Company Registration No. 05159642 (England and Wales)
PHILIP MYERS WEB (NESTON) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2016
PHILIP MYERS WEB (NESTON) LIMITED
COMPANY INFORMATION
Directors
Mr C J Howard
Mr P McMorrine
Mr R J Sandman
Company number
05159642
Registered office
Unit 2 Navigation Park
Lockside Road
Leeds
LS10 1EP
Auditor
DJH Accountants Limited
Porthill Lodge
High Street
Wolstanton
Newcastle under Lyme
Staffordshire
ST5 0EZ
PHILIP MYERS WEB (NESTON) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 5
Profit and loss account
6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 26
PHILIP MYERS WEB (NESTON) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 JULY 2016
- 1 -
The directors present the strategic report for the period ended 31 July 2016.
Fair review of the business
Business Review
The company elected to extend its financial year to 31 July 2016 from 31 January 2016, thus making the accounts an 18 month set of accounts.
During the period the company underwent a period of restructure, with the beginning of the Neston site closure. The costs of which were wholly within the financial year 2015/16. This can be seen in the exceptional costs line of the Profit and Loss account which is analysed in note 4.
The profit and loss account is set out on page 6 and shows turnover achieved for the 18 month period was £24.6m (2015 - £15.8m 12 months). This generated a gross profit of £6.7m (2015 - £4.1m) and a slight increase in gross margin up to 27.14% (2015 - 26.11%). The net loss before tax was £1.27m (2015 – net profit £333k) due to the previously discussed restructuring costs.
In the next period the restructure is expected to increase profitability through the reduction of overheads and the increase in gross margin through the more efficient use of direct labour.
Capital expenditure on plant and machinery in the year 2016/17 is expected to lead to further increases in both turnover and gross margin as a new, faster, more efficient XL105 will be purchased. This, coupled with the increase in working time at the Leeds site from 6 days per week to 7 days per week is expected to lead to a greater capacity for increased turnover with only a marginal increase in cost. The expectation is that this will increase profitability in 2016/17.
The company continues to operate the environmental system BS EN ISO 14001:2004, quality system BS EN ISO 9001, FSC Chain of Custody and PEFC Chain of Custody.
The directors feel that following the period of restructure the company is now well positioned within the market place to be profitable in the future.
Risk Management
The management of the business and the execution of the company’s strategy are subject to a number of risks, and have been considered the directors.
Qualifying third party indemnity provision is in place for the benefit of all directors in the company.
Mr C J Howard
Director
27 April 2017
Date
PHILIP MYERS WEB (NESTON) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 JULY 2016
- 2 -
The directors present their annual report and financial statements for the period ended 31 July 2016.
Principal activities
The principal activity of the company continued to be that of the production of printed materials.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr C J Howard
Mr P McMorrine
Mr R J Sandman
Mr S Bayley
(Resigned 31 March 2015)
Results and dividends
The results for the period are set out on page 6.
Ordinary dividends were paid amounting to £250,226. The directors do not recommend payment of a final dividend.
Auditor
DJH Accountants 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 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; • 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.
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.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company'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.
PHILIP MYERS WEB (NESTON) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2016
- 3 -
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.
On behalf of the board
Mr C J Howard
Director
Date
PHILIP MYERS WEB (NESTON) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PHILIP MYERS WEB (NESTON) LIMITED
- 4 -
We have audited the financial statements of Philip Myers Web (Neston) Limited for the period ended 31 July 2016 which comprise the Profit And Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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.
Respective responsibilities of directors and auditor
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the annual report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
In our opinion the financial statements: • give a true and fair view of the state of the company's affairs as at 31 July 2016 and of its loss for the period then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and • have been prepared in accordance with the requirements of the Companies Act 2006.
-
give a true and fair view of the state of the company's affairs as at 31 July 2016 and of its loss for the period then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements.
true
PHILIP MYERS WEB (NESTON) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PHILIP MYERS WEB (NESTON) LIMITED
- 5 -
Matters on which we are required to report by exception
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 directors' remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit.
-
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 directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Porthill Lodge
High Street
Mr Paul David Hulme FCCA
Wolstanton
(Senior Statutory Auditor)
Newcastle under Lyme
for and on behalf of
Staffordshire
DJH ACCOUNTANTS LIMITED
ST5 0EZ
Chartered Certified Accountants
28 April 2017
Statutory Auditor
PHILIP MYERS WEB (NESTON) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 JULY 2016
- 6 -
Period
Year
ended
ended
31 July
31 January
2016
2015
Notes
£
£
Turnover
3
24,629,185
15,779,178
Cost of sales
(17,944,754)
(11,657,801)
Gross profit
6,684,431
4,121,377
Distribution costs
(1,743,480)
(1,075,178)
Administrative expenses
(5,525,835)
(2,621,052)
Other operating income
-
30,000
Exceptional costs
4
(520,637)
-
Operating (loss)/profit
5
(1,105,521)
455,147
Interest payable and similar charges
8
(166,458)
(122,037)
(Loss)/profit before taxation
(1,271,979)
333,110
Taxation
9
219,351
(75,956)
(Loss)/profit for the financial period
(1,052,628)
257,154
The profit and loss account has been prepared on the basis that all operations are continuing operations.
PHILIP MYERS WEB (NESTON) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 JULY 2016
- 7 -
Period
Year
ended
ended
31 July
31 January
2016
2015
£
£
(Loss)/profit for the period
(1,052,628)
257,154
Other comprehensive income
Revaluation of tangible fixed assets
97,978
67,843
Total comprehensive income for the period
(954,650)
324,997
PHILIP MYERS WEB (NESTON) LIMITED
BALANCE SHEET
AS AT
31 JULY 2016
31 July 2016
- 8 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,442,983
2,017,725
Current assets
Stocks
14
448,252
622,509
Debtors
15
3,468,921
4,752,678
Cash at bank and in hand
84,559
10,551
4,001,732
5,385,738
Creditors: amounts falling due within one year
16
(5,741,875)
(6,071,460)
Net current liabilities
(1,740,143)
(685,722)
Total assets less current liabilities
(297,160)
1,332,003
Creditors: amounts falling due after more than one year
17
(233,432)
(580,581)
Provisions for liabilities
20
(39,712)
(116,850)
Net (liabilities)/assets
(570,304)
634,572
Capital and reserves
Called up share capital
23
200,004
200,004
Revaluation reserve
242,630
144,652
Profit and loss reserves
(1,012,938)
289,916
Total equity
(570,304)
634,572
The financial statements were approved by the board of directors and authorised for issue on 27 April 2017 and are signed on its behalf by:
Mr C J Howard
Mr P McMorrine
Director
Director
Company Registration No. 05159642
PHILIP MYERS WEB (NESTON) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JULY 2016
- 9 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 February 2014
200,004
77,558
254,809
532,371
Period ended 31 January 2015:
Profit for the period
-
-
257,154
257,154
Other comprehensive income:
Revaluation of tangible fixed assets
-
67,843
-
67,843
Total comprehensive income for the period
-
67,843
257,154
324,997
Dividends
10
-
-
(222,796)
(222,796)
Transfers
-
(749)
749
-
Balance at 31 January 2015
200,004
144,652
289,916
634,572
Period ended 31 July 2016:
Loss for the period
-
-
(1,052,628)
(1,052,628)
Other comprehensive income:
Revaluation of tangible fixed assets
-
97,978
-
97,978
Total comprehensive income for the period
-
97,978
(1,052,628)
(954,650)
Dividends
10
-
-
(250,226)
(250,226)
Balance at 31 July 2016
200,004
242,630
(1,012,938)
(570,304)
PHILIP MYERS WEB (NESTON) LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 JULY 2016
- 10 -
2016
2015
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
702,296
(25,605)
Interest paid
(166,458)
(122,037)
Income taxes paid
(65,625)
-
Net cash inflow/(outflow) from operating activities
470,213
(147,642)
Investing activities
Purchase of tangible fixed assets
(32,420)
(188,928)
Proceeds on disposal of tangible fixed assets
5,442
3,001
Net cash used in investing activities
(26,978)
(185,927)
Financing activities
Proceeds of borrowings
170,580
-
Repayment of bank loans
(25,804)
(38,944)
Payment of finance leases obligations
(270,108)
(372,083)
Dividends paid
(250,226)
(222,796)
Net cash used in financing activities
(375,558)
(633,823)
Net increase/(decrease) in cash and cash equivalents
67,677
(967,392)
Cash and cash equivalents at beginning of period
(2,088,466)
(1,121,074)
Cash and cash equivalents at end of period
(2,020,789)
(2,088,466)
Relating to:
Cash at bank and in hand
84,559
10,551
Bank overdrafts included in creditors payable within one year
(2,105,348)
(2,099,017)
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2016
- 11 -
1
Accounting policies
Company information
Philip Myers Web (Neston) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 2 Navigation Park, Lockside Road, Leeds, LS10 1EP.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of leasehold properties. The principal accounting policies adopted are set out below.
These financial statements for the period ended 31 July 2016
are the
first
financial statements of Philip Myers Web (Neston) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 February 2014. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
Philip Myers Web (Neston) Limited is a wholly owned subsidiary of PM Web Print Limited and the results of Philip Myers Web (Neston) Limited are included in the consolidated financial statements of PM Web Print Limited which are publicy available from Companies house.
1.2
Going concern
A
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
, due to the continued financial support from the group directors and day to day working capital requirements through invoice discounting facilities
. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2016
1
Accounting policies
(Continued)
- 12 -
1.4
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.
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Long leasehold property
2% per annum of cost
Plant and machinery
10% - 20% per annum of cost
Fixtures, fittings and equipment
12.5% - 20% per annum of cost
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
.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity
;
such
gains and loss
es
are recognised in profit or loss.
1.5
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.
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2016
1
Accounting policies
(Continued)
- 13 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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.
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss , are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
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.
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2016
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts 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.
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 though 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.
1.9
Equity instruments
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2016
1
Accounting policies
(Continued)
- 15 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account 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 income 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 asset are consumed.
including
any lease incentives received, are charged to income 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 asset are consumed.
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2016
- 16 -
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.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2016
2015
£
£
Turnover
Sales of printed material
24,629,185
15,779,178
Turnover analysed by geographical market
2016
2015
£
£
United Kingdom
24,629,185
15,779,178
4
Exceptional costs
2016
2015
£
£
Stock impairment write off
100,057
-
Tangible fixed asset impairment
250,000
-
Staff redundancy costs
170,580
-
520,637
-
5
Operating (loss)/profit
2016
2015
Operating (loss)/profit for the period is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
14,695
10,750
Depreciation of owned tangible fixed assets
360,640
99,913
Depreciation of tangible fixed assets held under finance leases
70,500
203,874
Impairment of owned tangible fixed assets
250,000
-
Loss on disposal of tangible fixed assets
18,558
633
Operating lease charges
1,043,586
369,355
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2016
- 17 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2016
2015
Number
Number
Production
122
74
Sales
4
3
Management and administration
18
17
144
94
Their aggregate remuneration comprised:
2016
2015
£
£
Wages and salaries
5,815,067
2,967,740
Pension costs
31,053
-
5,846,120
2,967,740
7
Directors' remuneration
2016
2015
£
£
Remuneration for qualifying services
60,285
41,140
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2015 - Nil).
8
Interest payable and similar charges
2016
2015
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
87,735
35,645
Interest on finance leases and hire purchase contracts
52,056
67,698
139,791
103,343
Other finance costs:
Other interest
26,667
18,694
166,458
122,037
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2016
- 18 -
9
Taxation
2016
2015
£
£
Current tax
UK corporation tax on profits for the current period
(75,956)
65,625
Deferred tax
Origination and reversal of timing differences
(143,395)
10,331
Total tax (credit)/charge
(219,351)
75,956
The actual (credit)/charge for the period can be reconciled to the expected (credit)/charge for the period based on the profit or loss and the standard rate of tax as follows:
2016
2015
£
£
(Loss)/profit before taxation
(1,271,979)
333,110
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 20.00% (2015: 20.13%)
(254,396)
67,055
Tax effect of expenses that are not deductible in determining taxable profit
59,748
6,358
Tax effect of utilisation of tax losses not previously recognised
-
(5,495)
Unutilised tax losses carried forward
144,123
-
Adjustments in respect of prior years
(75,956)
-
Deferred tax adjustments
(143,395)
10,331
Depreciation
86,228
61,153
Capital allowances
(35,703)
(63,446)
Taxation for the period
(219,351)
75,956
10
Dividends
2016
2015
£
£
Interim paid
250,226
222,796
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2016
- 19 -
11
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2016
2015
£
£
In respect of:
Property, plant and equipment
250,000
-
Recognised in:
Exceptional costs
250,000
-
12
Tangible fixed assets
Long leasehold property
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
£
Cost or valuation
At 1 February 2015
748,009
2,885,508
207,154
3,840,671
Additions
522
16,000
15,898
32,420
Disposals
-
(30,000)
-
(30,000)
Revaluation
26,469
-
-
26,469
At 31 July 2016
775,000
2,871,508
223,052
3,869,560
Depreciation and impairment
At 1 February 2015
71,509
1,597,302
154,135
1,822,946
Depreciation charged in the period
-
404,848
26,292
431,140
Impairment losses
-
250,000
-
250,000
Eliminated in respect of disposals
-
(6,000)
-
(6,000)
Revaluation
(71,509)
-
-
(71,509)
At 31 July 2016
-
2,246,150
180,427
2,426,577
Carrying amount
At 31 July 2016
775,000
625,358
42,625
1,442,983
At 31 January 2015
676,500
1,288,206
53,019
2,017,725
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2016
12
Tangible fixed assets
(Continued)
- 20 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2016
2015
£
£
Plant and machinery
332,917
1,097,873
Depreciation charge for the period in respect of leased assets
70,500
203,874
Land and buildings with a carrying amount of £775,000 were revalued at
June 2016
by
Bilfinger GVA
, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2016
2015
£
£
Cost
641,228
641,228
Accumulated depreciation
123,169
110,344
Carrying value
518,059
530,884
More information on the impairment arising in the period is given in note 11.
13
Financial instruments
2016
2015
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
2,806,879
4,226,708
Carrying amount of financial liabilities
Measured at amortised cost
5,733,879
6,502,622
14
Stocks
2016
2015
£
£
Paper stock and consumables
448,252
622,509
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2016
- 21 -
15
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
2,647,001
4,066,830
Corporation tax recoverable
75,956
-
Amount due from parent undertaking
149,000
149,000
Other debtors
238,172
144,852
Prepayments and accrued income
292,535
391,996
3,402,664
4,752,678
2016
2015
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 21)
66,257
-
Total debtors
3,468,921
4,752,678
16
Creditors: amounts falling due within one year
2016
2015
Notes
£
£
Bank loans and overdrafts
18
2,393,246
2,136,369
Obligations under finance leases
19
100,607
207,529
Other borrowings
18
78,193
-
Trade creditors
2,686,128
3,199,677
Corporation tax
-
65,625
Other taxation and social security
241,428
83,794
Other creditors
70,484
115,420
Accruals and deferred income
171,789
263,046
5,741,875
6,071,460
Included within bank loans and overdrafts are amounts of £2,105,348 (2015 - £2,099,017) in respect of invoice discounting facilities. These amounts are secured by a fixed charge on all purchased debts.
Amounts due under finance lease and hire purchase contacts are secured on assets to which they relate.
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2016
- 22 -
17
Creditors: amounts falling due after more than one year
2016
2015
Notes
£
£
Bank loans and overdrafts
18
39,324
315,674
Obligations under finance leases
19
101,721
264,907
Other borrowings
18
92,387
-
233,432
580,581
Amounts due under finance lease and hire purchase contacts are secured on assets to which they relate.
Amounts included above which fall due after five years are as follows:
Payable by instalments
20,367
29,868
18
Loans and overdrafts
2016
2015
£
£
Bank loans
327,222
353,026
Bank overdrafts
2,105,348
2,099,017
Other loans
170,580
-
2,603,150
2,452,043
Payable within one year
2,471,439
2,136,369
Payable after one year
131,711
315,674
The long-term loans are secured by fixed charges over the assets to which they relate.
The two bank loans are monthly repayment (capital and interest) instruments, with interest rates of 5.05% and 2.52% per annum respectively. The maturity dates are June 2017 and March 2025.
19
Finance lease obligations
2016
2015
Future minimum lease payments due under finance leases:
£
£
Within one year
100,607
207,529
In two to five years
101,721
264,907
202,328
472,436
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2016
19
Finance lease obligations
(Continued)
- 23 -
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2-5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
20
Provisions for liabilities
2016
2015
Notes
£
£
Deferred tax liabilities
21
39,712
116,850
39,712
116,850
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2016
2015
2016
2015
Balances:
£
£
£
£
Accelerated capital allowances
39,712
116,850
-
-
Tax losses
-
-
66,257
-
39,712
116,850
66,257
-
2016
Movements in the period:
£
Liability at 1 February 2015
116,850
Credit to profit or loss
(143,395)
Liability/(Asset) at 31 July 2016
(26,545)
22
Retirement benefit schemes
2016
2015
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
31,053
-
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2016
- 24 -
23
Share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
100,002 Ordinary 'A' shares of £1 each
100,002
100,002
100,002 Ordinary 'B' shares of £1 each
100,002
100,002
200,004
200,004
24
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:
2016
2015
£
£
Between two and five years
1,966,680
2,950,020
25
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel, who are also directors, is as follows.
2016
2015
£
£
Remuneration
60,285
41,140
Transactions with related parties
During the period the company entered into the following transactions with related parties:
Sale of goods
Purchase of goods
2016
2015
2016
2015
£
£
£
£
Other related parties
336,810
215,670
547,735
714,780
Services provided by
Operating leases provided by
2016
2015
2016
2015
£
£
£
£
Key management personnel
164,940
122,187
-
-
Other related parties
-
-
983,410
327,780
164,940
122,187
983,410
327,780
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2016
25
Related party transactions
(Continued)
- 25 -
The following amounts were outstanding at the reporting end date:
2016
2015
Amounts owed to related parties
£
£
Other related parties
48,644
57,019
48,644
57,019
The following amounts were outstanding at the reporting end date:
2016
Balance
Amounts owed by related parties
£
Other related parties
25,207
2015
Balance
Amounts owed in previous period
£
Other related parties
13,332
26
Controlling party
The ultimate parent company of Philip Myers Web (Neston) Limited is PM Web Print Limited, incorporated in England and Wales.
The largest and smallest group in which the results of the company are consolidated is that headed by PM Web Print Limited, incorporated in England and Wales. The consolidated accounts of this company are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. No other group accounts include the results of the company.
PHILIP MYERS WEB (NESTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2016
- 26 -
27
Cash generated from operations
2016
2015
£
£
(Loss)/profit for the period after tax
(1,052,628)
257,154
Adjustments for:
Taxation (credited)/charged
(219,351)
75,956
Finance costs
166,458
122,037
Loss on disposal of tangible fixed assets
18,558
633
Depreciation and impairment of tangible fixed assets
681,140
303,787
Movements in working capital:
Decrease/(increase) in stocks
174,257
(233,442)
Decrease/(increase) in debtors
1,425,970
(1,916,978)
(Decrease)/increase in creditors
(492,108)
1,365,248
Cash generated from/(absorbed by) operations
702,296
(25,605)
28
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 February
31 July
2014
2015
£
£
Equity as reported under previous UK GAAP and under FRS 102
532,371
634,572
Reconciliation of profit for the financial period
2015
£
Profit as reported under previous UK GAAP and under FRS 102
257,154
2016-07-31
2015-02-01
false
CCH Software
CCH Accounts Production 2016.310
Mr Paul David Hulme
05159642
2015-02-01
2016-07-31
05159642
bus:Director1
2015-02-01
2016-07-31
05159642
bus:Director2
2015-02-01
2016-07-31
05159642
bus:Director3
2015-02-01
2016-07-31
05159642
bus:Director4
2015-02-01
2016-07-31
05159642
bus:RegisteredOffice
2015-02-01
2016-07-31
05159642
2016-07-31
05159642
2014-02-01
2015-01-31
05159642
core:Exceptional
1
2015-02-01
2016-07-31
05159642
2015-01-31
05159642
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2016-07-31
05159642
core:PlantMachinery
2016-07-31
05159642
core:FurnitureFittings
2016-07-31
05159642
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2015-01-31
05159642
core:PlantMachinery
2015-01-31
05159642
core:FurnitureFittings
2015-01-31
05159642
core:CurrentFinancialInstruments
2016-07-31
05159642
core:CurrentFinancialInstruments
2015-01-31
05159642
core:Non-currentFinancialInstruments
2016-07-31
05159642
core:Non-currentFinancialInstruments
2015-01-31
05159642
core:ShareCapital
2016-07-31
05159642
core:ShareCapital
2015-01-31
05159642
core:RevaluationReserve
2016-07-31
05159642
core:RevaluationReserve
2015-01-31
05159642
core:RetainedEarningsAccumulatedLosses
2016-07-31
05159642
core:RetainedEarningsAccumulatedLosses
2015-01-31
05159642
core:ShareCapital
core:RestatedAmount
2014-01-31
05159642
core:RevaluationReserve
core:RestatedAmount
2014-01-31
05159642
core:RetainedEarningsAccumulatedLosses
core:RestatedAmount
2014-01-31
05159642
core:RestatedAmount
2014-01-31
05159642
core:HedgingReserve
core:RestatedAmount
2014-01-31
05159642
core:CapitalRedemptionReserve
core:RestatedAmount
2014-01-31
05159642
core:RetainedEarningsAccumulatedLosses
2014-02-01
2015-01-31
05159642
1
2015-02-01
2016-07-31
05159642
1
2014-02-01
2015-01-31
05159642
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2015-02-01
2016-07-31
05159642
core:PlantMachinery
2015-02-01
2016-07-31
05159642
core:FurnitureFittings
2015-02-01
2016-07-31
05159642
core:OwnedAssets
2015-02-01
2016-07-31
05159642
core:OwnedAssets
2014-02-01
2015-01-31
05159642
core:LeasedAssets
2015-02-01
2016-07-31
05159642
core:LeasedAssets
2014-02-01
2015-01-31
05159642
core:UKTax
2015-02-01
2016-07-31
05159642
core:UKTax
2014-02-01
2015-01-31
05159642
2
2015-02-01
2016-07-31
05159642
2
2014-02-01
2015-01-31
05159642
core:LandBuildings
core:LeasedAssetsHeldAsLessee
2015-01-31
05159642
core:PlantMachinery
2015-01-31
05159642
core:FurnitureFittings
2015-01-31
05159642
2015-01-31
05159642
core:WithinOneYear
2016-07-31
05159642
core:WithinOneYear
2015-01-31
05159642
core:BetweenTwoFiveYears
2016-07-31
05159642
core:BetweenTwoFiveYears
2015-01-31
05159642
bus:PrivateLimitedCompanyLtd
2015-02-01
2016-07-31
05159642
bus:FRS102
2015-02-01
2016-07-31
05159642
bus:Audited
2015-02-01
2016-07-31
05159642
bus:FullAccounts
2015-02-01
2016-07-31
xbrli:pure
xbrli:shares
iso4217:GBP