Company Registration No. 00950118 (England and Wales)
AUGUSTUS MARTIN LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2018
AUGUSTUS MARTIN LIMITED
COMPANY INFORMATION
Directors
L Barrow
B Dix
M Barrow
A Dix
Secretary
B Dix
Company number
00950118
Registered office
8 St. Andrews Way
Devons Road
Bromley-By-Bow
London
E3 3PB
Auditor
Goodman Jones LLP
29-30 Fitzroy Square
London
W1T 6LQ
Business address
8 St Andrews Way
Bromley-By-Bow
London
E3 3PB
Bankers
Lloyds TSB Bank Plc
210 Commercial Road
London
E1 2JR
AUGUSTUS MARTIN LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 28
AUGUSTUS MARTIN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2018
The directors present the strategic report for the year
ended 31 December 2018.
Fair review of the business
The markets for Augustus Martin’s Products remain attractive as our clients seek to maximise the ROI from their marketing spend. However, this is set to become more challenging as Print Manufacturers and Print Managers increase competition and customers continue to apply downward pressure on prices. Despite the positive performance of the UK economy, there remains a high level of uncertainty in the retail sector. We expect the trend of retail outlet closures to continue as our customers adjust to the new reality of online competition and more cost conscious and selective consumers. This continues to have a negative knock on effect on advertising and Point Of Sale spend by our clients. The development of cost-effective technologies such as electronic imagery is replacing the use of printed material for display or advertising purposes. In response, the Augustus Martin “Continuous Improvement Programme” continues to better leverage the strategic assets and organisational competencies of the business on behalf of our customers. In addition, we are looking at new ways of partnering to take advantage of digital growth.
The annualised turnover for the twelve months to December 2018 of £39.3m was very slightly adverse (-4%) to the equivalent 12-month period. The pre-tax loss of £3.0m for the year was weaker than profit margin for the equivalent 12-month period. The loss was mainly due to two one-time costs: 1) significant IT development costs for a new customer platform; 2) the one-off write-down of a sister company’s debt. The IT development costs should benefit from R&D related tax credits in future periods.
The directors and senior management team constantly monitor internal and external risk factors and have put several measures in place to mitigate these risks and return the business to profitability. The risks identified are as below:
Operational profitability
There is a growing price pressure as a bi-product of retailer budgets being slashed and therefore driving for “more for less” from their suppliers. Augustus Martin is seeking to agree longer term contracts with its customers by including year on year savings. The Continuous Improvement Programme has been put in place to mitigate this risk, through productivity efficiencies and reducing waste thus driving the costs down.
Human resources
Augustus Martin has a dedicated workforce with employees with on average 23 years of service. Some of the core technical resources are nearing retirement age and as such succession planning particularly within Operations is critical. This risk is being mitigated by Cross-Training, recruiting new talent and re-invigorating our Apprenticeship scheme. In addition, we continue to invest in developing management competencies across the business through Personal Development Planning, Supervisor & Management training and specific skills training for specialist roles such as Project Management
Financial resources
The shareholders made a £4m credit facility available to the business from a sister company in June 2017. Currently, the shareholders are in active discussions to convert all or part of this debt to equity. Consequently, this facility will not be called for repayment for at least 12 months from the date of this report, unless the company has sufficient funds available.
The directors are therefore confident that the company has sufficient financial resources and facilities, together with strong on-going customer relationships, to manage its business risks successfully for the foreseeable future.
Brexit
Brexit continues to cause concern to our customers as consumer spending flattens in preparation for a UK exit. AM has seen a reduction in available Temp resources from our current suppliers and we recognise that we will need to tactically employ but also outsource to suppliers that recruit from the Commonwealth as well as the EU.
- 1 -
AUGUSTUS MARTIN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
Technological developments
The company has made substantial investments in Research and Development, mainly in the areas of product design, new materials and in print related MRM software. The directors are confident that these will strengthen the product offering of the business in future periods.
As a family business, we measure our success by how we are perceived by our customers and suppliers. Throughout this year we have been delighted by the continued loyalty that they have shown towards. We thank them for their business and look forward to contributing to their success in the coming years.
B Dix
Director
30 September 2019
- 2 -
AUGUSTUS MARTIN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2018
The directors present their annual report and financial statements for the year ended 31 December 2018.
Principal activities
The principal activities of Augustus Martin Limited are the manufacture of Point of Sale (POS) and Point of Purchase (POP) materials and of large format outdoor media.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
L Barrow
B Dix
M Barrow
A Dix
Results and dividends
The results for the year are set out on page 7.
Disabled persons
Applications for employment, training and promotion by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged.
Health and Safety
The company has a health and safety committee that meets following the works committee and has representation from both employee groups and operating management. The function of the committee is to oversee the operation of the company's health and safety policy.
Financial Instruments
The company's financial instruments comprise borrowings, cash and liquid resources, and various net working capital items, such as trade debtors and trade creditors. The main purpose of these financial instruments is to fund that part of the company's operations not financed by way of equity.
It is the company's policy not to trade in financial, or derivative instruments.
The main risks in providing funds for the company relate to interest rates and liquidity.
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.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
Auditor
In accordance with the company's articles, a resolution proposing that Goodman Jones LLP be reappointed as auditor of the company will be put at a General Meeting.
- 3 -
AUGUSTUS MARTIN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
Statement of directors' responsibilities
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.
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
B Dix
Director
30 September 2019
- 4 -
AUGUSTUS MARTIN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AUGUSTUS MARTIN LIMITED
Opinion
- 5 -
We have audited the financial statements of Augustus Martin Limited (the 'company') for the year ended 31 December 2018 which comprise 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 December 2018 and of its loss 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.
AUGUSTUS MARTIN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AUGUSTUS MARTIN LIMITED
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.
Matthew Cook (Senior Statutory Auditor)
for and on behalf of Goodman Jones LLP
30 September 2019
Chartered Accountants
Statutory Auditor
29-30 Fitzroy Square
London
W1T 6LQ
- 6 -
AUGUSTUS MARTIN LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2018
Before
Note 4
Year
Period
Exceptional Items
Exceptional Items
ended
ended
31 December 2018
31 December 2018
31 December 2018
31 December 2017
Notes
£
£
£
£
Turnover
3
39,299,344
39,299,344
32,026,684
Cost of sales
(30,008,357)
(912,841)
(30,921,198)
(24,654,846)
Gross profit
9,290,987
(912,841)
8,378,146
7,371,838
Distribution costs
(671,275)
-
(671,275)
(635,369)
Administrative expenses
(9,353,007)
(1,080,979)
(10,433,986)
(6,196,292)
Operating (loss)/profit
5
(733,295)
(1,993,820)
(2,727,115)
540,177
Interest receivable and similar income
9
5,426
-
5,426
19
Interest payable and similar expenses
10
(266,676)
-
(266,676)
(87,421)
(Loss)/profit before taxation
(994,545)
(1,993,820)
(2,988,365)
452,775
Tax on loss/profit
11
222,706
-
222,706
481,513
(Loss)/profit for the financial year
(771,839)
(1,993,820)
(2,765,659)
934,288
The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.
- 7 -
AUGUSTUS MARTIN LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2018
31 December 2018
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
13
4,007,442
5,028,693
Investments
14
1,100
1,100
4,008,542
5,029,793
Current assets
Stocks
17
747,933
510,523
Debtors
18
10,735,446
14,582,159
Cash at bank and in hand
466,017
853,257
11,949,396
15,945,939
Creditors: amounts falling due within one year
19
(10,647,788)
(12,711,317)
Net current assets
1,301,608
3,234,622
Total assets less current liabilities
5,310,150
8,264,415
Creditors: amounts falling due after more than one year
20
(4,117,007)
(3,775,057)
Net assets
1,193,143
4,489,358
Capital and reserves
Called up share capital
23
1,000
1,000
Profit and loss reserves
1,192,143
4,488,358
Total equity
1,193,143
4,489,358
The financial statements were approved by the board of directors and authorised for issue on 30 September 2019 and are signed on its behalf by:
B Dix
Director
Company Registration No. 00950118
- 8 -
AUGUSTUS MARTIN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2018
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2017
1,000
4,304,061
4,305,061
Period ended 31 December 2017:
Profit and total comprehensive income for the period
-
934,288
934,288
Dividends
12
-
(749,991)
(749,991)
Balance at 31 December 2017
1,000
4,488,358
4,489,358
Year ended 31 December 2018:
Loss and total comprehensive income for the year
-
(2,765,659)
(2,765,659)
Dividends
12
-
(530,556)
(530,556)
Balance at 31 December 2018
1,000
1,192,143
1,193,143
- 9 -
AUGUSTUS MARTIN LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2018
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
29
(736,330)
(1,025,131)
Interest paid
(266,676)
(87,421)
Income taxes refunded/(paid)
534,918
(5,220)
Net cash outflow from operating activities
(468,088)
(1,117,772)
Investing activities
Purchase of tangible fixed assets
(232,984)
(866,423)
Proceeds on disposal of tangible fixed assets
367,970
24,867
Proceeds from other investments and loans
403,873
(252,405)
Interest received
5,426
19
Net cash generated from/(used in) investing activities
544,285
(1,093,942)
Financing activities
Borrowings advanced
486,466
3,558,710
Payment of finance leases obligations
(419,347)
(584,775)
Dividends paid
(530,556)
(749,991)
Net cash (used in)/generated from financing activities
(463,437)
2,223,944
Net (decrease)/increase in cash and cash equivalents
(387,240)
12,230
Cash and cash equivalents at beginning of year
853,257
841,027
Cash and cash equivalents at end of year
466,017
853,257
- 10 -
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
Company information
Augustus Martin Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
8 St. Andrews Way, Devons Road, Bromley-By-Bow, London, E3 3PB.
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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
The accounts of Billboard Posters Limited and Augmart Travel Limited, which were dormant in the year, have not been consolidated with those of the Company as the directors consider that the amounts involved are not material.
1.2
Going concern
The group meets its day to day working capital requirements through a finance facility and a credit facility made available by a sister company owned by the shareholders. The group’s forecast and projections, taking account of reasonable possible changes in trading performance, show that the
group will be able to operate for at least the next 12 months within the level of its current facilities.
As detailed in the strategic report, active discussions are ongoing to convert all or part of the credit facility to equity. Furthermore, this facility will not be called for repayment for at least 12 months from the date of this report, unless the company has sufficient funds available.
Accordingly, at the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable from the provision of goods and services which fall within the group's ordinary activities after deduction of the trade discounts and value added tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
- 11 -
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
Tangible 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, or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to premises
10 years straight line basis
Office equipment
30% on reducing balance
Plant & equipment
15% on reducing balance, 4-6 years straight line basis
Fixtures & fittings
25% on reducing balance
Computer equipment
25% straight line basis
Motor vehicles
25% on 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
.
1.5
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.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
- 12 -
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
1.7
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.
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.
1.8
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.
- 13 -
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value 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.
- 14 -
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
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 transaction 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.
Deferred tax
Deferred taxation is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset, or on unremitted earnings of subsidiaries and associates where there is no commitment to remit these earnings. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
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 profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
- 15 -
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.15
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 are included in the profit and loss account for the period.
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Print Equipment
One recurring uncertainty for Augustus Martin Limited, as for any print business, is the expected useful life of its print equipment.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
£
£
Turnover analysed by class of business
Printing
39,299,344
32,026,684
£
£
Other significant revenue
Interest income
5,426
19
- 16 -
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
3
Turnover and other revenue
(Continued)
£
£
Turnover analysed by geographical market
United Kingdom
39,197,802
31,884,331
Europe
101,542
142,353
39,299,344
32,026,684
4
Exceptional costs
Included within results for the year are the following items which the directors regard as being exceptional items.
£
£
Cost of sales
IT development costs
912,841
378,049
Administrative expenses
Exceptional debt written-off
879,226
-
Exceptional legal costs
201,753
73,130
1,993,820
451,179
5
Operating (loss)/profit
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange losses
469
8,546
Depreciation of owned tangible fixed assets
192,571
180,529
Depreciation of tangible fixed assets held under finance leases
825,454
485,049
(Profit)/loss on disposal of tangible fixed assets
(131,760)
5,515
Cost of stocks recognised as an expense
19,785,696
16,105,918
Operating lease charges
1,118,982
329,019
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 £469 ( - £8,546).
- 17 -
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
6
Auditor's remuneration
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
34,700
33,705
For other services
Other taxation services
10,500
10,169
7
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
Number
Number
Administration
35
32
Production
222
232
Sales
41
39
Directors
4
4
302
307
Their aggregate remuneration comprised:
£
£
Wages and salaries
12,091,768
9,393,552
Social security costs
1,179,492
912,357
Pension costs
391,364
267,205
13,662,624
10,573,114
8
Directors' remuneration
£
£
Remuneration for qualifying services
163,070
163,687
As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.
- 18 -
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
9
Interest receivable and similar income
£
£
Interest income
Interest on bank deposits
5,426
19
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
5,426
19
10
Interest payable and similar expenses
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
215,297
2,762
Interest on finance leases and hire purchase contracts
19,272
27,059
234,569
29,821
Other finance costs:
Other interest
32,107
57,600
266,676
87,421
11
Taxation
£
£
Current tax
Adjustments in respect of prior periods
(81,134)
(453,325)
Deferred tax
Origination and reversal of timing differences
(141,572)
(28,188)
Total tax charge
(222,706)
(481,513)
- 19 -
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
11
Taxation
(Continued)
The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
£
£
(Loss)/profit before taxation
(2,988,365)
452,775
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (: 19.00%)
(567,789)
86,027
Tax effect of expenses that are not deductible in determining taxable profit
29,339
20,820
Tax effect of utilisation of tax losses not previously recognised
-
(110,531)
Unutilised tax losses carried forward
566,747
-
Effect of change in corporation tax rate
(41,357)
(5,718)
Depreciation on assets not qualifying for tax allowances
1,143
2,072
Research and development tax credit
(81,134)
(453,325)
Other tax adjustments
(129,655)
(20,858)
Tax expense for the year
(222,706)
(481,513)
The company has estimated tax losses to carry forward in respect of trading losses of £5,719,880 (December 2017: £2,589,162).
12
Dividends
£
£
Final paid
530,556
749,991
- 20 -
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
13
Tangible fixed assets
Leasehold improvements
Plant & equipment
Fixtures & fittings
Computer equipment
Motor vehicles
Other assets
Total
£
£
£
£
£
£
£
Cost
At 1 January 2018
978,575
24,216,505
666,939
1,066,391
1,472,344
242,915
28,643,669
Additions
-
102,035
4,298
14,355
112,296
-
232,984
Disposals
-
-
(671,237)
-
(566,635)
(242,915)
(1,480,787)
At 31 December 2018
978,575
24,318,540
-
1,080,746
1,018,005
-
27,395,866
Depreciation and impairment
At 1 January 2018
840,186
20,097,777
590,412
866,505
990,151
229,945
23,614,976
Depreciation charged in the year
29,683
744,943
11,875
112,280
116,771
2,473
1,018,025
Eliminated in respect of disposals
-
-
(602,287)
-
(409,872)
(232,418)
(1,244,577)
At 31 December 2018
869,869
20,842,720
-
978,785
697,050
-
23,388,424
Carrying amount
At 31 December 2018
108,706
3,475,820
-
101,961
320,955
-
4,007,442
At 31 December 2017
138,389
4,118,728
76,527
199,886
482,193
12,970
5,028,693
- 21 -
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
13
Tangible fixed assets
(Continued)
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
£
£
Plant & equipment
533,524
1,673,533
Fixtures & fittings
61,961
124,131
Motor vehicles
288,307
430,928
883,792
2,228,592
Depreciation charge for the year in respect of leased assets
825,454
485,049
14
Fixed asset investments
Notes
£
£
Investments in subsidiaries
15
1,100
1,100
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 January 2018 & 31 December 2018
1,100
175,546
176,646
Impairment
At 1 January 2018 & 31 December 2018
-
175,546
175,546
Carrying amount
At 31 December 2018
1,100
-
1,100
At 31 December 2017
1,100
-
1,100
Augustus Martin owns 47.6% of the share capital in Retail Communicators, a company incorporated in Belgium, which was acquired in 2017 for 200,000 EUR as part of a debt capitalisation process. The directors consider the investment to be fully impaired.
- 22 -
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2018 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Augmart Travel Limited
England and Wales
Dormant
Ordinary
100.00
Billboard Posters Limited
England and Wales
Dormant
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Augmart Travel Limited
-
100
Billboard Posters Limited
-
1,000
Both Billboard Posters Limited and Augmart Travel Limited were dormant for the entire period.
16
Financial instruments
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
10,292,118
13,715,195
Carrying amount of financial liabilities
Measured at amortised cost
13,653,888
15,354,928
17
Stocks
£
£
Raw materials and consumables
747,933
510,523
- 23 -
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
18
Debtors
Amounts falling due within one year:
£
£
Trade debtors
10,092,168
12,620,989
Corporation tax recoverable
4,761
458,545
Other debtors
199,950
1,094,206
Prepayments and accrued income
264,784
376,208
10,561,663
14,549,948
Deferred tax asset (note 24)
173,783
32,211
10,735,446
14,582,159
19
Creditors: amounts falling due within one year
Notes
£
£
Obligations under finance leases
21
223,969
498,800
Trade creditors
7,154,685
8,312,750
Amounts owed to group undertakings
1,100
1,100
Taxation and social security
1,110,907
1,131,446
Other creditors
720,834
1,119,186
Accruals and deferred income
1,436,293
1,648,035
10,647,788
12,711,317
Included in Other Creditors is £261,642 (2017: £nil) owed to Investec Capital Solutions, in respect of the invoice discounting facility made available to the company. The company has given security by way of a fixed and floating charge to Investec Capital Solutions.
20
Creditors: amounts falling due after more than one year
Notes
£
£
Obligations under finance leases
21
71,831
216,347
Other borrowings
22
4,045,176
3,558,710
4,117,007
3,775,057
- 24 -
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
21
Finance lease obligations
Future minimum lease payments due under finance leases:
£
£
Within one year
223,969
489,800
In two to five years
71,831
225,347
295,800
715,147
22
Loans and overdrafts
£
£
Other loans
4,045,176
3,558,710
Payable after one year
4,045,176
3,558,710
Included in the above is a loan facility from Limehouse Funding Limited, a company controlled by the directors of Augustus Martin Limited. The loan is secured on the assets of the company, subject to interest at an annual rate of 4% plus base rate, and is due for repayment in full in June 2022.
23
Share capital
£
£
Ordinary share capital
Authorised
10,000 Ordinary shares of £1 each
10,000
10,000
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
24
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:
Assets
Assets
Balances:
£
£
ACAs
154,211
24,117
Other Timing Differences
19,572
8,094
173,783
32,211
- 25 -
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
24
Deferred taxation
(Continued)
Movements in the year:
£
Liability/(Asset) at 1 January 2018
(32,211)
Credit to profit or loss
(141,572)
Liability/(Asset) at 31 December 2018
(173,783)
25
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:
£
£
Within one year
252,908
574,249
Between two and five years
166,241
445,136
419,149
1,019,385
Included above is an amount of £nil (December 2017: £119,000) in respect of leases on buildings. These leases have no fixed end date and the amount represents the annual commitment.
26
Retirement benefit schemes
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
391,364
267,205
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.
27
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
£
£
Aggregate compensation
1,064,946
854,922
- 26 -
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
27
Related party transactions
(Continued)
Transactions with related parties
During the year, the company entered into the following transactions with entities controlled by the directors:
£
£
Sales
2,203,603
2,098,312
Purchases
5,304,958
5,096,654
Management charges
24,512
16,753
No guarantees have been given or received.
The total amounts outstanding at the reporting period date owed to entities controlled by the directors was £317,914 (December 2017: £980,258). Not included in this amount is borrowings of £4,045,176 (December 2017: £3,608,710) owed to entities controlled by the directors as disclosed in note 22.
The total amounts outstanding at the reporting period date owed by entities controlled by the directors was £nil (December 2017: £457,709).
The company paid rent in respect of property owned by the directors of £1,054,119 (December 2017: £246,050) and in respect of property owned by the director's children £nil (December 2017: £14,005). Furthermore, the directors purchased motor vehicles totalling £264,113 (December 2017: £nil) at market value during the year.
The directors' loan account closed the period with a debit balance of £150,313 (December 2017: £554,195).
28
Ultimate controlling party
The company is owned and controlled jointly by L Barrow and B Dix.
- 27 -
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
29
Cash generated from operations
£
£
(Loss)/profit for the year after tax
(2,765,659)
934,288
Adjustments for:
Taxation credited
(222,706)
(481,513)
Finance costs
266,676
87,421
Investment income
(5,426)
(19)
(Gain)/loss on disposal of tangible fixed assets
(131,760)
5,515
Depreciation and impairment of tangible fixed assets
1,018,025
665,578
Movements in working capital:
(Increase)/decrease in stocks
(237,410)
19,566
Decrease/(increase) in debtors
3,130,628
(1,497,540)
(Decrease) in creditors
(1,788,698)
(758,427)
Cash absorbed by operations
(736,330)
(1,025,131)
- 28 -
2018-12-31
2018-01-01
false
CCH Software
CCH Accounts Production 2019.200
L Barrow
M Barrow
A Dix
A Dix
B Dix
00950118
2018-01-01
2018-12-31
00950118
bus:Director1
2018-01-01
2018-12-31
00950118
bus:CompanySecretaryDirector1
2018-01-01
2018-12-31
00950118
bus:Director2
2018-01-01
2018-12-31
00950118
bus:Director3
2018-01-01
2018-12-31
00950118
bus:CompanySecretary1
2018-01-01
2018-12-31
00950118
bus:Director4
2018-01-01
2018-12-31
00950118
bus:RegisteredOffice
2018-01-01
2018-12-31
00950118
bus:Agent1
2018-01-01
2018-12-31
00950118
2018-12-31
00950118
2017-04-01
2017-12-31
00950118
core:ContinuingOperations
2017-04-01
2017-12-31
00950118
2017-12-31
00950118
core:LeaseholdImprovements
2018-12-31
00950118
core:MotorVehicles
2018-12-31
00950118
core:LeaseholdImprovements
2017-12-31
00950118
core:PlantMachinery
2017-12-31
00950118
core:FurnitureFittings
2017-12-31
00950118
core:ComputerEquipment
2017-12-31
00950118
core:MotorVehicles
2017-12-31
00950118
core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment
2017-12-31
00950118
core:CurrentFinancialInstruments
2018-12-31
00950118
core:CurrentFinancialInstruments
2017-12-31
00950118
core:Non-currentFinancialInstruments
2018-12-31
00950118
core:Non-currentFinancialInstruments
2017-12-31
00950118
core:ShareCapital
2018-12-31
00950118
core:ShareCapital
2017-12-31
00950118
core:RetainedEarningsAccumulatedLosses
2018-12-31
00950118
core:RetainedEarningsAccumulatedLosses
2017-12-31
00950118
core:RetainedEarningsAccumulatedLosses
2017-04-01
2017-12-31
00950118
core:LandBuildings
core:OwnedOrFreeholdAssets
2018-01-01
2018-12-31
00950118
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2018-01-01
2018-12-31
00950118
core:PlantMachinery
2018-01-01
2018-12-31
00950118
core:FurnitureFittings
2018-01-01
2018-12-31
00950118
core:ComputerEquipment
2018-01-01
2018-12-31
00950118
core:MotorVehicles
2018-01-01
2018-12-31
00950118
core:UKTax
2018-01-01
2018-12-31
00950118
core:UKTax
2017-04-01
2017-12-31
00950118
1
2018-01-01
2018-12-31
00950118
1
2017-04-01
2017-12-31
00950118
2
2018-01-01
2018-12-31
00950118
2
2017-04-01
2017-12-31
00950118
core:LeaseholdImprovements
2017-12-31
00950118
core:FurnitureFittings
2017-12-31
00950118
core:MotorVehicles
2017-12-31
00950118
core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment
2017-12-31
00950118
2017-12-31
00950118
core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment
2018-01-01
2018-12-31
00950118
core:PlantMachinery
2017-12-31
00950118
core:ComputerEquipment
2017-12-31
00950118
core:PlantMachinery
2018-12-31
00950118
core:ComputerEquipment
2018-12-31
00950118
core:LeaseholdImprovements
2018-01-01
2018-12-31
00950118
core:FurnitureFittings
2018-12-31
00950118
core:Subsidiary1
2018-01-01
2018-12-31
00950118
core:Subsidiary2
2018-01-01
2018-12-31
00950118
core:Subsidiary1
1
2018-01-01
2018-12-31
00950118
core:Subsidiary2
1
2018-01-01
2018-12-31
00950118
core:Subsidiary1
2
2018-01-01
2018-12-31
00950118
core:Subsidiary2
2
2018-01-01
2018-12-31
00950118
core:WithinOneYear
2018-12-31
00950118
core:WithinOneYear
2017-12-31
00950118
core:BetweenTwoFiveYears
2018-12-31
00950118
core:BetweenTwoFiveYears
2017-12-31
00950118
bus:PrivateLimitedCompanyLtd
2018-01-01
2018-12-31
00950118
bus:FRS102
2018-01-01
2018-12-31
00950118
bus:Audited
2018-01-01
2018-12-31
00950118
bus:FullAccounts
2018-01-01
2018-12-31
xbrli:pure
xbrli:shares
iso4217:GBP