The director presents the strategic report for the period ended 31 December 2022.
Revenue increased from £25,029,043 in FY 2021 to £32,490,327 in FY 2022 which was extended to a 14 month fiscal year period to accommodate changing to calendar fiscal year 2023, this reflects an increase of 11.3% on a pro-rata basis. The business remained stable from a customer and profitability perspective during FY 22 despite the challenges related to coming out of the final restrictions presented by Covid-19 and the new challenges of war in Ukraine; vastly increased shipping costs for imported goods and significant raw materials increases during 2022.
We ensured to both maintain margins and profitability as best possible in light of significantly increased costs to the business. Although it was not a significant year in terms of growth opportunities, the business adapted to changing market conditions where some customer market sectors, notably fertiliser, had reduced demands as a result of high shipping and energy costs as well as reduced base material availability due to the war.
Customer service levels and trust remained critical during the course of the period which was recognised in terms of customer loyalty. The continued ability to flex our own manufacturing output together with the utilisation of third-party suppliers for both components and finished products continued to be very important to ensure we were able to provide a high level of customer service. Many aspects regarding the way of managing and meeting customers had changed during the Covid-19 pandemic and although restrictions were lifted, travel was still much less than pre-Covid-19 and more meetings continued to be facilitated via Teams, Webex and Zoom interfaces.
The business also managed successfully the transition out of Greif to FPS Flexibles and single ownership with company name changed and new branding executed on 1 st April 2022. The UK packaging taxation became effective April 1 st 2022 whereas all plastic products initially were liable to incur a taxation rate of £0.20 per Kg where a minimum of 30% recycled content was not present. This taxation costs was passed to all customers in the form of a sales price increase to accommodate the tax. As we progressed through 2022, FPS was able to provide customers with a solution to include minimum 30% recycled content in products via our own recycling facility and also via 3 rd party suppliers for components. Most of the fertiliser sector customers were transitioned by the end of 2022 to products containing a minimum 30% PCR and therefore avoiding taxation fees. Other sectors such as chemical are being developed to introduce the recycled and more sustainable material content.
Despite the obvious challenges, we saw a stable period in terms of operating profit from £954,862 in FY 2021 to £684,391 in FY 2022, this represents a pro-rata £586,621 for the period.
Liquidity risk
Liquidity risk is the risk that the company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the company's reputation. The company, as part of the wider Flexibles Group, has access to the support of its parent company, FPS Trading Holding B.V., in relation to its financing arrangements.
Credit risk
Credit risk is the risk of financial loss to the company if a customer fails to meet its contractual obligations and arises principally from the company's receivables from customers.
The company’s trade receivables and receivables from group undertakings are stated after allowances for bad and doubtful debts based on management’s assessment of creditworthiness.
The company's exposure to credit risk is influenced mainly by the individual characteristics of each customer, including the default risk.
The company has established a credit policy under which each new customer is analysed individually for creditworthiness before payment and delivery terms and conditions are offered. Purchase limits are established for each customer, which represent the maximum open amount without requiring approval. There is no deemed concentration of credit risk.
Goods are sold subject to retention of title clauses, so that in the event of non-payment the company may have a secured claim.
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will affect the company's income. The objective of market risk management is to manage and control market risk exposures within acceptable parameters. The company's exposure in this respect is not material to its operations. Pricing mechanisms are agreed with major customers to cover exchange rate fluctuation and changes in the raw material index. By adopting this procedure, sensitivity to exchange rate exposure and raw material index fluctuations are automatically reflected in the sale price of a bag.
The company has effectively managed the post Brexit challenges in terms of importing and exporting and is competent in terms of associated documentary controls,
Our continued objective is to continue to keep all of our employees safe and to provide a safe working environment for all our employees. Our UK Plant continues to produce products entirely for the fertiliser industry which is fully related to the UK food chain. We therefore do not foresee any downturn in order activity during FY2023. We have taken into account increased operating costs at our plant and our suppliers' and customers' businesses alike. We continue to ensure that increased energy, labour and transport costs are effectively accounted for in the sales prices of our products. Products produced at our UK plant represents around 65% of our business, with the remaining 35% of our business comprising mainly 4-Loop bags purchased from inter-company factories and third party suppliers.
From April 1st 2022, we have had the UK packaging tax (PPT) to manage and are mitigating this in some sectors by producing and importing products with min 30% recycled content and for sectors and customers where the PPT is applicable. We have changed our ERP system format to allow us to accurately account and report PPT. In addition, we continue to manage pricing with customers on monthly or quarterly price adjustment mechanisms which account for variable costs such as indexes, transport etc. We also continue to operate spot pricing for customers that are not contracted and again take the variable cost factors into account when calculating sales prices.
Working capital key performance indicators are analysed and reviewed on a monthly basis. The individual components of the working capital cycle are reviewed i.e. Days Sales Outstanding (DSO) and Days Inventory Outstanding (DIO). Generally, when comparing the working capital key performance indicators 2022 to 2021, there has been little change.
Revenue is measured on a monthly basis against budget and the previous year’s performance. Revenue is reviewed on a combined basis for the three individual business sectors, 1-Loop, 4-Loop & Aggregates with all negative variances being investigated. The same process is adopted for both Gross Profit and Operating Profit.
The company manages its capital to ensure that it will be able to continue as a going concern. Finance is managed by the local finance team reporting to the Group Finance Management structure and funding managed by Group Treasury.
The company continues to review ongoing market dynamics as well as working practices and product innovation activities to ensure it remains flexible and agile to meet changing customer needs on time and in full. The business reviews efficiency levels continually whilst ensuring quality is maintained in all its processes.
The aim for the coming 12 months is to retain our current market share at both customers and industrial sectors alike. We are targeting growth in all sectors as market conditions improve, We are planning to enhance and expand our talent within the commercial team alongside efficiency improvements and new product innovations to promote future growth. The company will also introduce the use of recycled materials within its products as a sustainable value add and the promotion of circular economy objectives during the course of 2023.
The Director has assessed the going concern status of the Company by reference to a number of factors. In particular, the Director has considered the stability of market demand, the fact that the business is not overly dependent on any single customer or supplier and the fact that the business continues to retain its key staff. The Director considers of particular importance the fact that revenues are effectively distributed over a number of market sectors and customers including, agriculture, chemical, food, construction and pharmaceutical. Although there are significant increased costs which are impacting all businesses, the Board are positive about the ongoing ability to be competitive, providing added value and maintaining a solid level of profitability going forward. Therefore revenues and profitability of the Company continue to be positive and we are confident to manage the cash position of the Company effectively.
The Director therefore has full confidence in relation to the business as a going concern.
On behalf of the board
The director presents his annual report and financial statements for the period ended 31 December 2022.
On 1 April 2022 the company changed it name from Greif Flexibles UK Limited to FPS Flexibles Limited.
The results for the period are set out on the Income Statement and Statement of Financial Position.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
The director who held office during the period and up to the date of signature of the financial statements was as follows:
The company continues to review ongoing market dynamics as well as working practices and product innovation activities to ensure it remains flexible and agile to meet changing customer needs on time and in full. The business reviews efficiency levels continually whilst ensuring quality is maintained in all its processes.
The aim for the coming 12 months is to retain our current market share at both customers and industrial sectors alike. We are targeting growth in all sectors as market conditions improve, We are planning to enhance and expand our talent within the commercial team alongside efficiency improvements and new product innovations to promote future growth. The company will also introduce the use of recycled materials within its products as a sustainable value add and the promotion of circular economy objectives during the course of 2023.
The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
We have audited the financial statements of FPS Flexibles UK Limited (the 'company') for the period ended 31 December 2022 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies . The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.
Basis for opinion
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 director's 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 director with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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 director's 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 director's report have been prepared in accordance with applicable legal requirements.
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 director's 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
As explained more fully in the director's r esponsibilities s tatement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements , the director is responsible for assessing the company ' s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements .
A further description of our responsibilities 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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Performing audit work over the timing and recognition of revenue and in particular whether it has been recorded in the correct accounting period.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Use of our 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.
The income statement has been prepared on the basis that all operations are continuing operations.
FPS Flexibles UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dalton Airfield, Dalton, Thirsk, North Yorkshire, YO7 3HE. The company's principal activities and nature of its operations are disclosed in the director's report.
The reporting period is 14 months to 31 December 21 . The comparative figures relate to a 12 month period to 31 October 2021 . Therefore the comparatives figure are not wholly comparable to the new period.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The company recognises revenue from the following major sources:
Sale of polypropylene bags
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
The company's standard payment terms are between 30 and 60 days following the date of the invoice. Contracts with customers are based on a fixed price at the point of sale. There are no long-term or financing arrangements across the group.
Assets in the course of construction are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement .
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.
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.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either ' financial liabilities at fair value through profit or loss ' or ' other financial liabilities ' .
Other financial liabilities, including borrowings , t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method . For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The tax expense represents the sum of the tax currently payable and deferred tax.
At inception, the company assesses whether a contract is , or contains , a lease within the scope of IFRS 16. A contract is , or contains , a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property .
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in : future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Where the interest rate implicit in the lease cannot be readily determined, lease liabilities are discounted at the lessee’s incremental borrowing rate. This is the rate of interest that the lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. This involves assumptions and estimates, which would affect the carrying value of the lease liabilities and the corresponding right-of-use assets.
To determine the incremental borrowing rate the company uses recent third-party financing as a starting point, and adjusts this for conditions specific to the lease such as its term and security.
Inventories are valued at the lower cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete inventories. Calculation of these provisions requires judgements to be made, which include forecast consumer demand, the promotional, competitive and economic environment and inventory loss trends.
The expected loss rates are based on the company’s historical credit losses experienced over the three year period prior to the period end. The historical loss rates are then adjusted for current and forward-looking information on macroeconomic factors affecting the company’s customers. The company has identified the gross domestic product (GDP), unemployment rate and inflation rate as the key macroeconomic factors in the countries where the company operates.
The average monthly number of persons (including directors) employed by the company during the period was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2021 - 1).
The charge for the period can be reconciled to the profit per the income statement as follows:
An increase in the future main corporation tax rate to 25% from 1 April 2023, from the previously enacted 19%, was announced at the budget on 3 March 2021, and substantively enacted on 24 May 2021. The deferred tax balance at December 2022 has been calculated based on the future tax rate.
The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.
This investment represents 1% of the ordinary shares in LLC Storsack Ukraine, a private company incorporated in Ukraine, which manufactures and supplies flexible packaging for domestic use and exports.
An impairment loss of £215,279 (2021 - £88,594) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.
Receivables from group undertakings are unsecured, interest-free and repayable on demand.
The company does not hold any collateral as security.
The director considers that the carrying amount of trade and other receivables is approximately equal to their fair value.
The company applies the IFRS 9 simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables. To measure expected credit losses on a collective basis, trade receivables are grouped based on similar credit risk and aging.
The expected loss rates are based on the company’s historical credit losses experienced over the three year period prior to the period end. The historical loss rates are then adjusted for current and forward-looking information on macroeconomic factors affecting the company’s customers. The company has identified the gross domestic product (GDP), unemployment rate and inflation rate as the key macroeconomic factors in the countries where the company operates.
No significant receivable balances are impaired at the reporting end date.
The company's principal financial liabilities comprise trade payables and group undertakings. The main purpose of these financial liabilities is to provide finance for the company's operations. The company has various financial assets such as inventories and cash, which arise directly from its operations.
Credit risk
The company’s trade receivables and receivables from group undertakings are stated after allowances for bad and doubtful debts based on management’s assessment of creditworthiness.
The company's exposure to credit risk is influenced mainly by the individual characteristics of each customer, including the default risk.
The company has established a credit policy under which each new customer is analysed individually for creditworthiness before payment and delivery terms and conditions are offered. Purchase limits are established for each customer, which represent the maximum open amount without requiring approval. There is no deemed concentration of credit risk.
Goods are sold subject to retention of title clauses, so that in the event of non-payment the company may have a secured claim.
The maximum exposure to credit risk arising on the Company’s financial assets at the reporting date is equal to the carrying value of assets for both 31 December 2022 and 31 October 2021.
Liquidity risk
The company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the company's reputation. The company, as part of the wider Flexibles Group, has access to the support of its parent company, FPS Trading Holding B.V., in relation to its financing arrangements.
Market risk
The objective of market risk management is to manage and control market risk exposures within acceptable parameters. The company's exposure in this respect is not material to its operations. Pricing mechanisms are agreed with major customers to cover exchange rate fluctuation and changes in the raw material index. By adopting this procedure, sensitivity to exchange rate exposure and raw material index fluctuations are automatically reflected in the sale price of a bag.
Trade payables are outstanding supplier accounts within the normal credit terms which vary from 30 to 60 days.
Payables to group undertakings are unsecured, interest-free and repayable on demand.
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.
In addition to the deferred tax liability above, the company has additional unrecognised gross tax losses of £323,693 (2021: £323,693) relating to a non-trade loan relationship deficit carried forward.
All ordinary shares carry voting rights and full rights to profit and capital distribution.
Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:
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The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures .
During the period the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
The following amounts were outstanding at the reporting end date: