results of the branch are consolidated with the results of the company up to 31 December 2024 and are disclosed separately as discontinued operations on the statement of Comprehensive Income.

The branch was disposed of on 31 December 2024 to the newly formed Designplan Leuchten GmbH, a wholly owned subsidiary of the company.

DESIGNPLAN LIGHTING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

Uncertainty in the economy that the impending UK general election created in 2024 has now passed, removing the highest profile threat to the short term performance of all businesses at this time.

The public sector funded infrastructure project nature of our business means that funding and decisions can take long time periods, which creates stability in such times for us, evidenced again by the growth in our opportunity pipeline. In addition our exposure is more spread than ever (both in terms of geographically and sectors funding) and our proposition is equally well aligned to the growing sustainability agenda.

Exchange rate risk

The main treasury risk arises from exchange rate fluctuation. The company manages the risk from exchange rates by trading with customers and suppliers in the same currencies where possible.

We also saw forex losses of £(33,822) (2023: £1,607 gains) due to fluctuations between Euro to Sterling movement and growth in our German business.

Key performance indicators

In addition to turnover and profit, the following are further key performance indicators that are considered important measures of performance:

Future developments

The strategic focus remains on increasing and driving market share in our home markets and priority sectors through targeted product development and service excellence.

The company will also continue to leverage the global presence of the Fagerhult Group to further penetrate international markets where our product portfolio is relevant.

On behalf of the board

L Marchant
Director
27 August 2025
DESIGNPLAN LIGHTING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities

The principal activity of the company continued to be that of design, manufacture and sale of light fittings.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £750,000. 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:

D Barnes (Managing Director)
L Marchant
P Muir
B Sonesson
S Tilling
M Wood
S Praloran
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.

Information referred to in the 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 principal risks and future developments.

Auditor

Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and KPMG LLP will therefore continue in office.

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 Marchant
Director
27 August 2025
DESIGNPLAN LIGHTING LIMITED
STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE ANNUAL REPORT AND THE FINANCIAL STATEMENTS
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 they have elected to prepare the financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. 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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

DESIGNPLAN LIGHTING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DESIGNPLAN LIGHTING LIMITED
- 5 -
Opinion

We have audited the financial statements of Designplan Lighting Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including the accounting policies in note 1.

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 are described below. We have fulfilled our ethical responsibilities under, and are independent of the Company in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern

The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease its operations, and as they have concluded that the Company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

In our evaluation of the directors’ conclusions, we considered the inherent risks to the Company’s business model and analysed how those risks might affect the Company’s financial resources or ability to continue operations over the going concern period.

Our conclusions based on this work:

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the Company will continue in operation.

Fraud and breaches of laws and regulations - ability to detect

 

Identifying and responding to risks of material misstatement due to fraud

 

To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

 

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

DESIGNPLAN LIGHTING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DESIGNPLAN LIGHTING LIMITED
- 6 -

As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries and the risk of bias in accounting estimates and judgements such as impairment. On this audit we do not believe there is a fraud risk related to revenue recognition because the accounting for the majority of the company's revenue is non-complex, and subject to limited levels of judgment with limited opportunities for intervention in the sales process to fraudulently manipulate revenue. We did not identify any additional fraud risks.

 

We performed procedures including:

 

Identifying and responding to risks of material misstatement related to compliance with laws and regulations

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 and through discussion with the directors (as required by auditing standards), and discussed with the directors the policies and procedures regarding compliance with laws and regulations.

 

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

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 financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation, and we assessed 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 amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, data protection laws, anti-bribery and employment law, recognising the nature of the Company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

 

Context of the ability of the audit to detect fraud or breaches of law or regulation

 

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 auditing standards. 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 inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

DESIGNPLAN LIGHTING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DESIGNPLAN LIGHTING LIMITED
- 7 -

Strategic report and directors’ report

The directors are responsible for the strategic report and the directors’ report. Our opinion on the financial statements does not cover those reports and we do not express an audit opinion thereon.

Our responsibility is to read the strategic report and the directors’ report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report to you if, in our opinion:

We have nothing to report in these respects.

Directors' responsibilities

As explained more fully in their statement set out on page 4, the directors are responsible for: the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; 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 they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities

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 our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

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.

DESIGNPLAN LIGHTING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DESIGNPLAN LIGHTING LIMITED
- 8 -

The purpose of our audit work and to whom we owe our responsibilities

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.

Dominic Harvey
Senior Statutory Auditor
For and on behalf of KPMG LLP
27 August 2025
Chartered Accountants
Statutory Auditor
15 Canada Square
London
E14 5GL
DESIGNPLAN LIGHTING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
15,827,717
2,001,766
17,829,483
18,820,957
1,370,752
20,191,709
Cost of sales
(7,786,584)
(158,538)
(7,945,122)
(9,600,041)
(98,416)
(9,698,457)
Distribution costs
(1,041,674)
(163,912)
(1,205,586)
(1,066,620)
(99,237)
(1,165,857)
Administrative expenses
(5,812,064)
(1,262,364)
(7,074,428)
(5,789,683)
(984,967)
(6,774,650)
Operating profit
4
1,187,395
416,952
1,604,347
2,364,613
188,132
2,552,745
Interest receivable and similar income
7
76,271
15,561
91,832
81,039
12,239
93,278
Profit/(loss) on disposal of operations
-
165,397
165,397
-
-
-
Profit before taxation
1,263,666
597,910
1,861,576
2,445,652
200,371
2,646,023
Tax on profit
8
(351,817)
(91,214)
(443,031)
(580,864)
(82,632)
(663,496)
Profit for the financial year
911,849
506,696
1,418,545
1,864,788
117,739
1,982,527
Details of discontinued operations are provided in note 9.

The notes on pages 12 to 27 form part of these financial statements.

DESIGNPLAN LIGHTING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
36,361
81,799
Tangible assets
12
1,682,263
1,969,652
Investments
13
21,151
-
0
1,739,775
2,051,451
Current assets
Stocks
15
1,187,830
1,530,040
Debtors
16
4,325,072
2,997,868
Cash at bank and in hand
789,210
1,672,068
6,302,112
6,199,976
Creditors: amounts falling due within one year
17
(2,635,133)
(3,328,842)
Net current assets
3,666,979
2,871,134
Total assets less current liabilities
5,406,754
4,922,585
Provisions for liabilities
Provisions
18
419,499
558,875
Deferred tax liability
19
185,000
230,000
(604,499)
(788,875)
Net assets
4,802,255
4,133,710
Capital and reserves
Called up share capital
21
360,300
360,300
Capital redemption reserve
22
214,575
214,575
Profit and loss reserves
23
4,227,380
3,558,835
Total equity
4,802,255
4,133,710

The notes on pages 12 to 27 form part of these financial statements.

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 27 August 2025 and are signed on its behalf by:
L  Marchant
Director
Company registration number 00784246 (England and Wales)
DESIGNPLAN LIGHTING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
360,300
214,575
3,826,308
4,401,183
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,982,527
1,982,527
Dividends
10
-
-
(2,250,000)
(2,250,000)
Balance at 31 December 2023
360,300
214,575
3,558,835
4,133,710
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
1,418,545
1,418,545
Dividends
10
-
-
(750,000)
(750,000)
Balance at 31 December 2024
360,300
214,575
4,227,380
4,802,255

The notes on pages 12 to 27 form part of these financial statements.

DESIGNPLAN LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Designplan Lighting Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16 Kimpton Park Way, Sutton, Surrey, SM3 9QS.

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.

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

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

 

 

The financial statements of the company are consolidated in the financial statements of Fagerhult Group AB. These consolidated financial statements are available from its registered office, Fagerhult Group AB, SE-566 80 Habo, Sweden.

The company has taken advantage of the exemption under section 401 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Softer construction industry conditions were prevalent in 2024, especially felt by Designplan in UK Custodial. However, despite the (11.7)% sale reduction, order intake was only (1.0)% down on 2023, reflecting the strong tailwind we carry into 2025.true

Whilst the directors are unable to predict the future impact on the company’s operation, externally we operate in well-funded sectors and the directors believe the company is well placed to manage its business risks.

This confidence is evidenced by the company outperforming the economic growth of its home markets in both revenue and profit between 2021-23 and carrying a strong order book, large opportunity bank and sustaining cash reserves. This provides further assurance that the company will continue in operational existence for the foreseeable future, and at a minimum for at least 12 months from the date of approval of these financial statements. Consequently, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for sale of goods in the ordinary nature of the business. Turnover is shown net of VAT, and is recognised when goods are provided to customers upon dispatch.

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

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the customer (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.

 

Turnover from bill-and-hold sales arises where delivery is delayed at the customer's request, but where the customer takes title and accepts billing. Turnover from bill-and-hold sales is recognised when the customer takes title, provided that it is probable that delivery will be made, the item is identified and ready for delivery to the customer at the time the sale is recognised, the customer specifically acknowledges the deferred delivery instructions and the usual payment terms apply. Turnover is not recognised when there is simply an intention to acquire or manufacture the goods in time for delivery.

1.4
Research and development expenditure

Expenditure on research activities is recognised in the profit and loss account as an expense as incurred. Expenditure on development activities may be capitalised if the product or process is technically and commercially feasible and the Company intends, and has the technical ability and sufficient resources, to complete development, future economic benefits are probable and if the Company can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve design for, construction or testing of the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Other development expenditure is recognised in the profit and loss account as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses.

1.5
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.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives from the point when the product is live or launched, on the following basis:

Development costs
20% straight line
1.6
Tangible fixed assets

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

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

Long leasehold land and buildings
over the length of the lease
Plant, machinery and tools
3 to 20 years straight line
Computers, furniture and fittings
3 to 20 years straight line
1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

DESIGNPLAN LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -

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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

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

1.8
Stocks

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

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

1.9
Cash and cash equivalents

Cash and cash equivalents comprises solely of cash at bank. Bank overdrafts that are repayable on demand and form an integral part of the Company's cash management are included as a component of cash and cash equivalents.

1.10
Financial instruments

The company has elected to apply the recognition and measurement provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other 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 financial asset is measure at the present value of the future receipts discounted at a market rate of interest.

Other financial assets

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

Impairment of financial assets

Financial assets 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.

DESIGNPLAN LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group 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.

Other financial liabilities

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

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Taxation

The tax expense represents the sum of the tax currently payable or receivable and deferred tax.

Current tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet 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.

 

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date.

DESIGNPLAN LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Provisions are made for liabilities arising in respect of potential sales agency commissions under an EU Agency Directive and costs associated with honouring our product warranty agreements.

1.13
Employee benefits

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

 

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

1.14
Retirement benefits

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

1.15
Leasing and hire purchase commitments

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

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 in the period are included in profit or loss.

1.17

Discontinued operations

Discontinued operations are components of the Company that have been disposed of at the reporting date and previously represented a separate major line of business or geographical area of operation.

 

They are included in the profit and loss account in a separate column for the current and comparative periods, including the gain or loss on sale or impairment loss on abandonment.

DESIGNPLAN LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.18

Amendments to FRS 102 not yet applied

The following amendments to FRS 102 have been issued but have not been applied in these financial statements. Their adoption is not expected to have a material effect on the financial statements, unless otherwise indicated:

 

 

 

The Company will be required to recognise an asset and liability for the lease of a property which will have a material effect on the financial statements. The current lease terms are payments of £900,000 per annum for the period to 2034 and are set out in note 24 of the accounts.

 

 

 

 

 

 

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. At present the company has not calculated the impact that changes to accounting policies, effective for periods beginning on or after 1 January 2026, will have on the accounts.

DESIGNPLAN LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty

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

Warranty provision

Warranty provisions are an extrapolation based on the cost of honouring past claims applied to recent trading levels, plus any specific liabilities that the company may be aware of.

Stock provision

Provisions are recognised when there is objective evidence of impairment or obsolescence of stock items. The provision is calculated based on the analysis of historic usage and expected future use of stock lines, and represents the expected write-down between the estimated net realisable value and the original cost. Net realisable value represents the estimated selling price less estimated costs of completion.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
17,829,483
20,191,709
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
11,061,131
13,876,577
Overseas sales
6,768,352
6,315,132
17,829,483
20,191,709
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
33,822
(1,607)
Research and development costs
59,623
92,910
Fees payable to the company's auditor for the audit of the company's financial statements
106,425
109,300
Depreciation of owned tangible fixed assets
488,461
432,445
Profit on disposal of tangible fixed assets
(7,396)
-
Amortisation of intangible assets
78,576
103,910
Operating lease charges
999,027
1,048,662
DESIGNPLAN LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
5
Employees

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

2024
2023
Number
Number
Production staff
52
53
Sales
32
31
Administration
43
40
Total
127
124

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,773,079
5,738,731
Social security costs
560,176
527,866
Pension costs
182,033
173,834
6,515,288
6,440,431
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
630,318
560,952
Company pension contributions to defined contribution schemes
30,758
27,507
661,076
588,459

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
191,314
169,930
Company pension contributions to defined contribution schemes
9,447
8,383
DESIGNPLAN LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
91,832
93,278
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
391,000
515,000
Adjustments in respect of prior periods
5,817
15,218
Total UK current tax
396,817
530,218
Foreign current tax on profits for the current period
102,000
85,000
Adjustments in foreign tax in respect of prior periods
(10,786)
2,368
Total current tax
488,031
617,586
Deferred tax
Origination and reversal of timing differences
(42,420)
61,036
Adjustment in respect of prior periods
(2,580)
(15,126)
Total deferred tax
(45,000)
45,910
Total tax charge
443,031
663,496

Of the charge to current tax in relation to discontinued operations, £91,214 relates to tax on profits and £0 arose on disposal.

DESIGNPLAN LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 21 -

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
1,861,576
2,646,023
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
465,394
621,815
Tax effect of expenses that are not deductible in determining taxable profit
5,000
7,720
Tax effect of income not taxable in determining taxable profit
(41,349)
-
0
Adjustments in respect of prior years
(7,549)
2,459
Amortisation on assets not qualifying for tax allowances
4,491
4,222
Effect of overseas tax rates
16,965
18,087
Enhanced capital allowances
-
0
(693)
Other tax adjustments
79
9,886
Taxation charge for the year
443,031
663,496

The company has brought forward capital losses of £167,373 (2023 - £167,373) which are available to offset capital gains in the future.

9
Discontinued operations

On 31 December 2024, the company disposed of its German branch to a newly incorporated company, Designplan Leuchten GmbH, wholly owned by Designplan Lighting Limited (see note 14).

10
Dividends
2024
2023
£
£
Interim paid
750,000
2,250,000
DESIGNPLAN LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
11
Intangible fixed assets
Development costs
£
Cost
At 1 January 2024 and 31 December 2024
490,791
Amortisation and impairment
At 1 January 2024
408,992
Amortisation charged for the year
78,576
Transfers
(33,138)
At 31 December 2024
454,430
Carrying amount
At 31 December 2024
36,361
At 31 December 2023
81,799
12
Tangible fixed assets
Long leasehold land and buildings
Plant, machinery and tools
Computers, furniture and fittings
Total
£
£
£
£
Cost
At 1 January 2024
913,643
4,702,160
1,032,305
6,648,108
Additions
-
0
125,288
118,509
243,797
Disposals
-
0
-
0
(16,435)
(16,435)
At 31 December 2024
913,643
4,827,448
1,134,379
6,875,470
Depreciation and impairment
At 1 January 2024
493,941
3,318,503
866,012
4,678,456
Depreciation charged in the year
52,804
332,511
103,146
488,461
Eliminated in respect of disposals
-
0
-
0
(6,848)
(6,848)
Transfers
-
0
44,706
(11,568)
33,138
At 31 December 2024
546,745
3,695,720
950,742
5,193,207
Carrying amount
At 31 December 2024
366,898
1,131,728
183,637
1,682,263
At 31 December 2023
419,702
1,383,657
166,293
1,969,652
13
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
14
21,151
-
0
DESIGNPLAN LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
-
Additions
21,151
At 31 December 2024
21,151
Carrying amount
At 31 December 2024
21,151
At 31 December 2023
-
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
Designplan Leuchten GmbH
Neue Grünstraße 25, 10179 Berlin
Ordinary
100.00

Designplan Leuchten GmbH commenced trading on 1 January 2025.

15
Stocks
2024
2023
£
£
Raw materials and consumables
865,001
1,064,072
Work in progress
173,867
294,117
Finished goods and goods for resale
148,962
171,851
1,187,830
1,530,040

During the year, an impairment loss on finished goods of £57,730 (2023 - £1,027) was recognised in cost of sales.

DESIGNPLAN LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,964,862
2,025,759
Corporation tax recoverable
-
0
60,570
Amounts owed by group undertakings
1,862,319
474,611
Other debtors
7,589
367
Prepayments
490,302
436,561
4,325,072
2,997,868

Included within group debtors is £325,230 (2023 - £365,349) which relates to the company's share of the group cash pool. This is immediately withdrawable on demand. The balance relates to sales made by the company which are subject to normal trading terms.

17
Creditors: amounts falling due within one year
2024
2023
£
£
Payments received on account
48,712
28,170
Trade creditors
1,212,268
1,454,460
Amounts owed to group undertakings
11,263
17,158
Taxation and social security
227,409
170,112
Other creditors
25,584
29,323
Accruals
1,109,897
1,629,619
2,635,133
3,328,842
18
Provisions for liabilities
2024
2023
£
£
Commercial agent indemnity provision
61,712
64,872
Warranty provision
357,787
494,003
419,499
558,875
DESIGNPLAN LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Provisions for liabilities
(Continued)
- 25 -
Movements on provisions:
Commercial agent indemnity provision
Warranty provision
Total
£
£
£
At 1 January 2024
64,872
494,003
558,875
Additional provisions in the year
4,539
87,553
92,092
Utilisation of provisions
(7,699)
(223,769)
(231,468)
At 31 December 2024
61,712
357,787
419,499

A provision is made of £61,712 (2023 - £64,872) at the rate of 0.5% of net invoiced sales generated by each agent, for amounts likely to be payable by the company to sales consultants operating in Europe on retirement or otherwise on the termination of the agency agreement, under the EU Agency Directive.

 

A provision has also been made of £357,787 (2023 - £494,003) for liabilities expected to arise in respect of costs for product warranties.

19
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
185,000
257,397
Other timing differences
-
(27,397)
185,000
230,000
2024
Movements in the year:
£
Liability at 1 January 2024
230,000
Credit to profit or loss
(45,000)
Liability at 31 December 2024
185,000

The amount of the deferred tax liability set out above which is expected to reverse within 12 months of the balance sheet date is £50,000 and relates to accelerated capital allowances that are expected to reverse within the same period.

DESIGNPLAN LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
182,033
173,834

The company operates a defined contribution scheme. The scheme is a funded defined contribution personal pension plan where the assets are held separately for individual members and are not available generally to all members.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
360,300
360,300
360,300
360,300
22
Capital redemption reserve

The capital redemption reserve is non-distributable reserve that arose where the company purchased some of its own shares and subsequently cancelled these.

23
Profit and loss reserves

Retained earnings includes non-distributable profits of £165,397 (2023 - £nil) reflecting the value of internally generated goodwill following incorporation of the German branch.

24
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
1,066,523
1,045,490
Between two and five years
3,837,428
3,692,918
In over five years
4,124,060
5,023,855
9,028,011
9,762,263

The above commitments include annual rental payments of £900,000 for the period to July 2034 in respect of the property occupied by the company.

DESIGNPLAN LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
20,900
50,200

The above commitment relates to contractual implementation costs of two assets currently under development.

26
Ultimate controlling party

The company's immediate and ultimate parent company is Fagerhult Group AB, a company incorporated in Sweden.

 

The largest and smallest group preparing consolidated accounts that include the results of the company is Fagerhult Group AB. These accounts can be obtained from Fagerhult Group AB, SE-566 80 Habo, Sweden.

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