Company Registration No. 00502230 (England and Wales)
ALVIS BROTHERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
ALVIS BROTHERS LIMITED
COMPANY INFORMATION
Directors
Mr J Alvis (Senior)
Mr M Alvis
Mr J Alvis (Junior)
Mr P Alvis
Secretary
Mrs P Alvis
Company number
00502230
Registered office
Lye Cross Farm
Redhill
Wrington
Bristol
BS40 5RH
Auditor
Lentells Limited
Ash House
Cook Way
Bindon Road
Taunton
Somerset
TA2 6BJ
Business address
Lye Cross Farm
Redhill
Wrington
Bristol
BS40 5RH
Bankers
HSBC Bank plc
30 High Street
Weston-Super-Mare
North Somerset
BS23 1JE
Solicitors
Bennetts
High Street
Wrington
Bristol
BS18 7QB
ALVIS BROTHERS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 30
ALVIS BROTHERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2017
- 1 -
The directors present the strategic report and financial statements for the year ended 31 March 2017.
Introduction
The company's principle activity continues to be cheese making, alongside the production of food and feed grade by-products
Fair review of the business
As set out in the previous year's strategic report, the company's primary focus was to ensure a return to profitable trading which was achieved through improved margins and a reduction in overheads whilst maintaining sales volumes. This remains the focus for the forthcoming year.
Principal risks and uncertainties
Principle risks facing the company
As an established maker of cheese, the principal risks and uncertainties that the business face are related to those inherent in a commodity market.
Supply chain stability, product demand and competition in our marketplace are all a function of milk price which in turn is a function of how well the supply and demand of milk and milk-based products are matched in a global market.
Beyond monitoring global market prices and predictions it is difficult to set KPI's that appropriately monitor these risks and uncertainties. On that basis none have been included in this strategic report.
Mr P Alvis
Director
19 December 2017
ALVIS BROTHERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
The directors present their annual report and financial statements for the year ended 31 March 2017.
Principal activities
The principal activity of the company continued to be that of cheese making. Food grade protein is also extracted from the whey. The remaining permeate is fed to animals and the excess water recycled. Nothing is wasted.
Milk is produced, some of which is sold if not required for cheese. The company also generates income from its other assets, especially land and buildings. The company has a 50% interest in Alvis Contracting, a limited Liability Partnership, specialising in agricultural contracting.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J Alvis (Senior)
Mr M Alvis
Mr J Alvis (Junior)
Mr P Alvis
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £50,000. The directors do not recommend payment of a final dividend.
Auditor
In accordance with the company's articles, a resolution proposing that Lentells Limited be reappointed as auditor of the company will be put at a General Meeting.
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 P Alvis
Director
19 December 2017
ALVIS BROTHERS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
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;
-
• 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.
ALVIS BROTHERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALVIS BROTHERS LIMITED
- 4 -
Opinion
We have audited the financial statements of Alvis Brothers Limited
(the 'company')
for the year ended 31 March 2017 which comprise the Profit And Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 March 2017 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
ALVIS BROTHERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALVIS BROTHERS LIMITED
- 5 -
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 and the Directors' Report
.
We have nothing to report in respect of the following matters where 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.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s 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.
ALVIS BROTHERS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALVIS BROTHERS LIMITED
- 6 -
P A Stallard FCA (Senior Statutory Auditor)
for and on behalf of Lentells Limited
19 December 2017
Chartered Certified Accountants
Statutory Auditors
Ash House
Cook Way
Bindon Road
Taunton
Somerset
TA2 6BJ
ALVIS BROTHERS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
2017
2016
Notes
£
£
Turnover
3
26,621,545
25,936,037
Cost of sales
(19,828,800)
(19,564,823)
Gross profit
6,792,745
6,371,214
Distribution costs
(317,636)
(305,190)
Administrative expenses
(6,462,313)
(6,628,895)
Other operating income
200,410
202,895
Operating profit/(loss)
4
213,206
(359,976)
Interest receivable and similar income
7
270,561
54,845
Interest payable and similar expenses
8
(412,747)
(375,224)
Profit/(loss) before taxation
71,020
(680,355)
Tax on profit/(loss)
9
(36,005)
54,510
Profit/(loss) for the financial year
35,015
(625,845)
The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.
ALVIS BROTHERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2017
- 8 -
2017
2016
£
£
Profit/(loss) for the year
35,015
(625,845)
Other comprehensive income
Tax relating to other comprehensive income
151,377
-
Total comprehensive income for the year
186,392
(625,845)
ALVIS BROTHERS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 9 -
2017
2016
Notes
£
£
£
£
Fixed assets
Goodwill
11
-
12,393
Tangible assets
12
22,656,420
22,767,485
Investments
14
1,518,720
1,248,159
24,175,140
24,028,037
Current assets
Stocks
16
15,386,731
16,085,414
Debtors
17
4,293,289
3,966,397
Cash at bank and in hand
1,633
864
19,681,653
20,052,675
Creditors: amounts falling due within one year
18
(10,781,898)
(13,593,250)
Net current assets
8,899,755
6,459,425
Total assets less current liabilities
33,074,895
30,487,462
Creditors: amounts falling due after more than one year
19
(10,663,823)
(8,081,009)
Provisions for liabilities
22
(185,298)
(317,071)
Net assets
22,225,774
22,089,382
Capital and reserves
Called up share capital
25
30,000
30,000
Revaluation reserve
14,915,505
14,764,128
Profit and loss reserves
7,280,269
7,295,254
Total equity
22,225,774
22,089,382
The financial statements were approved by the board of directors and authorised for issue on 19 December 2017 and are signed on its behalf by:
Mr P Alvis
Director
Company Registration No. 00502230
ALVIS BROTHERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2017
- 10 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2015
30,000
14,796,647
7,888,580
22,715,227
Year ended 31 March 2016:
Loss and total comprehensive income for the year
-
-
(625,845)
(625,845)
Transfers
-
(32,519)
32,519
-
Balance at 31 March 2016
30,000
14,764,128
7,295,254
22,089,382
Year ended 31 March 2017:
Profit for the year
-
-
35,015
35,015
Other comprehensive income:
Tax relating to other comprehensive income
-
151,377
-
151,377
Total comprehensive income for the year
-
151,377
35,015
186,392
Dividends
10
-
-
(50,000)
(50,000)
Balance at 31 March 2017
30,000
14,915,505
7,280,269
22,225,774
ALVIS BROTHERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2017
- 11 -
2017
2016
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
30
558,995
(1,577,276)
Interest paid
(412,747)
(375,224)
Income taxes (paid)/refunded
-
23,744
Net cash inflow/(outflow) from operating activities
146,248
(1,928,756)
Investing activities
Purchase of tangible fixed assets
(333,924)
(174,233)
Proceeds on disposal of tangible fixed assets
-
64,000
Proceeds on disposal of fixed asset investments
-
1,193,314
Proceeds from other investments and loans
(270,561)
(1,248,159)
Other investment income received
270,561
54,845
Net cash used in investing activities
(333,924)
(110,233)
Financing activities
Proceeds of new bank loans
8,500,000
-
Repayment of bank loans
(2,456,242)
(277,499)
Payment of finance leases obligations
(33,000)
45,444
Dividends paid
(50,000)
-
Net cash generated from/(used in) financing activities
5,960,758
(232,055)
Net increase/(decrease) in cash and cash equivalents
5,773,082
(2,271,044)
Cash and cash equivalents at beginning of year
(7,559,638)
(5,288,594)
Cash and cash equivalents at end of year
(1,786,556)
(7,559,638)
Relating to:
Cash at bank and in hand
1,633
864
Bank overdrafts included in creditors payable within one year
(1,788,189)
(7,560,502)
ALVIS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 12 -
1
Accounting policies
Company information
Alvis Brothers Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Lye Cross Farm, Redhill, Wrington, Bristol, BS40 5RH.
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.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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, which is 3 years.
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.
Basic Payment Scheme Entitlement
Fully amortised
ALVIS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 13 -
1.5
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.
Tangible fixed assets are stated at cost or valuation or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings freehold
25 or 30 years straight line on buildings only
Plant and machinery
5% - 20% straight line or reducing balance
Motor vehicles
20% 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
.
1.6
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.
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.
1.7
Stocks
Cheese stock, livestock, deadstock and growing crops
are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration
(e.g. packaging materials)
are measured at the lower of replacement cost and 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.
ALVIS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 14 -
1.8
Cash and cash equivalents
Cash at bank and in hand
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.
1.9
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.
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.
ALVIS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 15 -
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 though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the 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.
ALVIS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 16 -
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.
1.12
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
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 the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income 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 asset are consumed.
1.15
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
ALVIS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 17 -
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
An analysis of the company's turnover is as follows:
2017
2016
£
£
Turnover analysed by class of business
Cheese
20,475,714
19,836,557
Milk
2,496,658
2,399,590
Cattle
372,724
345,442
Other
3,276,449
3,354,448
26,621,545
25,936,037
2017
2016
£
£
Turnover analysed by geographical market
United Kingdom
20,571,782
20,994,155
Other
6,049,763
4,941,882
26,621,545
25,936,037
4
Operating profit/(loss)
2017
2016
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange losses
2,227
68,644
Fees payable to the company's auditor for the audit of the company's financial statements
13,000
12,000
Depreciation of owned tangible fixed assets
420,565
427,294
Depreciation of tangible fixed assets held under finance leases
24,424
9,591
Profit on disposal of tangible fixed assets
-
(11,663)
Amortisation of intangible assets
12,393
49,575
Cost of stocks recognised as an expense
18,088,582
17,816,298
Operating lease charges
71,319
81,457
ALVIS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 18 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2017
2016
Number
Number
Cheese production
70
78
Farming
20
21
Retail
20
22
Sales and administration
19
21
129
142
Their aggregate remuneration comprised:
2017
2016
£
£
Wages and salaries
3,766,425
3,709,421
Social security costs
320,750
337,212
Pension costs
18,362
18,608
4,105,537
4,065,241
6
Directors' remuneration
2017
2016
£
£
Remuneration for qualifying services
107,302
107,562
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2016 - 2).
7
Interest receivable and similar income
2017
2016
£
£
Income from fixed asset investments
Income from participating interests - associates
270,561
54,845
ALVIS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 19 -
8
Interest payable and similar expenses
2017
2016
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
403,191
365,520
Interest on finance leases and hire purchase contracts
1,954
2,110
405,145
367,630
Other finance costs:
Other interest
7,602
7,594
412,747
375,224
9
Taxation
2017
2016
£
£
Current tax
UK corporation tax on profits for the current period
16,401
-
Deferred tax
Origination and reversal of timing differences
26,972
(54,510)
Changes in tax rates
(7,368)
-
Total deferred tax
19,604
(54,510)
Total tax charge/(credit)
36,005
(54,510)
ALVIS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
9
Taxation
(Continued)
- 20 -
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2017
2016
£
£
Profit/(loss) before taxation
71,020
(680,355)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 20.00% (2016: 20.00%)
14,204
(136,071)
Tax effect of expenses that are not deductible in determining taxable profit
15,640
-
Tax effect of income not taxable in determining taxable profit
(18,113)
-
Tax effect of utilisation of tax losses not previously recognised
(1,786)
-
Unutilised tax losses carried forward
-
136,071
Permanent capital allowances in excess of depreciation
-
(54,510)
Depreciation on assets not qualifying for tax allowances
2,081
-
Other non-reversing timing differences
19,604
-
Income from investment
4,375
-
Taxation charge/(credit) for the year
36,005
(54,510)
In addition to the amount charged/(credited) to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2017
2016
£
£
Deferred tax arising on:
Revaluation of property
(151,377)
-
10
Dividends
2017
2016
£
£
Interim paid
50,000
-
ALVIS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 21 -
11
Intangible fixed assets
Goodwill
Basic Payment Scheme Entitlement
Total
£
£
£
Cost
At 1 April 2016 and 31 March 2017
148,724
5,645
154,369
Amortisation and impairment
At 1 April 2016
136,331
5,645
141,976
Amortisation charged for the year
12,393
-
12,393
At 31 March 2017
148,724
5,645
154,369
Carrying amount
At 31 March 2017
-
-
-
At 31 March 2016
12,393
-
12,393
12
Tangible fixed assets
Land and buildings freehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 April 2016
23,148,815
9,297,607
746,545
33,192,967
Additions
22,984
310,940
-
333,924
At 31 March 2017
23,171,799
9,608,547
746,545
33,526,891
Depreciation and impairment
At 1 April 2016
2,438,353
7,393,975
593,154
10,425,482
Depreciation charged in the year
162,889
251,422
30,678
444,989
At 31 March 2017
2,601,242
7,645,397
623,832
10,870,471
Carrying amount
At 31 March 2017
20,570,557
1,963,150
122,713
22,656,420
At 31 March 2016
20,710,462
1,903,632
153,391
22,767,485
ALVIS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
12
Tangible fixed assets
(Continued)
- 22 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2017
2016
£
£
Plant and machinery
31,481
37,037
Motor vehicles
75,473
94,341
106,954
131,378
Depreciation charge for the year in respect of leased assets
24,424
9,591
Land and buildings with a carrying amount of £3,069,324 were revalued
upon transition to FRS 102 to a value of £18,077,381 at the transition date, 1 April 2014. The valuations were perfomed by
independent valuers 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.
A revaluation policy has not been adopted.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2017
2016
£
£
Cost
3,529,996
3,529,996
Accumulated depreciation
(395,664)
(388,370)
Carrying value
3,134,332
3,141,626
Freehold land and buildings with a carrying amount of £13,759,522 (2016 - £13,896,274) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
ALVIS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 23 -
13
Biological assets
Dairy herd
Youngstock
Arable
Total
£
£
£
£
Cost and carrying value
At 1 April 2016
757,068
653,295
122,799
1,533,162
Additions - purchases, procreation or planting
-
372,072
258,700
630,772
Additions - purchases
-
-
-
-
Additions - business combinations
-
-
-
-
Reclassification
201,250
(201,250)
-
-
Disposals
-
-
-
-
Revaluation
(108,683)
155,626
-
46,943
Deaths, sales and harvest
(232,875)
(228,767)
(238,804)
(700,446)
Exchange adjustments
-
-
-
-
Other changes
-
-
-
-
At 31 March 2017
616,760
750,976
142,695
1,510,431
Biological assets are included within stock.
14
Fixed asset investments
2017
2016
£
£
Unlisted investments
1,518,720
1,248,159
The company holds a 50% interest in a joint venture that is a Limited Liability Partnership called Alvis Contracting. Registered Office: Lye Cross Farm, Redhill, Bristol, BS40 5RH.
The company's share of profit is shown in the profit and loss account.
The carrying value of the investment as shown above represents the company's capital account balance in that partnership.
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2016
1,248,159
Additions
270,561
At 31 March 2017
1,518,720
Carrying amount
At 31 March 2017
1,518,720
At 31 March 2016
1,248,159
ALVIS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 24 -
15
Financial instruments
2017
2016
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,908,162
3,587,927
Carrying amount of financial liabilities
Measured at amortised cost
21,350,983
21,603,359
16
Stocks
2017
2016
£
£
Raw materials and consumables
15,121,985
15,628,507
Finished goods and goods for resale
264,746
456,907
15,386,731
16,085,414
17
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
3,670,975
3,435,988
Corporation tax recoverable
-
841
Other debtors
436,989
258,427
Prepayments and accrued income
185,325
271,141
4,293,289
3,966,397
18
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Bank loans and overdrafts
20
5,498,977
7,845,215
Obligations under finance leases
21
36,227
34,358
Trade creditors
2,235,354
2,570,324
Other taxation and social security
94,738
70,900
Other creditors
2,751,553
2,658,018
Accruals and deferred income
165,049
414,435
10,781,898
13,593,250
ALVIS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 25 -
19
Creditors: amounts falling due after more than one year
2017
2016
Notes
£
£
Bank loans and overdrafts
20
10,651,459
8,033,776
Obligations under finance leases
21
12,364
47,233
10,663,823
8,081,009
Amounts included above which fall due after five years are as follows:
Payable by instalments
(3,759,123)
(818,998)
Payable other than by instalments
(6,000,000)
(6,000,000)
(9,759,123)
(6,818,998)
20
Loans and overdrafts
2017
2016
£
£
Bank loans
14,362,247
8,318,489
Bank overdrafts
1,788,189
7,560,502
16,150,436
15,878,991
Payable within one year
5,498,977
7,845,215
Payable after one year
10,651,459
8,033,776
The HSBC bank loans and overdrafts are secured by a first legal charge dated 6 July 2015 over the freehold properties known as Havyatt Farm, land at Meeting House and the land at Aldwick. A debenture including a fixed charge over all present freehold and leasehold property and a first floating charge over all assets and undertakings both present and future is also held.
Further security is provided by a fixed charge over book and other debts, goodwill, uncalled capital and intellectual property. As well as a contract monies charge dated 9 June 2014.
The long term HSBC loan is subject to interest of 2% over the bank bank base rate, and is for a term of 20 years. The short term loan and overdraft are both subject to the same interest rate.
The AMC loans are secured by a legal charge over Havyatt Farm, Stepstones Farm, Chancellors Farms and Regilbury Park Farm together with land at Stock Farm, Regilbury Court Farm, Legges Farm, Kingdown and Aldwick.
The AMC loans are interest only. Interest is fixed at 4.41% on a loan of £3 million until 2032. The other £3 million of loans is subject to interest at 1.65% above the bank base rate and are repayable in 2034.
ALVIS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 26 -
21
Finance lease obligations
2017
2016
Future minimum lease payments due under finance leases:
£
£
Within one year
36,227
34,358
In two to five years
12,364
47,233
48,591
81,591
Finance lease payments represent rentals payable by the company for certain items of plant and machinery and 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 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
22
Provisions for liabilities
2017
2016
Notes
£
£
Deferred tax liabilities
23
185,298
317,071
23
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2017
2016
Balances:
£
£
Accelerated capital allowances
185,298
317,071
2017
Movements in the year:
£
Liability at 1 April 2016
317,071
Charge to profit or loss
19,604
Credit to other comprehensive income
(151,377)
Liability at 31 March 2017
185,298
The deferred tax liability set out above includes accelerated capital allowances that are expected to reverse in future years.
ALVIS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 27 -
24
Retirement benefit schemes
2017
2016
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
18,362
18,608
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.
25
Share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
30,000 Ordinary shares of £1 each
30,000
30,000
30,000
30,000
The ordinary share capital of the company holds full voting rights and entitles the holder to capital and dividend distribution.
26
Financial commitments, guarantees and contingent liabilities
There is a contingent liability in respect of an unlimited composite cross guarantee given to secure all bank borrowings of Alvis Brothers (Lye Cross) Limited amounting to £170,873 (2016: £129,917).
27
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:
2017
2016
£
£
Within one year
69,422
69,422
Between two and five years
113,422
132,000
182,844
201,422
ALVIS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 28 -
28
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2017
2016
£
£
Aggregate compensation
435,040
347,334
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sale of goods
Purchase of goods
2017
2016
2017
2016
£
£
£
£
Company under common control
1,482,416
1,960,394
10,723,606
10,567,178
Joint venture
96,566
148,026
1,376,152
1,341,162
Management charges received
Rents (paid)/received
2017
2016
2017
2016
£
£
£
£
Company under common control
18,000
24,000
(42,492)
(42,492)
Joint venture
-
-
12,000
12,000
In addition to the amounts disclosed above a further £nil (2016: £303,011) was owed to the joint venture at 31 March 2017 for late invoices charged. These are included in accruals and deferred income within creditors due within one year.
The following amounts were outstanding at the reporting end date:
2017
2016
Amounts owed to related parties
£
£
Company under common control
2,463,962
2,389,833
Joint venture
558,208
516,481
Other related parties
199,330
233,811
ALVIS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
28
Related party transactions
(Continued)
- 29 -
The balance owed to other related parties includes an interest free loan from a close family member of the directors and and an interest bearing loan a close family member of the directors on which interest of £7,602 (2016: £7,594) has been charged.
The audit and accountancy charges included in these financial statements includes the related audit costs of the company under common control.
The company also paid rent of £13,040 (2016: £13,040) to the Alvis Brothers Pension Scheme.
No guarantees have been given or received.
The following amounts were outstanding at the reporting end date:
2017
Balance
Amounts owed by related parties
£
Joint venture
10,417
2016
Balance
Amounts owed in previous period
£
Joint venture
11,611
Other related parties
241
29
Directors' transactions
Dividends totalling £32,565 (2016 - £0) were paid in the year in respect of shares held by the company's directors.
Rental payments of £29,000 (2016: £29,000) have been paid to a director and their spouse for the use of land.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors loan account
-
225
24,307
(20,098)
4,434
Directors loan account
-
22,987
91,225
(82,078)
32,134
Directors loan account
-
1,923
75,535
(74,463)
2,995
Directors loan account
-
3,763
23,985
(26,294)
1,454
28,898
215,052
(202,933)
41,017
The loans to from the directors are interest free and are repayable on demand.
ALVIS BROTHERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 30 -
30
Cash generated from operations
2017
2016
£
£
Profit/(loss) for the year after tax
35,015
(625,845)
Adjustments for:
Taxation charged/(credited)
36,005
(54,510)
Finance costs
412,747
375,224
Investment income
(270,561)
(54,845)
Gain on disposal of tangible fixed assets
-
(11,663)
Amortisation and impairment of intangible assets
12,393
49,575
Depreciation and impairment of tangible fixed assets
444,989
436,885
Movements in working capital:
Decrease/(increase) in stocks
698,683
(1,405,683)
(Increase) in debtors
(327,733)
(419,688)
(Decrease)/increase in creditors
(482,543)
133,274
Cash generated from/(absorbed by) operations
558,995
(1,577,276)
2017-03-31
2016-04-01
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2016-04-01
2017-03-31
00502230
core:LeasedAssets
2015-04-01
2016-03-31
00502230
core:UKTax
2016-04-01
2017-03-31
00502230
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2016-04-01
2017-03-31
00502230
core:Goodwill
2016-03-31
00502230
core:PatentsTrademarksLicencesConcessionsSimilar
2016-03-31
00502230
2016-03-31
00502230
core:Goodwill
2017-03-31
00502230
core:PatentsTrademarksLicencesConcessionsSimilar
2017-03-31
00502230
core:LandBuildings
core:OwnedOrFreeholdAssets
2016-03-31
00502230
core:PlantMachinery
2016-03-31
00502230
core:MotorVehicles
2016-03-31
00502230
core:WithinOneYear
2017-03-31
00502230
core:WithinOneYear
2016-03-31
00502230
core:BetweenTwoFiveYears
2017-03-31
00502230
core:BetweenTwoFiveYears
2016-03-31
00502230
bus:OrdinaryShareClass1
2016-04-01
2017-03-31
00502230
bus:OrdinaryShareClass1
2017-03-31
00502230
bus:PrivateLimitedCompanyLtd
2016-04-01
2017-03-31
00502230
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2016-04-01
2017-03-31
00502230
bus:Audited
2016-04-01
2017-03-31
00502230
bus:FullAccounts
2016-04-01
2017-03-31
xbrli:pure
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iso4217:GBP