DAVID PLUCK (NORTH WEST) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Company Registration No. 01477372 (England and Wales)
DAVID PLUCK (NORTH WEST) LIMITED
COMPANY INFORMATION
Directors
Mr D L Pluck
Mr N Thompson
Secretary
Mr N Thompson
Company number
01477372
Registered office
c/o DSG, Chartered Accountants
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
Auditor
DSG
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
DAVID PLUCK (NORTH WEST) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 29
DAVID PLUCK (NORTH WEST) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present the strategic report and financial statements for the year ended 31 December 2021.
The principal activity of the company in the year under review continued to be that of bookmakers.
Fair review of the business
The results for the company can be found on page 9 of these financial statements. Both turnover and gross profit have increased from the figures recorded in the previous year. Turnover has increased by £1.7 million to £9,901,651 and gross profit has increased by £1.3 million to £7,841,948. The key factor in the increase in these numbers is Covid-19 and the impact that this had on the industry in the prior year. All betting shops had to be closed from mid-March 2020 through to mid-June 2020 followed by localised closures before a second national closure in England from the start of November 2020 to early December 2020. The company reported a profit before tax of £2,267,096 (2020: £1,586,055). However included in the profit figure is £1,150,887 of various Government support aimed at helping businesses that have been impacted by the pandemic.
Current uncertainties at both macro and micro economic level are likely to present challenges to high street bookmakers over the short to medium term, with our customers facing competition for their discretionary spend.
Principal risk and uncertainties
The management of the business and the execution of the company's strategy are subject to a number of risks. The key risk and future uncertainty relating to the business is potential changes in its regulatory environment. Other risks that the company may be subject to are detailed below.
The following risks are considered pertinent to the business:
General economic risk - as with any other bookmaker, the business (betting and gaming) is susceptible to the risk of an economic downturn adversely effecting disposable income. Management monitors this situation closely and makes special offers to customers as appropriate.
Competitor risk - betting and gaming businesses face competition in the main from other bookmakers, betting exchanges and other interactive gaming providers. Betting exchanges compete aggressively with prices offered by them frequently being more favourable than those offered by traditional bookmakers. Management, therefore continues to set prices on a commercial basis, taking into account these competitive pressures.
Bookmaking risk - the risk of incurring large losses on bets due to incorrect pricing is mitigated by there being upper limits on bets, monitoring of customers' betting patterns and the use of the latest information services available.
Regulatory risk - the regulatory, legislative and fiscal environment in which the company operates can change at short notice, leading to additional costs of compliance. The directors monitor this risk closely to ensure that they remain compliant with all enacted legislation and consider the costs of such compliance in their financial plans. This has been extremely relevant in recent years with the introduction of the £2 betting cap. The hope is that this same cap is applied to online betting as this could potentially bring customers back into shops who have previously bet online. It should also be noted that at the current time, the Government is undertaking a gambling review which could have an impact on the high street betting shop.
Liquidity risk - the company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Credit risk - investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
DAVID PLUCK (NORTH WEST) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
Principal risks and uncertainties
Covid-19 has an impact on this business and the economy has receded although the risk must be recognised that it might return as a new strain, and if it does the risk will be much greater now that the Government has reduced resources to support individuals and businesses through any restrictions that may be imposed. The business has also noticed problems in the recruitment and retention of labour in the past year, which may or may not be attributable to after effects of Covid-19, such as working from home and some of the work force simply electing not to work, but inescapable is the fact that the business has had to increase pay rates for labour which accounts for about 50% of its direct operating costs and this will be apparent in accounts. Additionally, though not necessarily because of Covid-19, at the time of writing the economy is experiencing a cost of living crisis which must impact the discretionary spending power of some of our customers and some softening of demand for our services may occur, although on the flip side the difficulties experienced by our industry in the post Covid-19 era has resulted in the closure of some competitors which has been to the advantage of this business at a micro level.
Development and performance
The
average
number of betting shops operating at the 31st December 20
21
was 36 (20
20:
36
). Financial results for the current year are outlined above together with the key factors contributing to 20
21
performance.
Management
continues to seek further opportunities to expand their portfolio of shops across the North West region.
The directors know that a high proportion of the premises traded by the company are freehold owned by either the company or its pension fund, and believe that this will assist the business in the difficult times that the industry faces.
The company does not have any external debt as at the year end.
Key performance indicators
The company strategy is based upon growing both top line betting volumes and delivering strong operating margins. Revenue and gross margin are therefore important KPIs monitored by management and are discussed above.
Measure 2021 2020
Shops 36 36
Turnover £9.9m £8.2m
Gross profit £7.8m £6.6m
Mr N Thompson
Director
24 August 2022
DAVID PLUCK (NORTH WEST) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2021.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr D L Pluck
Mr N Thompson
Financial instruments
Liquidity risk
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The directors consider this risk to be minimal given the cash balances held.
Credit risk
Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board.
Post reporting date events
There have been no post balance sheet events.
Auditor
The auditor, DSG,
is
deemed to be reappointed under section 487(2) of the Companies Act 2006.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
Statement of disclosure to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditor are unaware. Additionally, the directors 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 auditors are aware of that information.
DAVID PLUCK (NORTH WEST) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
On behalf of the board
Mr N Thompson
Director
24 August 2022
DAVID PLUCK (NORTH WEST) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
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;
-
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.
DAVID PLUCK (NORTH WEST) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF DAVID PLUCK (NORTH WEST) LIMITED
- 6 -
Opinion
We have audited the financial statements of David Pluck (North West) Limited (the 'company') for the year ended 31 December 2021 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 significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 2021 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
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
DAVID PLUCK (NORTH WEST) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF DAVID PLUCK (NORTH WEST) LIMITED
- 7 -
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 or the directors'
r
eport
. We have nothing to report in respect of the following matters in relation to which 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
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
.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
DAVID PLUCK (NORTH WEST) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF DAVID PLUCK (NORTH WEST) LIMITED
- 8 -
Capability of the audit in detecting irregularities, including fraud
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations were identified as being of significance to the entity:
-
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.
-
Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include environmental regulations, health and safety legislation, trades description act and employment legislation.
Further laws and regulations that the client must adhere to include the Gambling Act 2005 and the Proceeds of Crime Act 2002.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of journal entries
and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Iain White BSc FCA (Senior Statutory Auditor)
For and on behalf of DSG
24 August 2022
Chartered Accountants
Statutory Auditor
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
DAVID PLUCK (NORTH WEST) LIMITED
STATEMENT OF COMPREHENSIVE INCOME (INCLUDING PROFIT AND LOSS ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
2021
2020
Notes
£
£
Turnover
3
9,901,651
8,161,598
Cost of sales
(2,059,703)
(1,597,589)
Gross profit
7,841,948
6,564,009
Administrative expenses
(6,959,320)
(6,670,736)
Other operating income
4
1,266,071
1,692,782
Operating profit
5
2,148,699
1,586,055
Interest receivable and similar income
8
53,712
28,656
Interest payable and similar expenses
9
(7,520)
(2,456)
Other gains and losses
10
79,351
15,653
Profit before taxation
2,274,242
1,627,908
Tax on profit
11
(521,850)
(374,887)
Profit for the financial year and total comprehensive income
1,752,392
1,253,021
DAVID PLUCK (NORTH WEST) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 10 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
13
3,781,838
3,792,911
Investment properties
14
380,000
380,000
Listed investments
15
825,304
692,829
4,987,142
4,865,740
Current assets
Stocks
16
18,000
18,000
Debtors
17
1,895,644
2,929,677
Cash at bank and in hand
4,532,460
1,534,383
6,446,104
4,482,060
Creditors: amounts falling due within one year
18
(1,902,526)
(1,201,979)
Net current assets
4,543,578
3,280,081
Total assets less current liabilities
9,530,720
8,145,821
Creditors: amounts falling due after more than one year
19
(77,400)
(67,686)
Provisions for liabilities
Provisions
21
537,500
1,024,383
Deferred tax liability
22
302,603
192,927
(840,103)
(1,217,310)
Net assets
8,613,217
6,860,825
Capital and reserves
Called up share capital
24
180
180
Share premium account
42,291
42,291
Capital redemption reserve
20
20
Profit and loss reserves
8,570,726
6,818,334
Total equity
8,613,217
6,860,825
The financial statements were approved by the board of directors and authorised for issue on 24 August 2022 and are signed on its behalf by:
Mr D L Pluck
Director
Company Registration No. 01477372
DAVID PLUCK (NORTH WEST) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2020
180
42,291
20
5,565,313
5,607,804
Year ended 31 December 2020:
Profit for the year
-
-
-
1,253,021
1,253,021
Balance at 31 December 2020
180
42,291
20
6,818,334
6,860,825
Year ended 31 December 2021:
Profit for the year
-
-
-
1,752,392
1,752,392
Balance at 31 December 2021
180
42,291
20
8,570,726
8,613,217
DAVID PLUCK (NORTH WEST) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 12 -
2021
2020
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
4,032,875
(126,596)
Interest paid
(7,520)
(2,456)
Income taxes paid
(374,645)
(224,517)
Net cash inflow/(outflow) from operating activities
3,650,710
(353,569)
Investing activities
Purchase of tangible fixed assets
(671,463)
(446,065)
Proceeds on disposal of tangible fixed assets
8,528
Proceeds on disposal of investments
-
112,039
Purchase of fixed asset investments
(53,124)
(240,853)
Interest received
178
1,947
Dividends received
53,534
26,709
Net cash used in investing activities
(662,347)
(546,223)
Financing activities
Repayment of borrowings
9,714
(36,497)
Net cash generated from/(used in) financing activities
9,714
(36,497)
Net increase/(decrease) in cash and cash equivalents
2,998,077
(936,289)
Cash and cash equivalents at beginning of year
1,534,383
2,470,672
Cash and cash equivalents at end of year
4,532,460
1,534,383
DAVID PLUCK (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 13 -
1
Accounting policies
Company information
David Pluck (North West) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
c/o DSG, Chartered Accountants, Castle Chambers, 43 Castle Street, Liverpool, L2 9TL. The principal activities of the company are disclosed in the Strategic Report.
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 on the going concern basis under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below and have been consistently applied.
1.2
Going concern
The directors have considered the impact of the Coronavirus which is prevalent at the time of approval of these accounts and are confident that they have adequate resources to continue in business having taken account of current and future expenditure commitments.
true
Based on the above, the accounts are prepared on a going concern basis.
1.3
Turnover
Revenue is measured at fair value in respect of the
provision of services falling within the company's activities during the year.
In the case of over the counter trade
'OTC'
in Licensed Betting Offices,
revenue
represents
gains and losses from gambling activity
by the accounting period end
.
Turnover from FOBT's represents amounts staked less amounts returned in winnings in respect of activity completed by the accounting period end
.
Revenue on staked events is recognised when the outcome of the bet is certain.
Where amounts are staked but the outcome of the bet is unknown then these are reflected as a liability on the balance sheet at the reporting date.
1.4
Intangible fixed assets - goodwill
Goodwill is the difference between the fair value of consideration paid on the acquisition of a business and the fair value of the identifiable assets and liabilities acquired. Goodwill is capitalised and amortised through the profit and loss account over its estimated useful economic life. Amortisation is calculated so as to write off the goodwill cost acquired, less estimated residual value, over the goodwill's estimated useful economic life, which the directors consider to be a period of between 2 and 15 years.
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.
DAVID PLUCK (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 14 -
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:
Freehold buildings
Over 25 years
Long leasehold buildings
Over the life of the lease
Plant and machinery
25% RB and 25% SL
Office furniture and fittings
15% reducing balance
Motor vehicles
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.7
Fixed asset investments
Changes in fair value are recognised in
profit
or
loss
. Transaction costs are expensed to
profit
or
loss
as incurred.
1.8
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Stocks
Stocks
are stated at the lower of cost and
estimated selling price less costs to complete and sell.
Stocks consists entirely of betting slips and stationery costs.
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.
DAVID PLUCK (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 15 -
1.10
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.
1.11
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
as determined by quoted market prices
and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
DAVID PLUCK (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 16 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.12
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.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.
Current or deferred taxation assets and liabilities are not discounted.
DAVID PLUCK (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 17 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision in measured at present value the unwinding of the discount is recognised as a finance cost in
profit
or
loss
in the period it arises.
1.15
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.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
DAVID PLUCK (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 18 -
Rentals payable under operating leases are charged against income on a straight line basis over the lease term even if payments are not made on such a basis.
1.18
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.19
Dilapidations
Provision for dilapidations on property leases is made at the point management becomes reasonably certain that the liability will crystallise.
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.
DAVID PLUCK (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
Provisions
The company is party to a number of leases on properties that are used for trading. Judgement is applied in determining whether leases are onerous. Where a lease is onerous to the company, a provision is established for the amounts contractually payable to the landlord. In addition, provisions exist for expected future dilapidation costs on leasehold properties. Future profitability of each shop is reviewed and where a shop is determined to be loss making, an associated onerous lease provision is made.
Determining and reassessing residual values and useful economic lives of tangible assets
The
company
depreciates tangible assets
over their estimated useful lives. In determining appropriate useful lives of assets, the director hav
s
considered historic performance as well as future expectations for factors such as expected usage of the asset, physical wear and tear, technical and commercial obsolescence and legal limitations of the usage of the asset, such as lease terms. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgement is applied to determine the residual values for tangible assets. When determining the residual values, the director ha
s
assessed the amount that the
company
would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. At each reporting date, the director ha
s
also assessed whether there have been any indicators, such as a change in how the asset is used, significant unexpected wear and tear and changes in market prices, which suggest previous estimates may differ from current expectations. Where this is the case, the residual value and/or useful life is amended and accounted for on a prospective basis.
Assessing operating lease commitments
The
company
has entered into leases as a lessee obtaining the use of land and buildings and other tangible fixed assets. The classification of such leases as operating or finance lease requires management to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the Balance Sheet.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2021
2020
£
£
Turnover analysed by class of business
UK betting shops
9,901,651
8,161,598
2021
2020
£
£
Turnover analysed by geographical market
UK
9,901,651
8,161,598
DAVID PLUCK (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
3
Turnover and other revenue
(Continued)
- 20 -
2021
2020
£
£
Other revenue
Interest income
178
1,947
Dividends received from listed investments
53,534
26,709
Grants received
1,150,887
1,598,027
4
Other operating income
2021
2020
Other operating income includes the following:
£
£
Coronavirus Job Retention Scheme grant income
624,137
789,986
Coronavirus Retail, Hospitality and Leisure grants
526,750
808,041
Rent receivable
113,458
94,179
Sundry income
1,726
576
1,266,071
1,692,782
5
Operating profit
2021
2020
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(1,150,887)
(1,598,027)
Auditors' remuneration
20,000
20,000
Depreciation of owned tangible fixed assets
682,536
707,648
Profit on disposal of tangible fixed assets
(8,528)
Operating lease charges
463,869
506,026
Included within government grants is £
624,137
(20
20
: £
789,986
) in respect of Coronavirus Job Retention Scheme grant income. Also included is £
526,750
(20
20
: £
808,041
) in respect of Coronavirus Retail, Hospitality and Leisure Grant
s
.
Rent and rates cost has benefitted by
£486,883
in
t
he current year (
£375,650
in 2020) from the release of an onerous lease provision previously recognised in respect of those
shops that were expected to be loss making. The provision is released to the extent that these shops are now expected to generate a net profit (and hence the associated rental arrangement is no longer onerous in nature)
. There are no further onerous lease provisions included in these accounts.
DAVID PLUCK (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 21 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Administration
128
126
Management
2
2
Head office
10
10
Total
140
138
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
2,734,832
2,743,268
Social security costs
210,240
209,801
Pension costs
44,560
42,503
2,989,632
2,995,572
7
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
51,229
42,460
The directors are considered to be the key management personnel.
8
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
178
1,939
Other interest income
8
Total interest revenue
178
1,947
Other income from investments
Dividends received from stock market investments
53,534
26,709
Total income
53,712
28,656
DAVID PLUCK (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
8
Interest receivable and similar income
(Continued)
- 22 -
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
178
1,939
Dividends from financial assets measured at fair value through profit or loss
53,534
26,709
9
Interest payable and similar expenses
2021
2020
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
2,129
2,456
Other finance costs:
Other interest
5,391
7,520
2,456
10
Gains/(losses) on financial instruments
2021
2020
£
£
Gain on disposal of financial assets held at fair value through profit or loss
87,039
Changes in the fair value of investments
79,351
(71,386)
79,351
15,653
11
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
406,768
358,429
Adjustments in respect of prior periods
5,406
Total current tax
412,174
358,429
Deferred tax
Origination and reversal of timing differences
109,676
16,458
Total tax charge
521,850
374,887
DAVID PLUCK (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
11
Taxation
(Continued)
- 23 -
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:
2021
2020
£
£
Profit before taxation
2,274,242
1,627,908
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
432,106
309,303
Tax effect of expenses that are not deductible in determining taxable profit
(17,400)
(1,046)
Tax effect of income not taxable in determining taxable profit
(10,171)
(5,075)
Adjustments in respect of prior years
5,406
166
Permanent capital allowances in excess of depreciation
111,909
71,539
Taxation charge for the year
521,850
374,887
Factors that may affect future tax charges
Finance Act 2021 included provisions to increase the corporation tax rate from 19% to 25% with effect from 1 April 2023.
12
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
1,600,088
Amortisation and impairment
At 1 January 2021 and 31 December 2021
1,600,088
Carrying amount
At 31 December 2021
At 31 December 2020
DAVID PLUCK (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 24 -
13
Tangible fixed assets
Freehold buildings
Long leasehold buildings
Plant and machinery
Office furniture and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2021
3,417,550
1,862,830
5,509,779
4,736,129
87,968
15,614,256
Additions
160,481
173,435
215,723
121,824
671,463
Disposals
(22,971)
(22,971)
At 31 December 2021
3,578,031
2,036,265
5,725,502
4,857,953
64,997
16,262,748
Depreciation and impairment
At 1 January 2021
1,584,448
1,539,575
4,782,093
3,840,605
74,624
11,821,345
Depreciation charged in the year
162,520
122,561
235,852
152,602
9,001
682,536
Eliminated in respect of disposals
(22,971)
(22,971)
At 31 December 2021
1,746,968
1,662,136
5,017,945
3,993,207
60,654
12,480,910
Carrying amount
At 31 December 2021
1,831,063
374,129
707,557
864,746
4,343
3,781,838
At 31 December 2020
1,833,102
323,255
727,686
895,524
13,344
3,792,911
14
Investment property
2021
£
Fair value
At 1 January 2021 and 31 December 2021
380,000
The fair value of the investment propert
ies
has been determined by the directors based on
a
property yield basis by reference to market evidence of prices for similar properties.
The directors have considered the carrying value at the 31st December 2021 and believe it approximated to fair value.
15
Fixed asset investments
2021
2020
£
£
Listed investments
825,304
692,829
DAVID PLUCK (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
15
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2021
692,829
Additions
53,124
Valuation changes
79,351
At 31 December 2021
825,304
Carrying amount
At 31 December 2021
825,304
At 31 December 2020
692,829
16
Stocks
2021
2020
£
£
Finished goods and goods for resale
18,000
18,000
17
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
1,615,969
2,653,421
Prepayments
279,675
276,256
1,895,644
2,929,677
18
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
378,204
257,023
Corporation tax
395,958
358,429
Other taxation and social security
683,090
361,946
Other creditors
132,614
42,372
Accruals
312,660
182,209
1,902,526
1,201,979
DAVID PLUCK (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 26 -
19
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Other borrowings
20
77,400
67,686
The directors' loan carries a fixed interest rate charge of 3% and is renewed on a 53 week rolling basis.
20
Loans and overdrafts
2021
2020
£
£
Other loans
77,400
67,686
Payable after one year
77,400
67,686
21
Provisions for liabilities
2021
2020
£
£
Dilapidations
537,500
537,500
Onerous lease
-
486,883
537,500
1,024,383
Movements on provisions:
Dilapidations
Onerous lease
Total
£
£
£
At 1 January 2021
537,500
486,883
1,024,383
Reversal of provision
-
(486,883)
(486,883)
At 31 December 2021
537,500
-
537,500
An onerous lease provision of £1,238,183 was recognised in the accounts for the year ended 31 December 2018 in relation to those outlets within the company shop portfolio which may be loss making. This provision is reviewed on an annual basis and released back to the profit and loss account if the shops have since become operational.
DAVID PLUCK (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 27 -
22
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2021
2020
Balances:
£
£
ACAs
302,603
192,927
2021
Movements in the year:
£
Liability at 1 January 2021
192,927
Charge to profit or loss
109,676
Liability at 31 December 2021
302,603
There are no unused tax losses or unused tax credits.
The deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances.
23
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
44,560
42,503
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.
24
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
180
180
180
180
The company has one class of ordinary shares which carry no right to fixed income.
DAVID PLUCK (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 28 -
25
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for certain of its properties.
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:
2021
2020
£
£
Within one year
479,066
510,690
Between two and five years
715,318
1,132,134
In over five years
126,250
188,500
1,320,634
1,831,324
26
Related party transactions
Included within other loans in creditors falling due after more than one year are loans owing to a director and shareholder of £77,400 (2020: £67,686). This balance is included in note 18, creditors: amounts falling due after more than one year. During the year loan interest of £2,129 (2020: £2,456) was charged in respect of these loans. Interest is charged on this loan at a commercial rate.
As at the balance sheet date the amount owed to the company by the the director's pension scheme is £nil (2020: £164,057). This balance is included in note 16, other debtors.
As at the balance sheet date the amount owed by the company to the the director's pension scheme is £113,120 (2020: £nil). This balance is included in note 17, other creditors. Interest is charged on this loan at a commercial rate.
As at the balance sheet date the amount owed to the company by a company with the same directors and shareholders is £1,514,323 (2020: £2,342,300). This balance is included in note 16, other debtors.
During the year rent amounting to £116,150 (2020: £116,148) was accrued for and is due to the directors' pension scheme.
27
Ultimate controlling party
The ultimate controlling party is Mr D L Pluck by virtue of his majority shareholding.
DAVID PLUCK (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 29 -
28
Cash generated from/(absorbed by) operations
2021
2020
£
£
Profit for the year after tax
1,752,392
1,253,021
Adjustments for:
Taxation charged
521,850
374,887
Finance costs
7,520
2,456
Investment income
(53,712)
(28,656)
Gain on disposal of tangible fixed assets
(8,528)
Depreciation and impairment of tangible fixed assets
682,536
707,648
Other gains and losses
(79,351)
(15,653)
Decrease in provisions
(486,883)
(375,650)
Movements in working capital:
Decrease/(increase) in debtors
1,034,033
(1,916,291)
Increase/(decrease) in creditors
663,018
(128,358)
Cash generated from/(absorbed by) operations
4,032,875
(126,596)
29
Analysis of changes in net funds
1 January 2021
Cash flows
31 December 2021
£
£
£
Cash at bank and in hand
1,534,383
2,998,077
4,532,460
Borrowings excluding overdrafts
(67,686)
(9,714)
(77,400)
1,466,697
2,988,363
4,455,060
2021-12-31
2021-01-01
false
CCH Software
CCH Accounts Production 2022.200
No description of principal activity
Mr D L Pluck
Mr N Thompson
Mr N Thompson
01477372
2021-01-01
2021-12-31
01477372
bus:Director1
2021-01-01
2021-12-31
01477372
bus:CompanySecretaryDirector1
2021-01-01
2021-12-31
01477372
bus:CompanySecretary1
2021-01-01
2021-12-31
01477372
bus:Director2
2021-01-01
2021-12-31
01477372
bus:RegisteredOffice
2021-01-01
2021-12-31
01477372
2021-12-31
01477372
2020-01-01
2020-12-31
01477372
core:RetainedEarningsAccumulatedLosses
2020-01-01
2020-12-31
01477372
core:RetainedEarningsAccumulatedLosses
2021-01-01
2021-12-31
01477372
2020-12-31
01477372
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-12-31
01477372
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2021-12-31
01477372
core:PlantMachinery
2021-12-31
01477372
core:FurnitureFittings
2021-12-31
01477372
core:MotorVehicles
2021-12-31
01477372
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-12-31
01477372
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2020-12-31
01477372
core:PlantMachinery
2020-12-31
01477372
core:FurnitureFittings
2020-12-31
01477372
core:MotorVehicles
2020-12-31
01477372
core:CurrentFinancialInstruments
core:WithinOneYear
2021-12-31
01477372
core:CurrentFinancialInstruments
core:WithinOneYear
2020-12-31
01477372
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2021-12-31
01477372
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2020-12-31
01477372
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2021-12-31
01477372
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2020-12-31
01477372
2020-12-31
01477372
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2021-12-31
01477372
core:ShareCapital
2020-12-31
01477372
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2021-12-31
01477372
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2020-12-31
01477372
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2021-12-31
01477372
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2020-12-31
01477372
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2021-12-31
01477372
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2020-12-31
01477372
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2019-12-31
01477372
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2019-12-31
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2019-12-31
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2019-12-31
01477372
2019-12-31
01477372
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2021-01-01
2021-12-31
01477372
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2021-01-01
2021-12-31
01477372
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2021-01-01
2021-12-31
01477372
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2021-01-01
2021-12-31
01477372
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2021-01-01
2021-12-31
01477372
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2021-12-31
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2021-01-01
2021-12-31
01477372
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2020-12-31
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2021-12-31
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2020-01-01
2020-12-31
01477372
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2020-12-31
01477372
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2021-12-31
01477372
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2020-12-31
01477372
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2020-12-31
01477372
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2020-12-31
01477372
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2020-12-31
01477372
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2020-12-31
01477372
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2020-12-31
01477372
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2021-01-01
2021-12-31
01477372
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2021-12-31
01477372
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2020-12-31
01477372
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2021-12-31
01477372
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2020-12-31
01477372
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2021-12-31
01477372
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2020-12-31
01477372
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2021-12-31
01477372
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2020-12-31
01477372
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2021-12-31
01477372
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2020-12-31
01477372
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
01477372
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2021-01-01
2021-12-31
01477372
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2021-01-01
2021-12-31
01477372
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2021-01-01
2021-12-31
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