Company Registration No. 03826975 (England and Wales)
JDM Food Group Limited
Annual report and financial statements
for the year ended 31 December 2021
JDM Food Group Limited
Company information
Directors
Michael Voice
(Appointed 7 June 2021)
Hugues Marchand
(Appointed 7 June 2021)
Aisling Kemp
(Appointed 10 December 2021)
Secretary
David Hoult
Company number
03826975
Registered office
Monument Road
Bicker
Boston
PE20 3DJ
Independent auditor
Saffery Champness LLP
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
JDM Food Group Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 10
Statement of comprehensive income
11
Statement of financial position
13
Statement of changes in equity
12
Notes to the financial statements
14 - 33
JDM Food Group Limited
Strategic report
For the year ended 31 December 2021
Page 1
The directors present the strategic report for the year ended 31 December 2021.
The principal activity of the Company is the manufacture and supply of food products.
Business review
The Company has remained resilient throughout the pandemic and continued to grow, despite repeated lockdowns during the period. Despite the challenges faced, the Company was well placed in the channels in which it operates and the directors are pleased with the results.
On 7 June 2021, JDM 2010 Limited, being the parent company of JDM Food Group Limited, was acquired by JDM Food Holdings Limited creating the consolidated group. The consolidated group performance is shown with the Sunridge JDM I Limited accounts available from Companies House.
Principal Risks and Uncertainties
The principal risks facing the Company can broadly be classified as financial. The directors have measures in place in order to mitigate such risks, which have proven to be effective.
Credit risk – Tight credit control procedures have meant that bad debts are generally minimal. A credit insurance policy is in place to mitigate any risk in this area.
Liquidity risk – Liquidity needs to be maintained in order to assist the Company's working capital. The time lag between the purchase of stock and the receipt of cash from customers could potentially pose a threat to the continued trade. A stock loan facility is in place from our bankers, in order to mitigate this area of risk.
Interest rate risk – The interest charged on the Company's banking facilities is monitored on a regular basis and the rate negotiated where necessary in order to minimise the interest payable.
Foreign exchange rate risk – The Company undertakes transactions in foreign currencies. With the recent volatility of the British Pound, there is a risk of incurring losses on exchange. Procedures are in place to try and minimise this risk which include hedging and matching the currency of receipts and payments.
Potential risk – Besides the usual business risks, the Company continues to monitor and manage the impact from the current cost of living crisis within the economy. Input cost pressures are being managed as much as possible, but inevitably there are price increases being passed on to customers where essential.
In response to the current cost of living crisis, the directors have proactively addressed the core central issues: employees, customers and business continuity, logistics, supply and demand and balance sheet resilience.
JDM Food Group Limited
Strategic report (continued)
For the year ended 31 December 2021
Page 2
Principal Risks and Uncertainties (continued)
Employees:
-
Numerous initiatives have been implemented in order to try and support our employees through the current cost of living crisis. These include monthly cost of living support vouchers, salary sacrifice schemes for more tax efficient benefits, and an awareness campaign across the group to ensure that any available benefits and channels of support are well understood.
Customers and business continuity:
-
Cash expenditure continues to be carefully monitored and steps taken to ensure that there is sufficient headroom in the Company's working capital requirements.
-
Continued investment in the factory, personnel and new product development are reviewed on a case-by-case basis and approved where investments support the Company in driving improved efficiencies, as well as creating additional capacity and capability for our future growth.
Logistics, supply and demand:
-
The timely and continued supply of raw materials continues to be carefully managed during the current cost of living crisis, where at times there have been supply availability pressures.
-
Alternative suppliers have been sourced where necessary, in order to bolster the robustness of our supply chain.
-
Suppliers continue to be paid on time and in full, in line with our agreed trading terms.
Balance sheet resilience:
-
The Company continues to perform well, with strong growth and carefully managed costs. Our new ownership has resulted in an increased ability to invest for the future growth of the business.
-
At the time of writing this report, we have just completed a partial refinancing of the Company, in order to further strengthen our balance sheet and long term resilience.
As such, at the date of signing this report, the directors do not consider that the economic impact of the current cost of living crisis will have a significant impact on the financial statements or on the long-term prospects of the Company.
Financial Key Performance Indicators
The financial statements reflect the performance for the year, showing the Key Performance Indicators ‘KPIs’ being; Turnover, Gross Profit, Net Profit and EBITDA.
The directors also reviewed gross and net profit as other Key Performance Indicators for the Company which is shown below:
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|
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Net profit/(loss) margin
(excluding exceptional impairment)
|
|
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JDM Food Group Limited
Strategic report (continued)
For the year ended 31 December 2021
Page 3
Promoting the success of the company
The principal activity of the Company is that the supply of core ingredients through to the manufacture of roasted vegetables, sauces, dressings, drizzles and marinades, and the Company’s success is entirely dependent on its ability to trade.
The Company consider staff to be one of their major stakeholders. Annual salary reviews are supplemented by regular benchmarking exercises.
The Company engages with suppliers on terms appropriate to its size and pays supplier invoices promptly.
The Company's customers are considered its key relationship. This includes having long term contracts with major customers and incorporates regular review meetings with senior management of the customers. The feedback from the customers is then shared with the staff in order to enhance relationships with the customers.
The Directors are conscious of the need to maintain the highest standard of business conduct, and compliance to laws and regulations is adhered to at all times.
Aisling Kemp
Director
22 September 2022
JDM Food Group Limited
Directors' report
For the year ended 31 December 2021
Page 4
The directors present their annual report and financial statements for the year ended 31 December 2021.
Principal activities
The principal activity of the Company continued to be that of the manufacture and supply of food products.
Results and dividends
The results for the year are set out on page 11.
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:
Timothy Bertin
(Resigned 8 September 2021)
Michael Voice
(Appointed 7 June 2021)
Philipp Saumweber
(Appointed 7 June 2021 and resigned 8 September 2021)
Jonathan Chesworth
(Resigned 7 June 2021)
Hugues Marchand
(Appointed 7 June 2021)
Aisling Kemp
(Appointed 10 December 2021)
Research and development
As at 31 December 2021 the Company was engaged in research and development in the product development of exciting on-trend and new dishes to customer specifications.
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Business relationships
The Company is committed to engaging with their principal stakeholders and views its suppliers, customers and employees as its principal stakeholders. All concerns or thoughts of our stakeholders are discussed at Board level and by direct engagement with stakeholders themselves. Every decision we make is taken with our stakeholders in mind and what is the best for the relationship in the long term. The customers’ opinions and feedback are taken into consideration when discussing strategy and performance.
Relationships with Suppliers are also maintained as a partnership in order to work effectively and efficiently.
Engagement with Employees
The Company values communication between management and employees on all matters affecting the welfare of its business. Regular management meetings are held between the local management and employees to allow a free flow of information and ideas.
JDM Food Group Limited
Directors' report (continued)
For the year ended 31 December 2021
Page 5
Future developments
The Company continues to invest in both production capacity and capability, which is creating significant added value opportunities.
The Company has the full support of its investors, as well as bankers HSBC.
Auditor
Saffery Champness LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic report
The
Company
has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the
Group
'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. It has done so in respect of
the Business review, Principal Risk and Uncertainties and Financial Key Performance Indicator sections.
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
C
ompany’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
C
ompany’s
auditor
is aware of that information.
JDM Food Group Limited
Directors' report (continued)
For the year ended 31 December 2021
Page 6
On behalf of the board
Aisling Kemp
Director
22 September 2022
JDM Food Group Limited
Independent auditor's report
To the members of JDM Food Group Limited
Page 7
Opinion
We have audited the financial statements of JDM Food Group Limited (the '
C
ompany') for the year ended 31 December 2021 which comprise the statement of comprehensive income, the statement of financial position, 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
S
tandard 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.
JDM Food Group Limited
Independent auditor's report (continued)
To the members of JDM Food Group Limited
Page 8
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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
the
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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the
C
ompany and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
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
C
ompany
'
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
C
ompany or to cease operations, or have no realistic alternative but to do so.
JDM Food Group Limited
Independent auditor's report (continued)
To the members of JDM Food Group Limited
Page 9
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
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the Company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the Company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the Company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud
.
JDM Food Group Limited
Independent auditor's report (continued)
To the members of JDM Food Group Limited
Page 10
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.
Alistair Hunt (Senior Statutory Auditor)
For and on behalf of Saffery Champness LLP
22 September 2022
Chartered Accountants
Statutory Auditors
Westpoint
Peterborough Business Park
Lynch Wood
Peterborough
PE2 6FZ
JDM Food Group Limited
Statement of comprehensive income
For the year ended 31 December 2021
Page 11
2021
2020
Notes
£
£
Turnover
3
62,119,860
57,759,717
Cost of sales
(48,125,825)
(44,483,800)
Gross profit
13,994,035
13,275,917
Administrative expenses-continuing
(10,731,134)
(10,317,111)
Administrative expenses- exceptional items
4
(2,070,013)
(4,397,391)
Administrative expenses
(12,801,147)
(14,714,502)
Operating profit/(loss)
5
1,192,888
(1,438,585)
Analysed as:
Adjusted EBITDA pre exceptionals
4,815,290
4,391,943
- Amortisation of intangible assets
-
(4,583)
- Depreciation of tangible fixed assets
(1,563,260)
(1,428,554)
- Profit on disposal of tangible fixed assets
5
10,871
-
- Exceptional items
4
(2,070,013)
(4,397,391)
Operating profit/(loss)
1,192,888
(1,438,585)
Interest receivable and similar income
9
13,514
28,040
Interest payable and similar expenses
10
(185,698)
(186,212)
Profit/(loss) before taxation
1,020,704
(1,596,757)
Tax on profit/(loss)
11
(469,125)
(337,066)
Profit/(loss) for the financial year
551,579
(1,933,823)
The income statement has been prepared on the basis that all operations are continuing operations.
There was no other comprehensive income for 2021 (2020: £nil).
JDM Food Group Limited
Statement of changes in equity
For the year ended 31 December 2021
Page 12
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2020
50,000
8,722,805
8,772,805
Year ended 31 December 2020:
Loss and total comprehensive income for the year
-
(1,933,823)
(1,933,823)
Dividends
12
-
(155,000)
(155,000)
Balance at 31 December 2020
50,000
6,633,982
6,683,982
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
551,579
551,579
Balance at 31 December 2021
50,000
7,185,561
7,235,561
JDM Food Group Limited
Statement of financial position
As at 31 December 2021
Page 13
2021
2020
Notes
£
£
£
£
Fixed assets
Goodwill
14
19,963
Tangible assets
15
7,364,901
5,774,504
7,364,901
5,794,467
Current assets
Stocks
16
6,496,417
5,846,394
Debtors
17
8,270,720
9,323,037
Cash at bank and in hand
7,708
270,058
14,774,845
15,439,489
Creditors: amounts falling due within one year
18
(13,224,796)
(13,474,723)
Net current assets
1,550,049
1,964,766
Total assets less current liabilities
8,914,950
7,759,233
Creditors: amounts falling due after more than one year
19
(934,326)
(799,313)
Provisions for liabilities
Deferred tax liability
22
(745,063)
(275,938)
Net assets
7,235,561
6,683,982
Capital and reserves
Called up share capital
24
50,000
50,000
Profit and loss reserves
25
7,185,561
6,633,982
Total equity
7,235,561
6,683,982
The financial statements were approved by the board of directors and authorised for issue on 22 September 2022 and are signed on its behalf by:
Aisling Kemp
Director
Company Registration No. 03826975
JDM Food Group Limited
Notes to the financial statements
For the year ended 31 December 2021
Page 14
1
Accounting policies
Company information
JDM Food Group Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Monument Road, Bicker, Boston, PE20 3DJ.
The principal activity is disclosed in the Directors' 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
C
ompany.
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
c
ompany 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
C
ompany has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
-
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’
:
Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument;
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
C
ompany are consolidated in the financial statements of
Sunridge JDM I Limited
. These consolidated financial statements are available from its registered office
, Monument Road, Bicker, Boston, PE20 3DJ.
JDM Food Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies (continued)
Page 15
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
Company
has adequate resources to continue in operational existence for the foreseeable future.
In forming this expectation, the directors have considered a period in excess of 12 months from the date of approval of the financial statements. T
hus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is
recognised in respect of the supply of food products during the year, exclusive of value added tax and trade discounts
.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
-
the Company has transferred the significant risks and rewards of ownership to the buyer;
-
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
-
the amount of turnover can be measured reliably;
-
it is probable that the Company will receive the consideration due under the transaction; and
-
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and acquirer's interest in the fair value of the company's share of its identifiable assets and liabilities of the acquiree at the date of the acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and the accumulated impairment losses. Goodwill is amortised on a straight line basis to the consolidated statement of comprehensive income over its useful economic life, being 10 years.
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses
.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten 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.
JDM Food Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies (continued)
Page 16
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 land and buildings
Over the life of the lease
Plant and equipment
20% straight line
Fixtures and fittings
33.3% straight line
Computers
33.3% straight line
Motor vehicles
30% 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
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.
1.7
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
JDM Food Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies (continued)
Page 17
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.
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
C
ompany 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 statement of financial position when the
C
ompany 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, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
JDM Food Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies (continued)
Page 18
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
and
loans from
fellow group, 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.
JDM Food Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies (continued)
Page 19
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
income statement
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.
JDM Food Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies (continued)
Page 20
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the
C
ompany 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.
1.12
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
C
ompany 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 statement of financial position 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.
JDM Food Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
1
Accounting policies (continued)
Page 21
1.15
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.
1.16
Exceptional items are transactions that the directors consider do not fall within the ordinary activities of the company and are presented separately in the Statement of Comprehensive Income due to their nature or size.
2
Critical accounting 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.
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.
Estimated useful lives and residual values of fixed assets
Depreciation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the Directors. Estimated useful lives and residual values are reviewed annually and will be revised as appropriate.
Stock provision
The Company calculates the impairment of the carrying value of stock by assessing the amount and value of obsolete and slow-moving stock, in addition to stock past its expiration date.
3
Turnover and other revenue
The whole of turnover is attributable to the supply of food products during the current and previous year.
JDM Food Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
3
Turnover and other revenue (continued)
Page 22
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
59,743,600
55,119,809
Rest of Europe
2,376,260
2,639,908
62,119,860
57,759,717
4
Exceptional items
2021
2020
£
£
Expenditure
Impairment of intercompany debts
-
4,397,391
Costs associated with the acquisition of the Company
1,434,914
-
Restructuring costs
336,648
-
Impairment charges
298,451
-
2,070,013
4,397,391
Costs associated with the acquisition of the
C
ompany include professional fees and settlement of employee-related liabilities, which were costs incurred as part of the
C
ompany's acquisition.
Restructuring costs relate to one-off costs relating to restructuring of the
C
ompany's senior management team post-acquisition and operational restructuring to deliver efficiencies in future periods.
Impairment charges relate to tangible and intangible fixed assets.
The prior year impairment of intercompany debts relates to the the clearing down of balances ahead of the sale of the business.
JDM Food Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
Page 23
5
Operating profit/(loss)
2021
2020
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
1,181,225
1,428,554
Depreciation of tangible fixed assets held under finance leases
382,035
Impairment of owned tangible fixed assets
278,488
Profit on disposal of tangible fixed assets
(10,871)
Amortisation of intangible assets
4,583
Impairment of intangible assets
19,963
Operating lease charges
282,705
200,000
6
Auditor's remuneration
2021
2020
Fees payable to the Company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the Company
36,750
24,500
For other services
Taxation compliance services
4,000
27,100
7
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
275,614
706,796
Company pension contributions to defined contribution schemes
1,319
3,503
276,933
710,299
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
275,614
706,796
Company pension contributions to defined contribution schemes
1,319
3,503
JDM Food Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
Page 24
8
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Director and key management personnel
8
7
Management/clerical staff
59
63
Factory staff
322
299
Total
389
369
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
14,131,171
13,742,681
Social security costs
1,096,282
937,552
Pension costs
620,331
464,985
15,847,784
15,145,218
9
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest on bank deposits
13,514
Other interest receivable on amounts due from related parties
28,040
Total income
13,514
28,040
JDM Food Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
Page 25
10
Interest payable and similar expenses
2021
2020
£
£
Interest on bank overdrafts and loans
138,443
156,686
Other loan interest payable
129
4,706
Interest on finance leases and hire purchase contracts
47,126
24,820
185,698
186,212
11
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
(78,225)
Adjustments in respect of prior periods
82,457
Total current tax
4,232
Deferred tax
Origination and reversal of timing differences
469,125
332,834
Total tax charge
469,125
337,066
JDM Food Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
11
Taxation (continued)
Page 26
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Profit/(loss) before taxation
1,020,704
(1,596,757)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
193,934
(303,384)
Tax effect of expenses that are not deductible in determining taxable profit
94,590
15,291
Adjustments in respect of prior years
82,457
Group relief
(5,194)
Permanent capital allowances in excess of depreciation
6,980
(58,622)
Research and development tax credit
(541,281)
Loan relationship charges not deductible for tax purposes
809,771
Deferred taxation
178,815
332,834
Taxation charge for the year
469,125
337,066
12
Dividends
2021
2020
£
£
Final paid
155,000
JDM Food Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
Page 27
13
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2021
2020
Notes
£
£
In respect of:
Goodwill
14
19,963
Property, plant and equipment
15
278,488
Recognised in:
Exceptional expenditure
298,451
-
14
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
50,000
Amortisation and impairment
At 1 January 2021
30,037
Impairment losses
19,963
At 31 December 2021
50,000
Carrying amount
At 31 December 2021
At 31 December 2020
19,963
More information on impairment
movements
in the
year is given in note 13.
Amortisation is charged to administrative expenses.
JDM Food Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
Page 28
15
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2021
4,895,111
4,448,896
848,721
156,055
316,966
10,665,749
Additions
1,332,648
1,801,921
286,758
63,069
21,534
3,505,930
Disposals
(192,241)
(192,241)
At 31 December 2021
6,227,759
6,250,817
1,135,479
219,124
146,259
13,979,438
Depreciation and impairment
At 1 January 2021
1,462,903
2,583,781
590,171
99,960
154,430
4,891,245
Depreciation charged in the year
458,539
782,039
219,964
41,251
61,467
1,563,260
Impairment losses
278,488
278,488
Eliminated in respect of disposals
(118,456)
(118,456)
At 31 December 2021
1,921,442
3,644,308
810,135
141,211
97,441
6,614,537
Carrying amount
At 31 December 2021
4,306,317
2,606,509
325,344
77,913
48,818
7,364,901
At 31 December 2020
3,432,208
1,865,115
258,550
56,095
162,536
5,774,504
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
2020
£
£
Plant and equipment
1,129,263
475,138
Fixtures and fittings
18,715
61,628
Motor vehicles
45,454
140,232
Leasehold land and buidlings
50,563
110,442
1,243,995
787,440
During the year, impairment losses of £278,488 (2020: £nil) were recognised.
JDM Food Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
Page 29
16
Stocks
2021
2020
£
£
Raw materials
5,214,239
4,407,543
Work in progress
209,544
1,034,185
Finished goods and goods for resale
1,072,634
404,666
6,496,417
5,846,394
The difference between purchase price or production cost of stocks and their replacement cost is not material.
17
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
7,015,070
8,215,091
Corporation tax recoverable
449,914
Other debtors
1,038,606
566,670
Prepayments and accrued income
217,044
91,362
8,270,720
9,323,037
18
Creditors: amounts falling due within one year
2021
2020
Notes
£
£
Bank loans and overdrafts
20
3,924,415
4,543,750
Other borrowings
20
3,677,235
776,907
Obligations under finance leases
21
429,585
342,910
Trade creditors
3,928,570
5,899,072
Amounts owed to group undertakings
229,787
Taxation and social security
271,200
243,233
Other creditors
102,211
Accruals and deferred income
764,004
1,566,640
13,224,796
13,474,723
JDM Food Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
Page 30
19
Creditors: amounts falling due after more than one year
2021
2020
Notes
£
£
Obligations under finance leases
21
934,326
799,313
20
Loans and overdrafts
2021
2020
£
£
Bank loans
3,916,869
4,335,229
Bank overdrafts
7,546
208,521
Other borrowings
3,677,235
776,907
7,601,650
5,320,657
Payable within one year
7,601,650
5,320,657
Bank loans are stock loans and other borrowings are invoice financing. These loans and the overdraft facility are secured by fixed and floating charges over
the current and future assets of the company charged at 2.2% per annum
over the Bank's Sterling Base Rate.
All
bank or
loan facilities are secured by way of a debenture including a fixed charge over all present
freehold and leasehold property, a first fixed charge over book and other debts, chattels,
goodwill and uncalled capital, both present and a future and First Floating
Charge over all
assets and undertaking both present and future dated 1
July 2005.
Both fixed and a floating charge containing negative pledges are held by HSBC over all of the properties and undertakings of the Company.
21
Finance lease obligations
2021
2020
Future minimum lease payments due under finance leases:
£
£
Within one year
429,585
342,910
In two to five years
934,326
305,933
In over five years
493,380
1,363,911
1,142,223
JDM Food Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
21
Finance lease obligations (continued)
Page 31
Finance lease payments represent rentals payable by the Company for certain items of plant and machinery.
Finance lease obligations are secured on the assets to which they relate.
22
Deferred taxation
The following are the major deferred tax liabilities recognised by the Company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
753,588
275,938
Retirement benefit obligations
(8,525)
-
745,063
275,938
2021
Movements in the year:
£
Liability at 1 January 2021
275,938
Charge to profit or loss
469,125
Liability at 31 December 2021
745,063
The deferred tax liability set out above is expected to reverse in part within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
23
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit and loss in respect of defined contribution schemes
620,331
464,985
The
C
ompany 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.
JDM Food Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
23
Retirement benefit schemes (continued)
Page 32
At the balance sheet date, outstanding contributions amounted to £20,556 (2020: £nil) and are included in other creditors.
24
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
25
Profit and loss reserves
This includes all retained profits and losses after the payment of dividends.
26
Operating lease commitments
Lessee
At the reporting end date the Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2020
£
£
Within one year
329,048
144,197
Between two and five years
984,031
63,277
1,313,079
207,474
27
Events after the reporting date
On 20 July 2022, a further 802,525 Ordinary shares each with a nominal value of £1 were issued for an aggregate consideration of £802,525.
Additionally, On 20 July 2022, the Group agreed an additional Term loan with HSBC Bank plc for £8.795m for the settlement of shareholder loans relating to the acquisition in the period along with future capital expenditure projects. The loan is secured by cross-guarantees from all Group companies of which JDM Food Group Limited is one.
28
Related party transactions
Transactions with related parties
In accordance with
the available exemption under
FRS 102, the
C
ompany has not disclosed transactions with
other wholly owned members of the same group of undertakings.
JDM Food Group Limited
Notes to the financial statements (continued)
For the year ended 31 December 2021
Page 33
29
Ultimate controlling party
The immediate parent undertaking is JDM 2010 Limited. The ultimate parent undertaking is Sunridge JDM I Limited.
In the opinion of the directors, there is no ultimate controlling party.
The smallest and largest group of undertakings for which group financial statements have been drawn up including the Company is that headed by Sunridge JDM I Limited. Copies of group financial statements can be obtained from Companies House, Cardiff.
2021-12-31
2021-01-01
false
CCH Software
CCH Accounts Production 2022.100
Timothy Bertin
Michael Voice
Philipp Saumweber
Jonathan Chesworth
Hugues Marchand
Aisling Kemp
David Hoult
03826975
2021-01-01
2021-12-31
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2021-01-01
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2021-01-01
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03826975
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03826975
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2021-01-01
2021-12-31
03826975
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2021-01-01
2021-12-31
03826975
2021-12-31
03826975
2020-01-01
2020-12-31
03826975
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2020-01-01
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03826975
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2020-01-01
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2020-01-01
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03826975
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2021-01-01
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03826975
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2019-12-31
03826975
core:RetainedEarningsAccumulatedLosses
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03826975
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03826975
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03826975
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2021-12-31
03826975
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2020-12-31
03826975
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core:LeasedAssetsHeldAsLessee
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03826975
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03826975
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03826975
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core:LeasedAssetsHeldAsLessee
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2020-12-31
03826975
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2020-12-31
03826975
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03826975
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03826975
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2021-01-01
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03826975
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03826975
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03826975
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03826975
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03826975
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03826975
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03826975
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03826975
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03826975
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03826975
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03826975
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2020-12-31
03826975
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2020-12-31
03826975
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03826975
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2020-12-31
03826975
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2020-12-31
03826975
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03826975
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03826975
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03826975
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03826975
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2020-12-31
03826975
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03826975
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2020-12-31
03826975
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03826975
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03826975
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03826975
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03826975
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03826975
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