Company Registration No. 02684327 (England and Wales)
PAMARCO EUROPE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
PAMARCO EUROPE LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 12
PAMARCO EUROPE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,169,024
1,321,159
Investments
5
1,088,420
1,088,420
2,257,444
2,409,579
Current assets
Stocks
274,635
332,458
Debtors
7
766,653
875,645
Cash at bank and in hand
346,443
178,589
1,387,731
1,386,692
Creditors: amounts falling due within one year
8
(746,578)
(609,630)
Net current assets
641,153
777,062
Total assets less current liabilities
2,898,597
3,186,641
Creditors: amounts falling due after more than one year
9
(220,485)
(292,809)
Provisions for liabilities
10
(143,034)
(198,233)
Net assets
2,535,078
2,695,599
Capital and reserves
Called up share capital
12
150,000
150,000
Capital redemption reserve
298,000
298,000
Profit and loss reserves
2,087,078
2,247,599
Total equity
2,535,078
2,695,599
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime
and in accordance with the provision of FRS 102 Section 1A small enitities
.
The financial statements were approved by the board of directors and authorised for issue on 11 May 2021 and are signed on its behalf by:
Mr D S Johnson
Director
Company Registration No. 02684327
PAMARCO EUROPE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2019
150,000
298,000
2,493,601
2,941,601
Year ended 31 December 2019:
Loss and total comprehensive income for the year
-
-
(246,002)
(246,002)
Balance at 31 December 2019
150,000
298,000
2,247,599
2,695,599
Year ended 31 December 2020:
Loss and total comprehensive income for the year
-
-
(84,278)
(84,278)
Dividends
-
-
(76,243)
(76,243)
Balance at 31 December 2020
150,000
298,000
2,087,078
2,535,078
PAMARCO EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
1
Accounting policies
Company information
Pamarco Europe Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 3 New Cut Industrial Estate, Woolston, Warrington, WA1 4AQ.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 historical cost convention. The principal accounting policies adopted are set out below.
The company's accounts will be incorporated into the group accounts prepared by Pamarco Europe Limited's parent, Pamarco Technologies LLC. As such the company is not required by the Companies Act 2006 to prepare group accounts for the Pamarco Europe Limited group which constitutes a small group under the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.
1.2
Going concern
Despite the matters set out in the events after the reporting date note, at the date of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This is owing to measures the director have undertaken to minimise the effect of the COVID 19 outbreak by reducing non-essential costs and through the utilisation of the government support measures including the job retention and VAT deferral schemes.
true
The directors have also confirmed that continued funding support will be provided by the parent company if required.
PAMARCO EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.3
Turnover
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
,
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.
The risk and rewards of ownership are considered to have passed at different stages depending on the specific terms of each sale. The main terms of sale are as follows:
CIF (Cost, insurance and freight) relates to goods shipped by sea whereby the seller pays for cost of insurance and transport of goods to the destination. Legal delivery therefore occurs once goods are delivered at the required destination and as such income is not recognised until this point.
CIP (Carriage and insurance paid) relates to goods shipped by air whereby the seller is responsible for delivery of goods to a mutually agreed destination between the buyer and seller. Legal delivery therefore occurs once goods are delivered to that destination and at which point income is recognised.
DAP (Delivery at place) relates to goods delivered within Europe whereby the seller
must make the goods available to the buyer at the buyers chosen location
. Legal delivery occurs once goods are made available at the specified location and at this point income is recognised.
EXW (Ex Works) relates to the sale of goods whereby the seller is only responsible for packaging and making goods available for collection from the seller's location. Under this term of sale income is therefore recognised as soon as goods are ready for collection.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
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
Over the life of the lease
Plant and machinery
3 to 15 years
Fixtures, fittings & equipment
5 to 10 years
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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
PAMARCO EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Stocks
Stocks which comprises of direct materials, work in progress and finished goods are
stated at the lower of cost and net realisable value
.
Direct material stock is valued at cost on FIFO basis. Work in progress and finished good stock includes
direct
material costs plus, where appropriate, an allocation of
labour
and machine costs
that have been incurred in bringing the stocks to their present location and condition.
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 at bank and in hand
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.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
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.
PAMARCO EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 6 -
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.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
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.
PAMARCO EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 7 -
1.14
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.
1.15
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.17
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was 31
(2019 - 33).
3
Taxation
2020
2019
£
£
Current tax
Adjustments in respect of prior periods
1,824
(20,388)
PAMARCO EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
3
Taxation
2020
2019
£
£
(Continued)
- 8 -
Deferred tax
Origination and reversal of timing differences
(28,223)
(231)
Tax losses carried forward
(47,855)
Total deferred tax
(76,078)
(231)
Total tax credit
(74,254)
(20,619)
4
Tangible fixed assets
Leasehold improvements
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 January 2020
474,168
238
3,465,136
2,981
3,942,523
Additions
130,932
130,932
Transfers
(238)
238
At 31 December 2020
474,168
3,596,306
2,981
4,073,455
Depreciation and impairment
At 1 January 2020
386,964
2,231,419
2,981
2,621,364
Depreciation charged in the year
25,469
257,598
283,067
At 31 December 2020
412,433
2,489,017
2,981
2,904,431
Carrying amount
At 31 December 2020
61,735
1,107,289
1,169,024
At 31 December 2019
87,204
238
1,233,717
1,321,159
5
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
1,088,420
1,088,420
The above investment relates to the acquisition of the company's wholly owned subsidiary, Absolute Engineering Limited, which was purchased on 31 July 2013. The value above represents the cost paid at the date of acquisition which was considered to be its market value as at that date. The directors believe that there has been no impairment in that value since the date of purchase.
PAMARCO EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 9 -
6
Subsidiaries
These financial statements are separate company financial statements for Pamarco Europe Limited.
Details of the company's subsidiaries at 31 December 2020 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Absolute Engineering Limited
England & Wales
The design and manufacturing of ancillaries for the printing industry
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Absolute Engineering Limited
722,498
(494,706)
7
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
470,373
542,980
Corporation tax recoverable
31,000
56,559
Other debtors
217,425
276,106
718,798
875,645
Deferred tax asset
47,855
766,653
875,645
8
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
480,347
271,067
Other taxation and social security
34,668
32,241
Other creditors
231,563
306,322
746,578
609,630
Included in the other creditors balance above is an amount totalling £96,632 (2019: £93,707) in respect of hire purchase agreements which are secured by a charge over the assets purchased from the funding advanced.
PAMARCO EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 10 -
9
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
220,485
292,809
The other creditors balances above of £220,485 (2019: £292,809) relates to hire purchase agreements which are secured by a charge over the assets purchased from the funding advanced.
10
Provisions for liabilities
2020
2019
£
£
Warranty provision
47,669
74,645
Deferred tax liabilities
11
95,365
123,588
143,034
198,233
11
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
Assets
Assets
2020
2019
2020
2019
Balances:
£
£
£
£
ACAs
95,365
123,588
-
-
Tax losses
-
-
47,855
-
95,365
123,588
47,855
-
2020
Movements in the year:
£
Liability at 1 January 2020
123,588
Credit to profit or loss
(76,078)
Liability at 31 December 2020
47,510
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. The deferred tax liability set out above is expected to reverse in line with the depreciation policy of the relevant assets and relates to accelerated capital allowances that are expected to mature within the same period.
PAMARCO EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 11 -
12
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
150,000 ordinary shares of £1 each
150,000
150,000
150,000
150,000
13
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Peter Taaffe FCA CTA DChA.
The auditor was BWM.
14
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
Within one year
118,557
125,874
Between two and five years
170,572
289,129
289,129
415,003
15
Capital commitments
Amounts contracted for but not provided in the financial statements:
2020
2019
£
£
Acquisition of tangible fixed assets
-
21,497
16
Financial commitments, guarantees and contingent liabilities
Under H M Revenue & Customs duty deferred scheme, the company has a maximum contingent liability of £40,000 (2019 - £40,000).
PAMARCO EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 12 -
17
Events after the reporting date
The COVID 19 pandemic resulted in the UK being in its third lockdown which commenced on 5 January 2021. This did not have such a significant impact on the business as there had been time to adapt over the past 9 months. COVID 19 continues to impact operations due to travel restrictions and customer site access limitations.
18
Related party transactions
During the year the company paid rent of £106,000 (2019- £106,000) to Talbot and Muir (formerly Namulas Pension Trustees), a pension fund of which T W Ford, a director of the ultimate parent company, is a trustee.
The company has taken advantage of exemption to which it is entitled regarding transactions with its parent and other 100% owned subsidiaries of the group.
19
Controlling party
The ultimate parent company is Kotts Capital Holdings LLP who are also considered to be the controlling party.
The immediate parent company is Pamarco Global Graphics Inc., a company registered in the United States of America.
The results of Pamarco Europe Limited are included in the group accounts of
Pamarco Technologies LLC, a company incorporated in the United States of America and the immediate parent company of Pamarco Global Graphics Inc. The consolidated accounts of Pamarco Technologies LLC represent the smallest group for which group accounts are prepared and copies of these financial statements may be obtained from PO Box 145, 235 East 11th Avenue, Roselle, New Jersey, USA.
The parent company of the largest such group is Kotts Capital Holdings LLP, whose consolidated financial statements are available from 3737 Willowick Road, Houston, TX 77019, USA.
2020-12-31
2020-01-01
false
12 May 2021
CCH Software
CCH Accounts Production 2021.100
No description of principal activity
This audit opinion is unqualified
Mr J C Burgess
Mr D S Johnson
Mr N Walker
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