Company Registration No. 00681528 (England and Wales)
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
COMPANY INFORMATION
Directors
M Snelson
N J Snelson
G M Snelson
R H Snelson
J Holmes
K Naylor
(Appointed 7 August 2019)
Secretary
G M Snelson
Company number
00681528
Registered office
Chetham House
Bird Hall Lane
Cheadle Heath
Cheadle
Cheshire
SK3 0ZP
Auditor
Azets Audit Services
Alpha House
4 Greek Street
Stockport
Cheshire
SK3 8AB
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 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 - 27
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2020
- 1 -
“APS Manchester is an international marketing services business providing integrated communications and Customer experience programs to local and global brands. APS Manchester provides contracted services to a range of Customers across a broad spectrum of business sectors. It has specifically targeted propositions for the financial services, retail, charity, automotive and public sectors. APS Manchester provides targeted solutions to Customers at a local and regional level, aggregated at a national level and for International Customers a Global solutions capability.
The Customer solutions APS delivers are underpinned by a board range of services supported by great people, enabling technology and significant infrastructure. The core service offering includes strategy, content creation and content management, multi-channel output management and associated logistics. The company is differentiated in the marketplace by its ability to integrate services and solutions which reduce complexity, deliver efficiencies, improve speed and maximise return for our Customers.”
Section 172 Statement
The directors of the company must act in accordance with a general set of duties. These duties are detailed in the UK Companies Act and and include a duty to promote the success of the company which is summarised below.
Performance
In 2019 APS Manchester has continued to develop its core marketing services capability and has gained and also “on boarded” a number of significant new Customers and contracts. Furthermore, APS continued to invest in the companies infrastructure in both expertise, software/IP capability and production capacity to enhance the knowhow platform to allow for the next phase of anticipated growth.
Turnover has increased by 3.5% to £120.4m from £116.3m in the year to January 2020. The full year impact of the significant contract wins during 2018 has been realised in 2019. The Gross profit in the period increased by 12% to £32.1m from £28.7m in the year to January 2020. Existing core business Gross Profit percentage remained consistent with the prior year although the overall Gross profit percentage increased from 24.7% to 26.7% as a result of operational efficiencies and new business wins.
The EBITDA has moved to £6.3m in the year to January 2020 from an adjusted EBITDA of £5.2m in the year to January 2019.
APS Manchester continues to benefit from low levels of debt, with a strong financial base. We continue to fund investment in recruiting expertise, adopting technology, service line development and overseas expansion from cash flow. The resulting cash balance increased by 132% to £12.5m to January 2020 from £9.4m to January 2019.
In the year, numbers of employees increased at year end from 613 to 630 as a result of central service functions and customer solutions to support growth.
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 2 -
Risk
The APS Group has continued to grow organically with considerable momentum over the last year. Careful consideration has been taken to ensure that the business manages and controls the growth to ensure the Customer experience continues to the high standards and quality expected. Further investment has been made in our innovations solution, support function and project solutions team. These investments continue to increase our ability to nurture and grow our existing Customer business as evidenced by another year of Customer retention and service line development.
At the time of approving the financial statements the full impact of the corona virus pandemic on the UK and global economy is uncertain and the effect this may have on the company, its customers and suppliers is not fully known.
The directors have closely monitored the impact on the business to date and taken necessary mitigating action as necessary, including government support through the job retention scheme.
The future potential risks and uncertainties arising from the pandemic have been reflected in forecasts of profit and loss and cashflow which demonstrate a robust business and commitment to continue to invest in the infrastructure of the business to ensure future efficiencies.
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Looking Forward
The advent of increasing technology giving consumer’s wider access to content with both choice and preference of communication, has increased the complexity required to manage solutions for Customers and resulted in considerable market consolidation. In response to the Customer’s requirements for comprehensive, cost effective co-ordinated planning and delivery deployed globally, APS has enhanced its expertise and capabilities. During 2019, APS embarked upon an ambitious plan to create a distinctive and highly effective operational delivery infrastructure to cater for the 21st Century needs of the local, national and international Customers wishing to “reach” their Customers in local, national and international markets.
In support of this strategy, and in line with Customer needs, geographical expansion continued with new facilities in Runcorn and expansion in Europe, with all the start-up/set up/recruitment and run up costs being absorbed in the accounts during the year.
The growth in business and in particular a number of significant contract wins have been directly responsible in increasing cost in the year and the real financial benefit of these wins will be recognised from 2019.
The Directors are pleased to report that the vast majority of this type of upfront expenditure has now been completed albeit the Group will continue to invest in technology as it expands its service lines deployed and further investment in people/expertise will be made in 2021.
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N J Snelson
Director
9 October 2020
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2020
- 3 -
The directors present their annual report and financial statements for the year ended 31 January 2020.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M Snelson
N J Snelson
G M Snelson
R H Snelson
J Holmes
K Naylor
(Appointed 7 August 2019)
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Disabled persons
The company's policy is to recruit disabled workers for those vacancies that they are able to fill. Arrangements are made wherever possible for retraining employees who become disabled.
Employee involvement
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Auditor
In accordance with the company's articles, a resolution proposing that Azets Audit Services
(formerly trading as Booth Ainsworth Audit Services) 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
N J Snelson
Director
9 October 2020
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2020
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law 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.
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
- 5 -
Opinion
We have audited the financial statements of Allied Publicity Services (Manchester) Limited (the 'company') for the year ended 31 January 2020 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 January 2020 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' 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.
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
- 6 -
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'
r
eport
.
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'
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.
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.
Don Bancroft (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
9 October 2020
Chartered Accountants
Statutory Auditor
Alpha House
4 Greek Street
Stockport
Cheshire
SK3 8AB
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2020
- 7 -
2020
2019
Notes
£
£
Turnover
3
120,427,459
116,278,506
Cost of sales
(88,275,163)
(87,599,829)
Gross profit
32,152,296
28,678,677
Administrative expenses
(30,052,688)
(25,486,449)
Operating profit
4
2,099,608
3,192,228
Interest payable and similar expenses
8
(82,647)
(173,452)
Profit before taxation
2,016,961
3,018,776
Tax on profit
9
(931,575)
(590,477)
Profit for the financial year
1,085,386
2,428,299
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2020
- 8 -
2020
2019
£
£
Profit for the year
1,085,386
2,428,299
Other comprehensive income
-
-
Total comprehensive income for the year
1,085,386
2,428,299
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2020
31 January 2020
- 9 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
10
549,252
-
Tangible assets
11
9,498,222
11,150,180
Investments
12
56,450
32,438
10,103,924
11,182,618
Current assets
Stocks
13
3,264,088
1,385,914
Debtors
14
30,850,983
36,275,767
Cash at bank and in hand
12,537,581
9,473,344
46,652,652
47,135,025
Creditors: amounts falling due within one year
15
(35,761,598)
(37,240,828)
Net current assets
10,891,054
9,894,197
Total assets less current liabilities
20,994,978
21,076,815
Creditors: amounts falling due after more than one year
16
(2,479,511)
(3,557,343)
Provisions for liabilities
18
32,391
(57,000)
Net assets
18,547,858
17,462,472
Capital and reserves
Called up share capital
21
3,000
3,000
Profit and loss reserves
18,544,858
17,459,472
Total equity
18,547,858
17,462,472
The financial statements were approved by the board of directors and authorised for issue on 9 October 2020 and are signed on its behalf by:
N J Snelson
Director
Company Registration No. 00681528
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2020
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 February 2018
3,000
15,031,173
15,034,173
Year ended 31 January 2019:
Profit and total comprehensive income for the year
-
2,428,299
2,428,299
Balance at 31 January 2019
3,000
17,459,472
17,462,472
Year ended 31 January 2020:
Profit and total comprehensive income for the year
-
1,085,386
1,085,386
Balance at 31 January 2020
3,000
18,544,858
18,547,858
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2020
- 11 -
2020
2019
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
5,763,492
8,196,616
Interest paid
(82,647)
(173,452)
Income taxes paid
(317,570)
(1,305)
Net cash inflow from operating activities
5,363,275
8,021,859
Investing activities
Purchase of intangible assets
(549,252)
-
Purchase of tangible fixed assets
(560,308)
(6,198,032)
Proceeds on disposal of tangible fixed assets
39,732
2,095,967
Purchase of fixed asset investments
(24,012)
-
Net cash used in investing activities
(1,093,840)
(4,102,065)
Financing activities
Proceeds of new bank loans
-
5,136,518
Repayment of bank loans
(1,205,198)
(1,687,296)
Net cash (used in)/generated from financing activities
(1,205,198)
3,449,222
Net increase in cash and cash equivalents
3,064,237
7,369,016
Cash and cash equivalents at beginning of year
9,473,344
2,104,328
Cash and cash equivalents at end of year
12,537,581
9,473,344
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020
- 12 -
1
Accounting policies
Company information
Allied Publicity Services (Manchester) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Chetham House, Bird Hall Lane, Cheadle Heath, Cheadle, Cheshire, SK3 0ZP.
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 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares
;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; 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
APS Group Limited.
These consolidated financial statements are available from its registered office
, Chetham House, Bird Hall Lane, Cheadle Heath, Cheadle, Cheshire, SK3 0ZP.
1.2
Going concern
A
true
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.
At the time of approving the financial statements the full impact of the corona virus pandemic on the UK and global economy is uncertain and the effect this may have on the company, its customers and suppliers is unknown. The directors have considered the potential risks and actions they can take to mitigate that risk and concluded that the company will continue to be a going concern.
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 13 -
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 other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
3 to 10 years based on ecomonic life of underlying programme
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.
T
angible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
Between 33% pa on cost and 20% pm on written down value
Fixtures, fittings & equipment
Between 33% pa on cost and 20% pa straight line
Motor vehicles
25% per annum on cost
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
.
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 14 -
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 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.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 15 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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.
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 16 -
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 17 -
1.12
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.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
1
Accounting policies
(Continued)
- 18 -
1.15
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.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2020
2019
£
£
Turnover
120,427,458
116,278,506
Turnover analysed by geographical market
2020
2019
£
£
UK
113,615,649
111,074,333
EC
6,800,461
5,123,992
Non - EC
11,348
80,181
120,427,458
116,278,506
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 19 -
4
Operating profit
2020
2019
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
76,223
64,909
Depreciation of owned tangible fixed assets
1,228,641
1,308,878
Depreciation of tangible fixed assets held under finance leases
942,147
908,700
Loss/(profit) on disposal of tangible fixed assets
1,747
(238,765)
Operating lease charges
416,679
487,883
Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £76,223 (2019 - £64,909).
5
Auditor's remuneration
2020
2019
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
25,000
25,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Directors & employees
630
613
Their aggregate remuneration comprised:
2020
2019
£
£
Wages and salaries
23,066,051
21,724,352
Social security costs
2,123,381
2,061,844
Pension costs
566,806
513,463
25,756,238
24,299,659
7
Directors' remuneration
2020
2019
£
£
Remuneration for qualifying services
1,058,520
411,691
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
7
Directors' remuneration
(Continued)
- 20 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2020
2019
£
£
Remuneration for qualifying services
558,901
148,922
8
Interest payable and similar expenses
2020
2019
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
82,647
173,452
9
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
1,020,966
633,503
Adjustments in respect of prior periods
-
2,974
Total current tax
1,020,966
636,477
Deferred tax
Origination and reversal of timing differences
(89,391)
(46,000)
Total tax charge
931,575
590,477
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
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:
2020
2019
£
£
Profit before taxation
2,016,961
3,018,776
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
383,223
573,567
Tax effect of expenses that are not deductible in determining taxable profit
486,441
23,335
Group relief
(758)
(1,688)
Permanent capital allowances in excess of depreciation
68,242
(7,711)
Under/(over) provided in prior years
-
2,974
Taxation charge for the year
937,148
590,477
Taxation charge in the financial statements
931,575
590,477
Reconciliation - the current year tax charge does not reconcile to the above analysis. Please review figures in the database.
5,573
-
10
Intangible fixed assets
Software
£
Cost
At 1 February 2019
-
Additions
549,252
At 31 January 2020
549,252
Amortisation and impairment
At 1 February 2019 and 31 January 2020
-
Carrying amount
At 31 January 2020
549,252
At 31 January 2019
-
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 22 -
11
Tangible fixed assets
Land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 February 2019
3,340,000
10,814,690
4,902,187
43,876
19,100,753
Additions
-
105,685
454,623
-
560,308
Disposals
-
(804,048)
(214,548)
-
(1,018,596)
At 31 January 2020
3,340,000
10,116,327
5,142,262
43,876
18,642,465
Depreciation and impairment
At 1 February 2019
-
4,130,563
3,777,255
42,755
7,950,573
Depreciation charged in the year
-
1,486,794
683,648
345
2,170,787
Eliminated in respect of disposals
-
(764,316)
(212,801)
-
(977,117)
At 31 January 2020
-
4,853,041
4,248,102
43,100
9,144,243
Carrying amount
At 31 January 2020
3,340,000
5,263,286
894,160
776
9,498,222
At 31 January 2019
3,340,000
6,684,127
1,124,932
1,121
11,150,180
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2020
2019
£
£
Plant and machinery
3,782,666
4,626,510
Computer equipment
-
98,303
3,782,666
4,724,813
The land and buildings were revalued on 10 April 2014 at £3,340,000 by GVA Grimley International Property Advisers at open market value. The directors consider that this valuation is appropriate at the year end.
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:
2020
2019
£
£
Cost
4,300,000
4,300,000
Accumulated depreciation
-
-
Carrying value
4,300,000
4,300,000
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 23 -
12
Fixed asset investments
2020
2019
Notes
£
£
Investments in subsidiaries
56,450
32,438
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 February 2019
32,438
Additions
24,012
At 31 January 2020
56,450
Carrying amount
At 31 January 2020
56,450
At 31 January 2019
32,438
13
Stocks
2020
2019
£
£
Raw materials and consumables
3,194,185
1,278,656
Work in progress
69,903
107,258
3,264,088
1,385,914
14
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
16,538,502
19,037,417
Corporation tax recoverable
-
291,215
Amounts owed by group undertakings
10,077,500
13,230,958
Other debtors
236,371
230,535
Prepayments and accrued income
3,998,610
3,485,642
30,850,983
36,275,767
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 24 -
15
Creditors: amounts falling due within one year
2020
2019
Notes
£
£
Bank loans
17
1,096,921
1,224,287
Trade creditors
13,963,667
15,750,104
Amounts owed to group undertakings
7,122,551
5,232,884
Corporation tax
412,181
-
Other taxation and social security
1,231,637
1,661,888
Other creditors
1,207,020
1,833,828
Accruals and deferred income
10,727,621
11,537,837
35,761,598
37,240,828
16
Creditors: amounts falling due after more than one year
2020
2019
Notes
£
£
Bank loans and overdrafts
17
2,479,511
3,557,343
17
Loans and overdrafts
2020
2019
£
£
Bank loans
3,576,432
4,781,630
Payable within one year
1,096,921
1,224,287
Payable after one year
2,479,511
3,557,343
The loans are secured by fixed and floating charges over the assets to which they relate.
18
Provisions for liabilities
2020
2019
Notes
£
£
Deferred tax liabilities
19
-
57,000
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 25 -
19
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2020
2019
Balances:
£
£
ACAs
(32,391)
57,000
2020
Movements in the year:
£
Liability at 1 February 2019
57,000
Credit to profit or loss
(89,391)
Asset at 31 January 2020
(32,391)
20
Retirement benefit schemes
2020
2019
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
566,806
513,463
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.
21
Share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
3,000 ordinary shares of £1 each
3,000
3,000
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 26 -
22
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:
2020
2019
£
£
Within one year
2,396,993
1,095,377
Between two and five years
5,030,162
4,293,626
In over five years
5,742,996
5,160,046
13,170,151
10,549,049
23
Ultimate controlling party
The company is a wholly owned subsidiary of APS Group Limited, and its results are included in the consolidated accounts of that company which are on public record. APS Group Limited is itself controlled by N J Snelson, a director of both companies. The registered office of APS Group Limited is Chetham House, Bird Hall Lane, Cheadle Heath, Cheadle, Cheshire, SK3 0ZP.
24
Cash generated from operations
2020
2019
£
£
(Loss) / profit for the year after tax
1,085,386
2,428,299
Adjustments for:
Taxation charged
931,575
590,477
Finance costs
82,647
173,452
Loss/(gain) on disposal of tangible fixed assets
1,747
(238,765)
Depreciation and impairment of tangible fixed assets
2,170,787
2,217,578
Movements in working capital:
(Increase)/decrease in stocks
(1,878,174)
780,150
Decrease/(increase) in debtors
5,133,569
(261,714)
(Decrease)/increase in creditors
(1,764,045)
2,507,139
Cash generated from operations
5,763,492
8,196,616
ALLIED PUBLICITY SERVICES (MANCHESTER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2020
- 27 -
25
Analysis of changes in net funds
1 February 2019
Cash flows
31 January 2020
£
£
£
Cash at bank and in hand
9,473,344
3,064,237
12,537,581
Borrowings excluding overdrafts
(4,781,630)
1,205,198
(3,576,432)
4,691,714
4,269,435
8,961,149
2020-01-31
2019-02-01
false
CCH Software
CCH Accounts Production 2020.200
No description of principal activity
M Snelson
N J Snelson
R H Snelson
J Holmes
K Naylor
K Naylor
G M Snelson
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