Company Registration No. 01003796 (England and Wales)
ANGLO-NORDEN FOREST PRODUCTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
ANGLO-NORDEN FOREST PRODUCTS LIMITED
COMPANY INFORMATION
Director
A. Wedel
Secretary
A L O'Brien, LL.B., Barrister, FCCA
Company number
01003796
Registered office
Orwell Terminal
Eagle Wharf
Helena Road
Ipswich
IP3 0BT
Auditor
BG Audit LLP
Statutory Auditors
7 Three Rivers Business Park
Felixstowe Road, Foxhall
IPSWICH
IP10 0BF
Business address
Orwell Terminal, Eagle Wharf
Helena Road
Ipswich
IP3 0BT
ANGLO-NORDEN FOREST PRODUCTS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 29
ANGLO-NORDEN FOREST PRODUCTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 1 -
The director presents the strategic report for the year ended 31 December 2019.
Fair review of the business
The solid result achieved during the year ended 31st December 2019 leaves the group well placed financially and operationally at year end to serve our customers in the ensuing trading period.
Principal risks and uncertainties
The risks and uncertainties facing the group are those that are normally considered relevant to a business importing stock as principal and reselling on credit terms to customers in the UK.
Covid-19
The health and safety of our staff and other parties is the group’s overriding priority. To this end management has implemented all appropriate safety procedures as mandated or recommended by the government and expert advisers. In particular, working from home, where possible, has become the norm, and detailed social distancing rules have been implemented in all working areas of the business.
Development and performance
The group’s success is built on offering an outstanding service to its merchant customer base. During the financial year the group pursued its strategy of enhancing this offering and adding more capacity to meet growing demand.
Key performance indicators
The key performance indicators (KPIs) used by the board are to review performance are annual turnover £38,785,191 and gross margin 7.99%. For the year ended 31st December 2019 both these KPIs are in line with group expectations and, in the case of gross margin, the generally accepted financial management benchmarks in the timber sector.
Position of the business at the year end
The group’s financial and commercial position at year end is strong, possessing as it does an attractive portfolio of products and services together with the financial resources necessary to take advantage of the opportunities that its well-established position in the timber market continues to create.
A. Wedel
Director
22 December 2020
ANGLO-NORDEN FOREST PRODUCTS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
The director presents his annual report and financial statements for the year ended 31 December 2019.
Principal activities
The principal activities of the Group are the importation and resale of two categories of timber products:
-
i.Softwood construction timber and panel products for distribution to timber and builder’s merchants throughout the UK; and
-
ii.Fencing and related products for distribution to broadly the same category of customers but also to fencing companies and businesses in the agricultural sector.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
A. Wedel
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The director does not recommend payment of a further dividend.
Post reporting date events
No significant events have occurred between 31 December 201
8
and the date of authorisation of these financial statements.
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 auditor
of the
company 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 auditor
of the
company
is
aware of that information.
On behalf of the board
A. Wedel
Director
22 December 2020
ANGLO-NORDEN FOREST PRODUCTS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ANGLO-NORDEN FOREST PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ANGLO-NORDEN FOREST PRODUCTS LIMITED
- 4 -
Opinion
We have audited the
financial statements of Anglo-Norden Forest Products Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2019 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 group's and the parent company's affairs as at 31 December 2019 and of the group's 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 director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the
group's or the parent
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 director is 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.
ANGLO-NORDEN FOREST PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANGLO-NORDEN FOREST PRODUCTS LIMITED
- 5 -
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 director's 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 director's report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the
group and the parent
company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the director's
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
-
the parent company 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 director
As explained more fully in the director's
r
esponsibilities
s
tatement, the director is 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 director determines
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 director is responsible for assessing the
group's and the parent
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 director either intends to liquidate the
group or the parent
company or to cease operations, or has 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.
ANGLO-NORDEN FOREST PRODUCTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ANGLO-NORDEN FOREST PRODUCTS LIMITED
- 6 -
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.
Jonathan Oakley F.C.A. (Senior Statutory Auditor)
for and on behalf of BG Audit LLP
22 December 2020
Statutory Auditors
7 Three Rivers Business Park
Felixstowe Road, Foxhall
IPSWICH
IP10 0BF
ANGLO-NORDEN FOREST PRODUCTS LIMITED
GROUP STATEMENT OF TOTAL COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
2019
2018
Notes
£
£
Turnover
3
38,785,191
37,000,781
Cost of sales
(35,685,528)
(33,956,689)
Gross profit
3,099,663
3,044,092
Administrative expenses
(2,355,934)
(2,229,153)
Operating profit
4
743,729
814,939
Interest receivable and similar income
8
57
-
Interest payable and similar expenses
9
(225,240)
(201,742)
Profit before taxation
518,546
613,197
Taxation
10
(93,433)
(135,856)
Profit for the financial year
425,113
477,341
Total comprehensive income for the year is all attributable to the owners of the parent company.
The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.
ANGLO-NORDEN FOREST PRODUCTS LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2019
31 December 2019
- 8 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
11
675,306
737,017
Current assets
Stocks
15
9,662,621
10,034,203
Debtors
16
5,247,420
6,454,755
Cash at bank and in hand
56,060
30,396
14,966,101
16,519,354
Creditors: amounts falling due within one year
17
(11,458,577)
(13,458,464)
Net current assets
3,507,524
3,060,890
Total assets less current liabilities
4,182,830
3,797,907
Creditors: amounts falling due after more than one year
18
(49,150)
(73,340)
Provisions for liabilities
21
(44,388)
(60,388)
Net assets
4,089,292
3,664,179
Capital and reserves
Called up share capital
23
600,000
600,000
Profit and loss reserves
3,489,292
3,064,179
Total equity
4,089,292
3,664,179
The financial statements were approved and signed by the director and authorised for issue on 22 December 2020
22 December 2020
A. Wedel
Director
ANGLO-NORDEN FOREST PRODUCTS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2019
31 December 2019
- 9 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
11
596,709
726,875
Investments
12
1,000
1,000
597,709
727,875
Current assets
Stocks
15
6,599,323
8,022,992
Debtors
16
5,991,750
6,414,184
Cash at bank and in hand
50,487
17,095
12,641,560
14,454,271
Creditors: amounts falling due within one year
17
(9,635,031)
(11,881,683)
Net current assets
3,006,529
2,572,588
Total assets less current liabilities
3,604,238
3,300,463
Creditors: amounts falling due after more than one year
18
(49,150)
(73,340)
Provisions for liabilities
21
(44,388)
(60,388)
Net assets
3,510,700
3,166,735
Capital and reserves
Called up share capital
23
600,000
600,000
Profit and loss reserves
2,910,700
2,566,735
Total equity
3,510,700
3,166,735
The financial statements were approved and signed by the director and authorised for issue on 22 December 2020
22 December 2020
A. Wedel
Director
Company Registration No. 01003796
ANGLO-NORDEN FOREST PRODUCTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2018
600,000
2,586,838
3,186,838
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
477,341
477,341
Balance at 31 December 2018
600,000
3,064,179
3,664,179
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
425,113
425,113
Balance at 31 December 2019
600,000
3,489,292
4,089,292
ANGLO-NORDEN FOREST PRODUCTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2018
600,000
2,187,355
2,787,355
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
379,380
379,380
Balance at 31 December 2018
600,000
2,566,735
3,166,735
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
343,965
343,965
Balance at 31 December 2019
600,000
2,910,700
3,510,700
ANGLO-NORDEN FOREST PRODUCTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 12 -
2019
2018
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
531,874
(2,531,761)
Interest paid
(225,240)
(201,742)
Income taxes paid
(126,638)
(70,135)
Net cash inflow/(outflow) from operating activities
179,996
(2,803,638)
Investing activities
Purchase of tangible fixed assets
(95,734)
(39,411)
Proceeds on disposal of tangible fixed assets
4,200
2,100
Proceeds from other investments and loans
(57)
-
Interest received
57
-
Net cash used in investing activities
(91,534)
(37,311)
Financing activities
Payment of finance leases obligations
(24,190)
(23,505)
Net cash used in financing activities
(24,190)
(23,505)
Net increase/(decrease) in cash and cash equivalents
64,272
(2,864,454)
Cash and cash equivalents at beginning of year
(6,550,021)
(3,685,567)
Cash and cash equivalents at end of year
(6,485,749)
(6,550,021)
Relating to:
Cash at bank and in hand
56,060
30,396
Bank overdrafts included in creditors payable within one year
(6,541,809)
(6,580,417)
ANGLO-NORDEN FOREST PRODUCTS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 13 -
2019
2018
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
29
576,445
(1,844,664)
Interest paid
(185,420)
(173,620)
Income taxes paid
(104,784)
(63,254)
Net cash inflow/(outflow) from operating activities
286,241
(2,081,538)
Investing activities
Purchase of tangible fixed assets
(19,540)
(33,730)
Proceeds on disposal of tangible fixed assets
4,200
2,100
Proceeds from other investments and loans
(57)
-
Interest received
57
-
Net cash used in investing activities
(15,340)
(31,630)
Financing activities
Payment of finance leases obligations
(24,190)
(23,505)
Net cash used in financing activities
(24,190)
(23,505)
Net increase/(decrease) in cash and cash equivalents
246,711
(2,136,673)
Cash and cash equivalents at beginning of year
(5,514,712)
(3,378,039)
Cash and cash equivalents at end of year
(5,268,001)
(5,514,712)
Relating to:
Cash at bank and in hand
50,487
17,095
Bank overdrafts included in creditors payable within one year
(5,318,488)
(5,531,807)
ANGLO-NORDEN FOREST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 14 -
1
Accounting policies
Company information
Anglo-Norden Forest Products Limited
(“the company”)
is a
private
limited company domiciled and incorporated in England and Wales.
The registered office is
Orwell Terminal, Eagle Wharf, Helena Road, Ipswich, IP3 0BT.
The group consists of Anglo-Norden Forest Products Limited and all of its subsidiaries.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
As permitted by s408 Companies Act 2006, the
c
ompany has not presented its own profit and loss account and related notes. The
c
ompany’s profit for the year was £343,965 (2018 - £379,380 profit).
1.2
Basis of consolidation
The consolidated financial statements incorporate those of Anglo-Norden Forest Products Limited and all of its subsidiaries (ie entities that the
g
roup controls through its power to govern the financial and operating policies so as to obtain economic benefits).
All financial statements are made up to 31 December 2019
.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the
g
roup.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.3
Going concern
Since the balance sheet date there has been widespread disruption to the UK and worldwide economy due to the emergence of the COVID-19 pandemic. Fortunately, the timber industry appears to be in robust shape, and the group’s performance reflects this. The director has assessed the group’s current financial position, as is required by law. The director is wholly confident that the business has access to sufficient cash during the next 12 months to continue operating for that period and beyond. It is therefore entirely appropriate to prepare the financial statements on the Going Concern basis.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
ANGLO-NORDEN FOREST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 15 -
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% straight line
Plant and machinery
10% and 20% reducing balance
Fixtures, fittings and equipment
10% and 15% reducing balance
Motor vehicles
25% 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 recognised in the profit and loss account.
1.6
Fixed asset investments
Equity in
vest
ments are measured at fair value through profit or loss
,
except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably
,
which are recognised at cost less impairment until a reliable measure of fair value becomes available.
I
n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the
group. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
group
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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
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.
ANGLO-NORDEN FOREST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 16 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at
the
lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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
m
ethod 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.
ANGLO-NORDEN FOREST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 17 -
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 group 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 group after deducting all of its 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. Amounts 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 subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
ANGLO-NORDEN FOREST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the
group's contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the group 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 group.
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
group’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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.
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
ANGLO-NORDEN FOREST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 19 -
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 group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the group's turnover is as follows:
2019
2018
£
£
Turnover analysed by class of business
Sale of goods
38,785,191
37,000,781
2019
2018
£
£
Turnover analysed by geographical market
United Kingdom
37,706,135
36,892,998
Rest of the World
1,079,056
107,783
38,785,191
37,000,781
4
Operating profit
2019
2018
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
100,910
103,668
Depreciation of tangible fixed assets held under finance leases
15,488
19,359
Loss/(Profit) on disposal of tangible fixed assets
36,847
(1,109)
Cost of stocks recognised as an expense
32,741,706
31,363,581
ANGLO-NORDEN FOREST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 20 -
5
Auditor's remuneration
2019
2018
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
10,660
11,485
Audit of the company's subsidiaries
3,060
5,100
13,720
16,585
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2019
2018
2019
2018
Number
Number
Number
Number
Office and management
25
25
21
21
Warehouse staff
14
14
14
14
Total
39
39
35
35
Their aggregate remuneration comprised:
Group
Company
2019
2018
2019
2018
£
£
£
£
Wages and salaries
1,586,538
1,579,482
1,408,367
1,347,600
Social security costs
180,592
171,734
163,233
151,678
Pension costs
83,997
53,721
78,974
51,280
1,851,127
1,804,937
1,650,574
1,550,558
7
Director's remuneration
2019
2018
£
£
Remuneration for qualifying services
276,000
222,700
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2019
2018
£
£
Remuneration for qualifying services
276,000
222,700
ANGLO-NORDEN FOREST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 21 -
8
Interest receivable and similar income
2019
2018
£
£
Interest income
Other interest income
57
-
9
Interest payable and similar expenses
2019
2018
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
181,512
169,712
Other finance costs:
Interest on finance leases and hire purchase contracts
3,908
3,908
Other interest
39,820
28,122
Total finance costs
225,240
201,742
10
Taxation
2019
2018
£
£
Current tax
UK corporation tax on profits for the current period
109,433
126,638
Deferred tax
Origination and reversal of timing differences
(16,000)
9,218
Total tax charge
93,433
135,856
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2019
2018
£
£
Profit before taxation
518,546
613,197
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2018: 19.00%)
98,524
116,507
Tax effect of expenses that are not deductible in determining taxable profit
737
430
Depreciation on assets not qualifying for tax allowances
2,407
2,381
Deferred tax adjustments in respect of prior years
-
16,538
Deferred tax unprovided
(8,235)
-
Taxation charge
93,433
135,856
ANGLO-NORDEN FOREST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 22 -
11
Tangible fixed assets
Group
Leasehold improvements
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2019
399,910
666,700
274,547
355,596
1,696,753
Additions
-
49,983
13,886
31,865
95,734
Disposals
-
(114,795)
(66,071)
(102,881)
(283,747)
At 31 December 2019
399,910
601,888
222,362
284,580
1,508,740
Depreciation and impairment
At 1 January 2019
72,076
509,616
99,670
278,374
959,736
Depreciation charged in the year
39,991
33,704
21,898
20,805
116,398
Eliminated in respect of disposals
-
(101,081)
(48,778)
(92,841)
(242,700)
At 31 December 2019
112,067
442,239
72,790
206,338
833,434
Carrying amount
At 31 December 2019
287,843
159,649
149,572
78,242
675,306
At 31 December 2018
327,834
157,084
174,877
77,222
737,017
Company
Leasehold improvements
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2019
399,910
660,336
272,126
331,396
1,663,768
Additions
-
5,654
13,886
-
19,540
Disposals
-
(114,795)
(66,071)
(102,881)
(283,747)
At 31 December 2019
399,910
551,195
219,941
228,515
1,399,561
Depreciation and impairment
At 1 January 2019
72,076
508,639
98,057
258,121
936,893
Depreciation charged in the year
39,991
29,061
21,782
17,825
108,659
Eliminated in respect of disposals
-
(101,081)
(48,778)
(92,841)
(242,700)
At 31 December 2019
112,067
436,619
71,061
183,105
802,852
Carrying amount
At 31 December 2019
287,843
114,576
148,880
45,410
596,709
At 31 December 2018
327,834
151,697
174,069
73,275
726,875
ANGLO-NORDEN FOREST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
11
Tangible fixed assets
(Continued)
- 23 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Group
Company
2019
2018
2019
2018
£
£
£
£
Plant and machinery
61,950
77,438
61,950
77,438
12
Fixed asset investments
Group
Company
2019
2018
2019
2018
Notes
£
£
£
£
Investments in subsidiaries
13
-
-
1,000
1,000
Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 January 2019 and 31 December 2019
1,000
Carrying amount
At 31 December 2019
1,000
At 31 December 2018
1,000
13
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
Woodbank Timber Limited
England and Wales
Ordinary
100.00
14
Financial instruments
Group
Company
2019
2018
2019
2018
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
5,051,908
6,137,785
5,796,238
6,144,193
Carrying amount of financial liabilities
Measured at amortised cost
10,850,825
13,034,374
9,130,205
11,584,793
ANGLO-NORDEN FOREST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 24 -
15
Stocks
Group
Company
2019
2018
2019
2018
£
£
£
£
Finished goods and goods for resale
9,662,621
10,034,203
6,599,323
8,022,992
16
Debtors
Group
Company
2019
2018
2019
2018
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,873,421
5,949,692
4,318,841
5,313,797
Amounts owed by group undertakings
-
-
1,299,182
642,303
Other debtors
178,487
188,093
178,215
188,093
Prepayments and accrued income
195,512
316,970
195,512
269,991
5,247,420
6,454,755
5,991,750
6,414,184
Included in trade debtors is £
4,873,421
(201
8
: £
5,949,692
) relating to amounts outstanding on an invoice discounting agreement.
17
Creditors: amounts falling due within one year
Group
Company
2019
2018
2019
2018
Notes
£
£
£
£
Bank loans and overdrafts
19
6,541,809
6,580,417
5,318,488
5,531,807
Obligations under finance leases
20
23,471
23,471
23,471
23,471
Trade creditors
3,275,072
5,353,447
2,985,785
5,083,743
Corporation tax payable
109,433
126,638
100,565
104,784
Other taxation and social security
547,469
370,792
453,411
265,446
Other creditors
146
-
146
-
Accruals and deferred income
961,177
1,003,699
753,165
872,432
11,458,577
13,458,464
9,635,031
11,881,683
Net obligations under hire purchase contracts are secured on the assets concerned. The bank overdrafts are secured by fixed and floating charges over the assets of the group and an Intergroup Guarantee.
18
Creditors: amounts falling due after more than one year
Group
Company
2019
2018
2019
2018
Notes
£
£
£
£
Obligations under finance leases
20
49,150
73,340
49,150
73,340
ANGLO-NORDEN FOREST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
18
Creditors: amounts falling due after more than one year
(Continued)
- 25 -
Net obligations under hire purchase contracts are secured on the assets concerned.
19
Loans and overdrafts
Group
Company
2019
2018
2019
2018
£
£
£
£
Bank overdrafts
6,541,809
6,580,417
5,318,488
5,531,807
Payable within one year
6,541,809
6,580,417
5,318,488
5,531,807
The bank overdrafts are secured by fixed and floating charges over the assets of the group and an Intergroup Guarantee.
20
Finance lease obligations
Group
Company
2019
2018
2019
2018
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
23,471
23,471
23,471
23,471
In two to five years
49,150
73,340
49,150
73,340
72,621
96,811
72,621
96,811
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 7 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
21
Deferred taxation
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2019
2018
Group
£
£
Accelerated capital allowances
44,388
60,388
ANGLO-NORDEN FOREST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
21
Deferred taxation
(Continued)
- 26 -
Liabilities
Liabilities
2019
2018
Company
£
£
Accelerated capital allowances
44,388
60,388
Group
Company
2019
2019
Movements in the year:
£
£
Liability at 1 January 2019
60,388
60,388
Credit to profit or loss
(16,000)
(16,000)
Liability at 31 December 2019
44,388
44,388
The net deferred tax liability expected to reverse in the year ended 31st December 2020 is £13,612. This primarily relates to the reversal of timing differences on acquired tangible assets and capital allowances through depreciation, offset by expected tax deductions when payments are made to utilise provisions.
22
Retirement benefit schemes
2019
2018
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
83,997
53,721
A
defined contribution pension scheme
is operated
for all qualifying employees.
The assets of the scheme are held separately from those of the group in an independently administered fund.
23
Share capital
Group and company
2019
2018
Ordinary share capital
£
£
Issued and fully paid
600,000 Ordinary shares of £1 each
600,000
600,000
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.
ANGLO-NORDEN FOREST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 27 -
24
Operating lease commitments
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2019
2018
2019
2018
£
£
£
£
Within one year
32,670
43,560
32,670
43,560
Between two and five years
-
32,670
-
32,670
32,670
76,230
32,670
76,230
25
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2019
2018
£
£
Aggregate compensation
312,897
252,306
Other information
The company
is exempt from disclosing related party transactions as they are with a company that is wholly owned within the Group.
26
Directors' transactions
During the year advances of £53,926 were made to a director. Repayments of £53,926 were made by a director. Interest of £57 was charged. At the year end the director owed the company £57.
27
Controlling party
Anglo Norden Forest Products Limited is a wholly owned subsidiary of Hightide Properties Limited. The ultimate controlling party is Iq Eq (Ntc) Trustees (Jersey) Ltd incorporated in Jersey
ANGLO-NORDEN FOREST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 28 -
28
Cash generated from/(absorbed by) group operations
2019
2018
£
£
Profit for the year after tax
425,113
477,341
Adjustments for:
Taxation charged
93,433
135,856
Finance costs
225,240
201,742
Investment income
(57)
-
Loss/(gain) on disposal of tangible fixed assets
36,847
(1,109)
Depreciation and impairment of tangible fixed assets
116,398
123,027
Movements in working capital:
Decrease/(increase) in stocks
371,582
(4,121,982)
Decrease/(increase) in debtors
1,207,392
(487,295)
(Decrease)/increase in creditors
(1,944,074)
1,140,659
Cash generated from/(absorbed by) operations
531,874
(2,531,761)
29
Cash generated from/(absorbed by) operations - company
2019
2018
£
£
Profit for the year after tax
343,965
379,380
Adjustments for:
Taxation charged
84,565
114,002
Finance costs
185,420
173,620
Investment income
(57)
-
Loss/(gain) on disposal of tangible fixed assets
36,847
(1,109)
Depreciation and impairment of tangible fixed assets
108,659
120,897
Movements in working capital:
Decrease/(increase) in stocks
1,423,669
(4,186,646)
Decrease in debtors
422,491
454,599
(Decrease)/increase in creditors
(2,029,114)
1,100,593
Cash generated from/(absorbed by) operations
576,445
(1,844,664)
ANGLO-NORDEN FOREST PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 29 -
30
Analysis of changes in net debt - group
1 January 2019
Cash flows
31 December 2019
£
£
£
Cash at bank and in hand
30,396
25,664
56,060
Bank overdrafts
(6,580,417)
38,608
(6,541,809)
(6,550,021)
64,272
(6,485,749)
Obligations under finance leases
(96,811)
24,190
(72,621)
(6,646,832)
88,462
(6,558,370)
31
Analysis of changes in net debt - company
1 January 2019
Cash flows
31 December 2019
£
£
£
Cash at bank and in hand
17,095
33,392
50,487
Bank overdrafts
(5,531,807)
213,319
(5,318,488)
(5,514,712)
246,711
(5,268,001)
Obligations under finance leases
(96,811)
24,190
(72,621)
(5,611,523)
270,901
(5,340,622)
2019-12-31
2019-01-01
false
CCH Software
CCH Accounts Production 2020.200
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01003796
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01003796
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01003796
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01003796
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01003796
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2019-12-31
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2019-12-31
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01003796
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2019-12-31
01003796
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01003796
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