Company registration number 02999887 (England and Wales)
J.H. LAVENDER & COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
J.H. LAVENDER & COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr A Taylor
Mr I M Timings
Dr A J Rose
Mr J M Warner
Secretary
Mr A Taylor
Company number
02999887
Registered office
Hall Green Works
Crankhall Lane
West Bromwich
West Midlands
B71 3JZ
Auditor
CK Audit
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
Business address
Hall Green Works
Crankhall Lane
West Bromwich
West Midlands
B71 3JZ
J.H. LAVENDER & COMPANY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 27
J.H. LAVENDER & COMPANY LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2022
- 1 -
The directors present the strategic report for the Period ended 31 March 2022.
Fair review of the business
Due to a re-alignment of the company’s financial year to coincide with the standard UK tax year, the accounts relate to a 17-month trading period running from 1
st
November 2020 to 31
st
March 2022.
By the time the first month of the new trading period had ended, all employees had returned to full time working and sales had returned to pre-COVID-19 levels. This level of trading continued into the first quarter of 2021, but as the month of April 2021 commenced, it became apparent that a majority of our automotive customers were encountering supply chain issues, resulting in a reduction in orders of up to 30% in some months. The main issue related to the much-publicised shortage of semi-conductor chips. The notification of order reductions from certain customers was sometimes as little as 48 hours, which made production planning difficult as the business tried to re-act as best as it could to a rapidly changing order book.
However, due to the significant reduction in sales from April to July 2021 inclusive, during this period the Board decided to utilise the Government support that was available via the furlough scheme. Subsequently, after returning from the summer shutdown in August, the
majority of supply chain issues started to ease and once again sales started to increase with all employees returning to full-time working.
From October 2021 onwards, several projects, with both new and existing customers commenced, with some projects starting with demand which was double the volumes previously forecasted by the customer. All of these new projects had been secured back in 2019 and their introductions were delayed due to COVID-19. With normal sales levels returning and combined with the influx of the new work, manufacturing operations became stretched working at near maximum capacity on some machine ranges. During the final quarter of the financial year, monthly sales were over 80% up on 2019 levels.
From January 2022 onwards, it became apparent that along with the on-going supply chain delivery issues with various factory consumables, the costs of these items were also starting to increase month on month. Despite having increased sales during the final quarter, margins were being eroded due to these significant increases. In addition, due to the introduction of new projects earlier in the year, a lot of exceptional one-off costs were incurred, plus the costs to finance and install new equipment. Due to the complexity of the new parts and using non-standard “exotic” materials, a steep learning curve was faced, this resulted in the business not operating as efficiently as it traditionally had. There was also a requirement to increase the labour force to cope with the new demand and due to a shortage of skilled workers in the labour market, the business had no alternative but to employ un-skilled workers and invest time and resources into training. This labour scenario also contributed to the learning curve issues previously mentioned, which temporarily hindered levels of efficiency during the year.
All of these factors, coupled with the sudden reduction in turnover in the middle of the year for 4 months, resulted in the year again becoming a very challenging one on several fronts. The loss before tax in 2022 is therefore £525,455 compared to £841,505 in the previous year.
Although total sales of £12,957,806 were generated in the 17-month trading period, due to the new projects, it is worth noting that £3.5M of this total related to tooling sales, so the adjusted casting sales figure gives a monthly average of £556,341, compared to £418,653 in 2020 and £696,108 in 2019. So even though casting sales have increased from 2020, they were still some way off being back to pre-COVID sales levels on a consistent month-on-month basis.
J.H. LAVENDER & COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 2 -
Principal risks and uncertainties
Price Risk
Since the start of the financial year, raw material (aluminium ingot) prices have continued to increase from £1,425 per metric ton and currently stand at £2,270 per metric ton. This is mostly due to the increase in smelters energy costs resulting in the continued uncertainty of aluminium prices. However, this is mitigated by agreements that allow the business to pass on any movements in price to the customer.
Interest Rate Risk
The group's invoice discounting facility is linked to the Bank of England base rate and the recent increases to curb the rise in inflation have exposed the business to an element of interest rate risk and will continue to do so over the coming months.
Economy Risk
As was seen in 2009, an economic downturn within the UK and the rest of Europe can severely impact on the trading ability of the business. With a global recession predicted the business is exposed to such a risk.
Energy Risk
With gas and power contracts due for renewal in 2023, due to the current volatility in the energy markets, the business is at risk of facing significant increases in its cost base as the aluminium die-casting process is a high consumer of energy.
Key performance indicators
|
Profit ratio
Pre-tax profit margin -4.05% (2020: -16.72%)
Activity ratio
Stock turnover 7.40% (2020: 30.53%)
Capital ratio
|
Interest cover -4.39 (2020: -11.66)
|
Mr I M Timings
Director
8 December 2022
J.H. LAVENDER & COMPANY LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2022
- 3 -
The directors present their annual report and financial statements for the Period ended 31 March 2022.
Principal activities
The principal activity of the company continued to be that of
aluminium pressure and gravity diecasters and machinists.
Results and dividends
The results for the Period 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 Period and up to the date of signature of the financial statements were as follows:
Mr A Taylor
Mr I M Timings
Dr A J Rose
Mr J M Warner
Future developments
In line with the significant increase in sales, the business has continued to invest during the year and has installed new CNC machining cells and automated washing equipment. There are further plans for capital expenditure on additional CNC machining cells and automated high pressure die casting plant, along with further extensions to the business premises to cater for the additional floor space required. This capital expenditure has been financed via support from HSBC plc via asset finance and the Recovery Loan Scheme.
There is an on-going recruitment drive for both Managerial and operator positions and currently the labour force has increased by some 35% and continues to grow in order for the business to service its full order book. The new projects have life spans of between 5-7 years and most of them are now at, or close to reaching peak volumes. The parts are cast, machined and some require assembly, which means that all manufacturing processes are operating at near full capacity during this time frame.
Over the last 3 years the business has been investing into and developing its structure to enable it to achieve a casting sales turnover of £15M plus, so the Directors are confident in the future of the business as it moves into a sustained period of growth which will allow it to generate several years of consistent profits and returns on its investments.
On the negative side, the Board does have concerns about the increasing rate of inflation in the UK and the direct impact it is having on operational costs due to significant increases in factory consumables and payroll costs.
Finally, there are on-going negotiations for new utility contracts that are due to commence in 2023. Like all business throughout the UK and abroad, the hostilities in Ukraine have contributed to a very volatile energy market. Depending on how long these hostilities continue and until additional supplies are available to reduce the prices of energy, significant increases are expected as the aluminium die-casting process is a heavy consumer of energy. The Board have commenced negotiations with its customer base regarding price increases required in 2023 to cover the rise in energy costs. On the basis that all industries are faced with this issue and the business has long-standing relations with most of its customers, the Board are confident that the impact of the rise in energy costs can be mitigated. Potentially Government support continued past April 2023, could also reduce the impact of these energy increases.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
J.H. LAVENDER & COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 4 -
On behalf of the board
Mr I M Timings
Director
8 December 2022
J.H. LAVENDER & COMPANY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2022
- 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.
J.H. LAVENDER & COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J.H. LAVENDER & COMPANY LIMITED
- 6 -
Opinion
We have audited the financial statements of J.H. Lavender & Company Limited (the 'company') for the Period ended 31 March 2022 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 March 2022 and of its loss for the Period 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.
Material uncertainty relating to going concern
We draw attention to Note 1.3 in the financial statements, going concern accounting policy, which states that the company incurred a net operating
loss of £
525,455 during the period ended 31 March 2022 and as at that date current liabilities exceeded its total assets by £16,401
.
These conditions, along with the expected substantial increase to utility costs and issues with supply chain as set forth in Note 1.3, indicate that a material uncertainty exists that may cast significant doubt on the
company
’s ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
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.
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 Period 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.
J.H. LAVENDER & COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J.H. LAVENDER & COMPANY 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
.
Extent to which the audit was considered capable of detecting irregularities, including fraud
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company by discussion and enquiry with the directors and management team and our general knowledge and experience of the
aluminium die casting sector.
We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, employment, and health and safety legislation;
We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management
and
reviewing correspondence with relevant regulators
.
J.H. LAVENDER & COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J.H. LAVENDER & COMPANY LIMITED
- 8 -
Audit response to risks identified
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed included but were not limited to:
-
Challenging assumptions and judgements made by management in its significant accounting estimates;
-
Identifying and testing journal entries;
-
Reviewing unusual or unexpected transactions; and
-
Agreeing the financial statement disclosures to underlying supporting documentation.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 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.
Frances Clapham
Senior Statutory Auditor
For and on behalf of CK Audit
8 December 2022
Chartered Accountants
Statutory Auditor
No 4 Castle Court 2
Castlegate Way
Dudley
West Midlands
DY1 4RH
J.H. LAVENDER & COMPANY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2022
- 9 -
Period
Year
ended
ended
31 March
31 October
2022
2020
Notes
£
£
Turnover
3
12,957,806
5,031,588
Cost of sales
(11,461,857)
(5,081,293)
Gross profit/(loss)
1,495,949
(49,705)
Administrative expenses
(2,122,569)
(1,418,452)
Other operating income
237,882
653,743
Operating loss
4
(388,738)
(814,414)
Interest receivable and similar income
7
(39,293)
39,363
Interest payable and similar expenses
8
(97,424)
(66,454)
Loss before taxation
(525,455)
(841,505)
Tax on loss
9
(279,472)
404,061
Loss for the financial Period
(804,927)
(437,444)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
The notes on pages 13 to 27 form part of these financial statements.
J.H. LAVENDER & COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2022
- 10 -
Period
Year
ended
ended
31 March
31 October
2022
2020
£
£
Loss for the Period
(804,927)
(437,444)
Other comprehensive income
-
-
Total comprehensive income for the Period
(804,927)
(437,444)
The notes on pages 13 to 27 form part of these financial statements.
J.H. LAVENDER & COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 11 -
2022
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
10
4,005,574
3,372,833
Current assets
Stocks
11
958,923
1,536,167
Debtors
12
3,789,215
1,743,533
Cash at bank and in hand
19,640
5,155
4,767,778
3,284,855
Creditors: amounts falling due within one year
13
(4,784,179)
(2,095,976)
Net current (liabilities)/assets
(16,401)
1,188,879
Total assets less current liabilities
3,989,173
4,561,712
Creditors: amounts falling due after more than one year
14
(1,226,111)
(1,329,529)
Provisions for liabilities
Deferred tax liability
17
821,613
485,807
(821,613)
(485,807)
Net assets
1,941,449
2,746,376
Capital and reserves
Called up share capital
20
1,000
1,000
Profit and loss reserves
1,940,449
2,745,376
Total equity
1,941,449
2,746,376
The notes on pages 13 to 27 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 8 December 2022 and are signed on its behalf by:
Mr I M Timings
Director
Company Registration No. 02999887
J.H. LAVENDER & COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2022
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2019
1,000
3,182,820
3,183,820
Year ended 31 October 2020:
Loss and total comprehensive income for the year
-
(437,444)
(437,444)
Balance at 31 October 2020
1,000
2,745,376
2,746,376
Period ended 31 March 2022:
Loss and total comprehensive income for the period
-
(804,927)
(804,927)
Balance at 31 March 2022
1,000
1,940,449
1,941,449
The notes on pages 13 to 27 form part of these financial statements.
J.H. LAVENDER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
- 13 -
1
Accounting policies
Company information
J.H. Lavender & Company Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Hall Green Works, Crankhall Lane, West Bromwich, West Midlands, B71 3JZ.
1.1
Reporting period
These financial statements are presented for a period that is longer than a year, for the 17 months ended 31 March 2022. The comparative amounts within the financial statements are not entirely comparable.
1.2
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
.
The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues
: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
-
Section 26 ‘Share based Payment’
:
Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of J.H. Lavender (Holdings) Ltd. These consolidated financial statements are available from its registered office, Hall Green Works, Crankhall Lane, West Bromwich, West Midlands, B71 3JZ.
J.H. LAVENDER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 14 -
1.3
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.
Due to a shortage of parts across the automotive sector, there have been delays in sales which has had a negative effect on sales during the current financial year, although this is out of the control of the directors, they are aware that a further delay in parts will have a negative effect on the results for the year ended 31 March 2023 and beyond. HSBC have indicated they will support the business via its invoice discounting facility and the directors are considering other areas where they can cut costs in the short-term. They are confident that once parts are available, sales will return to forecasted levels.
Having reviewed the energy increase expected in the coming 12 months, costs are expected to increase by 368% which, without support from customers and assistance from government bodies regarding energy price caps, are unsustainable.
The directors are seeking the advice of energy consultants to look at ways costs can be reduced and customers will be advised of price increases. At the time of approving the accounts the directors have not received confirmation that the price increases will be accepted or that the parts for certain orders will be available, thus a material uncertainty has been disclosed relating to going concern.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
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:
Plant and equipment
8% - 20% reducing balance
Fixtures and fittings
8% - 33.3% reducing balance
Computers
33.3% reducing balance
Motor vehicles
33.3% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
J.H. LAVENDER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 15 -
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.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
J.H. LAVENDER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 16 -
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.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
J.H. LAVENDER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 17 -
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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred 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.
J.H. LAVENDER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 18 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.15
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.
This represents a change in accounting policy. Given the performance requirements have been met in the current year and previous year adjustments would have been immaterial, the effects of the change have been reported in these financial statements. The effect of this change is that £139,073 was released to income from deferred capital grants, previously shown as creditor due wither < 1 year or > 1 year. The change better reflects the use of the grant within the business.
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.
J.H. LAVENDER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 19 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Impairment of trade receivables
A provision for doubtful trade receivables is set up when the likelihood of recovering the debt has diminished. The level of provision will be based on any current repayment plan entered into and which is being adhered to by the debtor, together with an estimate of the likelihood of the amounts due being fully recovered. The directors are satisfied that there is no impairment of trade receivables at the year end.
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.
Work in progress
Work in progress, is valued at the selling price less a percentage determined by the directors to take into account direct costs and labour.
Tangible fixed assets
Tangible fixed assets are depreciated according to their useful lives as estimated by the directors.
3
Turnover and other revenue
2022
2020
£
£
Turnover analysed by class of business
Principal activity
12,957,806
5,031,588
2022
2020
£
£
Turnover analysed by geographical market
United Kingdom
10,727,347
3,699,562
Europe
2,195,431
1,322,073
Rest of world
35,028
9,953
12,957,806
5,031,588
J.H. LAVENDER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
3
Turnover and other revenue
(Continued)
- 20 -
2022
2020
£
£
Other revenue
Interest income
(39,293)
39,363
Government grants received
237,882
654,093
Grants received - Coronavirus job retention scheme
12,810
594,707
4
Operating loss
2022
2020
Operating loss for the period is stated after charging/(crediting):
£
£
Government grants
(237,882)
(654,093)
Fees payable to the company's auditor for the audit of the company's financial statements
8,500
8,645
Depreciation of owned tangible fixed assets
392,029
292,010
Depreciation of tangible fixed assets held under finance leases
40,818
30,093
Profit on disposal of tangible fixed assets
(20,000)
Operating lease charges
26,037
10,683
5
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2022
2020
Number
Number
Production staff
56
52
Management and administration
23
22
Directors
4
4
Total
83
78
Their aggregate remuneration comprised:
2022
2020
£
£
Wages and salaries
3,697,600
2,457,535
Social security costs
401,614
253,114
Pension costs
188,316
140,553
4,287,530
2,851,202
J.H. LAVENDER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 21 -
6
Directors' remuneration
2022
2020
£
£
Remuneration for qualifying services
543,824
387,129
Company pension contributions to defined contribution schemes
40,924
27,368
584,748
414,497
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2020 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2022
2020
£
£
Remuneration for qualifying services
265,557
191,181
Company pension contributions to defined contribution schemes
29,888
19,988
7
Interest receivable and similar income
2022
2020
£
£
Interest income
Interest on bank deposits
70
Other interest income
(39,293)
39,293
Total income
(39,293)
39,363
On initial recognition of the CBILS loan the difference between the amount of cash received and the present value of future payments discounted at a market rate of interest, was shown as finance income in the prior period. This figure (£39,693) represents the present value of interest being paid for by the Government via business interruption payments and has been reversed as repayments are now being made by the company.
8
Interest payable and similar expenses
2022
2020
£
£
Interest on bank overdrafts and loans
20,400
32,223
Interest on invoice finance arrangements
49,240
24,703
Interest on finance leases and hire purchase contracts
20,683
4,307
Other interest
7,101
5,221
97,424
66,454
J.H. LAVENDER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 22 -
9
Taxation
2022
2020
£
£
Current tax
Adjustments in respect of prior periods
(292,063)
(253,837)
Deferred tax
Origination and reversal of timing differences
571,535
(2,410)
Tax losses carried forward
(147,814)
Total deferred tax
571,535
(150,224)
Total tax charge/(credit)
279,472
(404,061)
The actual charge/(credit) for the Period can be reconciled to the expected credit for the Period based on the profit or loss and the standard rate of tax as follows:
2022
2020
£
£
Loss before taxation
(525,455)
(841,505)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
(99,836)
(159,886)
Tax effect of expenses that are not deductible in determining taxable profit
891
4,231
Tax effect of income not taxable in determining taxable profit
(39,914)
(11,289)
Unutilised tax losses carried forward
555,175
Adjustments in respect of prior years
(292,063)
(237,117)
Effect of change in corporation tax rate
195,987
Depreciation on assets not qualifying for tax allowances
3,623
Other permanent differences
1,997
Deferred tax adjustments in respect of prior years
4,392
Enhanced capital allowances
(50,780)
Taxation charge/(credit) for the period
279,472
(404,061)
J.H. LAVENDER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 23 -
10
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2020
7,731,293
63,343
311,934
96,379
8,202,949
Additions
1,046,303
85
17,580
12,000
1,075,968
Disposals
(63,991)
(63,991)
At 31 March 2022
8,777,596
63,428
329,514
44,388
9,214,926
Depreciation and impairment
At 1 November 2020
4,425,980
57,116
281,652
65,368
4,830,116
Depreciation charged in the Period
400,413
2,964
16,225
13,245
432,847
Eliminated in respect of disposals
(53,611)
(53,611)
At 31 March 2022
4,826,393
60,080
297,877
25,002
5,209,352
Carrying amount
At 31 March 2022
3,951,203
3,348
31,637
19,386
4,005,574
At 31 October 2020
3,305,313
6,227
30,282
31,011
3,372,833
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2022
2020
£
£
Plant and equipment
349,485
268,090
Motor vehicles
7,787
13,564
357,272
281,654
11
Stocks
2022
2020
£
£
Raw materials and consumables
195,487
38,839
Work in progress
763,436
1,497,328
958,923
1,536,167
J.H. LAVENDER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 24 -
12
Debtors
2022
2020
Amounts falling due within one year:
£
£
Trade debtors
3,262,964
1,278,398
Corporation tax recoverable
292,063
Amounts owed by group undertakings
158,054
165,204
Other debtors
2,385
1,908
Prepayments and accrued income
73,749
62,294
3,789,215
1,507,804
2022
2020
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 17)
235,729
Total debtors
3,789,215
1,743,533
Included in the above trade debtors are balance totalling £2,288,417 (2020: £1,123,595) that are subject to invoice finance arrangements. The trade debtor balances have been transferred to the counterparty, though the transactions does not qualify for derecognition on the basis that the late payment risk is retained by the company. The associated liability recognised in creditors amounts to £1,919,789 (2020: £297,924).
13
Creditors: amounts falling due within one year
2022
2020
Notes
£
£
Bank loans
15
281,199
177,974
Obligations under finance leases
16
162,214
46,700
Trade creditors
1,879,862
1,162,854
Taxation and social security
128,244
64,819
Government grants
18
50,116
Other creditors
1,924,938
304,385
Accruals and deferred income
407,722
289,128
4,784,179
2,095,976
14
Creditors: amounts falling due after more than one year
2022
2020
Notes
£
£
Bank loans and overdrafts
15
1,105,524
1,157,365
Obligations under finance leases
16
120,587
12,207
Government grants
18
159,957
1,226,111
1,329,529
J.H. LAVENDER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
14
Creditors: amounts falling due after more than one year
(Continued)
- 25 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
86,502
133,333
15
Loans and overdrafts
2022
2020
£
£
Bank loans
1,386,723
1,335,339
Payable within one year
281,199
177,974
Payable after one year
1,105,524
1,157,365
The finance leases are secured by a chattels mortgage, date 01/10/2010, and there is a legal assignment of contract monies, dated 26/03/2014, both with HSBC Asset Finance (UK) Ltd and HSBC Equipment Finance (UK) Ltd.
The invoice discounting account is secured by a fixed charge on non-vesting debts and floating charge, dated 22/09/2009, with HSBC Invoice Finance (UK) Ltd.
The bank borrowings are further secured by a debenture with HSBC Bank Plc, dated 24/09/2009, a composite company unlimited multilateral unlimited guarantee with HSBC Plc dated 24/09/2009, a legal assignment of contract monies, with HSBC Bank Plc, dated 10/07/2012 and a chattels mortgage, against certain machinery, with HSBC Equipment Finance (UK) Ltd, dated 16/01/2020.
The CBILS loan is also covered by a guarantee in favour of HSBC UK Bank plc given by the directors guaranteeing all liabilities, limited to £100,000 in total.
The CBILS loan had an initial repayment free period of 12 months from the date the loan is drawn. It is then repayable by equal instalments over 60 months with an interest rate of 3.99% per annum over the BoE base rate.
16
Finance lease obligations
2022
2020
Future minimum lease payments due under finance leases:
£
£
Within one year
175,244
51,808
In two to five years
131,975
14,398
307,219
66,206
Less: future finance charges
(24,418)
(7,299)
282,801
58,907
Finance lease payments represent rentals payable by the company 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
5
years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
J.H. LAVENDER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 26 -
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2022
2020
2022
2020
Balances:
£
£
£
£
Accelerated capital allowances
821,613
485,807
-
-
Tax losses
-
-
-
235,729
821,613
485,807
-
235,729
2022
Movements in the Period:
£
Liability at 1 November 2020
250,078
Charge to profit or loss
375,548
Effect of change in tax rate - profit or loss
195,987
Liability at 31 March 2022
821,613
18
Government grants
2022
2020
£
£
Arising from government grants
-
210,073
Deferred income is included in the financial statements as follows:
Current liabilities
50,116
Non-current liabilities
159,957
210,073
19
Retirement benefit schemes
2022
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
188,316
140,553
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.
J.H. LAVENDER & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 27 -
20
Share capital
2022
2020
2022
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
21
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2022
2020
£
£
Within one year
140,017
126,557
Between two and five years
231,528
376,306
371,545
502,863
22
Related party transactions
The company has taken advantage of exemptions available under FRS 10233.1A whereby transactions between two or more members of a group, where one is a wholly owned subsidiary of the other, have not been disclosed.
23
Ultimate controlling party
The parent company of J.H. Lavender & Company Ltd is
J.H. Lavender (Holdings) Ltd
.
The directors of J.H. Lavender (Holdings) Ltd are regarded as its controlling parties by virtue of their ability to act in concert in respect of the operations of the company.
J.H. Lavender & Company Ltd is consolidated into J.H. Lavender (Holdings) Ltd group accounts. Copies of group accounts can be obtained from the Company Secretary, Hall Green Works, Crankhall Lane, West Bromwich, West Midlands, B71 3JZ.
2022-03-31
2020-11-01
false
CCH Software
CCH Accounts Production 2022.300
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Dr A J Rose
Mr J M Warner
Mr J M Warner
Mr A Taylor
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2022-03-31
02999887
core:LeasedAssets
2019-11-01
2020-10-31
02999887
1
2020-11-01
2022-03-31
02999887
1
2019-11-01
2020-10-31
02999887
core:UKTax
2020-11-01
2022-03-31
02999887
core:UKTax
2019-11-01
2020-10-31
02999887
2
2020-11-01
2022-03-31
02999887
2
2019-11-01
2020-10-31
02999887
3
2020-11-01
2022-03-31
02999887
3
2019-11-01
2020-10-31
02999887
core:PlantMachinery
2020-10-31
02999887
core:FurnitureFittings
2020-10-31
02999887
core:ComputerEquipment
2020-10-31
02999887
core:MotorVehicles
2020-10-31
02999887
2020-10-31
02999887
core:WithinOneYear
2022-03-31
02999887
core:WithinOneYear
2020-10-31
02999887
core:BetweenTwoFiveYears
2022-03-31
02999887
core:BetweenTwoFiveYears
2020-10-31
02999887
bus:PrivateLimitedCompanyLtd
2020-11-01
2022-03-31
02999887
bus:FRS102
2020-11-01
2022-03-31
02999887
bus:Audited
2020-11-01
2022-03-31
02999887
bus:FullAccounts
2020-11-01
2022-03-31
xbrli:pure
xbrli:shares
iso4217:GBP