Company Registration No. 06775188 (England and Wales)
DEANE ROOFING AND CLADDING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
DEANE ROOFING AND CLADDING LIMITED
COMPANY INFORMATION
Directors
Mr P Deane
Mr R Deane
Mr N P Deane
Secretary
Mr P Deane
Company number
06775188
Registered office
Suites 3 and 4
63-67 Athenaeum Place
Muswell Hill
London
N10 3HL
Auditor
Beatty & Co
Suites 3 and 4
63-67 Athenaeum Place
Muswell Hill
London
N10 3HL
Business address
Waterside House
Waterside Way
Northampton
United Kingdom
NN4 7XD
Bankers
Barclays Bank Plc
Portman Square
Leicester
LE87 2BB
DEANE ROOFING AND CLADDING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
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 - 27
DEANE ROOFING AND CLADDING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 1 -
The directors present the strategic report for the year ended 29 February 2020.
Fair review of the business
During the year turnover decreased to £23,947,971 returning good profitability before tax of £1,450,660. Turnover was down on the previous year mainly due to the timing of contract completions and commencements. Turnover is expected to increase in the 2021 financial year due to the successful completion of a major contract.
Principal risks and uncertainties
As with any business, the company is not immune to risks and uncertainties; and whilst few risks can be eliminated in their entirety, the directors meet regularly to maintain and review a full set of management procedures aimed at minimising the probability and the severity of specific risks which could impact upon our operations. The Covid 19 pandemic did not affect this accounting period and subsequently, despite the pandemic, the company has continued to trade satisfactorily.
Foreign exchange risk
The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. Any hedging activity would involve the use of foreign exchange forward contracts.
Financial instruments risk
The company uses financial instruments, other than derivatives, comprising borrowings, cash and other liquid resources and various other items such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The main risks arising from the company financial instruments are interest rate risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below. The policies have remained unchanged from previous periods.
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The company policy throughout the year has been to ensure continuity of funding and most of its borrowings mature in over 5 years.
Key performance indicators
Measurement of performance against strategy and the achievement of business objectives is by means of key performance indicators. Actual performance against the key performance indicators for the twelve months to February 2020 are shown below together with that for 2019 for comparative purposes.
2020 2019
Turnover Growth -8.6% 60%
Return on capital 21% 24%
Liquidity 1.40 1.49
Mr P Deane
Secretary
30 November 2020
DEANE ROOFING AND CLADDING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 2 -
The directors present their annual report and financial statements for the year ended 29 February 2020.
Principal activities
The principal activity of the company continued to be that of roofing and cladding of buildings.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr P Deane
Mr R Deane
Mr N P Deane
Results and dividends
The results for the year are set out on page 6.
Ordinary dividends were paid amounting to £333,333. The directors do not recommend payment of a final dividend.
Auditor
In accordance with the company's articles, a resolution proposing that Beatty & Co be reappointed as auditor of the company 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.
By order of the board
Mr P Deane
Secretary
30 November 2020
DEANE ROOFING AND CLADDING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 3 -
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.
DEANE ROOFING AND CLADDING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DEANE ROOFING AND CLADDING LIMITED
- 4 -
Opinion
We have audited the financial statements of Deane Roofing and Cladding Limited (the 'company') for the year ended 29 February 2020 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 notes to the financial statements, including a summary of 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 29 February 2020 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
DEANE ROOFING AND CLADDING LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DEANE ROOFING AND CLADDING LIMITED
- 5 -
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 directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
Peter Edwards (Senior Statutory Auditor)
for and on behalf of Beatty & Co
30 November 2020
Chartered Certified Accountants
Statutory Auditor
Suites 3 and 4
63-67 Athenaeum Place
Muswell Hill
London
N10 3HL
DEANE ROOFING AND CLADDING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 6 -
2020
2019
Notes
£
£
Turnover
3
23,947,971
26,215,314
Cost of sales
(19,635,577)
(22,122,325)
Gross profit
4,312,394
4,092,989
Administrative expenses
(2,899,514)
(2,690,148)
Operating profit
4
1,412,880
1,402,841
Interest receivable and similar income
7
4,371
5,359
Interest payable and similar expenses
8
(11,592)
(9,724)
Profit before taxation
1,405,659
1,398,476
Tax on profit
9
(290,337)
(269,759)
Profit for the financial year
1,115,322
1,128,717
The profit and loss account has been prepared on the basis that all operations are continuing operations.
DEANE ROOFING AND CLADDING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 7 -
2020
2019
£
£
Profit for the year
1,115,322
1,128,717
Other comprehensive income
-
-
Total comprehensive income for the year
1,115,322
1,128,717
DEANE ROOFING AND CLADDING LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2020
29 February 2020
- 8 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
11
413,112
604,099
Current assets
Debtors
12
13,645,944
7,913,060
Cash at bank and in hand
3,770,239
4,778,442
17,416,183
12,691,502
Creditors: amounts falling due within one year
13
(12,418,487)
(8,505,078)
Net current assets
4,997,696
4,186,424
Total assets less current liabilities
5,410,808
4,790,523
Creditors: amounts falling due after more than one year
14
-
(193,353)
Provisions for liabilities
17
(51,976)
(20,327)
Net assets
5,358,832
4,576,843
Capital and reserves
Called up share capital
20
10
10
Profit and loss reserves
5,358,822
4,576,833
Total equity
5,358,832
4,576,843
The financial statements were approved by the board of directors and authorised for issue on 30 November 2020 and are signed on its behalf by:
Mr P Deane
Mr N P Deane
Director
Director
Company Registration No. 06775188
DEANE ROOFING AND CLADDING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2018
10
3,781,449
3,781,459
Year ended 28 February 2019:
Profit and total comprehensive income for the year
-
1,128,717
1,128,717
Dividends
10
-
(333,333)
(333,333)
Balance at 28 February 2019
10
4,576,833
4,576,843
Year ended 29 February 2020:
Profit and total comprehensive income for the year
-
1,115,322
1,115,322
Dividends
10
-
(333,333)
(333,333)
Balance at 29 February 2020
10
5,358,822
5,358,832
DEANE ROOFING AND CLADDING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 10 -
2020
2019
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(266,840)
1,716,132
Interest paid
(11,592)
(9,724)
Income taxes paid
(281,806)
(181,944)
Net cash (outflow)/inflow from operating activities
(560,238)
1,524,464
Investing activities
Purchase of tangible fixed assets
(165,558)
(203,104)
Proceeds on disposal of tangible fixed assets
257,615
19,307
Interest received
4,371
5,359
Net cash generated from/(used in) investing activities
96,428
(178,438)
Financing activities
Repayment of bank loans
(203,555)
(10,162)
Payment of finance leases obligations
(7,505)
(43,752)
Dividends paid
(333,333)
(333,333)
Net cash used in financing activities
(544,393)
(387,247)
Net (decrease)/increase in cash and cash equivalents
(1,008,203)
958,779
Cash and cash equivalents at beginning of year
4,778,442
3,819,663
Cash and cash equivalents at end of year
3,770,239
4,778,442
DEANE ROOFING AND CLADDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 11 -
1
Accounting policies
Company information
Deane Roofing and Cladding Limited is a
company
limited by shares
incorporated in England and Wales.
The registered office is
Suites 3 and 4, 63-67 Athenaeum Place, Muswell Hill, London, N10 3HL.
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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
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
Turnover
Turnover represents amounts receivable for goods and services provided to customers net of VAT and trade discounts. The company's turnover is derived from construction contracts and fabrication sales.
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
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.
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:
Land and buildings Freehold
NIL
Plant and machinery
20-33% reducing balance/straight line
Fixtures, fittings & equipment
15% Straight Line
Motor vehicles
20% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
DEANE ROOFING AND CLADDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
1
Accounting policies
(Continued)
- 12 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
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.
DEANE ROOFING AND CLADDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
1
Accounting policies
(Continued)
- 13 -
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.
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.
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.
DEANE ROOFING AND CLADDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as
being measured at
fair value th
r
ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
DEANE ROOFING AND CLADDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
1
Accounting policies
(Continued)
- 15 -
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.
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
company's holiday year runs from 01 March to 28/29 February the following year and staff are not allowed to carry forward any holidays to the next period.
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 profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.14
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
DEANE ROOFING AND CLADDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Useful economic lives of tangible assets
The annual depreciations charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments and the physical condition of the assets. See note 11 for the carrying amount of the property plant and equipment,
Amounts recoverable on long term contracts
The company provides roofing and cladding services to the construction sector. These contracts can run anywhere from a month to over a year in some cases. It is therefore necessary to consider the value of these contracts on a regular basis. When calculating the value of work in progress management considers the stage of completion of each contract along with the expected recoverability on each. See note 13 for the net carrying amounts due from contract customers.
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of the debtors and associated impairment provision.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2020
2019
£
£
Turnover analysed by class of business
Sales of goods
23,947,971
26,215,314
2020
2019
£
£
Other significant revenue
Interest income
4,371
5,359
DEANE ROOFING AND CLADDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
3
Turnover and other revenue
(Continued)
- 17 -
2020
2019
£
£
Turnover analysed by geographical market
UK and Ireland
23,947,971
26,215,314
4
Operating profit
2020
2019
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(245,230)
(7,320)
Fees payable to the company's auditor for the audit of the company's financial statements
30,000
30,000
Depreciation of owned tangible fixed assets
79,482
65,236
Depreciation of tangible fixed assets held under finance leases
-
47,023
Loss on disposal of tangible fixed assets
19,448
22,104
Operating lease charges
117,117
131,486
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Directors
3
3
Employees
37
33
Total
40
36
Their aggregate remuneration comprised:
2020
2019
£
£
Wages and salaries
2,416,228
1,914,463
Social security costs
305,893
271,207
Pension costs
28,756
19,676
2,750,877
2,205,346
DEANE ROOFING AND CLADDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 18 -
6
Directors' remuneration
2020
2019
£
£
Remuneration for qualifying services
944,288
573,243
Company pension contributions to defined contribution schemes
3,794
2,309
948,082
575,552
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2019 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2020
2019
£
£
Remuneration for qualifying services
331,540
313,301
Company pension contributions to defined contribution schemes
1,265
770
7
Interest receivable and similar income
2020
2019
£
£
Interest income
Interest on bank deposits
4,371
5,359
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
4,371
5,359
8
Interest payable and similar expenses
2020
2019
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
11,483
8,151
Other finance costs:
Interest on finance leases and hire purchase contracts
109
1,573
11,592
9,724
DEANE ROOFING AND CLADDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 19 -
9
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
79,557
-
Foreign current tax on profits for the current period
179,131
281,806
Total current tax
258,688
281,806
Deferred tax
Origination and reversal of timing differences
31,649
4,043
Adjustment in respect of prior periods
-
(16,090)
Total deferred tax
31,649
(12,047)
Total tax charge
290,337
269,759
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2020
2019
£
£
Profit before taxation
1,405,659
1,398,476
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
267,075
265,710
Tax effect of expenses that are not deductible in determining taxable profit
513
660
Other non-reversing timing differences
(8,900)
-
Deferred tax adjustments in respect of prior years
-
16,090
Other timing differences
31,649
(12,701)
Taxation for the year
290,337
269,759
DEANE ROOFING AND CLADDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 20 -
10
Dividends
2020
2019
£
£
Interim paid
333,333
333,333
11
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 March 2019
260,000
480,162
59,469
152,586
952,217
Additions
-
128,058
-
37,500
165,558
Disposals
(260,000)
(16,224)
-
(16,990)
(293,214)
At 29 February 2020
-
591,996
59,469
173,096
824,561
Depreciation and impairment
At 1 March 2019
-
262,272
51,171
34,675
348,118
Depreciation charged in the year
-
51,870
1,964
25,648
79,482
Eliminated in respect of disposals
-
(8,521)
-
(7,630)
(16,151)
At 29 February 2020
-
305,621
53,135
52,693
411,449
Carrying amount
At 29 February 2020
-
286,375
6,334
120,403
413,112
At 28 February 2019
260,000
217,890
8,298
117,911
604,099
The carrying value of land and buildings comprises:
2020
2019
£
£
Freehold
-
260,000
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2020
2019
£
£
Plant and machinery
-
3,533
Land and buildings with a carrying amount of £260,000 were revalued at
23 August 2016
by
Paramount Surveyors
, 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.
DEANE ROOFING AND CLADDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
11
Tangible fixed assets
(Continued)
- 21 -
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:
2020
2019
£
£
Cost
-
354,645
Accumulated depreciation
-
-
Carrying value
-
354,645
The property was sold on 28 February 2020.
12
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
6,626,147
2,011,026
Gross amounts owed by contract customers
1,986,678
2,728,091
Other debtors
5,024,119
3,166,180
Prepayments and accrued income
9,000
7,763
13,645,944
7,913,060
13
Creditors: amounts falling due within one year
2020
2019
Notes
£
£
Bank loans
15
-
10,202
Obligations under finance leases
16
-
7,505
Trade creditors
8,899,311
2,295,781
Corporation tax
258,688
281,806
Other taxation and social security
286,381
322,851
Other creditors
702,780
69,286
Accruals and deferred income
2,271,327
5,517,647
12,418,487
8,505,078
14
Creditors: amounts falling due after more than one year
2020
2019
Notes
£
£
Bank loans and overdrafts
15
-
193,353
DEANE ROOFING AND CLADDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
14
Creditors: amounts falling due after more than one year
(Continued)
- 22 -
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
(193,353)
15
Loans and overdrafts
2020
2019
£
£
Bank loans
-
203,555
Payable within one year
-
10,202
Payable after one year
-
193,353
The long-term loans was secured by fixed and floating charges over the assets of the company.
The company had a 20 year loan from Barclays Bank Plc.
This loan was repaid before the year end and there is no longer any long term debt.
16
Finance lease obligations
2020
2019
Future minimum lease payments due under finance leases:
£
£
Within one year
-
7,505
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 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
17
Provisions for liabilities
2020
2019
Notes
£
£
Deferred tax liabilities
18
51,976
20,327
DEANE ROOFING AND CLADDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 23 -
18
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2020
2019
Balances:
£
£
ACAs
51,976
32,373
Revaluations
-
(12,046)
51,976
20,327
2020
Movements in the year:
£
Liability at 1 March 2019
20,327
Charge to profit or loss
38,336
Liability at 29 February 2020
58,663
Balance per TB
51,976
Warning - Difference exists; check stat db entries
(6,687)
£12,428 of the deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
19
Retirement benefit schemes
2020
2019
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
28,756
19,676
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.
20
Share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary of £1 each
10
10
All shares carry equal voting rights, rights to dividends and rights to a share of the company's assets on a winding up of the business.
DEANE ROOFING AND CLADDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 24 -
21
Operating lease commitments
Lessee
The operating lease represent
s a
lease of
buildings
from
third parties. The lease
is a 5 year lease which expires in July 2022
and rentals are fixed for
the entire lease period
. There are
currently
no options in place for either party to extend the lease term.
The lease incentive given at the start of the lease has been recognised on a straight line basis since inception and therefore has had no impact on the transition to FRS102.
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:
2020
2019
£
£
Within one year
127,590
127,590
Between two and five years
77,610
123,799
205,200
251,389
22
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2020
2019
£
£
Aggregate compensation
942,231
575,552
DEANE ROOFING AND CLADDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
22
Related party transactions
(Continued)
- 25 -
During the year the company entered into the following transactions with related parties:
Deane Roofing Systems Limited (IRL)
This is an Irish company controlled a close relative of Deane Roofing and Cladding Ltd's directors.
There was no opening debtor balance owed from Deane Roofing Systems Ltd (IRL).
During the year there were sales of £42,296 to Deane Roofing Systems Ltd (IRL). All of these were paid during the year and there was no debtor balance owed to Deane Roofing and Cladding Ltd from Deane Roofing Systems Ltd at the year end.
There was no opening creditor balance owed to Deane Roofing Systems Ltd (IRL). During the year there were purchases of £8,647,738. Not all of these had been paid during the year and there was a creditor balance owed to Deane Roofing Systems Ltd (IRL) from Deane Roofing and Cladding Ltd at the year end of £5,905,554.
Deane Roofing and Cladding Limited (IRL)
This is an Irish company controlled a close relative of Deane Roofing and Cladding Ltd's directors.
There was no opening debtor balance owed from Deane Roofing and Cladding Ltd (IRL). During the year there were sales of £98,305 and this balance was paid and there was no other activity between the two companies. There was no debtor balance owed to Deane Roofing and Cladding Ltd from Deane Roofing and Cladding Ltd (IRL) at the year end.
There was also an intercompany loan account owed to Deane Roofing and Cladding Ltd from Deane Roofing and Cladding Ltd (IRL) of £6,201. There was no movement on this loan during the year.
D Facades Ltd
This is a UK company with common ownership and control as Deane Roofing and Cladding Ltd.
There was an opening debtor balance owed from D Facades Ltd of £999,350. During the year there were no sales to D Facades Ltd. None of this balance was paid during the year. The debtor balance owed to Deane Roofing and Cladding Ltd from D Facades Ltd was £999,350. This was cleared in April 20.
There was an opening creditor balance owed to D Facades Ltd of £1,080,722. There were purchases of £328,145 during the year. None of these were paid during the year and the outstanding creditor balance owed by Deane Roofing and Cladding Ltd to D Facades Ltd at the yearend was £1,408,867. The opening balance of £1,080,072 was paid in April 20.
There was an opening intercompany loan balance of £128,519 owed to Deane Roofing and Cladding Ltd from D Facades Ltd. During the year Deane Roofing and Cladding Ltd loaned D Facades Ltd a further £26,535. None of this was repaid during the year and at the year end the balance owed to Deane Roofing and Cladding Ltd from D Facades Ltd was £155,054.
PRND Ltd
This is a UK company with common ownership and control as Deane Roofing and Cladding Ltd.
There was no opening debtor balance owed from PRND Ltd. During the year there were sales to PRND Ltd £50,400. None of these were paid during the year. The debtor balance owed to Deane Roofing and Cladding Ltd from PRND Ltd was £50,400.
There was an opening creditor balance owed to PRND Ltd of £23,727. There were purchases of £134,385 during the year. Not all of these were paid during the year and there was an outstanding creditor balance owed by Deane Roofing and Cladding Ltd to D Facades Ltd at the year-end of £27,665.
There was an opening intercompany loan balance of £3,018,781 owed to Deane Roofing and Cladding Ltd from PRND Ltd. During the year Deane Roofing and Cladding Ltd loaned PRND Ltd a further £1,787,985. None of this had been repaid during the year and at the year end the intercompany loan balance owed to Deane Roofing and Cladding Ltd from PRND Ltd was £4,806,766.
DEANE ROOFING AND CLADDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
22
Related party transactions
(Continued)
- 26 -
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
4,961,820
3,147,300
23
Directors' transactions
Dividends totalling £300,000 (2019 - £300,000) were paid in the year in respect of shares held by the company's directors.
The following were the opening balances owed to the directors at the start of the accounting period.
Paul Deane £7,148
Ronan Deane £8,029
Noel Patrick Deane £21,000
During the year there was no activity on the loan accounts.
The balances owed to the directors from Deane Roofing and Cladding Ltd were as follows.
Paul Deane £7,148
Ronan Deane £8,029
Noel Patrick Deane £21,000
24
Ultimate controlling party
There is no Parent company.
There is no one ultimate controlling party. The company is controlled by it's shareholders by virtue of their shareholdings.
DEANE ROOFING AND CLADDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2020
- 27 -
25
Cash (absorbed by)/generated from operations
2020
2019
£
£
Profit for the year after tax
1,115,322
1,128,717
Adjustments for:
Taxation charged
290,337
269,759
Finance costs
11,592
9,724
Investment income
(4,371)
(5,359)
Loss on disposal of tangible fixed assets
19,448
22,104
Depreciation and impairment of tangible fixed assets
79,482
112,259
Movements in working capital:
Increase in debtors
(5,732,884)
(3,315,569)
Increase in creditors
3,954,234
3,494,497
Cash (absorbed by)/generated from operations
(266,840)
1,716,132
26
Analysis of changes in net funds
1 March 2019
Cash flows
29 February 2020
£
£
£
Cash at bank and in hand
4,778,442
(1,008,203)
3,770,239
Borrowings excluding overdrafts
(203,555)
203,555
-
Obligations under finance leases
(7,505)
7,505
-
4,567,382
(797,143)
3,770,239
2020-02-29
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