Company Registration No. 04087435 (England and Wales)
BRANDS HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 APRIL 2021
BRANDS HOLDINGS LIMITED
COMPANY INFORMATION
Directors
A A Adegoke
A P O Dick
D M Meenan
Secretary
T J Piper
Company number
04087435
Registered office
Unit A
Brook Park East
Shirebrook
Mansfield
NG20 8RY
Auditor
PKF Smith Cooper Audit Limited
2 Lace Market Square
Nottingham
NG1 1PB
BRANDS HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 22
BRANDS HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 25 APRIL 2021
- 1 -
The directors present the strategic report for the period ended 25 April 2021.
Fair review of the business
The company made a profit before tax of £2.9m in the period compared with a loss before tax of £22.7m the prior period. This due to an investment impairment in the previous period of £37.4m.
Principle risks and uncertainties
Liquidity and cash flow risk
Funding and liquidity for the Company's operations are provided through group bank loans, overdrafts and shareholders' funds.
The company's objective is to maintain sufficient funding and liquidity for its requirements, but the availability of adequate cash resources from bank facilities and achieving continuity of funding in the current financial climate could be a risk to the company in future years.
Relationships with suppliers could break down if we are unable to pay them in line with out contractual obligations.
Coronavirus
The future levels of risk presented by COVID-19 and its impacts on the global economy, our business and the sector in which we operate are uncertain. Our business continuity and crisis management plans have been mobilised successfully across our group from the outset and our executive and senior management teams continue to manage the ongoing impacts on our business as a principal risk and with the oversight of the Board.
In this context, we continue to:
-
prioritise the safety of our people and our customers
-
stress test our solvency and liquidity
-
explore external analysis on our sector and the wider economy
-
manage our growth, performance and opportunity
-
manage our cash and financial controls over spend and approval
-
understand, respond to and comply with government guidelines in all respects
-
manage our supply chain and our supplier relationships
-
re-align our strategic response in terms of our online trading capability and customer service response
-
continue to evaluate the availability of our workforce to support our operations
During the period we enhanced our online capability to deal with increased demand.
We continue to manage the effects and evaluate the ongoing uncertainties of COVID-19 as a priority. Our principal risks otherwise remain unchanged in substance other than our mitigations continue to include the impacts on COVID-19 in context of those risks.
A detailed summary of the impacts of the coronavirus pandemic on our business is included in the Frasers Group plc Annual Report for FY20.
Brexit
On 24 December 2020, the UK entered into a Trade and Cooperation Agreement with the EU which governs the conduct of trade between the two partied, following the end of the transition agreement that existed until 31
December 2020.
Operationally there has been minimal disruption form the change and we continue to operate business as usual. We have investigated a Brexit response plan, which in particular includes a review of our supply chain, in order to mitigate the impact of increased VAT and duties, that are likely to our business following the change.
We consider that the process changes that we are in the course of instigating will mean that there will be no material financial impact on our business.
BRANDS HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 APRIL 2021
- 2 -
Key performance indicators
EBITDA is calculated by adding back the depreciation, amortisation and impairment charge of £36k (2020: £841k), the inter-company loan impairment gain of £704k (2020:charge of £7,731k), and the loss on foreign currency translation of £914k (2020: £885k) to the operating profit figure of £1,683k (2020: profit of £3,828k).
The company's EBITDA had decreased from a gain of £13,285k to a gain of £1,930k.
Future developments
The directors intend to continue to use the company as an investment holding company.
A A Adegoke
Director
21 April 2022
BRANDS HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 25 APRIL 2021
- 3 -
The directors present their annual report and financial statements for the period ended 25 April 2021.
Principal activities
The principal activity of the company continued to be that of an investment holding company.
Results and dividends
The results for the period are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
A A Adegoke
A P O Dick
D M Meenan
Qualifying third party indemnity provisions
Frasers Group plc (formerly Sports Direct International plc) has granted the directors of the company with Qualifying Third Party Indemnity provisions within the meaning given to the term by Sections 234 and 235 of the Companies Act 2006. This is in respect of liabilities to which they may become liable in their capacity as director of the company and of any company within the group. Such indemnities were in force throughout the financial year and will remain in force.
Auditor
PKF Smith Cooper Audit Limited 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 disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
On behalf of the board
A A Adegoke
Director
21 April 2022
BRANDS HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 25 APRIL 2021
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BRANDS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BRANDS HOLDINGS LIMITED
- 5 -
Opinion
We have audited the financial statements of Brands Holdings Limited (the 'company') for the period ended 25 April 2021 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 25 April 2021 and of its profit for the period then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the
directors'
use of the going concern basis of accounting in the preparation of the
financial statements
is not appropriate; or
-
the
directors have
not disclosed in the
financial statements
any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the
financial statements
are authorised for issue
.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial period for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
BRANDS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRANDS HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report 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 company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
directors
either
intend
to liquidate the company or to cease operations, or have no realistic alternative but to do so.
BRANDS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRANDS HOLDINGS LIMITED
- 7 -
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. Based on our understanding of the Company and industry, we identify the key laws and regulations affecting the Company. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We identified that the principal risk of fraud or noncompliance with laws and regulations related to:
-
management bias in respect of accounting estimates and judgements made;
-
management override of control;
-
posting of unusual journals or transactions
We focussed on those area that could give rise to a material misstatement in the Company financial statements.
Our procedures included, but were not limited to:
-
Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
-
Reviewing minutes of meetings of those charged with governance where available;
-
Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
-
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 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 bias.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
BRANDS HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BRANDS HOLDINGS LIMITED
- 8 -
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.
Sarah Flear (Senior Statutory Auditor)
For and on behalf of PKF Smith Cooper Audit Limited
26 April 2022
Chartered Accountants
Statutory Auditor
2 Lace Market Square
Nottingham
NG1 1PB
BRANDS HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 25 APRIL 2021
- 9 -
Period
Period
ended
ended
25 April
26 April
2021
2020
Notes
£000s
£000s
Administrative expenses
1,659
3,828
Income from shares in group undertakings
5
1,250
10,667
Interest receivable from group undertakings
5
8
197
Amounts written off investments
6
(18)
(37,354)
Profit/(loss) before taxation
2,899
(22,662)
Tax on profit/(loss)
7
Profit/(loss) for the financial period
2,899
(22,662)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BRANDS HOLDINGS LIMITED
BALANCE SHEET
AS AT
25 APRIL 2021
25 April 2021
- 10 -
2021
2020
Notes
£000s
£000s
£000s
£000s
Fixed assets
Intangible assets
9
26
62
Investments
10
156,121
77,002
156,147
77,064
Current assets
Debtors
12
77,939
66,773
Cash at bank and in hand
13
3
77,952
66,776
Creditors: amounts falling due within one year
13
(31,942)
(22,800)
Net current assets
46,010
43,976
Net assets
202,157
121,040
Capital and reserves
Share premium account
78,218
Profit and loss reserves
123,939
121,040
Total equity
202,157
121,040
The financial statements were approved by the board of directors and authorised for issue on 21 April 2022 and are signed on its behalf by:
A A Adegoke
Director
Company Registration No. 04087435
BRANDS HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 25 APRIL 2021
- 11 -
Share premium account
Profit and loss reserves
Total
Notes
£000s
£000s
£000s
Balance at 28 April 2019
143,702
143,702
Period ended 26 April 2020:
Loss and total comprehensive income for the period
-
(22,662)
(22,662)
Balance at 26 April 2020
121,040
121,040
Period ended 25 April 2021:
Profit and total comprehensive income for the period
-
2,899
2,899
Issue of share capital
14
78,218
-
78,218
Balance at 25 April 2021
78,218
123,939
202,157
BRANDS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 APRIL 2021
- 12 -
1
Accounting policies
Company information
Brands Holdings Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit A, Brook Park East, Shirebrook, Mansfield, NG20 8RY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest
£000. The principal activity of the company continued to be that of an investment holding company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
As permitted by FRS102, the company has taken advantage of the disclosure exemptions available under that standard in relation
to financial statements, presentation of a cash flow statement, and related party transactions with other wholly-owned members of the group
.
Where required, equivalent disclosures are given in the group accounts of Frasers Group plc (formerly Sports Direct International plc). The group accounts of Frasers Group plc (formerly Sports Direct International plc) are available to the public and can be obtained as set out in note 1
7.
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. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The financial statements are for the year ended 25th April 2021 (2020: year ended 26 April 2020).
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Trademarks
5 years straight line
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
BRANDS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 APRIL 2021
1
Accounting policies
(Continued)
- 13 -
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.6
Impairment of fixed assets
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 after 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
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
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.
BRANDS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 APRIL 2021
1
Accounting policies
(Continued)
- 14 -
1.9
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.
1.10
The financial statements present information about the company as an individual undertaking and not about its group. The company has not prepared group accounts as it is exempt from the requirements to do so by Section 400 of the Companies Act 2006 as it is a subsidiary undertaking of Frasers Group plc (formerly Sports Direct International plc), a company incorporated in England and Wales and is included in the consolidated accounts of that company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Recoverability of intercompany balances and investments
Management periodically assess the future performance of entities with which Brands Holdings Limited has a debtor balance, or holds an investment in to ascertain the recoverability of these assets. Judgement is involved in the assessment of future performance.
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.
Impairment of intangible assets
The calculation for considering the impairment of the carrying amount of intangible assets, specifically brands, trade marks and licenses, requires a comparison of the present value of the related cash flows to the value of the other intangible assets in the statement of financial position.
The calculation of present value requires an estimation of the future cash flows expected to arise from the other intangible assets and the selection of a suitable discount rate. Impairment is calculated by comparing the carrying amounts to the value in use derived from discounted cash flow projections for each CGU to which the intangible assets are allocated. Value in use calculations are based on five year management forecasts with a terminal growth rate applied thereafter, representing management's estimate of the long-term growth rate of the sector served by the CGUs.
BRANDS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 APRIL 2021
2
Judgements and key sources of estimation uncertainty
(Continued)
- 15 -
Impairment of investments
The company assesses at each reporting date whether the carrying value if investments may be impaired. If any such indication exists, the company estimates the recoverable amount of the investment based on fair value less costs to see or a value in use calculation.
3
Exceptional item
2021
2020
£000s
£000s
Expenditure
Exceptional costs
177
-
4
Operating profit
2021
2020
Operating profit for the period is stated after charging/(crediting):
£000s
£000s
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
914
885
Fees payable to the company's auditor for the audit of the company's financial statements
3
3
Intercompany debtor impairment
(704)
7,731
Amortisation of intangible assets
36
518
Impairment of intangible assets
323
Profit on disposal of investments
(1,896)
No directors received remuneration through this company (2020:nil).
5
Interest receivable and similar income
2021
2020
£000s
£000s
Interest income
Interest receivable from group companies
8
197
Income from fixed asset investments
Income from shares in group undertakings
1,250
10,667
Total income
1,258
10,864
Disclosed on the profit and loss account as follows:
Income from shares in group undertakings
1,250
10,667
Interest receivable from group undertakings
8
197
BRANDS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 APRIL 2021
5
Interest receivable and similar income
(Continued)
- 16 -
The income from shares in group undertakings in the current period related to dividends from the company's wholly owned subsidiaries Brands and Fashion NV, No Fear International Limited, Lonsdale Sports Limited and The Trademark Licensing Company.
The income from shares in group undertakings in the prior period related to dividends from the company's wholly owned subsidiaries Brands and Fashion NV and Donnay International SA.
6
Amounts written off investments
2021
2020
£000s
£000s
Other gains and losses
(18)
(37,354)
7
Taxation
The actual charge for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:
2021
2020
£000s
£000s
Profit/(loss) before taxation
2,899
(22,662)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
551
(4,306)
Group relief
3
55
Tax effect of expenses that are not deductible in determining taxable profit
44
6,031
Tax effect of income not taxable in determining taxable profit
(598)
(2,027)
UK transfer pricing adjustment for notional interest
247
Taxation charge for the period
-
-
BRANDS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 APRIL 2021
- 17 -
8
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2021
2020
Notes
£000s
£000s
In respect of:
Intangible assets
9
323
Fixed asset investments
10
18
37,354
Amounts owed by group undertakings
-
7,731
Recognised in:
Administrative expenses
-
323
Amounts written off investments
18
37,354
9
Intangible fixed assets
Trademarks
£000s
Cost
At 27 April 2020 and 25 April 2021
3,907
Amortisation and impairment
At 27 April 2020
3,845
Amortisation charged for the period
36
At 25 April 2021
3,881
Carrying amount
At 25 April 2021
26
At 26 April 2020
62
More information on impairment
movements
in the
period is given in note 8.
The estimated useful life of intangible assets is 5 to 6 years as this reflects the useful life of the company's brands.
10
Fixed asset investments
2021
2020
Notes
£000s
£000s
Investments in subsidiaries
11
156,121
77,002
BRANDS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 APRIL 2021
10
Fixed asset investments
(Continued)
- 18 -
Movements in fixed asset investments
Shares in subsidiaries
£000s
Cost or valuation
At 27 April 2020
114,356
Additions
79,137
At 25 April 2021
193,493
Impairment
At 27 April 2020
37,354
Impairment losses
18
At 25 April 2021
37,372
Carrying amount
At 25 April 2021
156,121
At 26 April 2020
77,002
11
Subsidiaries
Details of the company's subsidiaries at 25 April 2021 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
A P Brands Holdings
2
Wholesale
Ordinary
0
100.00
Acre 653 Limited
1
Dormant
Ordinary
0
100.00
Activator Brands Limited
1
Dormant
Ordinary
100.00
-
Activator Products Limited
1
Dormant
Ordinary
100.00
-
Active Apparel New Corp
3
Dormant
Ordinary
0
100.00
Beauty Brands Management Limited
1
Dormant
Ordinary
100.00
-
Bob's Store USA LLC
5
Holding Company
Ordinary
0
100.00
Brands 001 Limited
1
Dormant
Ordinary
100.00
-
Brands Africa Limited
1
Dormant
Ordinary
100.00
-
Brands and Fashion NV
4
Clothing Wholesale
Ordinary
100.00
-
Brands Holdings Sponsorship Limited
1
Holding Company
Ordinary
100.00
-
Brands Inc Limited
1
Sports Goods Wholesale
Ordinary
100.00
-
Campri Limited
1
Dormant
Ordinary
100.00
-
Carlton Sports Company Limited
1
Dormant
Ordinary
0
100.00
Carlton Shuttlecocks Limited
1
Dormant
Ordinary
0
100.00
David Geoffrey And Associates (UK) Limited
1
Dormant
Ordinary
0
100.00
Direct Golf IP Limited
1
Dormant
Ordinary
100.00
-
Donnay International SA
4
Clothing Wholesale
Ordinary
100.00
-
Eastchance Limited
8
Clothing Wholesale
Ordinary
0
100.00
European Branded Clearance Company Limited
1
Dormant
Ordinary
100.00
-
BRANDS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 APRIL 2021
11
Subsidiaries
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
(Continued)
- 19 -
Everlast Sports International Inc. Corp
12
Wholesale
Ordinary
0
100.00
Everlast Sports Mfg Corp
6
Wholesale
Ordinary
0
100.00
Everlast World Boxing Headquarters Corp
6
Wholesale
Ordinary
0
100.00
Everlast Worldwide Inc
6
Sports Goods Wholesale
Ordinary
0
100.00
Feniger and Blackburn Limited
1
Dormant
Ordinary
0
100.00
Firetrap Limited
1
Fashion Wholesale
Ordinary
100.00
-
Gelert IP Limited
1
Dormant
Ordinary
100.00
-
Gelert Limited
1
Outdoor and Leisure Wholesale
Ordinary
100.00
-
Global Apparel (HK) Limited
8
Dormant
Ordinary
100.00
-
Golddigga Brands Limited
1
Dormant
Ordinary
100.00
-
Goudie Squash International Limited
1
Dormant
Ordinary
0
100.00
Gradidges Limited
1
Dormant
Ordinary
0
100.00
Graduate Clothing Limited
1
Dormant
Ordinary
0
91.00
Gul IP Limited
1
Dormant
Ordinary
100.00
-
Gul Watersports Limited
1
Outdoor and Leisure Wholesale
Ordinary
0
100.00
HK Sports & Golf Aktiebolag
11
Sports Clothing and Equipment
Ordinary
100.00
-
Hot Tuna IP Limited
1
Dormant
Ordinary
100.00
-
Kangol Holdings Limited
1
Holding Company
Ordinary
100.00
-
Kangol Limited
1
Licensing of Intellectual Property
Ordinary
0
100.00
Kangol Trustees Limited
1
Dormant
Ordinary
0
100.00
Karrimor Japan Limited
13
Sporting, Ski and Outdoor Goods
Ordinary
0
91.50
Karrimor Limited
1
Dormant
Ordinary
0
100.00
La Jolla (UK) Limited
1
Dormant
Ordinary
0
100.00
Litesome Sportswear Limited
1
Dormant
Ordinary
0
100.00
Lonsdale Boxing Limited
1
Dormant
Ordinary
100.00
-
Lonsdale Sports Limited
1
Licensing of Intellectual Property
Ordinary
100.00
-
Masters Holders Limited
1
Dormant
Ordinary
0
100.00
Mississippi Manufacturing LLC
5
Dormant
Ordinary
100.00
-
Mountain Sports LLC
5
Outdoor and Leisure Retail
Ordinary
0
100.00
Muddyfox IP Limited
1
Dormant
Ordinary
100.00
-
Muddyfox Limited
1
Dormant
Ordinary
0
100.00
Nevica IP Limited
1
Dormant
Ordinary
100.00
-
No Fear Brand Limited
1
Dormant
Ordinary
100.00
-
No Fear International Limited
1
Licensing
Ordinary
100.00
-
No Fear USA Limited
1
Dormant
Ordinary
100.00
-
Oldco 10 Limited
1
Dormant
Ordinary
100.00
-
Olympus Ventures Limited
1
Dormant
Ordinary
0
100.00
Paddle Sport Limited
1
Dormant
Ordinary
100.00
-
Propeller (U.K.) Limited
1
Dormant
Ordinary
100.00
-
Puffa IP Limited
1
Licensing of Intellectual Property
Ordinary
100.00
-
Queensberry Boxing IP Limited
1
Dormant
Ordinary
100.00
-
Queensberry Rules Limited
1
Dormant
Ordinary
100.00
-
BRANDS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 APRIL 2021
11
Subsidiaries
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
(Continued)
- 20 -
Republic IP Limited
1
Dormant
Ordinary
100.00
-
S&B Brands Limited
1
Dormant
Ordinary
100.00
-
SC (Subco 2016) Limited
1
Dormant
Ordinary
0
100.00
SC (Trustco 2016) Limited
1
Dormant
Ordinary
0
100.00
SC Sports (SG) PTE
7
Dormant
Ordinary
0
100.00
SC (ESOP) Limited
1
Dormant
Ordinary
0
100.00
SDI Gift Card LLC
5
Gift Card Management
Ordinary
0
100.00
SDI Holdings USA Inc
5
Holding Company
Ordinary
100.00
-
SDI Lifestyle Limited
1
Fashion Wholesale
Ordinary
100.00
-
SDI Sport Group Americas Inc
5
Wholesale
Ordinary
100.00
-
SDI Sports (SC2016) Limited
1
Dormant
Ordinary
0
100.00
SDI Stores LLC
5
Outdoor and Leisure Retail
Ordinary
0
100.00
SDI USA LLC
5
Holding Company
Ordinary
0
100.00
SDI Ventures LLC
5
Holding Company
Ordinary
0
100.00
Slazenger Carlton (Holdings) Limited
1
Holding Company
Ordinary
100.00
-
Slazengers Australia Limited
1
Dormant
Ordinary
100.00
-
Slazengers Limited
1
Dormant
Ordinary
0
100.00
Smith & Brooks (Germany) Limited
1
Dormant
Ordinary
0
100.00
Smith & Brooks (India) Limited
1
Dormant
Ordinary
0
100.00
Smith & Brooks Limited
1
Dormant
Ordinary
0
100.00
Smith and Brooks Group Limited
1
Holding Company
Ordinary
0
100.00
Smith and Brooks Holdings Limited
1
Holding Company
Ordinary
100.00
-
Sondico IP Limited
1
Dormant
Ordinary
100.00
-
Sports Essentials Limited
1
Dormant
Ordinary
100.00
-
Sportsdirect.com (Asia) Limited
8
Holding Company
Ordinary
100.00
-
Sterling Resources (Holdings) Limited
1
Dormant
Ordinary
100.00
-
Sterling Resources Limited
1
Dormant
Ordinary
0
100.00
Straub Corporation Limited
1
Dormant
Ordinary
100.00
-
Summercombe 167 Limited
1
Dormant
Ordinary
0
100.00
The Antigua Group Inc
9
Wholesale
Ordinary
0
100.00
The Trademark Licensing Company Limited
1
Dormant
Ordinary
0
100.00
Universal Cycles Limited
1
Sports and Cycling Wholesale
Ordinary
0
100.00
UP Brands Limited
1
Dormant
Ordinary
100.00
-
USA Pro IP Limited
1
Dormant
Ordinary
100.00
-
USC IP Limited
1
Dormant
Ordinary
100.00
-
Visionfigure Limited
1
Dormant
Ordinary
0
100.00
Voodoo Dolls Brand Limited
1
Dormant
Ordinary
100.00
-
Waterline Angling Products Limited
1
Outdoor and Leisure Wholesale
Ordinary
100.00
-
Westminster Manufacturing LLC
10
Dormant
Ordinary
0
100.00
William Sykes Limited
1
Dormant
Ordinary
0
100.00
Worthyfund Limited
1
Dormant
Ordinary
0
100.00
Everlast Australia Limited
1
Dormant
Ordinary
0
100.00
Ciro Citterio Brands Limited
1
Dormant
Ordinary
100.00
-
SDI (Brands 1) Limited
1
Dormant
Ordinary
100.00
-
SDI (Nfsk) Limited
1
Dormant
Ordinary
0
100.00
Sportsdirect.com (Shanghai) Limited
15
Wholesale
Ordinary
0
100.00
BRANDS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 APRIL 2021
11
Subsidiaries
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
(Continued)
- 21 -
Sportsdirect.com (Taiwan) Limited
16
Wholesale
Ordinary
0
100.00
Sportsdirect.com China PTE Limited
14
Wholesale
Ordinary
0
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Unit A, Brook Park East, Shirebrook, NG20 8RY
2
Level 8 Symphony House, Pusat Dagabgan Dana 1, Jalan PJU 1A/46, 47301 Petaling Jaya, Selangor, Malaysia
3
Cogency Global Inc. 850 New Burton Road Suite 201Dover Delaware 19904, USA
4
Leopoldstraat, nr.79.2800 Mechelen, Belgium
5
The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle County DE 19801, USA
6
Corporation Service Company 80 State Street, Albany, New York, 12207-2543, USA
7
60 Paya Lebar Road, 08-43, Paya Lebar Square, 40951, Singapore
8
Unit 1903B & 1905, Exchange Tower,, 33 Wang Chiu Road, Kowloon Bay, Kowloon, Hong Kong
9
3773 Howard Huges Pkway, STE 500S Las Vegas, Nevada, USA 89169-6014
10
2 Office Park Court, Suite 103, Coumbia SC 29233 USA
11
Eskiolstorpsvagen 7, 269 96, Bastad, Sweden
12
42 West 39th Street, 3rd Floor New York, New York, 10018
13
Aminaka Kudan Building 6/F, 1-14-17 Kundankita, Chiyoda-ku, Tokyo, 102-0073, Japan
14
No.1101, 11th Floor, A Building, , Genzon Times Square, Long C, Long Cheng Avenue 89, Long Gang Central Business District, , Shen Zhen City, China, China
15
Room 315, 3rd Floor Building 2, No 239 Gang'ao Road, China (Shanghai) Pilot Free Zone, Shanghai, China
16
17F,-5, No 500, Shizheng Rd, Xitub District, 40757, Taiwan
12
Debtors
2021
2020
Amounts falling due within one year:
£000s
£000s
Amounts owed by group undertakings
77,939
66,773
13
Creditors: amounts falling due within one year
2021
2020
£000s
£000s
Trade creditors
6
6
Amounts owed to group undertakings
31,690
22,401
Taxation and social security
1
130
Accruals and deferred income
245
263
31,942
22,800
BRANDS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 APRIL 2021
- 22 -
14
Share capital
2021
2020
2021
2020
Ordinary shares of £1 each
104
4
-
-
15
Reserves
The Reserves account includes all current and prior period retained profit and losses.
16
Related party transactions
The company has taken advantage of the exemption under FRS102 Section 33.1A Related Party Disclosures from disclosing transactions with other groups entities.
17
Ultimate controlling party
The ultimate controlling party is M J W Ashley, by virtue of his 100% ownership of MASH Holdings Limited, the ultimate parent company. MASH holdings Limited indirectly holds the majority of shares in Frasers Group plc (formerly Sports Direct International plc), who own 100% of the share capital of SDI Property Limited (the intermediate parent company).
Frasers Group plc (formerly Sports Direct International plc) is the smallest company and MASH Holdings Limited is the largest company to consolidate these accounts. Both Frasers Group plc (formerly Sports Direct International plc) and MASH Holdings Limited are companies registered in England and Wales. A copy of the respective group accounts can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
2021-04-25
2020-04-27
false
CCH Software
CCH Accounts Production 2022.100
A A Adegoke
A P O Dick
D M Meenan
T J Piper
0
04087435
2020-04-27
2021-04-25
04087435
bus:Director1
2020-04-27
2021-04-25
04087435
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2020-04-27
2021-04-25
04087435
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2020-04-27
2021-04-25
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2020-04-27
2021-04-25
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2021-04-25
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2021-04-25
04087435
2019-04-28
2020-04-26
04087435
core:RetainedEarningsAccumulatedLosses
2019-04-28
2020-04-26
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core:RetainedEarningsAccumulatedLosses
2020-04-27
2021-04-25
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core:OtherResidualIntangibleAssets
2021-04-25
04087435
core:OtherResidualIntangibleAssets
2020-04-26
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2021-04-25
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2020-04-26
04087435
core:CurrentFinancialInstruments
core:WithinOneYear
2021-04-25
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core:CurrentFinancialInstruments
core:WithinOneYear
2020-04-26
04087435
core:CurrentFinancialInstruments
2021-04-25
04087435
core:CurrentFinancialInstruments
2020-04-26
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2021-04-25
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2020-04-26
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2021-04-25
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2020-04-26
04087435
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2019-04-27
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core:RetainedEarningsAccumulatedLosses
2019-04-27
04087435
2019-04-27
04087435
core:SharePremium
2020-04-27
2021-04-25
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core:IntangibleAssetsOtherThanGoodwill
2020-04-27
2021-04-25
04087435
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
2020-04-27
2021-04-25
04087435
core:IntangibleAssetsOtherThanGoodwill
2019-04-28
2020-04-26
04087435
core:UKTax
2020-04-27
2021-04-25
04087435
core:UKTax
2019-04-28
2020-04-26
04087435
1
2020-04-27
2021-04-25
04087435
1
2019-04-28
2020-04-26
04087435
2
2020-04-27
2021-04-25
04087435
2
2019-04-28
2020-04-26
04087435
3
2020-04-27
2021-04-25
04087435
3
2019-04-28
2020-04-26
04087435
core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill
2020-04-26
04087435
core:Non-currentFinancialInstruments
2021-04-25
04087435
core:Non-currentFinancialInstruments
2020-04-26
04087435
core:Subsidiary1
2020-04-27
2021-04-25
04087435
core:Subsidiary2
2020-04-27
2021-04-25
04087435
core:Subsidiary3
2020-04-27
2021-04-25
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core:Subsidiary4
2020-04-27
2021-04-25
04087435
core:Subsidiary5
2020-04-27
2021-04-25
04087435
core:Subsidiary6
2020-04-27
2021-04-25
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core:Subsidiary7
2020-04-27
2021-04-25
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core:Subsidiary8
2020-04-27
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core:Subsidiary9
2020-04-27
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core:Subsidiary10
2020-04-27
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core:Subsidiary11
2020-04-27
2021-04-25
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core:Subsidiary12
2020-04-27
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core:Subsidiary13
2020-04-27
2021-04-25
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core:Subsidiary14
2020-04-27
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core:Subsidiary15
2020-04-27
2021-04-25
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core:Subsidiary16
2020-04-27
2021-04-25
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core:Subsidiary17
2020-04-27
2021-04-25
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core:Subsidiary18
2020-04-27
2021-04-25
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core:Subsidiary19
2020-04-27
2021-04-25
04087435
core:Subsidiary20
2020-04-27
2021-04-25
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core:Subsidiary21
2020-04-27
2021-04-25
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core:Subsidiary22
2020-04-27
2021-04-25
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core:Subsidiary23
2020-04-27
2021-04-25
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core:Subsidiary24
2020-04-27
2021-04-25
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2020-04-27
2021-04-25
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2020-04-27
2021-04-25
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2020-04-27
2021-04-25
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2020-04-27
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2020-04-27
2021-04-25
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2020-04-27
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2020-04-27
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2020-04-27
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2020-04-27
2021-04-25
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2020-04-27
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2020-04-27
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2020-04-27
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2020-04-27
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2020-04-27
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2020-04-27
2021-04-25
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2020-04-27
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2020-04-27
2021-04-25
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2020-04-27
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2020-04-27
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2020-04-27
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2020-04-27
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core:Subsidiary85
2020-04-27
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