Company Registration No. 08276263 (England and Wales)
GLOBEGOLD LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
GLOBEGOLD LIMITED
COMPANY INFORMATION
Directors
M J Harrison
L Harrison
J Harrison
W Harrison
Company number
08276263
Registered office
Westgate Chambers
8a Elm Park Road
Pinner
Middlesex
HA5 3LA
Auditor
Morgan Berkeley Limited
Westgate Chambers
8a Elm Park Road
Pinner
Middlesex
HA5 3LA
Business address
Hubert Road
Brentwood
Essex
CM14 4JE
GLOBEGOLD LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 32
GLOBEGOLD LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2020
- 1 -
The directors present the strategic report for the year ended 31 March 2020.
Fair review of the business
The principal activity of
the company and the group
continue
d
to be that of
letting commercial properties and manufacturing and
retailing of
fitted bedroom, bathroom and home office furniture
.
The results for the year and financial position at the year end were considered satisfactory by the directors.
Results and performance
The results of the group for the year, as set out on pages 7 and 9, show a profit on ordinary activities before tax of £
3.
51
m
(201
9:
£
0.17m)
. The shareholders' funds of the Group total £11
.
26m (201
9
: £
1.31
m).
Whilst the rental income from commercial property rentals has increased in 2020, the t
rading conditions in the bedroom and bathroom business
continued to be
challenging
. T
he group managed to retain similar margins
to
the previous year
, however, very challenging economic environment is expected in the short term future.
Business environment and COVID-19
In the opinion of the directors, the
Coronavirus (COVID-19) pandemic will have a negative impact on businesses and the economy as a whole. However, the directors have taken active steps to mitigate COVID-19 exposure through various measures to see the company through these challenging times.
Strategy
The
g
roup's success is dependent on the proper selection, pricing and ongoing management and sales team. In this market, the group has continuously strived to consolidate its position by covering different categories of products of different standards so as to capture the customers at various levels of affordability. The
g
roup will continue to consolidate its position and concentrate its efforts on achieving maximum growth in its existing market segments. Customer service remains a top priority.
Key performance indicators
The directors monitor the progress of the Group by reference to the following KPI's:
20
20
2019
Group turnover
£
4.80
m
£
0.25
m
Gross Profit
£
1.95
m
£0.25
m
Profit on ordinary activities before tax
£
3.
51
m
£
0.17m
Principal risks and uncertainties
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to Board approval and ongoing review by management. Compliance with regulations, legal and product standards is a high priority.
The Group has developed a framework for identifying risks by regular management meetings. The financial risks are monitored by the group and company by producing monthly management accounts and monitoring its cash flows and debtors regularly.
The directors see the principal risk to the group being the change in customers shopping preferences resulting from the growth of online purchasing. They have made significant efforts to reduce this risk by investing and continuing to develop the group's on line presence.
M J Harrison
Director
30 March 2021
GLOBEGOLD LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
The directors present their annual report and financial statements for the year ended 31 March 2020.
Principal activities
The principal activity of the company and group continued to be that of
letting commercial properties and manufacturers and installers of fitted bedroom, bathroom and home office furniture.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
M J Harrison
L Harrison
J Harrison
W Harrison
Auditor
Morgan Berkeley Limited were appointed as auditor to the group 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 auditor
of the
company 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 auditor
of the
company
is
aware of that information.
GLOBEGOLD LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
On behalf of the board
M J Harrison
Director
30 March 2021
GLOBEGOLD LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GLOBEGOLD LIMITED
- 4 -
Opinion
We have audited the
financial statements of Globegold Limited
(the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2020 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 group's and the parent company's affairs as at 31 March 2020 and of the group's 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
group's or the parent
company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. 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.
GLOBEGOLD LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLOBEGOLD LIMITED
- 5 -
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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the
group and the parent
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
-
the parent company 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
parent
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: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
GLOBEGOLD LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLOBEGOLD LIMITED
- 6 -
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.
Pierre Yat Keung Leong (Senior Statutory Auditor)
For and on behalf of Morgan Berkeley Limited
31 March 2021
Chartered Certified Accountants
Statutory Auditor
Westgate Chambers
8a Elm Park Road
Pinner
Middlesex
HA5 3LA
GLOBEGOLD LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
2020
2019
Notes
£
£
Turnover
3
4,800,828
256,917
Cost of sales
(2,844,927)
-
Gross profit
1,955,901
256,917
Distribution costs
(427,501)
-
Administrative expenses
(1,283,955)
(86,055)
Profit on disposal of property
939,554
-
Operating profit
4
1,183,999
170,862
Interest receivable and similar income
7
8,379
-
Interest payable and similar expenses
8
(2,194)
-
Fair value gains and losses on investment properties
12
2,325,197
-
Profit before taxation
3,515,381
170,862
Tax on profit
9
(506,846)
14,478
Profit for the financial year
3,008,535
185,340
Profit for the financial year is all attributable to the owners of the parent company.
GLOBEGOLD LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2020
- 8 -
2020
2019
£
£
Profit for the year
3,008,535
185,340
Other comprehensive income
-
-
Total comprehensive income for the year
3,008,535
185,340
Total comprehensive income for the year is all attributable to the owners of the parent company.
GLOBEGOLD LIMITED
GROUP BALANCE SHEET
AS AT 31 MARCH 2020
31 March 2020
- 9 -
2020
2019
Notes
£
£
£
£
Fixed assets
Goodwill
10
98,033
-
Tangible assets
11
333,427
25,702
Investment properties
12
11,301,705
5,834,976
Investments
13
302,084
1
12,035,249
5,860,679
Current assets
Stocks
15
428,091
-
Debtors
16
724,761
68,886
Cash at bank and in hand
3,433,565
337,813
4,586,417
406,699
Creditors: amounts falling due within one year
17
(4,709,294)
(4,824,486)
Net current liabilities
(122,877)
(4,417,787)
Total assets less current liabilities
11,912,372
1,442,892
Provisions for liabilities
Deferred tax liability
19
642,507
128,222
(642,507)
(128,222)
Net assets
11,269,865
1,314,670
Capital and reserves
Called up share capital
21
752
100
Share premium account
6,946,008
-
Profit and loss reserves
4,323,105
1,314,570
Total equity
11,269,865
1,314,670
The financial statements were approved by the board of directors and authorised for issue on 30 March 2021 and are signed on its behalf by:
30 March 2021
M J Harrison
Director
GLOBEGOLD LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2020
31 March 2020
- 10 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
11
19,276
25,702
Investment properties
12
11,301,705
5,834,976
Investments
13
4,102,084
1
15,423,065
5,860,679
Current assets
Debtors
16
79,855
68,886
Cash at bank and in hand
2,684,280
337,813
2,764,135
406,699
Creditors: amounts falling due within one year
17
(3,608,681)
(4,824,486)
Net current liabilities
(844,546)
(4,417,787)
Total assets less current liabilities
14,578,519
1,442,892
Provisions for liabilities
Deferred tax liability
19
595,656
128,222
(595,656)
(128,222)
Net assets
13,982,863
1,314,670
Capital and reserves
Called up share capital
21
752
100
Share premium account
3,799,348
-
Profit and loss reserves
10,182,763
1,314,570
Total equity
13,982,863
1,314,670
As permitted by s408 Companies Act 2006, the
c
ompany has not presented its own profit and loss account and related notes. The
c
ompany’s profit for the year was £6,168,193 (2019 - £185,340 profit).
The financial statements were approved by the board of directors and authorised for issue on 30 March 2021 and are signed on its behalf by:
30 March 2021
M J Harrison
Director
Company Registration No. 08276263
GLOBEGOLD LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2020
- 11 -
Share capital
Share premium account
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2018
100
-
-
1,129,230
1,129,330
Year ended 31 March 2019:
Profit and total comprehensive income for the year
-
-
-
185,340
185,340
Balance at 31 March 2019
100
-
-
1,314,570
1,314,670
Year ended 31 March 2020:
Profit and total comprehensive income for the year
-
-
-
3,008,535
3,008,535
Issue of share capital
21
652
-
-
-
652
Transfers
-
-
882,758
(882,758)
-
Other movements
-
6,946,008
-
-
6,946,008
Balance at 31 March 2020
752
6,946,008
-
4,323,105
11,269,865
GLOBEGOLD LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2020
- 12 -
Share capital
Share premium account
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2018
100
-
-
1,129,230
1,129,330
Year ended 31 March 2019:
Profit and total comprehensive income for the year
-
-
21,847
163,493
185,340
Transfers
-
-
(150,069)
150,069
-
Balance at 31 March 2019
100
-
(128,222)
1,442,792
1,314,670
Year ended 31 March 2020:
Profit and total comprehensive income for the year
-
-
-
6,168,193
6,168,193
Issue of share capital
21
652
-
-
-
652
Transfers
-
-
2,726,666
(26,666)
2,700,000
Other movements
-
3,799,348
-
-
3,799,348
Balance at 31 March 2020
752
3,799,348
2,598,444
7,584,319
13,982,863
GLOBEGOLD LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2020
- 13 -
2020
2019
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
4,619,638
1,706,279
Interest paid
(2,194)
-
Income taxes refunded/(paid)
166,203
-
Net cash inflow from operating activities
4,783,647
1,706,279
Investing activities
Purchase of tangible fixed assets
(20,479)
-
Proceeds on disposal of tangible fixed assets
1,766,463
-
Purchase of investment property
(3,141,532)
(886,037)
Proceeds on disposal of investments
(302,083)
-
Interest received
8,379
-
Net cash used in investing activities
(1,689,252)
(886,037)
Financing activities
Repayment of borrowings
-
(624,467)
Net cash used in financing activities
-
(624,467)
Net increase in cash and cash equivalents
3,094,395
195,775
Cash and cash equivalents at beginning of year
337,813
142,038
Cash and cash equivalents at end of year
3,432,208
337,813
Relating to:
Cash at bank and in hand
3,433,565
337,813
Bank overdrafts included in creditors payable within one year
(1,357)
-
GLOBEGOLD LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2020
- 14 -
2020
2019
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
25
(1,002,768)
1,706,279
Income taxes paid
(7,369)
-
Net cash (outflow)/inflow from operating activities
(1,010,137)
1,706,279
Investing activities
Purchase of investment property
(3,141,532)
(886,037)
Proceeds on disposal of investments
(302,083)
-
Interest received
219
-
Dividends received
6,800,000
-
Net cash generated from/(used in) investing activities
3,356,604
(886,037)
Financing activities
Repayment of borrowings
-
(624,467)
Net cash used in financing activities
-
(624,467)
Net increase in cash and cash equivalents
2,346,467
195,775
Cash and cash equivalents at beginning of year
337,813
142,038
Cash and cash equivalents at end of year
2,684,280
337,813
GLOBEGOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 15 -
1
Accounting policies
Company information
Globegold Limited (“the company”) is a
private
limited company domiciled and incorporated in England and Wales.
The registered office is
Westgate Chambers, 8A Elm Park Road, Pinner, Middlesex, HA5 3LA.
The group consists of Globegold Limited and all of its subsidiaries.
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
Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.
Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.
I
nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
The consolidated group financial statements consist of the financial statements of the parent company
Globegold Limited together with
all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates
.
All financial statements are made up to 31 March 2020
.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the
g
roup.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
GLOBEGOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 16 -
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the
group
has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Reporting period
On 1 August 2019,
Globegold Ltd acquired Spacemaker Group Ltd, Spacemaker Bedrooms Ltd, Kilbridge Ltd and Montrose Furniture Ltd
. T
hese companies
ha
ve
shortened its reporting period to 31 March 2020 from its previous year end of 31 July
2019
, to be coterminous with the parent company's year end. The comparative amounts presented in the financial statements (including the related notes) are for the parent company only and not entirely comparable.
1.5
Turnover
Turnover represents amounts receivable for rents, manufacture, sales of fitted bedrooms, bathrooms and home office furniture net of VAT and trade discounts, which is recognised upon installations and delivery.
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.
1.6
Intangible fixed assets - goodwill
Goodwill arising on consolidation is written off over in equal installments over twenty years.
Acquired goodwill is written off in equal annual installment
s
over twenty years.
1.7
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:
Freehold land and buildings
2% per annum straight line basis on buildings only
Plant and equipment
20% on the reducing balance
Fixtures and fittings
25% - 33% on the reducing balance
Motor vehicles
25% on the 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 recognised in the profit and loss account.
1.8
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
GLOBEGOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 17 -
1.9
Fixed asset investments
Equity in
vest
ments are measured at fair value through profit or loss
,
except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably
,
which are recognised at cost less impairment until a reliable measure of fair value becomes available.
I
n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the
group. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.10
Impairment of fixed assets
At each reporting
period
end date, the
group
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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
1.11
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.
Stocks held for distribution at no or nominal consideration are measured at
the
lower of
the lower of cost and replacement cost
, adjusted where applicable for any loss of service potential.
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.
1.12
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.13
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
GLOBEGOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 18 -
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
m
ethod 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.
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 group 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 group 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
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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the
group's contractual obligations expire or are discharged or cancelled.
GLOBEGOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 19 -
1.14
Equity instruments
Equity instruments issued by the group 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 group.
1.15
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
group’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 taxation is provided in full in respect of material taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
.
1.16
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.
1.17
Retirement benefits
Payments to defined
The group operates a money purchase (defined contribution) pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the group to the scheme.
1.18
Leases
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
d
asset are consumed.
1.19
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
GLOBEGOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 20 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’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
2020
2019
£
£
Turnover analysed by class of business
Rental income
346,333
256,917
Sale of fitted bedrooms and bathrooms
4,454,495
-
4,800,828
256,917
2020
2019
£
£
Other significant revenue
Interest income
8,379
-
2020
2019
£
£
Turnover analysed by geographical market
United Kingdom
4,800,828
256,917
4
Operating profit
2020
2019
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
76,791
8,568
Amortisation of intangible assets
9,411
-
Operating lease charges
118,953
13,724
GLOBEGOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 21 -
5
Auditor's remuneration
2020
2019
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
8,000
-
Audit of the financial statements of the company's subsidiaries
28,000
-
36,000
-
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2020
2019
2020
2019
Number
Number
Number
Number
Management
26
4
4
4
Production
55
-
-
-
Showroom
15
-
-
-
Service department
1
-
-
-
Total
97
4
4
4
Their aggregate remuneration comprised:
Group
Company
2020
2019
2020
2019
£
£
£
£
Wages and salaries
1,233,253
-
-
-
Social security costs
99,751
-
-
-
Pension costs
22,242
-
-
-
1,355,246
-
-
-
7
Interest receivable and similar income
2020
2019
£
£
Interest income
Interest on bank deposits
8,160
-
Other interest income
219
-
Total income
8,379
-
GLOBEGOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
7
Interest receivable and similar income
(Continued)
- 22 -
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
8,160
-
8
Interest payable and similar expenses
2020
2019
£
£
Other finance costs:
Other interest
2,194
-
9
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
58,274
31,879
Adjustments in respect of prior periods
-
(24,510)
Total current tax
58,274
7,369
Deferred tax
Origination and reversal of timing differences
461,870
(21,847)
Adjustment in respect of prior periods
(13,298)
-
Total deferred tax
448,572
(21,847)
Total tax charge/(credit)
506,846
(14,478)
GLOBEGOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
9
Taxation
(Continued)
- 23 -
The actual charge/(credit) 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
3,515,381
170,862
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2019: 0%)
667,922
-
Tax effect of expenses that are not deductible in determining taxable profit
71,637
-
Tax effect of income not taxable in determining taxable profit
(688,570)
-
Permanent capital allowances in excess of depreciation
(7,306)
30,251
Depreciation on assets not qualifying for tax allowances
14,591
1,628
Under/(over) provided in prior years
(13,298)
(24,510)
Deferred tax adjustments in respect of prior years
(5,564)
-
Deferred tax
467,434
(21,847)
Taxation charge/(credit)
506,846
(14,478)
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2019 and 31 March 2020
298,469
Amortisation and impairment
At 1 April 2019
191,025
Amortisation charged for the year
9,411
At 31 March 2020
200,436
Carrying amount
At 31 March 2020
98,033
At 31 March 2019
-
The company had no intangible fixed assets at 31 March 2020 or 31 March 2019.
GLOBEGOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 24 -
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2019
2,172,650
1,100,580
149,325
265,466
3,688,021
Additions
-
20,177
302
-
20,479
Disposals
(2,172,650)
-
-
(14,331)
(2,186,981)
At 31 March 2020
-
1,120,757
149,627
251,135
1,521,519
Depreciation and impairment
At 1 April 2019
394,799
867,392
95,000
174,628
1,531,819
Depreciation charged in the year
11,805
36,799
13,938
14,249
76,791
Eliminated in respect of disposals
(406,604)
-
-
(13,914)
(420,518)
At 31 March 2020
-
904,191
108,938
174,963
1,188,092
Carrying amount
At 31 March 2020
-
216,566
40,689
76,172
333,427
At 31 March 2019
-
-
25,702
-
25,702
Company
Fixtures and fittings
£
Cost
At 1 April 2019 and 31 March 2020
35,000
Depreciation and impairment
At 1 April 2019
9,298
Depreciation charged in the year
6,426
At 31 March 2020
15,724
Carrying amount
At 31 March 2020
19,276
At 31 March 2019
25,702
GLOBEGOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 25 -
12
Investment property
Group
Company
2020
2020
£
£
Fair value
At 1 April 2019
5,834,976
5,834,976
Additions through external acquisition
3,141,532
3,141,532
Net gains or losses through fair value adjustments
2,325,197
2,325,197
At 31 March 2020
11,301,705
11,301,705
Investment properties comprise freehold and leasehold properties. The investment property fair value of £11,301,705 includes additions of £3,141,532 during the year. In the opinion of the directors, the fair value of the properties are not materially different to the market value.
The investment properties are secured by way of a bank guarantee in respect of Careco UK Ltd, a company in which M J Harrison and W Harrison are directors.
The bank has a fixed and floating charge over the investment properties.
13
Fixed asset investments
Group
Company
2020
2019
2020
2019
Notes
£
£
£
£
Investments in subsidiaries
14
-
-
3,800,000
-
Unlisted investments
302,084
1
302,084
1
302,084
1
4,102,084
1
The shares in group undertakings represent the 100% shareholding in Spacemaker Group Limited, a company registered in England and Wales.
The other investment represents the 33.3% shareholding in 32 High Street Limited, a company registered in England and Wales.
GLOBEGOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
13
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Group
Investments other than loans
£
Cost or valuation
At 1 April 2019
1
Additions
302,083
At 31 March 2020
302,084
Carrying amount
At 31 March 2020
302,084
At 31 March 2019
1
Movements in fixed asset investments
Company
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 April 2019
-
1
1
Additions
6,500,000
302,083
6,802,083
Valuation changes
(2,700,000)
-
(2,700,000)
At 31 March 2020
3,800,000
302,084
4,102,084
Carrying amount
At 31 March 2020
3,800,000
302,084
4,102,084
At 31 March 2019
-
1
1
The movement in fixed assets investments represents the transfer of the Paycocke Road property from Spacemaker Group Limited to Globegold Limited at the market value of £2.7m.
14
Subsidiaries
Details of the company's subsidiaries at 31 March 2020 are as follows:
GLOBEGOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
14
Subsidiaries
(Continued)
- 27 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Montrose Furniture Limited
England & Wales
Ordinary
90.90
Kilbridge Limited
England & Wales
Ordinary
100.00
Spacemaker Bedrooms Limited
England & Wales
Ordinary
100.00
Spacemaker Group Limited
England & Wales
Ordinary
100.00
15
Stocks
Group
Company
2020
2019
2020
2019
£
£
£
£
Raw materials and consumables
303,340
-
-
-
Work in progress
31,688
-
-
-
Finished goods and goods for resale
93,063
-
-
-
428,091
-
-
-
16
Debtors
Group
Company
2020
2019
2020
2019
Amounts falling due within one year:
£
£
£
£
Trade debtors
365,197
35,800
9,800
35,800
Corporation tax recoverable
-
24,510
-
24,510
Amounts owed by undertakings in which the company has a participating interest
-
-
16,800
-
Other debtors
189,896
7,808
48,400
7,808
Prepayments and accrued income
169,668
768
4,855
768
724,761
68,886
79,855
68,886
GLOBEGOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 28 -
17
Creditors: amounts falling due within one year
Group
Company
2020
2019
2020
2019
Notes
£
£
£
£
Bank loans and overdrafts
18
1,357
-
-
-
Trade creditors
644,415
5,672
16,962
5,672
Amounts owed to group undertakings
-
1,359,750
-
1,359,750
Corporation tax payable
166,133
31,879
48,837
31,879
Other taxation and social security
144,944
12,051
-
12,051
Other creditors
3,703,247
3,406,633
3,524,597
3,406,633
Accruals and deferred income
49,198
8,501
18,285
8,501
4,709,294
4,824,486
3,608,681
4,824,486
18
Loans and overdrafts
Group
Company
2020
2019
2020
2019
£
£
£
£
Bank overdrafts
1,357
-
-
-
Payable within one year
1,357
-
-
-
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2020
2019
Group
£
£
Accelerated capital allowances
32,996
-
Investment property
609,511
128,222
642,507
128,222
GLOBEGOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
19
Deferred taxation
(Continued)
- 29 -
Liabilities
Liabilities
2020
2019
Company
£
£
Accelerated capital allowances
(13,855)
-
Investment property
609,511
128,222
595,656
128,222
Group
Company
2020
2020
Movements in the year:
£
£
Liability at 1 April 2019
128,222
128,222
Credit to profit or loss
(5,564)
-
Charge to equity
519,849
467,434
Liability at 31 March 2020
642,507
595,656
20
Retirement benefit schemes
2020
2019
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
22,242
-
A
defined contribution pension scheme
is operated
for all qualifying employees.
The assets of the scheme are held separately from those of the group in an independently administered fund.
21
Share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
752
100
752
100
GLOBEGOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 30 -
22
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2020
2019
2020
2019
£
£
£
£
Within one year
108,802
13,724
13,724
13,724
Between two and five years
173,698
41,172
27,448
41,172
282,500
54,896
41,172
54,896
23
Related party transactions
Company and group
Included within
creditors due within one year
is an amount of £3,314
,
880
(201
9:
£3,317
,
083) owed
to
M J Harrison, a director and a shareholder of the company.
Included within
creditors due within one year
is an amount of £100,000
(201
9:
£100,000) owed
to
W Harrison, a director and a shareholder of the company.
Included within
creditors due within one year
is an amount of £200,000
(201
9:
£100,000) owed
to
J Harrison, a director and a shareholder of the company.
Careco (UK) Limited (a company in which M J Harrison is a director).
Sales and services sold to the company was £4
34,208
(2019: £
289,866
).
The balance due from the company at the year end was £
19,376
(2019: £
48,172
) which is included within debtors.
Erinstar Limited (company in which Mr M J Harrison is a director).
Sales and services sold to the company was £
10,223
(201
9
: £21,
558
).
Amounts owed by the company was £
1,044
(201
9
: £
nil
) included within the trade debtors.
The M Harrison 2003 Discretionary Settlement and the L Harrison 2003 Discretionary Settlement, whose beneficiaries are the children of Mr and Mrs Harrison, rents a showroom to the company. Rent paid by the company during the period end was £19,333 (2019
:
£29,000), which is on an arms length basis.
Amount
owed to the Discretionary Settlement at the
period
end
was £2,417
(2019
: £
nil
) which is included within trade creditors.
MJWH Limited (a company in
which M J Harrison
i
s a director
and the sole shareholder).
Repairs and maintenance and other related services provided to the
company was £nil (2019
:
£2,777).
Amount due
to
the company
at the
period
end
was £nil
(2019
:
£nil).
GLOBEGOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 31 -
24
Cash (absorbed by)/generated from group operations
2020
2019
£
£
Profit for the year after tax
3,008,535
185,340
Adjustments for:
Taxation charged/(credited)
506,846
(14,478)
Finance costs
2,194
-
Investment income
(8,379)
-
Fair value gain on investment properties
(2,325,197)
-
Amortisation and impairment of intangible assets
9,411
-
Depreciation and impairment of tangible fixed assets
76,791
8,568
Movements in working capital:
Increase in stocks
(428,091)
-
Increase in debtors
(680,385)
(44,376)
(Decrease)/increase in creditors
(250,803)
4,792,607
Cash (absorbed by)/generated from operations
(89,078)
4,927,661
25
Cash (absorbed by)/generated from operations - company
2020
2019
£
£
Profit for the year after tax
6,168,193
185,340
Adjustments for:
Taxation charged/(credited)
516,271
(14,478)
Investment income
(6,800,219)
-
Fair value gain on investment properties
(2,325,197)
-
Depreciation and impairment of tangible fixed assets
6,426
8,568
Amounts written off investments
2,700,000
-
Movements in working capital:
Increase in debtors
(35,479)
(44,376)
(Decrease)/increase in creditors
(1,232,763)
4,792,607
Cash (absorbed by)/generated from operations
(1,002,768)
4,927,661
GLOBEGOLD LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 32 -
26
Analysis of changes in net funds - group
1 April 2019
Cash flows
31 March 2020
£
£
£
Cash at bank and in hand
337,813
3,095,752
3,433,565
Bank overdrafts
-
(1,357)
(1,357)
337,813
3,094,395
3,432,208
27
Analysis of changes in net funds - company
1 April 2019
Cash flows
31 March 2020
£
£
£
Cash at bank and in hand
337,813
2,346,467
2,684,280
2020-03-31
2019-04-01
false
CCH Software
CCH Accounts Production 2020.310
M J Harrison
M J Harrison
L Harrison
J Harrison
W Harrison
08276263
2019-04-01
2020-03-31
08276263
bus:Director1
2019-04-01
2020-03-31
08276263
bus:Director3
2019-04-01
2020-03-31
08276263
bus:Director4
2019-04-01
2020-03-31
08276263
bus:Director5
2019-04-01
2020-03-31
08276263
bus:Director2
2019-04-01
2020-03-31
08276263
bus:RegisteredOffice
2019-04-01
2020-03-31
08276263
bus:Consolidated
2020-03-31
08276263
2020-03-31
08276263
2019-03-31
08276263
core:FurnitureFittings
2020-03-31
08276263
core:FurnitureFittings
2019-03-31
08276263
core:ShareCapital
2020-03-31
08276263
core:ShareCapital
2019-03-31
08276263
core:SharePremium
2020-03-31
08276263
2018-04-01
2019-03-31
08276263
core:ShareCapital
2019-04-01
2020-03-31
08276263
1
2019-04-01
2020-03-31
08276263
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-04-01
2020-03-31
08276263
core:PlantMachinery
2019-04-01
2020-03-31
08276263
core:FurnitureFittings
2019-04-01
2020-03-31
08276263
core:MotorVehicles
2019-04-01
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