Company registration number 00683745 (England and Wales)
BOOLE'S TOOLS & PIPE FITTINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
BOOLE'S TOOLS & PIPE FITTINGS LIMITED
CONTENTS
Page
Strategic report
2 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 26
BOOLE'S TOOLS & PIPE FITTINGS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr R A Seville
Mr M O Whitehead
Mrs V H Grimley
Company number
00683745
Registered office
Haigh Avenue
Whitehill Industrial Estate
Reddish
Stockport
Cheshire
SK4 1NU
Auditor
Xeinadin Audit Limited
Riverside House, Kings Reach Business Park
Yew Street
Stockport
Cheshire
United Kingdom
SK4 2HD
Bankers
HSBC UK Bank Plc
9th Floor, Royal Liver Building
Pier Head
Liverpool
L3 1HU
BOOLE'S TOOLS & PIPE FITTINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The directors present the strategic report for the year ended 31 December 2025.

Introduction

This Strategic Report has been prepared in accordance with the requirements of Section 414A of the Companies Act 2006. Its purpose is to assess how the directors have performed their duty to promote the success of Boole’s Tools & Pipe Fittings Limited (“the Company”).

Principal activities

The principal activity of the Company during the year under review was that of supplying ferrous and non-ferrous tubes, valves, fittings, flanges and allied pipeline products to second and third tier merchants, coupled with the manufacture of tubular products.

Review of the business

The 2025 financial year continued to present challenging market conditions, with a number of projects experiencing delays and overall trading activity remaining subdued. In addition, steel prices remained at some of the lowest levels seen in recent years, creating further pressure within an already highly competitive pricing environment.

Despite these conditions, Booles has continued to maintain a strong position within the sector, supported by its long-established customer relationships, strong reputation within the market, and continued commitment to service and quality.

Health & Safety

There were no major incidents to report in the year ended 31 December 202 5.

Key Performance Indicators

| 2025 | 2024
| £’000 | £’000
Turnover | 11,765 | 13,108
Operating Profit | 560 | 854
Operating Margin | 4.76% | 6.51%
Liquidity ratio | 3.16 | 2.86

Future outlook

The outlook for 2026 remains stable, with some projects moving into the new financial year and a strong level of opportunities currently within the market. Industry expectations suggest that trading activity may increase as customers respond to ongoing uncertainty surrounding quota allocations and potential supply constraints.

The forecasted quota reductions and increased tariff levels on imported tube are expected to impact pricing and purchasing behaviour across the sector. However, we believe the market will adapt to these revised trading conditions over time, with the higher tariff environment becoming an accepted part of normal market activity.

Overall, the Directors remain cautiously optimistic regarding the level of market activity and trading performance for the year ahead.

Principal risk and uncertainty

Trading in the business is influenced by the macro-economic environment in the UK. The level of activity in the residential and non-residential construction and in the residential repair, maintenance, and improvement markets in particular influence demand. Demand in these markets is sensitive to economic conditions generally including economic growth, interest rate movements, inflation, unemployment, and demographic trends.

BOOLE'S TOOLS & PIPE FITTINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

Financial risk management objectives and policies

The Company’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The Company adopts a prudent approach to liquidity management and to mitigate against cash flow and liquidity risk continuously monitors forecasted and actual cash flows and maintains sufficient cash reserves to meet its obligations. The Company’s main exposure to credit risk is its provision of short-term credit to customers which is covered and monitored by credit insurance.

On behalf of the board

Mrs V H Grimley
Director
7 August 2026
BOOLE'S TOOLS & PIPE FITTINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Results and dividends

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

O rdinary dividends were paid amounting to £172,251 (202 4: £292,199). 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:

Mr R A Seville
Mr M O Whitehead
Mrs V H Grimley
Auditor

The auditor, Xeinadin Audit Limited, is deemed to be re-appointed under section 487(2) of the Companies Act 2006.

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
Mrs V H Grimley
Director
7 August 2026
BOOLE'S TOOLS & PIPE FITTINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 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.

BOOLE'S TOOLS & PIPE FITTINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOOLE'S TOOLS & PIPE FITTINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Boole's Tools & Pipe Fittings Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, 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 2025 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport 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.

BOOLE'S TOOLS & PIPE FITTINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOOLE'S TOOLS & PIPE FITTINGS 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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

•The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

•we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;

•we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

•we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

•identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

BOOLE'S TOOLS & PIPE FITTINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOOLE'S TOOLS & PIPE FITTINGS LIMITED (CONTINUED)
- 8 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.

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.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Nichola Coles FCCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited, Statutory Auditor
Riverside House, Kings Reach Business Park
Yew Street
Stockport
Cheshire
United Kingdom
SK4 2HD
7 August 2026
BOOLE'S TOOLS & PIPE FITTINGS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
11,765,127
13,108,195
Cost of sales
(8,608,563)
(9,583,982)
Gross profit
3,156,564
3,524,213
Distribution costs
(1,103,555)
(1,124,106)
Administrative expenses
(1,492,711)
(1,596,188)
Other operating income
-
0
50,000
Operating profit
4
560,298
853,919
Interest payable and similar expenses
8
(121,735)
(149,481)
Profit before taxation
438,563
704,438
Tax on profit
9
(115,595)
(108,982)
Profit for the financial year
322,968
595,456

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 13 to 26 form part of these financial statement.

BOOLE'S TOOLS & PIPE FITTINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
2025
2024
£
£
Profit for the year
322,968
595,456
Other comprehensive income
Revaluation of tangible fixed assets
-
0
50,812
Total comprehensive income for the year
322,968
646,268

The notes on pages 13 to 26 form part of these financial statement.

BOOLE'S TOOLS & PIPE FITTINGS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,623,145
1,731,102
Current assets
Stocks
12
2,757,879
3,256,059
Debtors falling due after more than one year
13
7,360,092
6,866,228
Debtors falling due within one year
13
2,558,266
3,343,098
Cash at bank and in hand
690,195
546,015
13,366,432
14,011,400
Creditors: amounts falling due within one year
14
(4,225,772)
(4,893,510)
Net current assets
9,140,660
9,117,890
Total assets less current liabilities
10,763,805
10,848,992
Creditors: amounts falling due after more than one year
15
(1,208,145)
(1,421,995)
Provisions for liabilities
Deferred tax liability
17
362,962
385,016
(362,962)
(385,016)
Net assets
9,192,698
9,041,981
Capital and reserves
Called up share capital
19
212,500
212,500
Capital redemption reserve
41,338
41,338
Profit and loss reserves
8,938,860
8,788,143
Total equity
9,192,698
9,041,981

The notes on pages 13 to 26 form part of these financial statement.

The financial statements were approved by the board of directors and authorised for issue on 7 August 2026 and are signed on its behalf by:
Mr M O Whitehead
Mrs V H Grimley
Director
Director
Company registration number 00683745 (England and Wales)
BOOLE'S TOOLS & PIPE FITTINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
212,500
-
0
41,338
8,434,074
8,687,912
Year ended 31 December 2024:
Profit
-
-
-
595,456
595,456
Other comprehensive income:
Revaluation of tangible fixed assets
-
50,812
-
-
50,812
Total comprehensive income
-
50,812
-
595,456
595,456
Dividends
10
-
-
-
(292,199)
(292,199)
Transfers
-
(50,812)
-
50,812
-
Balance at 31 December 2024
212,500
-
0
41,338
8,788,143
9,041,981
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
322,968
322,968
Dividends
10
-
-
-
(172,251)
(172,251)
Balance at 31 December 2025
212,500
-
0
41,338
8,938,860
9,192,698
Included within the profit and loss reserves are £762,062 (2024: 762,062) which are not available for distribution to the holding company.

The notes on pages 13 to 26 form part of these financial statement.

BOOLE'S TOOLS & PIPE FITTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
1
Accounting policies
Company information

Boole's Tools & Pipe Fittings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Haigh Avenue, Whitehill Industrial Estate, Reddish, Stockport, Cheshire, SK4 1NU.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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. T he company has therefore taken advantage of e xemptions 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 VRM Holdings Limited. These consolidated financial statements are available from its registered office,Haigh Avenue, Whitehill Industrial Estate, Stockport, England, SK4 1NU.

1.2
Going concern

In concluding the company is a going concern, the directors have made the following considerations:true

The directors have reviewed a 2 year cashflow forecast and statement of profit and loss forecast for a period ending 31st December 2027, which was prepared by management. The results of the forecasts led management to conclude the company could continue to exist for a period of at least 12 months from the date of the audit report.

1.3
Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns,rebates and discounts. The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

BOOLE'S TOOLS & PIPE FITTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.4
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:

Leasehold buildings
50 years
Plant and equipment
7 - 10 years
Fixtures and fittings
7 - 10 years
Motor vehicles
7 - 10 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Revaluations of tangible fixed assets

Leasehold and land and buildings are carried at fair value, plus subsequent additions less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying the amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair value is determined from market based evidence normally undertaken by professionally qualified surveyors. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss es are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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

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

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

BOOLE'S TOOLS & PIPE FITTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.6
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.

Stock is valued on the AVCO (average cost) basis. Each time stock is acquired a new weighted average cost is calculated.

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

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

1.7
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.

1.8
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.

BOOLE'S TOOLS & PIPE FITTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
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 paymen ts 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. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently 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 th r ough 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.

BOOLE'S TOOLS & PIPE FITTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

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

1.9
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.

1.10
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The 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.

1.11
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. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

BOOLE'S TOOLS & PIPE FITTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.12
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.

1.13
Retirement benefits

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

1.14
Leases

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

1.15

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
UK
11,765,127
13,108,196
BOOLE'S TOOLS & PIPE FITTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover and other revenue
(Continued)
- 19 -
2025
2024
£
£
Other revenue
Release of other provision
-
50,000

Turnover and profit on ordinary activities before taxation related to the principal activity of the company, and arise wholly within UK.

4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
22,061
22,149
Depreciation of tangible fixed assets
111,057
110,097
Profit on disposal of tangible fixed assets
(3,000)
(12,000)
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
22,061
22,149
For other services
All other non-audit services
13,572
10,706
6
Employees

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

2025
2024
Number
Number
Directors & employees
37
38

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,083,619
1,254,974
Social security costs
119,361
119,318
Pension costs
28,070
23,338
1,231,050
1,397,630
BOOLE'S TOOLS & PIPE FITTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
93,750
225,000
Company pension contributions to defined contribution schemes
5,760
3,963
99,510
228,963

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (202 4: 3).

8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
121,735
142,622
Other interest
-
0
6,859
121,735
149,481
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
137,649
110,441
Deferred tax
Origination and reversal of timing differences
(22,054)
(1,459)
Total tax charge
115,595
108,982
BOOLE'S TOOLS & PIPE FITTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
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:

2025
2024
£
£
Profit before taxation
438,563
704,438
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
109,641
176,110
Group relief
(821)
(73,071)
Permanent capital allowances in excess of depreciation
22,804
17,850
Other permanent differences
6,025
(10,448)
Deferred tax movement
(22,054)
(1,459)
Taxation charge for the year
115,595
108,982
10
Dividends
2025
2024
£
£
Final paid
172,251
292,199
11
Tangible fixed assets
Leasehold buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2025
1,492,750
352,771
188,686
757,729
2,791,936
Additions
-
0
-
0
-
0
3,100
3,100
Disposals
-
0
-
0
-
0
(82,583)
(82,583)
At 31 December 2025
1,492,750
352,771
188,686
678,246
2,712,453
Depreciation and impairment
At 1 January 2025
42,750
300,295
159,189
558,600
1,060,834
Depreciation charged in the year
29,000
9,006
12,621
60,430
111,057
Eliminated in respect of disposals
-
0
-
0
-
0
(82,583)
(82,583)
At 31 December 2025
71,750
309,301
171,810
536,447
1,089,308
Carrying amount
At 31 December 2025
1,421,000
43,470
16,876
141,799
1,623,145
At 31 December 2024
1,450,000
52,476
29,497
199,129
1,731,102
BOOLE'S TOOLS & PIPE FITTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Tangible fixed assets
(Continued)
- 22 -

Freehold land and buildings with a carrying amount of £1,421,000 (2024: £1,450,000 ) have been pledged to secure borrowings of the company.

Land and buildings with a carrying amount of £1,421,000 were revalued at 20 December 2024 (2024:£1,4 50,000) by Sanderson Weatherall, Independent values not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The directors consider that these valuations are appropriate at the year end.

12
Stocks
2025
2024
£
£
Finished goods and goods for resale
2,757,879
3,256,059
13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,458,384
3,118,185
Other debtors
3,537
1,160
Prepayments and accrued income
96,345
223,753
2,558,266
3,343,098
2025
2024
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
7,360,092
6,866,228
Total debtors
9,918,358
10,209,326
14
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
16
216,050
225,969
Trade creditors
2,435,183
2,814,697
Corporation tax
137,649
110,440
Other taxation and social security
207,703
175,626
Other creditors
1,066,491
1,342,584
Accruals and deferred income
162,696
224,194
4,225,772
4,893,510
BOOLE'S TOOLS & PIPE FITTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
14
Creditors: amounts falling due within one year
(Continued)
- 23 -

Included within other creditors is an invoice discounting facility amounting to £1,060,941 (2024: £1,336,874). As part of the security for the facility there is a fixed and floating charge over all the property and undertakings of the company.

Amounts owing under asset finance are secured against the related asset.

15
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
16
1,208,145
1,421,995

The creditors above are secured by the fixed and floating charge over the freehold and leasehold property known as Boole's Tools and Pipe Fittings, Haigh Avenue, Stockport, SK4 1NU.

16
Loans and overdrafts
2025
2024
£
£
Bank loans
1,424,195
1,647,964
Payable within one year
216,050
225,969
Payable after one year
1,208,145
1,421,995
BOOLE'S TOOLS & PIPE FITTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
16
Loans and overdrafts
(Continued)
- 24 -

Bank loans

On 20 October 2023 the company drew down on two HSBC facility agreements with the following terms:

Recovery loan scheme

Repayment terms: 71 monthly payments

Interest: 4.45% per annum over the Bank of England base rate.

Secured by the way of: Debenture from VRM Holdings Limited.

Term Loan

Repayment terms: 60 monthly payments

Interest: 7.06% per annum on a fixed basis.

Secured by the way of: Debenture from VRM Holdings Limited.

The long term loans are secured by the fixed and floating charge over the freehold and leasehold property known as Boole's Tools and Pipe Fittings, Haigh Avenue, Stockport, SK4 1NU.

Amounts owing under asset finance are secured against the related asset.

Bank loans

On 2 5 March 202 4 company amended the debt purchase agreement with HSBC facility agreements with the following terms:

Repayment terms:

Interest: 3.00% per annum over the Bank of England base rate.

Amounts owing under asset finance are secured against the related asset.

17
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
101,298
123,352
Investment property
261,664
261,664
362,962
385,016
BOOLE'S TOOLS & PIPE FITTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
17
Deferred taxation
(Continued)
- 25 -
2025
Movements in the year:
£
Liability at 1 January 2025
385,016
Credit to profit or loss
(22,054)
Liability at 31 December 2025
362,962

In the Spring Budget 2021, the Government announced that from 1 April 2023 the corporation tax rate would increase to 25%. This new law was substantively enacted on 24 May 2021. Deferred tax balances have been remeasured to either 19% or 25% depending on when the Directors expect these timing differences to reverse. The impact of the change in tax rate has been recognised in tax expense in profit or loss, except to the extent that it relates to items previously recognised outside profit or loss.

18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
28,070
23,338

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.

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
212,500
212,500
212,500
212,500
20
Operating lease commitments
As 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:

2025
2024
£
£
Within 1 year
64,579
66,334
Years 2-5
40,279
109,817
104,858
176,151

During the year £70,293 (2024: £70,293) of lease payments were recognised as an expense within the profit and loss account.

The comparative amounts in t he above disclosure have been restated to reflect the correct categorisation of a mortgage commitments rather than a n operating lease commitment.

BOOLE'S TOOLS & PIPE FITTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
21
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Summary of transactions with related parties

The immediate parent of Boole's Tools & Pipe Fittings Limited is Seville Holdings Limited. Seville Holdings Limited is a wholly owned subsidiary of VRM Holdings Limited.

At the balance sheet date, the amount owed from Seville Holdings Limited was £4,027,086 (2024: £4,197,337). This amount is interest free and due in one year and one day on a rolling basis.

At the balance sheet date, the amount owed from VRM Holdings Limited was £3,333,006 (202 4: £2,668,891). This amount is interest free and due in one year and one day on a rolling basis.

A management charge amounting to £109,994 (2024: £Nil) was paid to VRM Holdings Limited during the year.

Consultancy fees of £37,500 (202 4: £56,000) were paid to other related parties during the year.

22
Ultimate controlling party

The company's immediate parent undertaking is Seville Holdings Limited, a company registered and incorporated in the United Kingdom.

The ultimate parent is VRM Holdings Limited, a company registered and incorporated in the United Kingdom.

The largest group in which the results of the company are consolidated is headed by VRM Holdings Limited, a company registered in the United Kingdom. Copies of the financial statements are available from Haigh Avenue, Whitehill Industrial Estate, Stockport, England, United Kingdom, SK4 1NU

At the balance sheet date, in the opinion of the directors there is no ultimate controlling party as no shareholder holds an overall majority.

2025-12-31 2025-01-01 false false false CCH Software CCH Accounts Production 2026.100 Mr R A Seville Mr M O Whitehead Mrs V H Grimley 00683745 2025-01-01 2025-12-31 00683745 bus:Director1 2025-01-01 2025-12-31 00683745 bus:Director2 2025-01-01 2025-12-31 00683745 bus:Director3 2025-01-01 2025-12-31 00683745 bus:RegisteredOffice 2025-01-01 2025-12-31 00683745 2025-12-31 00683745 2024-01-01 2024-12-31 00683745 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 00683745 core:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 00683745 core:RevaluationReserve 2025-01-01 2025-12-31 00683745 2024-12-31 00683745 core:LongLeaseholdAssets 2024-12-31 00683745 core:PlantMachinery 2025-12-31 00683745 core:FurnitureFittings 2025-12-31 00683745 core:MotorVehicles 2025-12-31 00683745 core:LandBuildings 2024-12-31 00683745 core:PlantMachinery 2024-12-31 00683745 core:FurnitureFittings 2024-12-31 00683745 core:MotorVehicles 2024-12-31 00683745 core:Non-currentFinancialInstruments core:AfterOneYear 2025-12-31 00683745 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 00683745 core:WithinOneYear 2025-12-31 00683745 core:WithinOneYear 2024-12-31 00683745 core:AfterOneYear 2025-12-31 00683745 core:AfterOneYear 2024-12-31 00683745 core:CurrentFinancialInstruments core:WithinOneYear 2025-12-31 00683745 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 00683745 core:ShareCapital 2025-12-31 00683745 core:ShareCapital 2024-12-31 00683745 core:CapitalRedemptionReserve 2025-12-31 00683745 core:CapitalRedemptionReserve 2024-12-31 00683745 core:RetainedEarningsAccumulatedLosses 2025-12-31 00683745 core:RetainedEarningsAccumulatedLosses 2024-12-31 00683745 core:ShareCapital 2023-12-31 00683745 core:RevaluationReserve 2023-12-31 00683745 core:CapitalRedemptionReserve 2023-12-31 00683745 core:RetainedEarningsAccumulatedLosses 2023-12-31 00683745 core:RevaluationReserve 2024-12-31 00683745 core:RevaluationReserve 2025-12-31 00683745 core:ShareCapitalOrdinaryShareClass1 2025-12-31 00683745 core:ShareCapitalOrdinaryShareClass1 2024-12-31 00683745 core:RevaluationReserve 2024-01-01 2024-12-31 00683745 core:LandBuildings core:LongLeaseholdAssets 2025-01-01 2025-12-31 00683745 core:PlantMachinery 2025-01-01 2025-12-31 00683745 core:FurnitureFittings 2025-01-01 2025-12-31 00683745 core:MotorVehicles 2025-01-01 2025-12-31 00683745 1 2025-01-01 2025-12-31 00683745 1 2024-01-01 2024-12-31 00683745 core:UKTax 2025-01-01 2025-12-31 00683745 core:UKTax 2024-01-01 2024-12-31 00683745 2 2025-01-01 2025-12-31 00683745 2 2024-01-01 2024-12-31 00683745 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-12-31 00683745 core:PlantMachinery 2024-12-31 00683745 core:FurnitureFittings 2024-12-31 00683745 core:MotorVehicles 2024-12-31 00683745 2024-12-31 00683745 core:LandBuildings core:LeasedAssetsHeldAsLessee 2025-12-31 00683745 core:LandBuildings core:LeasedAssetsHeldAsLessee 2025-01-01 2025-12-31 00683745 core:CurrentFinancialInstruments 2025-12-31 00683745 core:CurrentFinancialInstruments 2024-12-31 00683745 core:Non-currentFinancialInstruments 2025-12-31 00683745 core:Non-currentFinancialInstruments 2024-12-31 00683745 bus:OrdinaryShareClass1 2025-01-01 2025-12-31 00683745 bus:OrdinaryShareClass1 2025-12-31 00683745 bus:OrdinaryShareClass1 2024-12-31 00683745 bus:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 00683745 bus:FRS102 2025-01-01 2025-12-31 00683745 bus:Audited 2025-01-01 2025-12-31 00683745 bus:FullAccounts 2025-01-01 2025-12-31 xbrli:pure xbrli:shares iso4217:GBP