HAVWOODS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Company Registration No. 01225320 (England and Wales)
HAVWOODS LIMITED
COMPANY INFORMATION
Directors
Mrs E J Whiley
Mr N Whiley
Mr O M Whiley
Mr S Whiley
Secretary
Mrs E J Whiley
Company number
01225320
Registered office
Carnforth Business Park
Oakwood Way
Carnforth
Lancashire
LA5 9FD
Auditor
Champion Accountants LLP
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
HAVWOODS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 25
HAVWOODS 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
For the year ending 31 December 2024, turnover from continuing operations decreased from £40,079,323 to £37,561,551.
Our short lead time projects grew by 9.1% during the year, now accounting for 58% of turnover, up from 50% in 2023.
Our medium and long-term projects have seen fewer project completions, with many projects experiencing delays due to the ongoing impact of the Grenfell disaster. Stricter planning requirements, including the need for additional staircases and the use of fire-rated materials, has led to many projects needing to go back to the planning stage, and thus extending project timelines.
The volume of our enquiries is at its highest in the last four years. To capitalise on improved market conditions, we have expanded our business development team. We successfully recruited a 12 member team in Q3 2024, with customer visits commencing in October 2024.
As a result of the growth from the short lead time projects, and the Q4 2023 launch of our wood surface products, we have improved our gross margins by four percentage points.
Administrative expenses decreased by £101,011 to £11,173,836, as we continued to drive overhead savings despite inflationary pressures. As in 2023, these savings have enabled us to invest in our team and product range, supporting product development and the launch of our lead development team.
As a result of these factors, the company has reported increased profits before tax on continuing operations of £5,197,050 (2023: £4,460,150).
At the year end, the company has shareholders’ funds of £27,096,177 (2023: £26,199,489), including distributable profits of £27,095,157 (2023: £26,198,489). The directors believe the company remains in a strong financial position, with current assets exceeding liabilities by £23,759,613 (2023: £22,747,435). This provides a solid foundation for achieving strategic objectives in the coming year.
The fixed assets net book values have decreased to £3,627,219 in the year due to no major capital projects being undertaken.
Debtors have increased by £100,138 (2023: decrease £2,985,127). Amounts owed by group entities have decreased by £38,195 (2023: decrease £83,195).
Creditors falling due within one year have increased by £50,138 (2023: decreased by £2,694,323).
Principal risks and uncertainties
The directors have identified the main risks as increased competition and economic uncertainties, including potential changes to import duties, as observed in Europe with Brexit and the USA under the Trump administration. However, the directors believe the quality and depth of our products, along with excellent customer service, will help mitigate these risks and achieve satisfactory trading results in the coming year.
As most of our products are sourced from Europe, we actively manage foreign currency risks to minimise financial impact. If appropriate, we utilise forward exchange contracts to hedge against fluctuations.
Management objectives include:
- Retaining sufficient liquid funds to meet obligations while maximising returns on surplus funds.
- Minimising exposure to fluctuating interest rates when seeking new borrowings.
Where appropriate, funds are invested in sterling treasury deposit accounts, eliminating price risk exposure.
Development and performance
The directors believe the company will continue to trade successfully in the foreseeable future.
HAVWOODS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key performance indicators
Section 172 statement
The directors drive company success through the Havwoods Group Strategy, set to guide operations until 31 December 2026. Our strategic initiatives consider all stakeholders and are directly integrated into daily operations. This approach strengthens Havwoods' position in its markets while maintaining flexibility in a rapidly changing environment.
Employees
Founded in 1975, Havwoods is now led by the third generation of the family. While the company has evolved, its family culture remains ingrained. Our employees remain our most valued asset. We foster a supportive environment where they can thrive, prioritising health, safety, and well-being. We take a responsible approach to pay and benefits, benchmarking them across all locations.
As part of our commitment to employee well-being, we have enhanced our pension scheme, increasing employer contributions to up to 10% for matched payments. Additionally, whilst we are not an official member of the Living Wage Foundation, we ensure that all employees receive at least the foundation's recommended minimum wage. These initiatives reflect our dedication to supporting our team’s long-term financial security and overall well-being.
Building on the enhancements completed last year, we have continued to invest in improving the work environment. Previously, we refurbished our head office, introducing standing desks and a dedicated relaxation area. Additionally, we upgraded our warehouse facilities with suction lifting equipment to reduce physical strain. These efforts reflect our ongoing commitment to employee well-being and workplace efficiency.
Business relationships
We value strong supplier relationships, meeting regularly and ensuring fair treatment for all partners. Our brand is built on integrity, trust, and long-standing partnerships. Customer engagement is central to our business, ensuring we deliver best-in-class service and align our product range with market changes. Our high level of repeat business demonstrates the strength of these relationships.
Community and environment
Sustainability is embedded in our culture, and we are at the forefront of bringing FSC-certified products to market. We are ISO 14001 accredited, illustrating our commitment to environmental and social responsibility. Our fleet continues to transition to electric and hybrid vehicles, with a new fuel-efficient, low-emission lorry arriving in January 2025.
We have also embarked on our Net Zero journey, aiming to achieve carbon neutrality by 2050.
HAVWOODS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Mr O M Whiley
Director
20 August 2025
HAVWOODS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
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 importers and merchants of hardwood flooring.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £3,089,000. 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:
Mrs E J Whiley
Mr N Whiley
Mr O M Whiley
Mr S Whiley
Auditor
In accordance with the company's articles, a resolution proposing that Champion Accountants LLP be reappointed as auditor of the company will be put at a General Meeting.
Energy and carbon report
The UK energy use and carbon emission information required to be reported under the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 has been included in the consolidated financial statements of Havwoods Global Holdings Limited, in which this company is included.
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.
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.
On behalf of the board
Mr O M Whiley
Director
20 August 2025
HAVWOODS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
HAVWOODS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HAVWOODS LIMITED
- 6 -
Opinion
We have audited the financial statements of Havwoods 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 significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
HAVWOODS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HAVWOODS LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
As part of our planning process:
- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. Management did not inform us of any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, compliance with UK tax regulations and compliance with health and safety laws.
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetrated, and tailored our risk assessment accordingly.
- Using our knowledge of the company, together with the discussions held with management at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries in overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to debt recoverability, stock provisions and depreciation methods.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
- Documenting and verifying all significant related party balances and transactions.
HAVWOODS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HAVWOODS LIMITED (CONTINUED)
- 8 -
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing Standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.
Susan Harris MA ACA (Senior Statutory Auditor)
For and on behalf of Champion Accountants LLP, Statutory Auditor
Chartered Accountants
2nd Floor Refuge House
33-37 Watergate Row
Chester
CH1 2LE
20 August 2025
HAVWOODS 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
37,561,551
-
37,561,551
39,760,810
318,513
40,079,323
Cost of sales
(22,428,955)
-
(22,428,955)
(25,207,857)
(211,959)
(25,419,816)
Gross profit
15,132,596
-
15,132,596
14,552,953
106,554
14,659,507
Administrative expenses
(11,173,836)
(11,173,836)
(11,252,757)
(22,090)
(11,274,847)
Other operating income
421,131
-
421,131
449,079
-
449,079
Operating profit
4
4,379,891
-
4,379,891
3,749,275
84,464
3,833,739
Interest receivable and similar income
8
818,802
818,802
715,542
715,542
Interest payable and similar expenses
9
(1,643)
(1,643)
(4,667)
(4,667)
Profit before taxation
5,197,050
5,197,050
4,460,150
84,464
4,544,614
Tax on profit
10
(1,211,362)
(1,211,362)
(973,871)
(21,495)
(995,366)
Profit for the financial year
3,985,688
3,985,688
3,486,279
62,969
3,549,248
HAVWOODS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
468,424
441,330
Tangible assets
14
3,158,795
3,276,318
3,627,219
3,717,648
Current assets
Stocks
15
5,035,228
4,750,077
Debtors
16
17,353,490
17,223,352
Cash at bank and in hand
4,693,802
4,046,775
27,082,520
26,020,204
Creditors: amounts falling due within one year
17
(3,322,907)
(3,272,769)
Net current assets
23,759,613
22,747,435
Total assets less current liabilities
27,386,832
26,465,083
Creditors: amounts falling due after more than one year
18
(10,212)
Provisions for liabilities
Deferred tax liability
20
290,655
255,382
(290,655)
(255,382)
Net assets
27,096,177
26,199,489
Capital and reserves
Called up share capital
22
650
650
Capital redemption reserve
23
370
370
Profit and loss reserves
27,095,157
26,198,469
Total equity
27,096,177
26,199,489
The financial statements were approved by the board of directors and authorised for issue on 20 August 2025 and are signed on its behalf by:
Mr O M Whiley
Director
Company registration number 01225320 (England and Wales)
HAVWOODS 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
650
370
25,233,221
25,234,241
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
3,549,248
3,549,248
Dividends
12
-
-
(2,584,000)
(2,584,000)
Balance at 31 December 2023
650
370
26,198,469
26,199,489
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
3,985,688
3,985,688
Dividends
12
-
-
(3,089,000)
(3,089,000)
Balance at 31 December 2024
650
370
27,095,157
27,096,177
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information
Havwoods Limited is a private company limited by shares incorporated in England and Wales. The registered office is Carnforth Business Park, Oakwood Way, Carnforth, Lancashire, LA5 9FD.
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.
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:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Havwoods Global Holdings Limited. These consolidated financial statements are available from its registered office, Unit 12 & 14, Carnforth Business Park, Oakwood Way, Carnforth, LA5 9FD.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer. Turnover is shown at the fair value of all goods sold in the period, less returns received, at selling prices exclusive of Value Added Tax.
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.
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Other operating income includes management charges receivable and rental income.
Management charges receivable are recognised in the period that the charges relate to. Rental income is recognised on a straight line bases across the terms of the agreement.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
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.
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:
Software
4 years straight line
Trademarks
5 years straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Buildings and showrooms
2-20% straight line
Plant and machinery
25% reducing balance
Fixtures, fittings and equipment
25% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Freehold land is not depreciated.
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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.
1.9
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.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's 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 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.
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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 company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the 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 when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
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.
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.
The directors do not consider there to be any key sources of estimation uncertainty.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Stock provision
Stocks are valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.
Debt recoverability
Provisions are made at the year end for bad debts. Calculation of these provisions require judgements to be made by the directors, which include historic trends and other elements of judgement.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of goods
37,561,551
40,079,323
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
32,808,915
34,605,530
Overseas
4,752,636
5,473,793
37,561,551
40,079,323
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 18 -
2024
2023
£
£
Other revenue
Interest income
818,802
715,542
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(347,538)
(202,063)
Depreciation of owned tangible fixed assets
830,819
687,635
Depreciation of tangible fixed assets held under finance leases
-
38,076
Profit on disposal of tangible fixed assets
(74,014)
(112,250)
Amortisation of intangible assets
132,815
77,803
Operating lease charges
1,002,344
991,934
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 company
12,250
11,750
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production staff
14
14
Administrative staff
73
71
Managment staff
13
13
Total
100
98
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
4,785,467
4,994,098
Social security costs
548,200
608,414
Pension costs
400,278
92,404
5,733,945
5,694,916
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
155,711
31,800
Company pension contributions to defined contribution schemes
183
86
155,894
31,886
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
161,305
19,898
Interest receivable from group companies
651,045
694,241
Other interest income
6,452
1,403
Total income
818,802
715,542
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
401
Interest on finance leases and hire purchase contracts
1,643
4,266
1,643
4,667
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,176,089
972,243
Adjustments in respect of prior periods
(100,341)
Total current tax
1,176,089
871,902
Deferred tax
Origination and reversal of timing differences
35,273
123,464
Total tax charge
1,211,362
995,366
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
(Continued)
- 20 -
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
5,197,050
4,544,614
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
1,299,263
1,136,154
Tax effect of expenses that are not deductible in determining taxable profit
2,760
1,855
Adjustments in respect of prior years
(100,341)
Effect of change in corporation tax rate
(61,155)
Group relief
(112,682)
Fixed asset differences
22,021
18,853
Taxation charge for the year
1,211,362
995,366
11
Discontinued operations
Trekker
In the previous year the company ceased the operation of the Trekker (decking) department.
12
Dividends
2024
2023
£
£
Final paid
3,089,000
2,584,000
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
13
Intangible fixed assets
Goodwill
Software
Trademarks
Total
£
£
£
£
Cost
At 1 January 2024
240,000
283,120
313,629
836,749
Additions
159,909
159,909
At 31 December 2024
240,000
443,029
313,629
996,658
Amortisation and impairment
At 1 January 2024
240,000
129,284
26,135
395,419
Amortisation charged for the year
70,091
62,724
132,815
At 31 December 2024
240,000
199,375
88,859
528,234
Carrying amount
At 31 December 2024
243,654
224,770
468,424
At 31 December 2023
153,836
287,494
441,330
14
Tangible fixed assets
Buildings and showrooms
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
4,056,082
732,527
1,361,333
2,231,205
8,381,147
Additions
200,969
64,434
84,568
602,981
952,952
Disposals
(360,590)
(9,000)
(1,018,251)
(691,020)
(2,078,861)
At 31 December 2024
3,896,461
787,961
427,650
2,143,166
7,255,238
Depreciation and impairment
At 1 January 2024
2,459,984
473,273
1,062,218
1,109,354
5,104,829
Depreciation charged in the year
340,902
85,879
96,982
307,056
830,819
Eliminated in respect of disposals
(360,590)
(5,666)
(1,009,467)
(463,482)
(1,839,205)
At 31 December 2024
2,440,296
553,486
149,733
952,928
4,096,443
Carrying amount
At 31 December 2024
1,456,165
234,475
277,917
1,190,238
3,158,795
At 31 December 2023
1,596,098
259,254
299,115
1,121,851
3,276,318
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Tangible fixed assets
(Continued)
- 22 -
The carrying value of buildings and showrooms comprises:
2024
2023
£
£
Freehold
1,456,165
1,596,098
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Motor vehicles
114,194
15
Stocks
2024
2023
£
£
Finished goods and goods for resale
5,035,228
4,750,077
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,053,823
2,928,394
Corporation tax recoverable
150,595
Amounts owed by group undertakings
13,104,387
13,137,229
Other debtors
807,361
645,116
Prepayments and accrued income
387,919
362,018
17,353,490
17,223,352
Included within other debtors is £719,379 (2023: £544,564) relating to advance payments made to suppliers.
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
19
59,813
Trade creditors
1,164,029
889,446
Amounts owed to group undertakings
5,353
Corporation tax
39,042
Other taxation and social security
750,788
763,710
Other creditors
719,607
848,114
Accruals and deferred income
644,088
711,686
3,322,907
3,272,769
Finance lease obligations were secured against the assets to which they relate.
Included within other creditors is £691,121 (2023: £839,251) relating to customer deposits.
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
19
10,212
Finance lease obligations were secured against the assets to which they relate.
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
61,582
In two to five years
10,264
71,846
Less: future finance charges
(1,821)
70,025
Finance lease payments represent rentals payable by the company for certain items of motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Fixed asset timing differences
290,976
255,683
Short term timing differences
(321)
(301)
290,655
255,382
2024
Movements in the year:
£
Liability at 1 January 2024
255,382
Charge to profit or loss
35,273
Liability at 31 December 2024
290,655
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
400,278
92,404
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
630
630
630
630
B Ordinary shares of £1 each
5
5
5
5
C Ordinary shares of £1 each
5
5
5
5
D Ordinary shares of £1 each
5
5
5
5
E Ordinary shares of £1 each
5
5
5
5
650
650
650
650
Ordinary shares have full voting, capital and dividend rights. The B Ordinary, C Ordinary, D Ordinary and E Ordinary shares are entitled to dividends, but have no voting or capital rights.
HAVWOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
23
Capital redemption reserve
This reserve represents the par value of share capital redeemed by the company.
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
339,016
339,016
Between two and five years
253,500
432,040
592,516
771,056
25
Related party transactions
At the year end £16,995 (2023: £16,995) was owed to Strong Developments Limited, a company related by virtue of common officers.
During the year, sales totalling £41,600 (2023: £84,568) were made to HFSCo Limited, a company related by common control. At the year end £4,115 (2023: £7,821) was owed by HFSCo Limited.
During the year, sales of services totalling £nil (2023: £3,500) were made to Strongdor Limited, a company related by common control. At the year end £nil (2023: £4,200) was owed by Strongdor Limited.
During the year, purchases totalling £180,214 (2023: £75,000) were made from SJG Partnership Limited, a company related by common control.
26
Ultimate controlling party
The immediate parent company is Havwoods Global Holdings Limited, by virtue of its majority shareholding.
The ultimate controlling party is the Board of directors of Havwoods Global Holdings Limited. The registered office of this company is Carnforth Business Park, Oakwood Way, Carnforth, LA5 9FD.
The following are the parents of the largest and smallest groups in which this company's results are consolidated:
Largest group
Havwoods Global Holdings Limited
Smallest group
Havwoods Global Holdings Limited
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