Company Registration No. 00950118 (England and Wales)
AUGUSTUS MARTIN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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 - 27
AUGUSTUS MARTIN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 1 -
The directors present the strategic report for the year
ended 31 December 2019.
Fair review of the business
The company has endured a few years of mixed results but, is now solidly on the path to return to profitability. During this reporting period Augustus Martin has had to adapt to the changing market including improvements to our business process through automation and investing heavily in research & development to create new technology options for clients. Importantly, these investments are funded by Augustus Martin and, due to their ongoing and increasing confidence in the direction of the business (and the industry we serve) the substantial resources of our owners where required.
Our short-term strategic direction is supported by the investments as broken down below:
-
FUZE: Augustus Martin has heavily invested in developing a best in class Marketing Relationship Management software solution. The product which has been tested and gone live at Tesco, the UK’s largest Retailer, is highly adaptable and yet easily deployable.
-
Internal Process flow automation solutions that drive substantial reductions in human error and improvements in quality control.
-
Ad-here: As the sustainability agenda becomes an increasing challenge for our customers, Augustus Martin’s substantial investment and development of Ad-here makes 100% reusable and recyclable POS a reality to our customers so that they can support their sustainability agendas with peace of mind.
-
Print Technology: In addition to Ad-here our, business commitment to protecting the planet extends to our current and future technology investments, the latest of which is an investment in a new large format print printing press which amongst other benefits allow Augustus Martin to use non-toxic, water-based inks that do not harm the environment.
-
Our future investment strategy will continue to focus on Productivity, Economy and Sustainability opportunities for both Augustus Martin and its customers.
The company has made significant progress and, started realising the results of its recent investments in the second half of 2019. The pre-tax profit £ 0.5m for the year was considerably stronger than profit margin for the equivalent 12-month period. These results reflect the early and positive impact of the turnaround plan for Augustus Martin. The first half of 2020 has showed a significant financial improvement versus the same period of 2019.
Due to the Coronavirus pandemic and its impact on Brands, clothing retailers, Theatres and other outdoor advertising, the company has experienced a slowdown of orders as would have been expected. The company has taken several actions to reduce the cost base during the pandemic, including a detailed review of all overheads. Cost savings have been identified going forward and our turnaround plan has been updated to accommodate these. We are pleased to report that Post-Covid, the forecast for 2020 remains on track to be a profit before tax.
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.
AUGUSTUS MARTIN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
Going concern
In the annual review of the Company’s going concern, the Directors have considered the immediate and longer-term impact of the Covid-19 pandemic. Following the lockdown in the UK, as would be expected, the Company experienced a temporary slowdown in activities but are now pleased report sales increasing. During the period of slowdown, the Directors used available Covid-19 government schemes such as the Coronavirus Job Retention Scheme and deferment of tax liabilities to manage cashflow during the period of uncertainty. Furthermore, the Company has recently secured a formal offer for a £1.5m loan facility supported by the Government’s Coronavirus Business Interruption Loan Scheme (“CBILS”).
The Directors are committed to carrying out regular reviews of the Company’s cash flows to monitor the ongoing situation and take further steps as required.
The Company currently meets its day to day working capital requirements through a third-party invoice finance facility and a loan facility made available by a sister company owned by the shareholders. The Company’s forecast and projections, taking account of reasonable possible changes in trading performance, show that the Company will be able to operate for at least the next 12 months within the level of its current facilities.
Accordingly, at the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Human resources
Augustus Martin has a dedicated workforce with longevity of service. Succession planning and cross-train, multi-skilling and recruiting new talent is in progress across the business, from the core technical resources through to senior management. We continue to invest in developing management competencies across the business through Personal Development Planning, Supervisor & Management training and specific skills training.
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 continue to recognise that we will need to tactically employ but also outsource to suppliers that recruit from the Commonwealth as well as the EU.
Summary
As a family business, we measure our success by how we are perceived by our customers and suppliers. We are delighted that our customers continue to trust us with their business in recognition of the excellent service we provide to them We thank them for their continued loyalty and business and look forward to contributing to their success in the coming years. We at Augustus Martin believe that our trajectory is one of growth and progress.
L Barrow
B Dix
Director
Director
28 September 2020
28 September 2020
AUGUSTUS MARTIN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2019.
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.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
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.
AUGUSTUS MARTIN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
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
L Barrow
B Dix
Director
Director
28 September 2020
AUGUSTUS MARTIN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF AUGUSTUS MARTIN LIMITED
- 5 -
Opinion
We have audited the financial statements of Augustus Martin Limited (the 'company') for the year ended 31 December 2019 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 2019 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.
AUGUSTUS MARTIN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF AUGUSTUS MARTIN 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.
Matthew Cook (Senior Statutory Auditor)
for and on behalf of Goodman Jones LLP
29 September 2020
Chartered Accountants
Statutory Auditor
29/30 Fitzroy Square
London
W1T 6LQ
AUGUSTUS MARTIN LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
2019
2018
Notes
£
£
Turnover
3
36,415,185
39,299,344
Cost of sales
(26,240,942)
(30,921,198)
Gross profit
10,174,243
8,378,146
Distribution costs
(456,589)
(671,275)
Administrative expenses
(8,820,393)
(10,433,986)
Operating profit/(loss)
5
897,261
(2,727,115)
Interest receivable and similar income
9
345
5,426
Interest payable and similar expenses
10
(424,939)
(266,676)
Profit/(loss) before taxation
472,667
(2,988,365)
Tax on profit/(loss)
11
(35,268)
222,706
Profit/(loss) for the financial year
437,399
(2,765,659)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
AUGUSTUS MARTIN LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2019
31 December 2019
- 8 -
2019
2018
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
13
3,282,436
3,937,442
Investments
14
1,100
1,100
3,283,536
3,938,542
Current assets
Stocks
16
352,165
747,933
Debtors
17
10,816,131
10,735,446
Cash at bank and in hand
197,341
466,017
11,365,637
11,949,396
Creditors: amounts falling due within one year
18
(10,829,391)
(10,647,788)
Net current assets
536,246
1,301,608
Total assets less current liabilities
3,819,782
5,240,150
Creditors: amounts falling due after more than one year
19
(2,259,240)
(4,117,007)
Net assets
1,560,542
1,123,143
Capital and reserves
Called up share capital
22
1,000
1,000
Profit and loss reserves
25
1,559,542
1,122,143
Total equity
1,560,542
1,123,143
The financial statements were approved by the board of directors and authorised for issue on 28 September 2020 and are signed on its behalf by:
L Barrow
B Dix
Director
Director
Company Registration No. 00950118
AUGUSTUS MARTIN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2018
1,000
4,488,358
4,489,358
Restatement of opening reserves
25
-
(70,000)
(70,000)
Balance at 1 January 2018 as restated:
1,000
4,418,358
4,419,358
Year ended 31 December 2018:
Loss and total comprehensive income for the year
-
(2,765,659)
(2,765,659)
Dividends
12
-
(530,556)
(600,556)
Balance at 31 December 2018:
1,000
1,122,143
1,123,143
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
437,399
437,399
Balance at 31 December 2019
1,000
1,559,542
1,560,542
AUGUSTUS MARTIN LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 10 -
2019
2018
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
29
167,633
(736,330)
Interest paid
(424,939)
(266,676)
Income taxes (paid)/refunded
-
534,918
Net cash outflow from operating activities
(257,306)
(468,088)
Investing activities
Purchase of tangible fixed assets
(25,441)
(232,984)
Proceeds on disposal of tangible fixed assets
71,268
367,970
Proceeds from other investments and loans
150,322
403,873
Interest received
345
5,426
Net cash generated from investing activities
196,494
544,285
Financing activities
Repayment of borrowings
32,163
486,466
Payment of finance leases obligations
(240,027)
(419,347)
Dividends paid
-
(530,556)
Net cash used in financing activities
(207,864)
(463,437)
Net decrease in cash and cash equivalents
(268,676)
(387,240)
Cash and cash equivalents at beginning of year
466,017
853,257
Cash and cash equivalents at end of year
197,341
466,017
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 11 -
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
In the annual review of the Company’s going concern, the Directors have considered the immediate and longer-term impact of the Covid-19 pandemic. Following the lockdown in the UK, as would be expected, the Company experienced a temporary slowdown in activities but are now pleased report sales increasing. During the period of slowdown, the Directors used available Covid-19 government schemes such as the Coronavirus Job Retention Scheme and deferment of tax liabilities to manage cashflow during the period of uncertainty. Furthermore, the Company has recently secured a formal offer for a £1.5m loan facility supported by the Government’s Coronavirus Business Interruption Loan Scheme (“CBILS”).
The Directors are committed to carrying out regular reviews of the Company’s cash flows to monitor the ongoing situation and take further steps as required.
The Company currently meets its day to day working capital requirements through a third-party invoice finance facility and a loan facility made available by a sister company owned by the shareholders. The Company’s forecast and projections, taking account of reasonable possible changes in trading performance, show that the Company will be able to operate for at least the next 12 months within the level of its current facilities.
Accordingly, at the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. 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.
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 12 -
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.
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.
Leasehold improvements
10 years straight line basis
Plant & equipment
15% on reducing balance, 4-6 years straight line basis
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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
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.
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 13 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
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 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.
1.9
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.
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 14 -
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.
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 15 -
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
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
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 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.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 16 -
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the 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.
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:
2019
2018
£
£
Turnover analysed by class of business
Printing
36,415,185
39,299,344
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
3
Turnover and other revenue
(Continued)
- 17 -
2019
2018
£
£
Other significant revenue
Interest income
345
5,426
2019
2018
£
£
Turnover analysed by geographical market
United Kingdom
36,332,260
39,197,802
Europe
82,925
101,542
36,415,185
39,299,344
4
Exceptional costs
Included within results for the year are the following items which the directors regard as being exceptional items.
2019
2018
£
£
Cost of sales
IT development costs
197,922
912,841
Administrative expenses
Exceptional debt written-off
(2,000,000)
879,226
Exceptional legal costs
238,849
201,753
(1,563,229)
1,993,820
5
Operating profit/(loss)
2019
2018
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
4,569
469
Depreciation of owned tangible fixed assets
271,982
192,571
Depreciation of tangible fixed assets held under finance leases
578,320
825,454
Profit on disposal of tangible fixed assets
(12,005)
(131,760)
Operating lease charges
1,560,638
1,118,982
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 18 -
6
Auditor's remuneration
2019
2018
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
34,700
34,700
For other services
Other taxation services
10,500
10,500
7
Directors' remuneration
2019
2018
£
£
Remuneration for qualifying services
281,202
163,070
Remuneration disclosed above include the following amounts paid to the highest paid director:
2019
2018
£
£
Remuneration for qualifying services
131,573
87,476
8
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Administration
30
35
Production
210
222
Sales
26
41
Directors
4
4
Total
270
302
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
8
Employees
(Continued)
- 19 -
Their aggregate remuneration comprised:
2019
2018
£
£
Wages and salaries
10,749,362
10,786,634
Social security costs
1,134,767
1,179,492
Pension costs
467,220
391,364
12,351,349
12,357,490
9
Interest receivable and similar income
2019
2018
£
£
Interest income
Interest on bank deposits
345
5,426
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
345
5,426
10
Interest payable and similar expenses
2019
2018
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
270,052
215,297
Other finance costs:
Interest on finance leases and hire purchase contracts
19,675
19,272
Other interest
135,212
32,107
424,939
266,676
11
Taxation
2019
2018
£
£
Current tax
Adjustments in respect of prior periods
-
(81,134)
Deferred tax
Origination and reversal of timing differences
35,268
(141,572)
Total tax charge/(credit)
35,268
(222,706)
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
11
Taxation
(Continued)
- 20 -
The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2019
2018
£
£
Profit/(loss) before taxation
472,667
(2,988,365)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2018: 19.00%)
89,807
(567,789)
Tax effect of expenses that are not deductible in determining taxable profit
30,769
29,339
Tax effect of income not taxable in determining taxable profit
(380,000)
-
Unutilised tax losses carried forward
261,944
566,747
Effect of change in corporation tax rate
-
(41,357)
Depreciation on assets not qualifying for tax allowances
1,610
1,143
Research and development tax credit
-
(81,134)
Other tax adjustments
31,138
(129,655)
Taxation charge/(credit) for the year
35,268
(222,706)
The company has estimated tax losses to carry forward in respect of trading losses of £6,397,950 (December 2018: £5,019,300).
12
Dividends
2019
2018
£
£
Final paid
-
530,556
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 21 -
13
Tangible fixed assets
As restated
Leasehold improvements
Plant & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2019
908,575
24,318,541
1,080,745
1,018,005
27,325,866
Additions
-
12,725
12,646
229,188
254,559
Disposals
-
(34,034)
-
(153,521)
(187,555)
At 31 December 2019
908,575
24,297,232
1,093,391
1,093,672
27,392,870
Depreciation and impairment
At 1 January 2019
869,869
20,842,720
978,785
697,050
23,388,424
Depreciation charged in the year
16,473
634,510
85,233
114,086
850,302
Eliminated in respect of disposals
-
(33,470)
-
(94,822)
(128,292)
At 31 December 2019
886,342
21,443,760
1,064,018
716,314
24,110,434
Carrying amount
At 31 December 2019
22,233
2,853,472
29,373
377,358
3,282,436
At 31 December 2018
38,706
3,475,821
101,960
320,955
3,937,442
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2019
2018
£
£
Plant & equipment
173,290
533,524
Fixtures & fittings
-
61,961
Motor vehicles
352,875
288,307
526,165
883,792
14
Fixed asset investments
2019
2018
Notes
£
£
Investments in subsidiaries
15
1,100
1,100
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
14
Fixed asset investments
(Continued)
- 22 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2019 & 31 December 2019
1,100
Carrying amount
At 31 December 2019
1,100
At 31 December 2018
1,100
15
Subsidiaries
Details of the company's subsidiaries at 31 December 2019 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Augmart Travel Limited
England and Wales
Ordinary
100.00
Billboard Posters Limited
England and Wales
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
Capital and Reserves
Profit/(Loss)
£
£
Augmart Travel Limited
100
Billboard Posters Limited
1,000
Both Billboard Posters Limited and Augmart Travel Limited were dormant for the entire period.
16
Stocks
2019
2018
£
£
Raw materials and consumables
352,165
747,933
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 23 -
17
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
10,017,273
10,092,168
Corporation tax recoverable
4,761
4,761
Amounts owed by group undertakings
195
-
Other debtors
292,993
199,950
Prepayments and accrued income
362,394
264,784
10,677,616
10,561,663
Deferred tax asset (note 23)
138,515
173,783
10,816,131
10,735,446
18
Creditors: amounts falling due within one year
2019
2018
Notes
£
£
Obligations under finance leases
20
102,990
223,969
Trade creditors
4,289,991
7,154,685
Amounts owed to group undertakings
1,100
1,100
Taxation and social security
1,286,472
1,110,907
Other creditors
3,600,234
720,834
Accruals and deferred income
1,548,604
1,436,293
10,829,391
10,647,788
Included in Other Creditors is £2,478,711 (2018: £261,642) 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.
19
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Obligations under finance leases
20
181,901
71,831
Other borrowings
21
2,077,339
4,045,176
2,259,240
4,117,007
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 24 -
20
Finance lease obligations
2019
2018
Future minimum lease payments due under finance leases:
£
£
Within one year
102,990
223,969
In two to five years
181,901
71,831
284,891
295,800
21
Loans and overdrafts
2019
2018
£
£
Other loans
2,077,339
4,045,176
Payable after one year
2,077,339
4,045,176
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.
22
Share capital
2019
2018
£
£
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
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 25 -
23
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
2019
2018
Balances:
£
£
ACAs
121,634
154,211
Other Timing Differences
16,881
19,572
138,515
173,783
2019
Movements in the year:
£
Asset at 1 January 2019
(173,783)
Charge to profit or loss
35,268
Asset at 31 December 2019
(138,515)
24
Retirement benefit schemes
2019
2018
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
467,220
391,364
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
25
Profit and loss reserves
The comparative profit and loss reserves and tangible fixed assets have been restated by £70,000 relating to a dividend in specie paid in a prior year but not recognised in the accounts.
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 26 -
26
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:
2019
2018
£
£
Within one year
384,207
252,908
Between two and five years
137,850
166,241
522,057
419,149
Included above is an amount of £nil (December 2018: £nil) in respect of leases on buildings. These leases have no fixed end date and the amount represents the annual commitment.
27
Ultimate controlling party
The company is owned and controlled jointly by L Barrow and B Dix.
28
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2019
2018
£
£
Aggregate compensation
1,286,227
1,064,946
Transactions with related parties
During the year, the company entered into the following transactions with entities controlled by the directors:
2019
2018
£
£
Sales
128,546
2,203,603
Purchases
3,077,245
5,304,958
Management charges
128,894
24,512
No guarantees have been given or received.
AUGUSTUS MARTIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
28
Related party transactions
(Continued)
- 27 -
The total amounts outstanding at the reporting period date owed to entities controlled by the directors was £973,682 (December 2018: £317,914). Not included in this amount is borrowings of £2,077,339 (December 2018: £4,045,176) owed to entities controlled by the directors as disclosed in note 21.
The company paid rent in respect of property owned by the directors of £1,523,940 (December 2018: £1,054,119). Furthermore, the directors purchased motor vehicles totalling £11,128 (December 2018: £264,113) at market value during the year.
The directors' loan account closed the period with a credit balance of £267,620 (December 2018: debit balance of £150,313).
29
Cash generated from/(absorbed by) operations
2019
2018
£
£
Profit/(loss) for the year after tax
437,399
(2,765,659)
Adjustments for:
Taxation charged/(credited)
35,268
(222,706)
Finance costs
424,939
266,676
Investment income
(345)
(5,426)
Gain on disposal of tangible fixed assets
(12,005)
(131,760)
Depreciation and impairment of tangible fixed assets
850,302
1,018,025
Exceptional loan write off
(2,000,000)
-
Movements in working capital:
Decrease/(increase) in stocks
395,768
(237,410)
(Increase)/decrease in debtors
(266,275)
3,130,628
Increase/(decrease) in creditors
302,582
(1,788,698)
Cash generated from/(absorbed by) operations
167,633
(736,330)
30
Analysis of changes in net debt
1 January 2019
Cash flows
New finance leases
Other non-cash changes
31 December 2019
£
£
£
£
£
Cash at bank and in hand
466,017
(268,676)
-
-
197,341
Borrowings excluding overdrafts
(4,045,176)
(32,163)
-
2,000,000
(2,077,339)
Obligations under finance leases
(295,800)
240,027
(229,118)
-
(284,891)
(3,874,959)
(60,812)
(229,118)
2,000,000
(2,164,889)
2019-12-31
2019-01-01
false
CCH Software
CCH Accounts Production 2020.200
L Barrow
M Barrow
A Dix
A Dix
B Dix
00950118
2019-01-01
2019-12-31
00950118
bus:Director1
2019-01-01
2019-12-31
00950118
bus:CompanySecretaryDirector1
2019-01-01
2019-12-31
00950118
bus:Director2
2019-01-01
2019-12-31
00950118
bus:Director3
2019-01-01
2019-12-31
00950118
bus:CompanySecretary1
2019-01-01
2019-12-31
00950118
bus:Director4
2019-01-01
2019-12-31
00950118
bus:RegisteredOffice
2019-01-01
2019-12-31
00950118
bus:Agent1
2019-01-01
2019-12-31
00950118
2019-12-31
00950118
2018-01-01
2018-12-31
00950118
core:RetainedEarningsAccumulatedLosses
2018-01-01
2018-12-31
00950118
core:RetainedEarningsAccumulatedLosses
2019-01-01
2019-12-31
00950118
2018-12-31
00950118
core:LeaseholdImprovements
2019-12-31
00950118
core:PlantMachinery
2019-12-31
00950118
core:ComputerEquipment
2019-12-31
00950118
core:MotorVehicles
2019-12-31
00950118
core:LeaseholdImprovements
2018-12-31
00950118
core:PlantMachinery
2018-12-31
00950118
core:ComputerEquipment
2018-12-31
00950118
core:MotorVehicles
2018-12-31
00950118
core:CurrentFinancialInstruments
core:WithinOneYear
2019-12-31
00950118
core:CurrentFinancialInstruments
core:WithinOneYear
2018-12-31
00950118
core:CurrentFinancialInstruments
2019-12-31
00950118
core:CurrentFinancialInstruments
2018-12-31
00950118
core:Non-currentFinancialInstruments
2019-12-31
00950118
core:Non-currentFinancialInstruments
2018-12-31
00950118
core:ShareCapital
2019-12-31
00950118
core:ShareCapital
2018-12-31
00950118
core:RetainedEarningsAccumulatedLosses
2019-12-31
00950118
core:RetainedEarningsAccumulatedLosses
2018-12-31
00950118
core:ShareCapital
2017-12-31
00950118
2017-12-31
00950118
1
2019-01-01
2019-12-31
00950118
1
2018-01-01
2018-12-31
00950118
2018-12-31
00950118
core:LeaseholdImprovements
2019-01-01
2019-12-31
00950118
core:PlantMachinery
2019-01-01
2019-12-31
00950118
core:ComputerEquipment
2019-01-01
2019-12-31
00950118
core:MotorVehicles
2019-01-01
2019-12-31
00950118
core:UKTax
2018-01-01
2018-12-31
00950118
core:UKTax
2019-01-01
2019-12-31
00950118
2
2019-01-01
2019-12-31
00950118
2
2018-01-01
2018-12-31
00950118
core:LeaseholdImprovements
2018-12-31
00950118
core:PlantMachinery
2018-12-31
00950118
core:ComputerEquipment
2018-12-31
00950118
core:MotorVehicles
2018-12-31
00950118
core:FurnitureFittings
2018-12-31
00950118
core:Subsidiary1
2019-01-01
2019-12-31
00950118
core:Subsidiary2
2019-01-01
2019-12-31
00950118
core:Subsidiary1
1
2019-01-01
2019-12-31
00950118
core:Subsidiary2
2
2019-01-01
2019-12-31
00950118
core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries
2019-12-31
00950118
core:Subsidiary2
2019-12-31
00950118
core:WithinOneYear
2019-12-31
00950118
core:WithinOneYear
2018-12-31
00950118
core:BetweenTwoFiveYears
2019-12-31
00950118
core:BetweenTwoFiveYears
2018-12-31
00950118
bus:PrivateLimitedCompanyLtd
2019-01-01
2019-12-31
00950118
bus:FRS102
2019-01-01
2019-12-31
00950118
bus:Audited
2019-01-01
2019-12-31
00950118
bus:FullAccounts
2019-01-01
2019-12-31
xbrli:pure
xbrli:shares
iso4217:GBP